Finance

Despite reporting quarterly earnings and guidance that beat consensus expectations, Applied Materials saw its shares drop 5.1% as investors proved hard to impress. The decline rippled across the broader chip industry, with heavyweights like Broadcom losing over 5% as valuation anxieties triggered broad profit-taking.

Shares of the social media company surged double digits following the announcement from S&P Dow Jones Indices that the platform will join the prestigious index before the opening bell on August 18. The inclusion comes as the firm's market capitalization surpassed the required eligibility hurdles, helping to lift the stock out of a recent slump.

Bitcoin and Ethereum traded lower as broader economic uncertainties were compounded by unexpected regulatory pauses. Market momentum was checked after the Securities and Exchange Commission abruptly canceled a scheduled open meeting intended to address crypto-startup fundraising rules and tokenization.