Happy Friday! Wall Street is kicking off the second half of 2026 with a surprising shift as investors dump this year's biggest tech winners and pile into beaten-down stocks. Here's why one of the market's strongest trades may suddenly be losing steam.

At the same time, a growing debate is emerging around AI valuations. While Nvidia and Alphabet continue to dominate, one economist says the broader economy still isn't delivering the profit gains investors have already priced in. Find out why the "S&P 493" could be the market's biggest AI reality check.

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In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• SPONSORED CONTENT

'Selling Winners, Buying Losers': Tech Stocks Drop As Energy Jumps To Start H2

Wall Street's hottest trade is suddenly reversing. After dominating the first half of 2026, technology stocks are sliding as investors rotate into beaten-down sectors, with energy emerging as July's biggest winner.

The shift has hit high-flying names like SanDisk, Micron and Intel, raising a key question for investors: Is this just routine portfolio rebalancing—or the start of a broader market rotation?

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Yesterday: U.S. stocks closed lower on Thursday as investors continued rotating out of high-flying technology names and into beaten-down sectors. Energy led the market while semiconductor stocks remained under pressure, with institutional rebalancing driving much of the movement. Investors also weighed concerns that AI valuations may be running ahead of broader corporate earnings growth, while keeping an eye on geopolitical developments and their potential impact on inflation.

On Our Radar: With no major economic data on deck, Friday's focus shifts to earnings. Delta Air Lines (DAL) reports before the opening bell, with investors looking for clues on travel demand and consumer spending. NioCorp Developments (NB) is also scheduled to report quarterly results.

Semiconductor stocks bounced back on Thursday, lifting names like Nvidia (NVDA), Micron (MU) and Dell (DELL), while SpaceX (SPCX) also snapped a three-day losing streak. On the downside, Alphabet (GOOGL), Meta Platforms (META) and PepsiCo (PEP) lagged as investors continued to reassess AI valuations and digest earnings. But those weren't the only companies making big moves. Here's a look at some of the biggest winners and losers on Thursday.

See how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

Musk Math: SpaceX's $1.77 trillion valuation may have just made the idea of a Tesla merger a lot more realistic, according to JPMorgan. Find out why Wall Street says Musk now has the acquisition currency to pull it off.

Memory Squeeze: Apple raised prices. Samsung raised profits. Both developments point back to the same AI bottleneck Micron has been warning about for months. Read on to see why the memory boom may just be getting started.

Shipping Surge: Oil jumped 5%, but one little-known shipping gauge climbed nearly four times as much. Discover why tanker stocks may be telling investors more than crude prices are.

AI's Biggest Customer: Meta's most important AI user might not be advertisers or consumers—it's Meta itself. See how the tech giant is quietly turning AI inward to reshape its own business.

Retail Rush: SK Hynix's U.S. listing is attracting plenty of attention, with some retail traders even talking about swapping out their Micron shares. Find out what's fueling the excitement ahead of one of the year's biggest chip debuts.

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