Stock Market Today, July 7, 2026: Dow Futures, S&P 500 and Nasdaq

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all closed lower on Tuesday, July 7, 2026. The Dow set a fresh intraday record shortly after the open and then reversed. A 7% drop in Samsung Electronics shares in Seoul pulled U.S. memory and semiconductor stocks sharply lower, and a Treasury Department decision to revoke Iran’s license to sell crude sent oil prices up about 5%. The Nasdaq posted the deepest loss of the three major indexes as chip stocks fell. Energy producers were the best-performing group in the S&P 500. The Russell 2000 index of small caps also finished lower, and the VIX volatility index rose.

The decline followed a record session on Monday, when the Dow set both an intraday and a closing high above 53,000. Tuesday’s selling ran through many of the same AI-linked stocks that had led Monday’s advance, including Western Digital (WDC) and Advanced Micro Devices (AMD).

Dow Futures Point Higher Before the Reversal

Stock futures were mixed before the opening bell. Futures contracts tied to the Dow Jones Industrial Average were up about 0.2% in premarket trading, extending the momentum from Monday’s record close. Chip-heavy parts of the market were already lower. The VanEck Semiconductor ETF (SMH) was down 3% in premarket trading, and several large chipmakers were trading lower ahead of the open.

The early gain in Dow futures carried into the cash session. The blue-chip average posted another intraday high shortly after the 9:30 a.m. Eastern open, building on Monday’s records. The advance did not hold. Selling in semiconductor and memory stocks, which had begun before the bell, spread through the morning. The Dow gave back its early record and closed lower.

The Dow futures gain came before the full effect of the Samsung selloff had reached U.S. chip stocks and before oil climbed on the Iran decision. Both developments weighed on the major indexes during the regular session.

Samsung Results Trigger a Chip Selloff

Samsung Beats Estimates and Falls 7%

The weakness in technology began in South Korea. Samsung Electronics reported preliminary second-quarter results on Tuesday morning, local time. The company said it expected revenue of roughly 171 trillion Korean won, or about $112.7 billion, and operating profit of about 89.4 trillion won, or about $59 billion. Both figures were well above the analyst consensus compiled by Visible Alpha.

Samsung shares fell 7% in Seoul trading despite the results. Samsung is one of the largest producers of memory chips, and its quarterly figures are watched as an early indication of demand and pricing across the industry. Memory has been central to the AI trade in 2026. Analysts expect the technology sector’s second-quarter earnings to rise more than 60%, in large part because of an AI-driven memory shortage. Samsung was the first major memory maker to report for the quarter.

U.S. Chipmakers Drop Before the Open

The Samsung decline carried over to U.S. trading before the bell. Nvidia (NVDA) and Broadcom (AVGO) were each down about 2% in premarket trading. Intel (INTC) and AMD had dropped more than 3% before the open.

Memory and Storage Stocks Take the Heaviest Losses

Memory and storage stocks posted the steepest declines of the regular session. Intel, Sandisk (SNDK), Western Digital, AMD and Marvell Technology (MRVL) all closed down between 6.5% and 10%.

Chip test equipment maker Teradyne (TER) and Sandisk were the two worst performers in the S&P 500 Information Technology sector by late morning. At that point Teradyne was down about 13% and Sandisk was down about 11%.

Western Digital and AMD had been among the leaders of Monday’s broad advance, along with Qualcomm (QCOM), when the Dow set its record. On Tuesday, Western Digital and AMD were among the session’s biggest decliners. ChangXin Memory Technologies is another memory maker whose shares are followed alongside the sector.

Technology Sector Weighs on the S&P 500

By late morning, the S&P 500 Information Technology sector was down 2.3%. It was one of the two heaviest drags on the benchmark index, along with Industrials. The Nasdaq, which holds a larger concentration of chip and hardware companies, ended the day with the deepest loss of the three major indexes. The S&P 500 live price and chart shows how the broad benchmark trades outside a single session.

Most Magnificent Seven Stocks Rise as Tesla Falls

The largest technology companies did not trade as a group. Most of the Magnificent Seven stocks finished higher on Tuesday, which limited the decline in the cap-weighted S&P 500. The selling fell much more heavily on memory, storage and chip equipment names than on the largest platform companies.

