US stocks continue to see the rotation at of AI/Chips and into industrials.
- Dow industrial average is up 297 points or 0.55%.
- S&P index is down -16 points or -0.22%
- NASDAQ is down -254.2 or -1.02%. Technically, the NASDAQ index is trading below its 100 day moving average at 24752. That’s the 1st time since April 13. Bearish.
SanDisk remains under heavy selling pressure, with the stock now down roughly 50% from its June 22 record high. Yesterday’s close left the shares hovering just above the 100-day moving average at $1,314. Today, that support gave way as the stock plunged another $140, or 11.01%, as investors headed for the exits. The next major technical target sits much lower at the rising 200-day moving average, currently at $827.61. Despite the dramatic reversal, SanDisk is still up an astonishing 376% in 2026, having started the year at just $237.38. That remarkable gain underscores just how far—and how fast—the stock climbed before this sharp correction (and also may be a prelude on the room it might have left on the downside).
Nvidia shares are closing in on a key technical test at the 200-day moving average, currently at $192.99. That moving average has been an important line in the sand. On June 29, the stock briefly broke below it before quickly snapping back higher. Then, on July 7, buyers stepped in again after another successful test of the level. Today’s low reached $193.57—just $0.58 above the 200-day moving average—before bouncing. Whether buyers can once again defend this long-term trend gauge will be an important technical signal in the sessions ahead.
Looking at a collection of AI and Chip stocks:
- Coherent (COHR): -$36.76 or -13.50%
- SanDisk (SNDK): -$166.85 or -13.05%
- Lumentum (LITE): -$88.62 or -12.45%
- Astera Labs (ALAB): -$30.10 or -10.65%
- Micron (MU): -$93.95 or -10.44%
- Credo Technology (CRDO): -$21.63 or -10.39%
- Nebius Group (NBIS): -$19.79 or -10.53%
- Marvell Technology (MRVL): -$18.04 or -9.54%
- Lam Research (LRCX): -$26.11 or -8.95%
- AMD: -$43.75 or -8.84%
- Arm Holdings (ARM): -$23.97 or -9.00%
- Applied Materials (AMAT): -$42.07 or -8.14%
- KLA Corp. (KLAC): -$14.86 or -7.31%
- Intel (INTC): -$6.76 or -7.37%
This article was written by Greg Michalowski at investinglive.com.
