Wall Street’s main indexes opened lower on Friday as investors continued to pull back from semiconductor stocks, extending a broader reassessment of the artificial intelligence-driven rally that had powered markets to record highs earlier this year.

The Dow Jones Industrial Average fell about 486 points, or 0.9%, while the S&P 500 lost 1.1%.

The Nasdaq Composite dropped 1.7%, reflecting renewed weakness across technology stocks.

The latest decline followed another sharp selloff in semiconductor shares on Thursday, with investors questioning whether the pace of AI-related capital spending can be sustained after months of strong gains.

Semiconductor stocks extend losses

Chip stocks led the market lower in trading as the sector’s recent pullback accelerated.

Nvidia shares fell about 3.4%, while Applied Materials and Lam Research each dropped more than 5%.

Intel, KLA Corporation, Arm and Micron Technology also traded lower.

The iShares Semiconductor ETF (SOXX) and the VanEck Semiconductor ETF (SMH) both declined more than 3%.

The Philadelphia Semiconductor Index remained under pressure after hitting a nearly two-month low on Thursday.

The benchmark has fallen more than 19% from its late-June record high and was on track for its worst weekly performance since March 2025.

The weakness came despite strong quarterly results from Taiwan Semiconductor Manufacturing Co. (TSMC) and upbeat guidance from ASML, suggesting investors remain focused on broader concerns surrounding AI infrastructure spending rather than company-specific earnings.

The selloff was not limited to US markets.

Semiconductor shares also weakened across Asia-Pacific and European markets on Friday.

Chinese startup Moonshot AI also added to competitive concerns after unveiling a new artificial intelligence model that it said narrows the gap with leading US offerings.

Netflix drops after weak outlook

Technology stocks faced additional pressure after Netflix forecast third-quarter revenue and earnings below Wall Street expectations.

Netflix shares plunged more than 11% in trading despite reporting second-quarter results that were broadly in line with analyst estimates.

Elsewhere, Intuitive Surgical fell 11% after maintaining its da Vinci procedure growth forecast and warning that insurance-plan changes may be delaying patient care.

Investors also awaited the University of Michigan’s consumer sentiment survey and industrial production data later in the day, which were expected to provide further insight into the health of the US economy following a busy week of inflation reports and second-quarter earnings.

Although major US banks delivered solid earnings earlier in the week and recent inflation data came in softer than expected, those positives failed to offset mounting concerns surrounding technology valuations.

Geopolitical tensions remain in focus

Investors also monitored escalating tensions in the Middle East.

The US military said it completed its sixth consecutive evening of strikes against Iran, targeting military infrastructure, logistics assets and maritime capabilities.

Iran, meanwhile, said it had targeted US military forces in Syria and Bahrain, while Kuwait reported that an Iranian attack struck a power and water desalination plant.

The renewed conflict has further weakened the fragile truce reached last month and continued to disrupt energy flows through the Strait of Hormuz, a critical shipping route that normally carries around one-fifth of global oil supplies.

Oil prices moved higher amid the geopolitical developments. US West Texas Intermediate crude traded above $81 a barrel, while Brent crude rose above $86 a barrel.

The CBOE Volatility Index, often viewed as Wall Street’s fear gauge, also climbed to its highest level in more than a week as investors adopted a more cautious stance heading into Friday’s session.

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Gold prices remained below the $4,000-an-ounce mark on Friday, with the precious metal struggling to attract meaningful safe-haven demand despite persistent uncertainty in the US housing sector.

Although construction activity rebounded sharply in June after a weak performance in May, the broader housing market continued to show signs of weakness that could weigh on economic activity during the second half of the year.

Investors largely looked past the stronger housing data as broader macroeconomic concerns continued to dominate sentiment.

According to data released by the Commerce Department on Friday, housing starts climbed 19% in June to a seasonally adjusted annual rate of 1.427 million units, up from May’s revised annual rate of 1.20 million units, which marked a six-year low.

The reading also came in above economists’ expectations, pointing to a stronger-than-anticipated recovery in residential construction.

Despite the upbeat housing data, the gold market showed little immediate reaction.

Selling pressure persisted after the metal failed to hold above the psychologically important $4,000-an-ounce level, suggesting that investors remained focused on inflation risks and the broader interest rate outlook rather than signs of resilience in the housing market.

Gold heads for steepest weekly decline in six weeks

Earlier in the day, gold prices edged higher but remained on track for their steepest weekly decline in six weeks.

The inflationary impact of the renewed US-Iran conflict continued to outweigh support from softer US inflation data, limiting demand for the traditional safe-haven asset.

Spot bullion rose 0.5% to $3,988.20 an ounce after earlier touching its lowest level since July 1.

August gold futures were little changed near $3,992 an ounce, reflecting cautious trading ahead of the weekend.

Despite the modest intraday rebound, gold was still down about 3.2% for the week.

