In midday trading, semiconductor stocks faced a notable decline as the tech sector sell-off continued, with the VanEck Semiconductor ETF (SMH) dropping 5%. Major players like Advanced Micro Devices and Micron Technology saw their shares fall by 8% and 6%, respectively.
Apple also experienced a decline of over 3% despite positive analyst reactions to its new AI software unveiled at the Worldwide Developers Conference. Conversely, DraftKings shares surged 9% after reporting a 24% month-over-month increase in its Predictions offering, reaching $1.3 billion in May.
Home construction stocks rallied following a 3.2% increase in existing home sales, with the iShares U.S. Home Construction ETF (ITB) rising nearly 3%. Nuvalent's shares soared 39% after GSK announced a $10.6 billion acquisition agreement. J.M. Smucker Company saw a 10% jump in its stock after reporting better-than-expected fourth-quarter earnings of $2.77 per share.
On the downside, SailPoint's shares fell over 12% due to disappointing full-year guidance despite exceeding first-quarter earnings estimates. Vail Resorts also dropped 4% after missing earnings expectations with a reported $8.81 per share. These movements highlight the volatility in the tech sector and the contrasting performance of companies in the home construction and consumer goods sectors