Major Averages Mixed at Noon, Nasdaq Declines
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 25 2026
0mins
The major averages were mixed near noon, with only the Nasdaq in decline even after a strong Micron earnings report as investors move out of key tech stocks. Investors had started questioning whether the AI trade was losing momentum, but the latest chip demand signals are pushing the narrative back toward continued infrastructure expansion.Meanwhile, big banks are trading higher after the U.S. Federal Reserve said its annual bank stress test confirmed that large banks are well positioned to weather a severe recession and able to continue to lend to households and businesses. Several major lenders announced dividend increases or new buyback authorizations along with stress test results.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Micronreportedand provided upbeat Q4 earnings guidanceQualcommraised its FY29Multiple big banks, including JPMorgan, Goldman Sachs, and Wells Fargo, announced new capital return plans, such as higher dividends and share buybacks, after theits stress test confirms large banks are "well positioned" for a severe recession scenarioMerck KGaABio-Technefor $73 per share in cashAppleison several MacBook and iPad products2. WALL STREET CALLS:Qualcommto Equal Weight at Morgan Stanley after investor day forecastsPVH Corp.to Underperform at BofA on high EMEA exposureIntelwith a Neutral at Goldman SachsBarclaysKeurig Dr Pepperon upside into separationMorgan StanleyAffirmto Equal Weight on "valuation call"3. AROUND THE WEB:Kalshi is in discussions to raise new funding at an approximately $40B valuation and could close the round as early as the third quarter of this year as it expands prediction market offerings and competes more directly with major derivatives and gambling companies, FT reportsAccording to a letter from the U.S. FDA, Amgen'sChemoCentryx personnel "manipulated" study data to make Tavneos, a pill made to treat a rare blood vessel disorder, appear more effective, Bloomberg saysAnduril Industries is in discussions to acquire Nissan Motor'sOppama assembly plant, Reuters reportsBlue Owl Capitalis in advanced talks to buy a minority stake in the NBA's Cleveland Cavaliers through the private equity firm's Blue Owl's Dyal HomeCourt Partners fund, Bloomberg saysBain Capital is slated to acquire a majority interest in Volkswagen'sEverllence marine engine business, FT reports4. MOVERS:BlackBerryincreases in New York afterand providing guidance for Q2 and FY27Kymera Therapeuticsgains after completing enrollment for itsAtaiBeckleyhigher after announcing itthe Russell 2000 and Russell 3000 Indexes at open on June 29Trip.comlower in New York afterand providing guidance for Q2Hive Digitalfalls after announcing aof exchangeable senior notes due 20315. EARNINGS/GUIDANCE:McCormickand backed its guidance for FY26Commercial Metals, with CEO Peter Matt commenting, "We continued to make great progress on our strategic agenda across a number of fronts"TD Synnexand provided guidance for Q3Acuity Brands, with CEO Neil Ashe commenting, "We demonstrated solid execution in our third quarter of fiscal 2026"Winnebago, with EPS and revenue missing consensusINDEXES:Near midday, the Dow was up 0.78%, or 401.92, to 52,250.82, the Nasdaq was down 0.42%, or 107.79, to 25,368.84, and the S&P 500 was up 0.18%, or 13.11, to 7,371.33.
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Analyst Views on QCOM
Wall Street analysts forecast QCOM stock price to rise
16 Analyst Rating
10 Buy
5 Hold
1 Sell
Moderate Buy
Current: 186.480
Low
165.00
Averages
197.14
High
225.00
Current: 186.480
Low
165.00
Averages
197.14
High
225.00
About QCOM
Qualcomm Incorporated is engaged in the development and commercialization of foundational technologies for the wireless industry, including third generation (3G), fourth generation (4G) and fifth generation (5G) wireless connectivity, and high-performance and low-power computing, including on-device artificial intelligence. Its segments include Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL) and Qualcomm Strategic Initiatives. QCT develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies, including radio frequency front-end, digital cockpit and advanced driver assistance and automated driving, Internet of things including consumer electronic devices, industrial devices and edge networking products. QTL grants licenses or otherwise provides rights to use portions of its intellectual property portfolio that includes certain patent rights essential to and/or useful in the manufacture and sale of certain wireless products.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Qualcomm Positioned for Edge AI Revolution
- Market Opportunity: Billions of devices are expected to run intelligent agents, driving Qualcomm's market share growth in edge computing, particularly in smartphones and IoT devices, thereby solidifying its leadership in the AI chip market.
