US stocks give up gains and now down on the day
The major US stock indices are now into negative territory after giving up the earlier gains on the better-than-expected PPI data.
A snapshot of the market currently shows:
- Dow Jones Industrial Average (DJI): 52,453.24, -60.00 points (-0.11%)
- S&P 500 (SPX): 7,533.11, -10.49 points (-0.14%)
- Nasdaq Composite (IXIC): 26,091.62, -15.39 points (-0.06%)
- Russell 2000 (RUT): 2,964.0346, -0.7292 points (-0.02%)
At session highs the indices showed:
- Dow of 316.04 points
- S&P up 37.90 points.
- NASDAQ index up 209.81 points
Looking at the Nasdaq index, the price is approaching the 200 hour MA and 100 hour MA again. The 200 hour MA is at 26011. The 100 hour MA is at 25892.
Once again, there are some big single day losers. Below is a list of some of those companies under pressure today.
- SanDisk (SNDK): 1,487.07, -15.40%
- Dell Technologies (DELL): 392.89, -14.13%
- Western Digital (WDC): 499.29, -11.37%
- Micron (MU): 878.85, -10.61%
- Corning (GLW): 168.24, -10.34%
- Ambarella (AMBA): 65.91, -9.60%
- Ciena (CIEN): 405.43, -9.28%
- Marvell Technology (MRVL): 202.29, -9.06%
- Arista Networks (ANET): 167.21, -8.41%
- Intel (INTC): 99.54, -7.63%
- Lam Research (LRCX): 321.05, -7.24%
- AMD (AMD): 512.90, -6.43%
- GE Vernova (GEV): 1,001.17, -6.08%
- Cisco Systems (CSCO): 111.04, -5.17%
- Arm Holdings (ARM): 267.39, -4.90%
The large declines in these names highlight the divergence in the winners and losers. Those are big declines for a single day.
Some winners today are:
- PayPal (PYPL): 55.03, +16.18%
- BlackRock (BLK): 1,095.65, +6.85%
- Alibaba ADR (BABA): 118.87, +5.83%
- Tencent ADR (TCEHY): 61.605, +5.60%
- Chewy (CHWY): 21.34, +4.86%
- Lyft (LYFT): 16.36, +4.84%
- Roblox (RBLX): 56.82, +4.31%
- Apple (AAPL): 328.20, +4.24%
- Target (TGT): 139.14, +3.83%
- Booking Holdings (BKNG): 181.43, +3.76%
- Alphabet Class A (GOOGL): 372.31, +3.56%
SpaceX has moved to a low today of $132.15. That took the price below the IPO price of $135. The high price shortly after the IPO reached a high of $225.64. Early buyers have been hurt hard
Recall another recent IPO was Cerebras this year. Cerebras Systems priced its initial public offering at $185.00 per share on May 13, 2026, with trading beginning on the Nasdaq under the ticker CBRS on May 14, 2026.
Some context on the pricing:
- Initial filing range (May 4): $115–$125 per share.
- Revised range (May 10): Increased to $150–$160 after exceptionally strong investor demand.
- Final IPO price (May 13):$185 per share, well above even the revised range.
- Capital raised: Approximately $5.55 billion from the base offering (30 million shares), making it one of the largest tech IPOs of 2026.
On its first day of trading, the stock opened dramatically higher and traded as high as $386.34 than the IPO price, reflecting intense demand for AI-related equities. The current price is trading at $180.77 after reaching a low price at the end of June at $160.81.. The price has tried to extend back above its 200 hour moving average in July, but each attempt has found willing sellers.
That rocket ship has come back to earth battered. Below is the way it looked on the IPO day.
This article was written by Greg Michalowski at investinglive.com.