U.S. Stock Indices Weaken at Open as Marvell and Intel Lead Gains While Nvidia Falls Over 3%
Claire Weston
All three major US indices fell at the open — the Dow lost 0.79% — yet chip stocks bucked the trend, with the Philadelphia Semiconductor Index up 1.12%, signaling a rotation from mega-cap tech into semiconductor hardware.
How far did the three indices drop?
The Dow fell 0.79% to 50,904; the S&P 500 slipped 0.52% to 7,570; the Nasdaq Composite lost 0.74% to 26,894.
The Nasdaq 100 dipped only 0.24% — divergence among heavyweight names muted the decline.
This means → the sell-off is structural, not broad-based: some sectors are catching bids even as the tape slides.
Why did chip stocks rally against the tide?
The Philadelphia Semiconductor Index rose 1.12%. Leaders: Western Digital +5.55%, SanDisk +4.41%, Intel +4.16%, Qualcomm +3.69%, AMD +2.00%.
Marvell Technology gained another 5.51% after surging over 30% the prior session — Jensen Huang publicly flagged it as the next potential trillion-dollar company.
In plain terms = Nvidia's CEO personally endorsed Marvell — the highest-profile stamp of approval the industry can offer.
This reflects capital spreading from established AI leaders into the broader semiconductor supply chain.
Which mega-caps fell — and who was the exception?
Microsoft dropped 3.29%, Nvidia 3.01%, Amazon 2.49%, Apple 1.28%, Alphabet 0.90% — nearly all under pressure.
Meta bucked the trend, rising 3.18% after unveiling Meta Business Agent, an AI-powered commercial tool for businesses across WhatsApp, Messenger, and Instagram.
Palantir fell 4.69% — Michael Burry, famed for "The Big Short," reiterated his bearish stance on the stock.
This means → within Big Tech, names with fresh product catalysts can resist the downdraft; those without simply follow the tape.
What happened to Chinese ADRs and GameStop?
The Nasdaq Golden Dragon China Index fell 1.80%. Biggest decliners: Kingsoft Cloud -6.31%, Futu -5.57%, Tiger Brokers -4.69%, NIO -3.49%.
Pinduoduo dropped 3.07%, Alibaba 2.63%, JD.com 2.27% — broad weakness with no clear single-stock catalyst.
GameStop surged 7.31% after reporting quarterly revenue up 14% year-over-year and announcing a $2 billion share buyback.
Why did oil prices accelerate higher?
The EIA weekly report showed US commercial crude inventories fell by 7.97 million barrels for the week ending May 29 — far exceeding the market forecast of 4.07 million barrels.
Israeli PM Netanyahu signaled he would not rule out military action near the Strait of Hormuz, adding geopolitical risk premium.
WTI crude rose 1.73% to $95.38/bbl; Brent gained 1.63% to $97.56/bbl, briefly topping 2% intraday.
In plain terms = a bigger-than-expected supply draw plus rising Middle East military risk hit at the same time — two bullish forces compounding.
How are cryptocurrencies holding up?
Bitcoin fell to $66,700, down 1.68% over 24 hours.
Ethereum dropped to $1,858, down 4% over 24 hours.
This means → in a risk-off environment, crypto failed to decouple — it is still moving in lockstep with US equities.
Content is for reference only, not financial advice.