Daily Wrap

Market & SentimentA split session: the Nasdaq 100 rose 0.18% while the S&P 500 fell 0.39% and the Dow lost 0.53%. Breadth was soft, with 320 decliners against 171 advancers and only 47.1% of stocks above their 50-day average. New highs barely outpaced lows at 8 to 6, keeping the temperature neutral.

Sectors & StocksSemiconductors and storage led: Sandisk jumped 11.9%, KLA 7.3%, Marvell 7.1%, Seagate 6.3% and Micron 6.1%. Laggards were software and consumer names, with Adobe down 6.7%, Tesla 5.9%, Synopsys 5.4%, Netflix 5.4% and DoorDash 4.6%. The divergence shows money rotating into hardware while high-multiple platforms sold off.

Rates, FX & CryptoTreasury yields were little changed, with the 2-year up 3bp to 4.37% and the 10-year up 1bp to 4.78%, leaving the 2s10s spread at 41bp. The 30-year slipped 1bp to 5.24%. The dollar was mixed: USD/CNY fell 0.12% (yuan stronger), EUR/USD rose 0.06% and USD/SGD slipped 0.07%.

Earnings & AnnouncementsFlex agreed to acquire EPC Power for $4.4 billion. Amphenol completed a 2-for-1 split and set its quarterly dividend at $0.125 per share. News Corp disclosed progress on its $1 billion buyback. Management changes: DTE Energy director David A. Thomas will retire, Monster Beverage named Burroughs as chief accounting officer, and Seagate director Shankar Arumugavelu will not stand for re-election. No FinDog view changes today.