U.S. equities traded with sharp stock-specific moves on Tuesday, as investors weighed a mix of corporate updates, deal activity and guidance. Technology and semiconductor shares led broad midday weakness, while a handful of companies gained on buyback expansions, upgrades and regulatory developments.
Key takeaways
- Tech and semiconductors fell: Micron Technology dropped more than 10%, Marvell Technology fell about 8% and SanDisk slid roughly 11% as investors sold into a wider tech selloff.
- Capital returns supported some stocks: Accenture rose nearly 2% after increasing its share repurchase program by $2 billion to more than $7 billion.
- Deal and guidance drove reversals: Carnival fell about 6% on weaker-than-expected third-quarter guidance, while Edgewell Personal Care jumped more than 14% after reports it rejected an unsolicited $30-per-share bid.
- Regulatory and legal catalysts mattered: IBM gained more than 4% after a JPMorgan upgrade to overweight, and Exxon Mobil rose around 1% after the Supreme Court allowed a lawsuit tied to property seized in Cuba.
- M&A headlines varied by sector: Avis Budget Group gained about 3% on a $650 million cash settlement, while Primoris Services tumbled 22% after guidance cuts and leadership changes.
What drove the move
Semiconductors and related hardware stocks faced the largest downside. Micron Technology was down more than 10%, placing it on track for its worst day since June 5, according to market reports cited by CNBC. The selloff spread across the group, with Marvell Technology shedding about 8% and SanDisk falling around 11%, reflecting risk-off positioning in a sector that has been sensitive to broader tech sentiment.
Corporate actions helped offset the market weakness in select names. Accenture gained nearly 2% after raising its share repurchase authorization by $2 billion to more than $7 billion, a move investors typically read as support for earnings per share and confidence in cash generation.
Other drivers were more company-specific. Flex slid more than 2% after its COO, Kwang Tan, disclosed a planned sale of 36,000 shares at an average price of around $144.51 per share, totaling roughly $5.2 million. In contrast, IBM rose more than 4% following a JPMorgan upgrade to overweight. The bank cited improvements in software’s recurring revenue profile, margins, profitability and cash flow. Separately, IBM shares also benefited after President Donald Trump signed an executive order aimed at “supercharging” quantum computing in the U.S.
The day also featured developments tied to emerging technologies and AI infrastructure. Zeta Global rose about 7% after it announced a partnership with Palantir to rebuild its data cloud on Palantir’s Foundry platform. Palantir, however, traded marginally lower on the day. Cerebras Systems fell nearly 2% ahead of its first quarterly results as a publicly traded company. Morgan Stanley said it expects “posting in line” results for the first public quarter and remains constructive about the company’s architecture and the ramp outlook.
In consumer and leisure, Carnival dropped about 6% after issuing guidance for its third quarter that came in below expectations. The company projected adjusted earnings of around $1.35 per share, compared with a FactSet consensus of $1.42. It also forecast adjusted EBITDA of roughly $2.88 billion versus an expected $3.04 billion, according to CNBC reporting.
Market reaction across sectors
Energy and legal/regulatory headlines helped underpin some gains. Exxon Mobil rose around 1% after the Supreme Court allowed a lawsuit involving property seized by Fidel Castro’s government in Cuba. Investors appeared to treat the decision as a step that keeps the dispute alive, supporting an improving outlook relative to uncertainty that had weighed on the stock.
Space and technology-related names saw strength as well. Shares of SpaceX climbed nearly 6% after the company previously moved below its $150 debut price. The stock had suffered losses in the three prior sessions, including a 16% drop on Monday, underscoring how sensitive the name remained to investor sentiment and pricing.
Meanwhile, investor focus turned to capital market activity and corporate financing. AMC Entertainment fell about 25% after entering a definitive agreement with certain institutional investors for the sale of 95.3 million shares of AMC common stock, representing roughly $200 million. The filing also set a reference point for the current market valuation, with CNBC noting the stock last closed at $2.76.
Other industrial and specialty firms reflected diverging views on growth and cost risk. Energy Fuels edged down nearly 1% after announcing a definitive agreement to acquire VAC, an advanced magnetics company. Primoris Services dropped 22% after lowering guidance tied to additional renewables cost overruns and delays, and announcing the departure of its COO, pointing to investors reassessing execution risk.
In consumer goods, Edgewell Personal Care surged more than 14% after a Bloomberg News report, citing people familiar with the matter, said the company rejected an unsolicited takeover offer at $30 per share from private equity firm Yellow Wood Partners. The report said the board viewed the offer as too low. The reaction suggests investors anticipated a higher bid or stronger strategic alternatives.
Transportation and automotive services saw a separate kind of relief. Avis Budget Group gained about 3% after it said in a filing it reached a $650 million cash settlement with Pentwater Capital, reducing uncertainty around the dispute.
What analysts and headlines are emphasizing
Analysts’ positioning and upcoming reporting schedules also shaped the tape. For Cerebras Systems, Morgan Stanley’s note highlighted expectations of no major surprises while pointing to what it described as a differentiated architecture with potential upside. Investors often treat early quarter results from newly public firms as a key checkpoint for demand visibility and operational progress.
In tech more broadly, the market’s tone suggested investors were differentiating between companies with supportive capital allocation or business momentum and those exposed to sector-wide downside. JPMorgan’s upgrade helped IBM stand out in a softer tech tape, while guidance-driven trading in Carnival reinforced how quickly earnings visibility can swing sentiment.
Deal and governance outcomes also remained front and center. Edgewell’s rejected offer contrasted with AMC’s share sale arrangement and with other corporate actions across the day, illustrating how investors respond to whether announcements increase or reduce perceived shareholder value.
What to watch next: Investors are likely to track semiconductors for signs of whether the midday selling extends into the broader session, while attention will also turn to upcoming earnings releases, including follow-through on quarterly reporting for newly public names such as Cerebras Systems. In the near term, market participants will also watch macro catalysts—especially interest-rate expectations and any additional policy-related developments affecting technology themes like quantum computing.
