Chipmakers experienced a decline at the start of the new trading month as Treasury yields climbed, applying pressure to the broader market. The VanEck Semiconductor ETF fell more than 1%, with Nvidia, AMD, and Micron each down by similar margins.
Energy stocks advanced broadly alongside rising oil prices amid ongoing tensions in the Middle East. The State Street Energy Select Sector SPDR ETF gained more than 1%, while EOG Resources, Diamondback Energy, and Targa Resources each climbed over 1%.
Robinhood Markets rose more than 2% following Morgan Stanley’s upgrade to overweight from equal weight. Analysts noted that the brokerage’s expanding platform is converting product development velocity into improved customer economics.
Novartis shares surged 4% after positive trial data for its multiple sclerosis medication. The company’s drug remibrutinib demonstrated significant reduction in relapse rates among MS patients compared to alternative treatments.
Duolingo increased 6% after Evercore ISI upgraded the language education platform to outperform from in-line, citing favorable survey data for the company.