- Industry Recognition: Nvidia CEO Jensen Huang publicly praised Qualcomm during his visit to South Korea, advising investors to buy its stock, which reflects Qualcomm's expertise in mobile AI and may attract more investor interest.
- Product Innovation: Qualcomm is developing over 40 new AI-powered devices, with CEO Amon noting that AI agents will become the new apps, pushing the company to expand into wearables and autonomous agent markets, enhancing its product diversity.
- Strategic Partnership: The agreement with Meta will position Qualcomm in the data center CPU market, with the first product, Dragonfly C1000, expected to launch in 2028, marking a significant role for Qualcomm in hyperscaler infrastructure and further diversifying its revenue streams.
See More
US Stocks Close Lower as Chipmakers Weigh on Market
- Market Decline: On Tuesday, the S&P 500 index fell by 0.45%, the Dow Jones Industrial Average dropped by 0.25%, and the Nasdaq 100 index decreased by 1.77%, indicating a broader market decline under pressure from a selloff in chipmakers, reflecting investor concerns over high valuations.
- Samsung's Earnings Disappointment: Despite Samsung Electronics reporting a 19-fold profit surge, its stock plummeted over 8% in South Korea, suggesting market skepticism regarding the future profitability of the semiconductor sector, which could impact investor confidence in related companies.
- Geopolitical Risks Heightened: Crude oil prices surged to a 1.5-week high due to attacks on shipping in the Strait of Hormuz, raising inflation expectations and pushing bond yields higher, with the 10-year T-note yield reaching a 3.5-week high of 4.54%, adding uncertainty to the market.
- Strength in Software Stocks: Despite the overall market pressure, strong performance in software stocks indicates a rotation of funds into other sectors, with companies like Workday seeing stock price increases of over 4%, providing some support for the market.
See More
US Stocks Decline as Chipmakers Struggle
- Market Decline: The S&P 500 index fell by 0.67%, the Dow Jones Industrial Average by 0.38%, and the Nasdaq 100 by 2.14%, indicating a bearish market sentiment, particularly driven by a selloff in chipmakers.
- Samsung's Earnings Disappointment: Despite a staggering 19-fold profit increase, Samsung Electronics' stock dropped over 8% in South Korea, reflecting investor concerns over high valuations in the semiconductor sector, which could undermine overall market confidence.
- Rising Oil Prices: Following attacks in the Strait of Hormuz, WTI crude oil prices surged over 2%, raising inflation expectations and pushing bond yields higher, with the 10-year T-note yield reaching a 3.5-week high of 4.52%.
- Widening Trade Deficit: The US trade deficit for May expanded to $77.6 billion, the largest in 14 months, which may negatively impact Q2 GDP, adding to market uncertainties.
See More
Mixed US Stock Performance, Chipmakers Under Pressure
- Divergent Market Performance: The S&P 500 Index is down 0.19% while the Dow Jones Industrial Average is up 0.04%, indicating a mixed market performance, particularly under pressure from chipmakers, which could affect investor confidence.
- Samsung's Earnings Miss Expectations: Despite a 19-fold surge in profits, Samsung Electronics' stock fell over 8% in South Korea, reflecting market concerns over high valuations in the semiconductor sector, potentially prompting investors to reassess their holdings in related stocks.
- Rising Crude Oil Prices: WTI crude oil prices increased by over 1% following attacks on shipping in the Strait of Hormuz, which not only raised inflation expectations but also pushed the 10-year T-note yield to a two-week high of 4.51%, potentially exerting further pressure on the stock market.
- Widening Trade Deficit: The US trade deficit widened to $77.6 billion in May, the largest in 14 months, which could negatively impact Q2 GDP, further exacerbating market uncertainties.
