U.S. stocks closed mostly lower, with the NASDAQ the weakest of the major indices, while small caps bucked the trend with the Russell 2000 posting a gain.
The closing levels show:
- Dow industrial average: fell 184.02 points or -0.34% at 53,797.39
- S&P index: fell 24.94 points or -0.32% at 7,728.18
- NASDAQ composite: fell 159.91 points or -0.60% at 26,445.45
- Russell 2000: rose 9.73 points or +0.32% at 3,027.13
There are some notable individual stock losers today, with weakness particularly pronounced across technology and growth names. On Holding is the clear downside standout, while AppLovin, Datadog and Alphabet are also under significant pressure. Dell, Oracle and Adobe are each down more than 3%, adding to the broader weakness in the tech sector.
Some of the biggest decliners include:
- On Holding (ONON): -20.29%
- AppLovin (APP): -6.01%
- Datadog (DDOG): -5.37%
- Alphabet (GOOGL): -3.84%
- Dell Technologies (DELL): -3.69%
- Oracle (ORCL): -3.69%
- Adobe (ADBE): -3.39%
- Alibaba (BABA): -3.38%
- Baidu (BIDU): -3.25%
- Tencent (TCEHY): -3.25%
- CF Industries (CF): -3.03%
The standout is On Holding, which is down more than 20% after America’s growth called for the premium footwear and sportswear company. The 20% decline far outpaced the losses elsewhere. Meanwhile, the declines in AppLovin, Datadog, Alphabet, Dell, Oracle and Adobe highlight broad selling across software, cloud and other technology-related shares.
There are also a number of notable winners today, with gains spread across AI infrastructure, semiconductors, industrials and materials. Consolidated Water leads the list, while Nebius, Alcoa and Vertiv are all up more than 4%. ASML and Arista Networks are also participating in the upside, providing some strength on the technology side despite weakness elsewhere in the sector.
Some of the biggest gainers include:
- Consolidated Water (CWCO): +6.85% — shares are higher following its Q2 results, with revenue topping expectations while EPS matched estimates.
- Nebius (NBIS): +4.95% — advancing ahead of its Q2 earnings report scheduled for tomorrow morning.
- Alcoa (AA): +4.75%
- Vertiv (VRT): +4.34%
- ASML (ASML): +3.80%
- Emerson Electric (EMR): +3.57%
- Whirlpool (WHR): +3.37%
- Arista Networks (ANET): +3.31%
- Celsius Holdings (CELH): +3.23%
- Eaton (ETN): +3.22%
The upside is fairly diverse, but AI and data-center-related names remain well represented, with Nebius, Vertiv, ASML and Arista Networks among the stronger performers. Industrial names are also having a good session, with Emerson and Eaton both gaining more than 3%.
The weakness came as optimism surrounding a potential U.S.-Iran agreement faded and uncertainty surrounding the Strait of Hormuz remained a concern. Technology shares were among the laggards, helping push the NASDAQ to the bottom of the major-index rankings.
Investors are also looking ahead to Wednesday’s U.S. CPI report, which could play an important role in shaping expectations for the Fed’s September policy decision. The inflation data takes on added importance given the recent volatility in crude oil and its potential implications for inflation.
This article was written by Greg Michalowski at investinglive.com.