The decline highlighted how quickly investor sentiment shifted away from safe-haven buying and toward concerns surrounding higher oil prices, rising Treasury yields and expectations for the Federal Reserve’s monetary policy path.

The recent price action also indicated that geopolitical uncertainty alone has not been sufficient to offset broader macroeconomic pressures facing the precious metals market.

Silver remains under pressure

Silver prices also stayed under pressure on Friday, with the metal trading below $56 per ounce and extending losses for a third consecutive session.

The metal was on track to post a weekly decline of more than 7% as escalating tensions in the Middle East pushed oil prices higher, fuelling concerns over inflation and the outlook for interest rates.

The silver price (XAG/USD) traded around $55.50 per troy ounce during Asian trading hours on Friday.

Investors continued to monitor rising energy costs and their potential impact on inflation expectations and central bank policy, keeping pressure on the industrial precious metal.

Both gold and silver remained under pressure as markets balanced persistent inflation concerns, higher energy prices, and interest rate expectations against lingering uncertainty in the US housing sector.

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Bloom Energy stock is moving from bad to worse as it crashed to $206, its lowest level since April last year. BE has slumped by over 40% from its all-time high as concerns about its valuation and the data center industry remained. This retreat has seen its market capitalization fall from $98.7 billion to $58 billion.

Bloom Energy stock has plunged as key concerns emerged

Bloom Energy is a top company that provides on-site power in various industries like retail and data centers. It counts companies like Nebius, CoreWeave, Walmart, Equinix, and Honda as clients.

While Bloom has been in the industry for over 25 years, its business has come into the limelight during the data center boom. It has inked several multi-billion-dollar deals in the past few months that have helped its stock soar to a record high.

The boom has helped its revenue surge. Its recent results showed that its revenue jumped by 130% to $751 million. This revenue growth was driven by the data center industry, a trend that may continue in the foreseeable future.

Its gross margin continued rising, reaching 30%, while its operating income jumped to $72 million. Most notably, the company is expected to continue growing in the near future. 

The annual revenue is expected to jump to $3.75 billion this year, up by 85% from last year. It will then make $4.7 billion next year, up by 73% YoY. The chances are that the real figures will be higher than this, as it has done in the past few quarters.

Therefore, the stock has plunged in the past few weeks for several reasons. First, this retreat is mostly because of what is happening in the stock market, where many companies that did well during the AI boom have pulled back. This includes popular names like CoreWeave, Nebius, and SanDisk.

Second, there are concerns about the data center industry in the United States. New York has put a moratorium on new data centers, while estimates show that cancellations worth over $64 billion have been announced. These cancellations will likely impact its business in the long term.

Additionally, Wall Street is sending jitters on Oracle, which placed a large order from Bloom Energy. Oracle stock has tumbled to $124, its lowest level since April last year as concerns about its debt rose. As such, there is a risk – possibly unfounded – that Oracle may slow its data center spending over time.

Additionally, Bloom Energy is not a cheap company, with its non-GAAP forward price-to-earnings ratio being 95.60. This multiple is much higher than the energy sector median of 21. As such, the ongoing retreat could be because it is going through a valuation reset. This likely explains why the short interest has jumped to nearly 7%.

Bloom Energy stock price analysis

BE stock chart | Source: TradingView

BE stock has plunged from the year-to-date high of $350 to the current $206, its lowest level since April 20th. It has dropped below the lower side of the rising broadening wedge pattern. 

The stock has dropped below the Major S/R pivot point of the Murrey Math Lines tool at $250. On the positive side, the stock remains above the strong, pivot, reverse level of the Murrey Math Lines and the 200-day moving average.

Therefore, all hope is not lost for the stock as the earnings season gets underway. A drop below the 200-day MA will point to more downside, potentially to the ultimate support of $125.

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Stellar (XLM) is trying to stabilize after a volatile week that saw the token come under pressure alongside the broader cryptocurrency market.

XLM was trading at $0.1834, down 3% over the past 24 hours, while extending its weekly decline to 4.3%.

Despite the recent weakness, traders are watching a developing golden cross and an upcoming network upgrade that could shape the token’s next move.

Broader market weakness weighs on XLM

There has been no major negative announcement involving the Stellar network to explain the sell-off.

Instead, the decline appears to have been part of a market-wide move that affected most large-cap cryptocurrencies.

Bitcoin slipped to around $63,181, falling roughly 1.45% during the same period as renewed uncertainty surrounding cryptocurrency regulation in the United States dampened investor sentiment.

As risk appetite weakened across digital assets, altcoins experienced steeper losses than Bitcoin.

XLM’s 3% daily decline reflected that broader shift in sentiment, with the token trading within a 24-hour range of $0.1818 to $0.1926.

Technical indicators point to a critical test

While short-term price momentum has weakened, technical indicators continue to attract attention.

A recent golden cross, where a shorter-term moving average rises above a longer-term moving average, is generally viewed as a sign that momentum may be improving.

However, technical patterns require confirmation from both price action and trading volume before they can be considered reliable indicators of a sustained trend change.