Tesla (TSLA) was the exception among the group. The electric vehicle maker fell 4% on Tuesday after leading the Magnificent Seven with a gain of nearly 7% on Monday.

Oil Jumps After U.S. Revokes Iran’s Crude License

Treasury Revokes Iran Waiver

Crude prices rose sharply after the Treasury Department revoked the waiver that had allowed Iran to sell its oil. The decision followed reports that Iran’s Islamic Revolutionary Guard Corps had fired on vessels near the Strait of Hormuz, the channel between the Persian Gulf and the Gulf of Oman through which a large share of the world’s seaborne oil passes.

At 4 p.m. Eastern, West Texas Intermediate futures, the U.S. benchmark, were up 4.9% at $71.90 per barrel. Brent crude futures, the global benchmark, were up 5.1% at $75.70.

The conflict between the U.S. and Iran has already pushed fuel prices higher in recent months. Fuel costs feed into transportation, manufacturing and the prices of many consumer goods.

Energy Stocks Lead the S&P 500

Energy producers were the best-performing group in the S&P 500 on a day when the index as a whole declined. In the last 30 minutes of trading, the S&P 500 Energy sector was up more than 3%. Occidental Petroleum (OXY), Devon Energy (DVN) and APA (APA) led the gains, each up between 5% and 6% at that point.

Energy-sector earnings for the second quarter are already expected to more than double from a year earlier because of the rise in crude during the war. Tuesday’s move in oil added to that backdrop ahead of earnings season.

Industrials Fall With AI Power Stocks and Caterpillar

GE Vernova and Generac Drop About 10%

The S&P 500 Industrials sector was down 2.5% by late morning, slightly more than the Information Technology sector. The two sectors did the most damage to the benchmark on Tuesday.

The weakest stocks in industrials were GE Vernova (GEV), which makes power generation and grid equipment, and generator maker Generac Holdings (GNRC). Each was down roughly 10% by late morning. Both companies have been linked to the investment theme around electricity demand from AI data centers, and both traded alongside chip stocks on Tuesday.

Caterpillar Leads Dow Decliners After Skycatch Deal

Caterpillar (CAT) added to the pressure on industrials and on the Dow. The construction equipment maker was the worst performer in the 30-stock average on Tuesday, down nearly 5%. The decline came after Caterpillar announced the acquisition of Skycatch, a company it described as a provider of spatial data capture, processing and analysis for the mining industry. Caterpillar did not disclose the terms of the deal.

The pullback followed a strong run for the Irving, Texas-based company. Caterpillar’s stock had gained more than 60% since the start of the year. As a high-priced component of the price-weighted Dow, Caterpillar’s decline weighed heavily on the average.

SpaceX Falls in Its First Session in the Nasdaq 100

Shares Drop About 7%

Tuesday was the first trading session for Space Exploration Technologies (SPCX) as a member of the Nasdaq 100. The stock fell about 7% on the day.

SpaceX shares began trading in mid-June at $150 and climbed to a high of $225 a few days after the debut. They then drifted lower, closing Monday a little above $160 after a 1% decline. Before the open on Tuesday, the stock was down about 1% in premarket trading. Futures market data had pointed to a busy week for the shares, with a possible move back into the $170s.

Large funds follow the Nasdaq 100, including the QQQ exchange-traded fund, and asset managers have recently announced plans to launch more funds tracking the index. Several other indexes had already added SpaceX before Tuesday. The Nasdaq 100 is likely the company’s last high-profile index addition for some time, although SpaceX could eventually join the S&P 500.

Banks Launch Coverage With an $800 Top Target

A wave of banks started research coverage on SpaceX on Tuesday, describing it as a rocket, AI and connectivity company. At least 13 analysts now cover the stock. Only one, Susquehanna International Group, has a neutral rating.

Raymond James set the highest price target on Wall Street at $800. The average of the analyst targets, $276, implied about 80% upside from recent prices. Part of that gap reflects the stock’s slide back toward its $150 starting price.

