Stocks Lower led by Chips & Ceasefire Break

MPC Markets Morning Call · Jul 7, 2026 · 16m

Samsung's record profit wasn't enough. Chip stocks got hammered across the board, with the Philly Semis down 4.7% and Intel off nearly 10%. The US hit Iran with fresh strikes and revoked its oil sales waiver after three tankers were attacked in the Strait of Hormuz. Crude surged 5%, gold dropped, and bond yields hit a four-week high.

But here's the thing — most S&P 500 stocks rose. Money is rotating out of tech, not leaving the market. We break down what that means, plus SpaceX's rough first day on the Nasdaq 100, SK Hynix's monster IPO, the VIX sitting at cycle lows, and what to watch for…