After U.S. markets enjoyed a long weekend to celebrate the Fourth of July, traders bought beat-up chip stocks. Shares of Micron Technology (MU) gained 0.94%. That small rally was not enough to reverse the stock’s slide in the last few days.
Investors bought storage suppliers like Western Digital (WDC), which gained 7.14% on Monday. WDC stock must hold the $533 support price to retain its uptrend. If sellers take profits today, shareholders might lose confidence in the stock’s momentum.
In the EV sector, Rivian (RIVN) shares returned to the $20 level, closing at $20.14 (+8.11%). The weekly gain of 28.85% easily beat that of Tesla (TSLA) stock’s return. Fortunately, TSLA stock’s gain of 10.55% on the week might bring back the bulls. As SpaceX’s (SPCX) stock falls on concern that insiders will dump their shares after lockup expiry, TSLA stock has better momentum ahead.
Arista Networks (ANET) gained 8.3% on Monday. The stock benefited from the Nasdaq (QQQ) gaining 1.12% on Monday. Markets are betting that Samsung (SSNLF) will post profits that surpass earnings estimates. AMD (AMD) rose on the day, while software firms Palantir (PLTR) and Oracle (ORCL) also attracted buyers. Investors continue to bet that markets irrationally sold off software stocks. Despite the risk of AI agentic systems providing coding and bug-fix services, investors bought CrowdStrike (CRWD), Fortinet (FTNT), and Verisign (VRSN).
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