In their notes, the analysts generally credited SpaceX with owning and controlling its supply chain. They also pointed to the size of the space and AI markets the company addresses. Their degree of optimism varied widely, as the spread between the neutral rating and the $800 target shows.

Lock-Up Expirations Ahead

The first in a series of SpaceX lock-up expirations falls on the second full trading day after the company’s first earnings release. That date had not been announced as of Tuesday but was expected in late July or early August. The number of shares released depends partly on how the stock performs, with stronger performance potentially making more shares eligible for sale.

Crinetics Nearly Doubles on Vertex Deal

Crinetics Pharmaceuticals (CRNX) roughly doubled to $83.55 on Tuesday morning. After Monday’s close, the company agreed to be acquired by Vertex Pharmaceuticals (VRTX) for $85 per share in cash.

The deal has a total equity value of about $10 billion, or roughly $8.8 billion net of the estimated cash Vertex would acquire. It is expected to close in the third quarter of 2026 and to add to Vertex’s adjusted operating income starting in 2029.

Boston-based Vertex said San Diego-based Crinetics’ endocrinology assets could increase its annual revenue by about $5 billion. Vertex chief executive Reshma Kewalramani described Crinetics as a strong strategic fit, citing its focus on serious diseases in specialty markets with significant unmet need.

At Tuesday morning’s price of $83.55, Crinetics traded $1.45 below the $85 cash offer, a discount of about 1.7%. Crinetics shares were up about 80% for 2026 even before the announcement.

Vertex shares slipped 1.5% on Tuesday, leaving the stock about 15% higher for the year.

Fiserv Rallies on Report of Bank Interest

Fiserv (FISV) rallied on a report published late Monday that several large banks had recently considered acquiring the company’s payments network. The report named JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC) and PNC Financial Services (PNC). It added that some of those banks had already dropped the idea.

Fiserv was up 5% in premarket trading. Each of the four bank stocks named in the report rose slightly.

The report tied the banks’ interest to debit card fees. Under the Durbin Amendment to the 2010 Dodd-Frank Act, the interchange fees that large debit card issuers can collect from merchants are capped by Federal Reserve rules. According to the report, owning a payment processing network could let banks get around limits on what they charge merchants for debit transactions. Banks have said that kind of revenue would fund features such as debit card rewards. Related background covers how PayPal works and what it charges and how digital wallets process cashless payments.

Rivian Slides on Share Offering

Rivian (RIVN) fell 11% soon after the opening bell after the electric vehicle maker released preliminary second-quarter figures and announced a stock sale.

The company said it expects second-quarter revenue between $1.55 billion and $1.65 billion. That range is up from $1.3 billion a year earlier and above the Visible Alpha consensus of $1.45 billion. Rivian said lower average selling prices offset higher sales volume during the quarter.

Rivian also announced a public offering of about 75 million new shares. The company said it expects to use the proceeds to help repay a Department of Energy loan. The offering increases Rivian’s share count.

Tuesday’s decline reversed an 8% gain in Rivian shares on Monday.

Walmart Gains After Price Cuts

Walmart (WMT) rose more than 1% on Tuesday, a day after it announced price cuts across categories including groceries, toys and clothing. Its warehouse club chain Sam’s Club also plans to lower prices on hundreds of items.

Walmart has long competed on low prices. The cuts fit a strategy of gaining market share by stressing value while prices across the economy have risen. Higher prices have weighed on consumer sentiment and raised concerns that inflation could last through much of the year, with fuel costs tied to the Iran conflict as one contributor.

President Trump praised Walmart’s decision on social media. He said his administration had asked Walmart and other retailers to cut prices. The U.S. inflation rate by year shows the current price environment in historical context.

Financial Stocks Head Into Bank Earnings

Financials Among Top Sectors Over the Past Month

Large banks begin second-quarter earnings season the following week, and financial stocks head into the reports with strong momentum. The S&P 500 Financials sector was up more than 8% over the past month, roughly tied with healthcare as the best-performing sector over that period.

Over three months, the Financials sector’s 13% return trailed only technology. The technology sector had gained 23% over that span on the April and May chip rally.

