Stocks and oil swing in midday trading as earnings, chip news and geopolitics compete for attention
Midday trading turned volatile as investors weighed fresh company updates alongside a pullback in energy prices tied to a new U.S.-Iran development. Enphase Energy shares jumped after it began production shipments of new microinverters, while Intel surged after President Donald Trump said the company reached a deal with Apple to design and build chips in the United States. At the same time, the energy sector of the S&P 500 slid nearly 2% and West Texas Intermediate crude for July fell to the lowest level since early March.
Key takeaways
- Enphase Energy shares jumped 10% after the company said it started production shipments of IQ9S microinverters, supported by a Barclays upgrade.
- Intel gained about 10% following Trump’s claim of a U.S. chip-design and manufacturing deal with Apple, lifting parts of the semiconductor complex.
- Energy stocks fell nearly 2% as WTI crude slid toward the lowest level since early March after a deal aimed at ending war in the Middle East was signed.
- Kroger dropped more than 6% despite revenue beating expectations, after first-quarter earnings per share (excluding items) missed the analyst consensus.
- Steel Dynamics fell 7% after its current-quarter guidance disappointed Wall Street expectations.
What drove the move
Enphase Energy gained on product shipments and broker support. Shares rose about 10% after the company announced it began production shipments of its IQ9S microinverters. The stock also received a rating change from Barclays, which upgraded it to equal weight from underweight.
Intel surged on reported Apple chip manufacturing plans in the U.S. Intel jumped roughly 10% after President Donald Trump posted that Intel struck a deal with Apple to design and build chips in the United States. Apple shares were up less than 1% in the same period, suggesting the market’s immediate focus was on Intel’s potential manufacturing and execution profile rather than a broad re-rating of Apple.
Crude weakness dragged energy and supported travel-related stocks. The energy sector of the S&P 500 fell nearly 2% after Trump signed a deal with Iranian president Masoud Pezeshkian to end the war in the Middle East. West Texas Intermediate futures for July delivery fell as low as $73.58 per barrel, the lowest level since early March. That environment pressured major oil producers—ConocoPhillips and Occidental Petroleum each dropped about 3%, while Exxon Mobil and Chevron fell more than 2%. Lower fuel costs also lifted cruise operators and airlines, with Carnival up nearly 4% and Royal Caribbean and Norwegian Cruise Line rising more than 4%, while United Airlines, Delta Air Lines, and American Airlines each gained more than 2%.
Individual earnings and guidance moves reshaped mid-cap winners and losers. Kroger slid more than 6% after reporting first-quarter earnings per share of $1.58 excluding items, below the FactSet-polled expectation of $1.59. Revenue of $46.12 billion beat the Wall Street forecast of $45.59 billion, underscoring that margins and per-share performance—not just top-line growth—remained central for investors.
Steel Dynamics dropped about 7% after it issued current-quarter earnings guidance that disappointed analysts. The company forecast second-quarter earnings in a range of $3.51 to $3.55 per share, compared with a FactSet consensus of $4.16.
Semiconductors and memory stocks drew momentum from chip headlines. The Intel announcement also spilled into the broader semiconductor group. Marvell Technology rallied 12%, while Lam Research and Applied Materials rose about 6%. In memory, Western Digital gained nearly 6%, Micron Technology advanced 8%, and Sandisk climbed about 11%.
Market reaction across sectors
AI- and infrastructure-linked stocks attracted buying. Investors appeared to favor companies tied to artificial intelligence and data center infrastructure. Corning rose 7%, Credo Technology gained 5%, Coherent jumped 4%, and Applied Digital added more than 2%.
Pharma and professional services saw sharper declines on corporate moves. Pfizer fell about 3% after it said CFO Dave Denton would step down on Aug. 15, and named Cecile Guegan, senior vice president of finance for its global biopharmaceutical business, as interim finance chief.
Accenture dropped 17% after agreeing to acquire asset intelligence company runZero and device and software supply chain security company NetRise, as well as a majority stake in cybersecurity company Dragos. The combined deal is valued at approximately $4.175 billion, making the acquisition pipeline a key near-term driver of investor sentiment toward the stock.
Other notable single-name catalysts moved investors’ attention. Smith & Wesson surged about 20% after reporting an earnings and revenue beat and saying handgun sales to sporting goods retailers rose 23% year over year. Handguns represented 80% of the units shipped in the quarter.
SpaceX shares fell almost 10% following a roughly 5% loss on Wednesday. The stock had risen for three sessions after its debut last Friday, climbing nearly 50% from its IPO price over that initial period, suggesting a rapid re-pricing after early enthusiasm.
What analysts and investors will watch next
Investors now appear to be balancing company-specific catalysts against macro-sensitive sectors. Watch for follow-through in energy-linked stocks as crude price levels stabilize or extend lower following the reported Middle East de-escalation step. In the technology complex, traders will likely focus on whether Intel’s chip and manufacturing plans with Apple translate into concrete deal terms and timelines. In addition, recent earnings and guidance misses—such as Kroger and Steel Dynamics—set a higher bar for near-term updates, while corporate finance changes at Pfizer and acquisition activity at Accenture may influence investor positioning into upcoming filings and earnings dates.
