Major Averages Mixed as Tech Stocks Face Pressure

The major averages had a mixed finish as markets tried to rebound from the sharp technology-led selloff over the prior two sessions. Semiconductor stocks have been at the center of the pressure, with investors reassessing valuations after an extended run higher. Meanwhile, oil prices continue to drop amid optimism over developments in the Middle East.Investors are closely watching earnings from memory-chip maker Micron, which could become an important read-through for broader AI infrastructure spending. Recent weakness in chip shares has revived concerns about whether massive spending on AI data centers and hardware can continue at the same pace.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:AlphabetwasVerizonin the Dow Jones Industrial Average as of the open on June 29FedExreportedand provided guidance for 2026Cerebras Systemsreportedand provided guidance for Q2 and FY26President Trump stated in athat customers are being "gouged" by "big oil companies," and ordered the DOJ to investigate the matterThePfizer'sIbrance combo for metastatic breast cancer2. WALL STREET CALLS:BlackBerrywith a Buy at StifelVaronisto Overweight at Stephens on improving growthTake-Twowith a Buy at BTIGPrincipal Financialto Underperform at BofATwiliowith a Buy at Goldman Sachs3. AROUND THE WEB:Paramount Skydanceis preparing for the California and New York attorneys general to sue to block its proposed takeover of Warner Bros. Discovery, NY Post reportsThe Trump administration is urging Metato voluntarily submit its AI models for government review to assess capabilities and risks, NY Times saysTencentis negotiating exits from several game studio investments in Japan as part of a reassessment of the company's global portfolio, Bloomberg reportsQualcommis in discussions to provide its chip-design services to ByteDance, Reuters reportsOn China's black market, Nvidia'sAI chips have doubled in price as the U.S. crackdown on illicit exports coincides with strong demand from Chinese companies, FT says4. MOVERS:Wendy'sjumped as the stockfrom online trading communities as a potential short-squeeze candidateSunrungained afterwith Renew Home and Teslato deliver more than 16 gigawatts of energy capacity to hyperscalers and utilitiesAbsciwas higher afterfrom its human trial of ABS-201Toyowas lower in New York after announcingHertzfell after filing toand announcing plans to offer $300M in aggregate principal amount of Exchangeable Senior First-Lien Secured PIK Notes5. EARNINGS/GUIDANCE:LiveOneand raised its guidance for FY27Paychex, with CEO John Gibson commenting that the company "finished fiscal 2026 with strong momentum"Daktronics, with EPS and revenue beating consensusMoneyHero, with EPS lower year-over-yearKB Homeand provided guidance for Q3 and FY26INDEXES:The Dow rose 182.06, or 0.35%, to 51,848.90, the Nasdaq lost 110.41, or 0.43%, to 25,476.64, and the S&P 500 declined 7.24, or 0.098%, to 7,358.22.