Mayo Expects Banks to Outperform Again

Wells Fargo bank analyst Mike Mayo said on Tuesday that he is bullish on banks and expects bank stocks to outperform the market for a third straight year.

In a Monday note, Mayo said large banks are in a multiyear inflection in earnings per share and less than halfway through a four-year growth cycle. He expects the group to report second-quarter earnings growth of nearly 20%, with revenue growth above 10%.

Mayo cited higher net interest income and strong capital markets activity from very large IPOs, mergers and financings as the drivers. He and other analysts also pointed to a resilient economy supporting commercial loan growth.

S&P 500 Earnings Expected to Grow 23%

Second Straight Quarter Above 20%

After a strong first quarter, analysts expect S&P 500 earnings to have grown about 23% in the three months through June. That would mark the index’s second straight quarter of growth above 20%.

Much of the expected gain comes from sectors benefiting from supply shortages that have pushed goods prices sharply higher. Energy earnings are expected to more than double on the rise in crude. Technology earnings are expected to climb more than 60% on the memory shortage.

Growth Spreads Across Sectors

The expected growth is also broader than in recent years, when a handful of large technology companies accounted for most of the index’s earnings growth and returns. The median S&P 500 company is expected to report 14% earnings growth, according to BCA Research. That matches the first-quarter rate, which UBS described as one of the strongest quarters in a decade.

Of the 11 S&P 500 sectors, only healthcare is expected to report a decline in second-quarter earnings. Every other sector is expected to show growth of at least 5%.

Input Costs and Inflation

Higher prices for raw materials and semiconductors likely helped last quarter’s profits. Those prices also raise costs for the companies that buy the inputs and add to inflation. On Tuesday, Samsung shares fell despite a beat tied to the memory shortage, and the rise in crude that is lifting energy earnings also raises costs for consumers and businesses.

PepsiCo Earnings Due Thursday

PepsiCo (PEP) is scheduled to report quarterly results before the opening bell on Thursday. Options pricing implied a move of as much as 4% in either direction by the end of the week.

PepsiCo closed Monday at $143.29. A move to the top of the implied range would take the shares to their highest level in more than a month, and a move to the bottom would put them near their low for the year. Through Monday, PepsiCo was down about 16% from its February high.

Concerns that the Iran war is pushing up inflation have fed worries that shoppers are becoming more selective with grocery budgets. UBS lowered its price target on PepsiCo to $172 from $186, and Bank of America cut its target to $164 from $173. Both firms cited weaker recent sales trends in the company’s North American snack business. UBS said sales appeared pressured in May and June.

Bonds, the Dollar, Gold and Bitcoin

The 10-year Treasury yield rose on Tuesday. The increase came on the same day as the jump in oil prices tied to the Iran decision.

The U.S. dollar index, which measures the dollar against a basket of major foreign currencies, was up 0.2% at 101.08.

Gold futures fell 1.2% to $4,115 an ounce.

Bitcoin traded around $63,700, little changed over 24 hours.

Recent Sessions

Tuesday’s split between blue chips and technology followed a similar pattern earlier in the month. On July 2, the Dow jumped 600 points to a record as tech sold off. On Monday, AI-linked shares led a broad advance and the Dow closed above 53,000 for the first time. On Tuesday, the same chip and memory stocks led the market lower as the Dow gave up its early record.

What Comes Next

• PepsiCo earnings: PepsiCo reports quarterly results before the opening bell on Thursday, with options pricing implying a move of as much as 4% in either direction by the end of the week.
• Bank earnings: Large banks begin second-quarter earnings season the following week. Wells Fargo analyst Mike Mayo expects the group to report earnings growth of nearly 20% and revenue growth above 10%.
• S&P 500 earnings season: Analysts expect S&P 500 earnings to have grown about 23% in the second quarter, with energy earnings more than doubling and technology earnings up more than 60%.
• SpaceX lock-up: The first SpaceX lock-up expiration falls on the second full trading day after the company’s first earnings release, which was expected in late July or early August.
• Crinetics deal: Vertex’s acquisition of Crinetics Pharmaceuticals is expected to close in the third quarter of 2026.