For now, XLM is trading near an important support zone between $0.186 and $0.187, where its 50-day exponential moving average (EMA) aligns with the 78.6% Fibonacci retracement level.

The token briefly traded below that area as it slipped to $0.1834, placing additional attention on whether buyers will defend the broader $0.18 support.

If support holds and buying volume increases, traders will likely focus on the $0.19 area before attention shifts to the more significant $0.20 resistance.

That level carries added importance because it coincides with the 100-day and 200-day EMAs, making it a key technical barrier.

A decisive move above $0.20, supported by stronger trading volume, could open the door for a broader recovery toward $0.22 and potentially $0.25.

On the downside, a sustained break below $0.18 would expose the next support region near $0.17.

Positive network developments remain in focus

Although the market has recently focused on macroeconomic pressures, several developments within the Stellar ecosystem continue to attract attention.

MoneyGram has strengthened its involvement with the network by becoming a Tier 1 validator, reinforcing its participation in Stellar’s infrastructure.

At the same time, Tradable announced plans involving approximately $1 billion in tokenized private credit on the Stellar network, highlighting the blockchain’s expanding role in the growing real-world asset tokenization sector.

The long-term opportunity for tokenized real-world assets remains substantial, with industry estimates projecting the market could eventually reach $114 trillion.

While that represents a long-term industry projection rather than an immediate market opportunity, it underscores why infrastructure-focused blockchains such as Stellar continue to attract institutional interest.

Protocol v25 could become the next catalyst

Attention is now turning to the scheduled Stellar Protocol v25 mainnet upgrade on July 22, 2026.

Major network upgrades often increase trading activity as investors assess their potential impact on adoption, network performance and developer activity.

Although the upgrade itself does not guarantee a price move in either direction, it represents one of the most closely watched events on Stellar’s near-term calendar.

Until then, traders are likely to continue monitoring price behaviour around the $0.18-$0.187 support zone while watching for stronger volume on any attempt to reclaim $0.19.

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Apple (AAPL) reclaimed its position as the world’s most valuable publicly traded company on Friday after its market capitalization surpassed Nvidia’s.

Apple shares climbed to an all-time high of $334.99, lifting the company’s market value to approximately $4.88 trillion.

Nvidia shares fell more than 3% in early trading, reducing the AI chipmaker’s market capitalization to about $4.84 trillion.

Nvidia had held the title of the world’s most valuable company since June 2025, when it overtook Microsoft.

The chipmaker also became the first company to reach a $5 trillion market capitalization in October.

Diverging performances in 2026

The two technology companies have taken different paths this year.

Apple shares have gained 22% in 2026, outperforming the broader market as investors responded positively to the company’s artificial intelligence strategy and relatively modest capital spending model.

Nvidia, by comparison, has risen about 7% this year. The company’s shares have lagged as investor attention shifted toward memory chips and data center infrastructure, benefiting companies such as Micron Technology and Sandisk.

Apple’s return to the top of the market value rankings comes after the company was widely viewed as trailing many of its technology peers in the race to develop advanced artificial intelligence capabilities.

The milestone also arrives as Chief Executive Tim Cook prepares to hand leadership of the company to hardware executive John Ternus in September.

Apple advances AI strategy

Last month, Apple introduced a long-delayed overhaul of Siri, positioning the upgraded digital assistant as a key component of its effort to narrow the gap with larger technology rivals and emerging AI-focused companies.

Some analysts believe Apple’s installed base of iPhone users and the personal data stored on those devices could become a significant competitive advantage for its artificial intelligence strategy by enabling Siri to deliver more personalized and capable responses.

However, they also note that much of that data remains protected within Apple’s operating systems because of the company’s privacy policies, requiring Apple to find ways to leverage the information while maintaining those protections.

HSBC upgrades Apple stock

HSBC upgraded Apple to Buy from Hold on Friday and raised its price target to $366 from $260, implying approximately 10% upside from Thursday’s closing price.

Analyst Nicolas Cote-Colisson said in a note to clients, “We believe that the launch of AI features and a strong product pipeline have the potential to drive a major upgrade cycle.”

According to HSBC, Apple can continue benefiting from artificial intelligence through the upcoming expansion of Apple Intelligence, its AI platform for iPhone, iPad, and Mac users.

“Apple is now at an operational turning point: not only can the company stay away from the (too) high capex debate (it only invests 2.5% of its [estimated 2026] sales vs 39% for hyperscalers)…it is also well placed to leverage its 2.5 [billion] installed device base with its forthcoming revamped Apple Intelligence,” Cote-Colisson wrote.

He added that the new agentic Siri AI is expected to launch later this year and could increase demand for Apple devices.

“This AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place,” Cote-Colisson wrote.

The analyst also said Apple is expected to introduce its long-awaited foldable iPhone Ultra, alongside the iPhone 18 Pro and iPhone 18 Pro Max, later this year, developments that HSBC believes could further support demand for the company’s products and its shares.

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