See More
US Stocks Close Higher, Led by Tech Gains
- Strong Market Performance: The S&P 500 rose by 0.72%, reaching a 2.5-week high, while the Dow Jones Industrial Average increased by 0.29%, setting a new all-time high, reflecting robust confidence in tech stocks and chipmakers.
- Supportive Economic Data: The US June ISM services index stood at 54.0, meeting expectations, with the employment sub-index rising to 51.2, surpassing the anticipated 48.2, indicating ongoing economic expansion that may alleviate Fed rate hike pressures.
- Optimistic Earnings Outlook: Bloomberg Intelligence forecasts a 23% increase in Q2 earnings, close to Q1's 30% surge, primarily driven by strong performance in AI infrastructure stocks, expected to contribute nearly 60% of earnings growth, further boosting market sentiment.
- International Market Fluctuations: While US stocks rose, European markets generally declined, with Eurozone May retail sales increasing by only 0.2%, below the expected 0.3%, highlighting uneven global economic recovery that could impact investor confidence.
See More
Mixed Performance in US Stocks, Led by Chipmakers
- Chipmaker Rally: Chipmakers and AI infrastructure stocks are leading the market today, with the iShares Semiconductor ETF (SOXX) up over 3%, and Advanced Micro Devices (AMD) and Western Digital (WDC) rising more than 9%, indicating a resurgence of confidence in tech stocks that could drive overall market gains.
- Service Sector Expansion: The US June ISM services index fell to 54.0, meeting expectations, and although the pace of growth has slowed, the employment sub-index rose to 51.2, surpassing the expected 48.2, suggesting that companies are still hiring amid easing cost pressures, potentially supporting economic growth.
- Strong Q2 Earnings Outlook: Bloomberg Intelligence forecasts a 23% increase in Q2 earnings, close to Q1's 30% growth, primarily driven by AI spending, which is expected to account for nearly 60% of S&P 500 earnings-per-share growth, providing an optimistic outlook for investors.
- International Market Volatility: While US markets show positive performance, overseas markets are generally declining, with the Euro Stoxx 50 down 0.43%, reflecting global economic uncertainties that may impact investor sentiment.
See More
Qualcomm Positioned for Edge AI Revolution
- Market Opportunity: Billions of devices are expected to run intelligent agents, driving Qualcomm's market share growth in edge computing, particularly in smartphones and IoT devices, thereby solidifying its leadership in the AI chip market.
- Industry Recognition: Nvidia CEO Jensen Huang publicly praised Qualcomm during his visit to South Korea, advising investors to buy its stock, which reflects Qualcomm's expertise in mobile AI and may attract more investor interest.
- Product Innovation: Qualcomm is developing over 40 new AI-powered devices, with CEO Amon noting that AI agents will become the new apps, pushing the company to expand into wearables and autonomous agent markets, enhancing its product diversity.
- Strategic Partnership: The agreement with Meta will position Qualcomm in the data center CPU market, with the first product, Dragonfly C1000, expected to launch in 2028, marking a significant role for Qualcomm in hyperscaler infrastructure and further diversifying its revenue streams.
See More
US Stocks Close Lower as Chipmakers Weigh on Market
- Market Decline: On Tuesday, the S&P 500 index fell by 0.45%, the Dow Jones Industrial Average dropped by 0.25%, and the Nasdaq 100 index decreased by 1.77%, indicating a broader market decline under pressure from a selloff in chipmakers, reflecting investor concerns over high valuations.
- Samsung's Earnings Disappointment: Despite Samsung Electronics reporting a 19-fold profit surge, its stock plummeted over 8% in South Korea, suggesting market skepticism regarding the future profitability of the semiconductor sector, which could impact investor confidence in related companies.
- Geopolitical Risks Heightened: Crude oil prices surged to a 1.5-week high due to attacks on shipping in the Strait of Hormuz, raising inflation expectations and pushing bond yields higher, with the 10-year T-note yield reaching a 3.5-week high of 4.54%, adding uncertainty to the market.
- Strength in Software Stocks: Despite the overall market pressure, strong performance in software stocks indicates a rotation of funds into other sectors, with companies like Workday seeing stock price increases of over 4%, providing some support for the market.
