The semiconductor sector experienced volatility, with the VanEck Semiconductor ETF (SMH) rising 2.5% after an earlier drop. Nvidia's stock recovered slightly, trading up 0.6%, while Micron fell 2%. TopBuild's shares plummeted 12%, marking its worst day since March 2020, as investors anticipate its acquisition by QXO.
Comcast's stock rose 6% following its announcement of a spin-off of its media portfolio, expected to complete in about a year. Rocket Lab's stock surged over 9% after announcing its acquisition of Iridium Communications, which saw its shares jump more than 21%.
AppLovin's shares increased over 4% after Raymond James initiated coverage with a strong buy rating, citing significant growth potential in e-commerce advertising. SpaceX's stock rose 2% after being added to the Nasdaq 100 index, likely increasing ETF buying demand. Charter Communications gained 11.4% on reports of exclusive talks with SpaceX regarding a consumer phone product.
Alphabet's shares were up 4% after it began trading on the Dow Jones Industrial Average, replacing Verizon, which fell 7% due to projected second-quarter losses of $700 million to $800 million. Martin Marietta Materials' shares slipped 6% following its announcement of a $13.5 billion merger with Lhoist North America.
TeraWulf's shares decreased 3% despite a buy rating from Citi, while Quantinuum's stock dropped over 2% despite bullish coverage from several Wall Street firms. Doximity's shares fell 1.4% after a double downgrade from Bank of America, citing execution risks related to its shift towards artificial intelligence