Finance

Large chipmakers and technology infrastructure suppliers experienced a sharp sell-off despite delivering positive financial updates. Companies like Applied Materials and Broadcom dropped significantly after optimistic forward guidance failed to satisfy lofty market expectations tied to artificial intelligence expansion. Analysts noted that excessive investor enthusiasm for AI-driven infrastructure sparked a bout of profit-taking across the broader semiconductor sector.

Digital assets pulled back as major regulatory milestones in Washington failed to materialize before the legislative break. The Securities and Exchange Commission abruptly canceled a highly anticipated open meeting intended to vote on tokenization and digital asset rules. Furthermore, digital asset prices faced down-side pressure following the U.S. Senate's decision to enter its summer recess without advancing the long-awaited CLARITY Act.

Shares of the social media platform advanced sharply following an announcement by S&P Dow Jones Indices regarding changes to its benchmark index. The company is set to join the prominent market index prior to upcoming trading sessions, replacing AvalonBay Communities. The inclusion triggered strong institutional interest and buying momentum, serving as a bright spot amid a broader day of lukewarm stock market performance.