In a volatile trading session, which had the NASDAQ index trade with a 1279 point range, the S&P index with a 244 point range, and the Dow industrial average with a 1050 point range, the major indices closed mixed
- Dow industrial average rose by 86.03 points or 0.17% to 50,877.10. At session lows the index fell -575.05
- S&P index fell -19.06 points or -0.26% to 7386.66. At session lows the index fell -167.87.
- NASDAQ index fell -250.84 points or -0.97% to 25678.82. At session lows, the index fell -249.29 points
Some of the oversize losers today included:
While some of the winners were:
The patterns showd chips and AI out, consumer and airlines are in. A few things converged today:
The chip rout continued. Technology and AI-linked stocks sold off sharply on Friday after Broadcom’s disappointing forecast fueled concerns about high valuations in the sector, particularly in chipmakers, which have rallied strongly this year. Monday’s bounce proved to be a head fake — the Philadelphia Semiconductor index fell almost 7% Tuesday after rising as much as 3% in early trading. That explains Marvell, Arm, Qualcomm, SMCI, and Dell all clustered at the bottom.
Rate-hike fears are back. May jobs growth of 172,000 doubled consensus expectations, and economists now see roughly a 70% probability of rates rising by December — a tough setup for richly valued growth stocks, with CPI data due tomorrow morning.
Geopolitics added fuel. Losses mounted Tuesday after President Trump said the U.S. must “respond” to what he said was Iran’s shooting down of an Apache helicopter over the Strait of Hormuz, pushing equities to session lows.
Stories from individual movers
SharkNinja (+8.5%) — the day’s standout winner. The household goods maker introduced a new line of carpet cleaning products on Monday, and its relative strength line has been rising. The stock is breaking out near 52-week highs, and it’s a classic beneficiary of money rotating out of tech into consumer names.
Strategy/MSTR (-8.0%) — the worst performer on your list is essentially a leveraged Bitcoin proxy, and Coinbase down 4% on the same list confirms crypto got swept up in the broad risk-off move. When rate-hike odds rise, speculative assets get hit hardest.
The airlines (ALK, LUV, UAL, DAL, AAL all up 3.6–6.8%) — this is an oil story. Oil prices were modestly lower amid optimism around a potential Iran-US agreement, and jet fuel is airlines’ biggest cost. The Middle East conflict had pushed airlines’ projected fuel bill to about $350 billion this year from roughly $252 billion in 2025, so any sign of de-escalation gives beaten-down carriers a big lift.
Home Depot, Whirlpool, Nike, Dollar Tree — gainers among blue chips included Home Depot and Nike, part of the rotation into defensive, consumer-facing value stocks that had lagged during the AI-driven rally.
One nuance worth noting: some optimists see this as healthy. One CIO called the pullback “a gift for investors,” saying sharp pullbacks have been met with aggressive buying because strong fundamentals remain in place. The real test comes tomorrow with the CPI print.