See More
US Stocks Decline as Chipmakers Struggle
- Market Decline: The S&P 500 index fell by 0.67%, the Dow Jones Industrial Average by 0.38%, and the Nasdaq 100 by 2.14%, indicating a bearish market sentiment, particularly driven by a selloff in chipmakers.
- Samsung's Earnings Disappointment: Despite a staggering 19-fold profit increase, Samsung Electronics' stock dropped over 8% in South Korea, reflecting investor concerns over high valuations in the semiconductor sector, which could undermine overall market confidence.
- Rising Oil Prices: Following attacks in the Strait of Hormuz, WTI crude oil prices surged over 2%, raising inflation expectations and pushing bond yields higher, with the 10-year T-note yield reaching a 3.5-week high of 4.52%.
- Widening Trade Deficit: The US trade deficit for May expanded to $77.6 billion, the largest in 14 months, which may negatively impact Q2 GDP, adding to market uncertainties.
See More
Mixed US Stock Performance, Chipmakers Under Pressure
- Divergent Market Performance: The S&P 500 Index is down 0.19% while the Dow Jones Industrial Average is up 0.04%, indicating a mixed market performance, particularly under pressure from chipmakers, which could affect investor confidence.
- Samsung's Earnings Miss Expectations: Despite a 19-fold surge in profits, Samsung Electronics' stock fell over 8% in South Korea, reflecting market concerns over high valuations in the semiconductor sector, potentially prompting investors to reassess their holdings in related stocks.
- Rising Crude Oil Prices: WTI crude oil prices increased by over 1% following attacks on shipping in the Strait of Hormuz, which not only raised inflation expectations but also pushed the 10-year T-note yield to a two-week high of 4.51%, potentially exerting further pressure on the stock market.
- Widening Trade Deficit: The US trade deficit widened to $77.6 billion in May, the largest in 14 months, which could negatively impact Q2 GDP, further exacerbating market uncertainties.
See More
US Stocks Close Higher, Led by Tech Gains
- Strong Market Performance: The S&P 500 rose by 0.72%, reaching a 2.5-week high, while the Dow Jones Industrial Average increased by 0.29%, setting a new all-time high, reflecting robust confidence in tech stocks and chipmakers.
- Supportive Economic Data: The US June ISM services index stood at 54.0, meeting expectations, with the employment sub-index rising to 51.2, surpassing the anticipated 48.2, indicating ongoing economic expansion that may alleviate Fed rate hike pressures.
- Optimistic Earnings Outlook: Bloomberg Intelligence forecasts a 23% increase in Q2 earnings, close to Q1's 30% surge, primarily driven by strong performance in AI infrastructure stocks, expected to contribute nearly 60% of earnings growth, further boosting market sentiment.
- International Market Fluctuations: While US stocks rose, European markets generally declined, with Eurozone May retail sales increasing by only 0.2%, below the expected 0.3%, highlighting uneven global economic recovery that could impact investor confidence.
See More
Mixed Performance in US Stocks, Led by Chipmakers
- Chipmaker Rally: Chipmakers and AI infrastructure stocks are leading the market today, with the iShares Semiconductor ETF (SOXX) up over 3%, and Advanced Micro Devices (AMD) and Western Digital (WDC) rising more than 9%, indicating a resurgence of confidence in tech stocks that could drive overall market gains.
- Service Sector Expansion: The US June ISM services index fell to 54.0, meeting expectations, and although the pace of growth has slowed, the employment sub-index rose to 51.2, surpassing the expected 48.2, suggesting that companies are still hiring amid easing cost pressures, potentially supporting economic growth.
- Strong Q2 Earnings Outlook: Bloomberg Intelligence forecasts a 23% increase in Q2 earnings, close to Q1's 30% growth, primarily driven by AI spending, which is expected to account for nearly 60% of S&P 500 earnings-per-share growth, providing an optimistic outlook for investors.
- International Market Volatility: While US markets show positive performance, overseas markets are generally declining, with the Euro Stoxx 50 down 0.43%, reflecting global economic uncertainties that may impact investor sentiment.
See More
