Market Midday: Stocks Turn Lower, Apple Hits Record; SpaceX Hits New Low • 7/15/26

Summary

Wall Street turned lower in afternoon trading with Cisco leading Dow losses. Apple hit a record high after China approved Apple Intelligence for iPhones. SpaceX fell to its lowest price since its IPO debut as a momentum unwind. Warren Buffett commented that gambling culture makes value harder to find. Morgan Stanley and Goldman Sachs were cited as dual plays on AI capital raising, while wholesale inflation cooled and oil rose.

• Major averages flipped lower, Dow dragged by Cisco down 5%
• Apple up more than 4% to an all-time high on China AI regulatory clearance
• SpaceX dropped to $135, its lowest since IPO, called a faith stock and momentum unwind
• Warren Buffett said gambling mentality in markets makes value scarce
• Morgan Stanley and Goldman Sachs seen as leveraged plays on AI capital raising
• June PPI showed cooling wholesale inflation, oil at one-month high near $80
• Chipmakers broadly red with Micron -10%, Intel -7%, AMD -6%