Stocks Erase Early Gains as Alphabet and Software Companies Fall

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Summary · why it matters

U.S. stock indexes gave up early gains and traded mixed, with the S&P 500 down 0.40% and the Nasdaq 100 down 0.30%, while the Dow Jones Industrial Average rose 0.27%. Alphabet fell more than 6% after announcing that Google DeepMind Vice President Jumper is leaving to join Anthropic PBC, leading megacap technology stocks lower. Software stocks also weighed on the market, with Palantir Technologies down more than 4% and Intuit and Oracle down more than 2%. Chipmakers and AI-infrastructure stocks provided some support, as the iShares Semiconductor ETF rose more than 2% to a new record high, with Sandisk up more than 6% and ON Semiconductor up more than 6%. Defense companies slid after Iran reported major progress in peace talks with the U.S., sending L3Harris Technologies, Northrop Grumman, Lockheed Martin, and Huntington Ingalls Industries down more than 2%.

Impact on assets 41

Semiconductors▲
ON Semiconductor Corporation
ON
▲ PositiveDemandrelevance

Chipmakers and AI-infrastructure stocks rose, with ON Semiconductor up more than 6% as part of the semiconductor ETF rally.

Sandisk Corp
SNDK
▲ PositiveDemandrelevance

Chipmakers and AI-infrastructure stocks rose, with Sandisk up more than 6% as part of the semiconductor ETF rally.

Cloud & Digital Infrastructure▼
Oracle Corporation
ORCL
▼ NegativeDemandrelevance

Software stocks weighed on the market, with Oracle down more than 2% as part of the sector decline.

Intuit Inc
INTU
▼ Negativerelevance

Software sector weakness drags Intuit down more than 2% as part of broader software decline.

Artificial Intelligence▼
Alphabet Inc Class C
GOOG
▼ NegativeCompetitionrelevance

Google DeepMind VP Jumper leaves for Anthropic, a key AI rival, signaling talent loss and competitive threat.

Defense & Geopolitical Fragmentation▼
Northrop Grumman Corporation
NOC
▼ NegativeGeopoliticsrelevance

Iran reports major progress in peace talks with the U.S., reducing geopolitical risk and defense spending expectations.

L3Harris Technologies Inc
LHX
▼ NegativeGeopoliticsrelevance

Iran peace talks progress reduces defense spending expectations, hurting defense contractor.

Lockheed Martin Corporation
LMT
▼ NegativeGeopoliticsrelevance

Iran peace talks progress reduces defense spending expectations, hurting defense contractor.

Palantir Technologies Inc.
PLTR
▼ NegativeDemandrelevance

Software stocks weighed on the market, with Palantir down more than 4% as part of the sector decline.

Digital Finance & Tokenization▲
Energy Transition & Power Demand▲
Biotech & Genomic Medicine▲
Financials▲
Psychedelic Medicine▲
Critical Materials & Supply Chain▲
Cybersecurity & Digital Trust▲
Consumer Discretionary▲
Communication Services▲

Off-coverage companies 2

Anthropici
Private± Mixedrelevance

DeepMindi
Private± Mixedrelevance