Buzzberg Cup Live

Market Midday: Stocks Lower, Dow Slips From Record; Chips Weaken • 7/7/26

Watch on YouTube ↗  |  July 07, 2026 at 17:05  |  3:06  |  CNBC
Speakers
Joe Terranova — Senior Managing Director, Virtus Investment Partners
John Kilduff — Founding Partner, Again Capital
Jessica Ettinger — Anchor, CNBC
Diana Olick — CNBC Real Estate Correspondent

Summary

Stocks are lower with the Dow slipping from a record high, dragged down by Caterpillar. Joe Terranova warns of more deleveraging in momentum, semiconductors, and memory. Oil recovers above $70 after Iran strikes in the Strait of Hormuz, while refined products remain sticky. Housing survey shows a more balanced market and declining agent optimism, while back-to-school spending is expected to surge 50%.

  • Dow falls from record, S&P 500 and Nasdaq down.
  • Caterpillar leads Dow decline, down 5%.
  • Joe Terranova sees more deleveraging ahead for momentum factor, semis, and memory.
  • Nvidia rises 0.5%, bucking chip weakness.
  • Oil rises above $70 after Iran strikes tankers; gasoline and jet fuel remain sticky.
  • Housing market becoming more balanced, agent optimism drops sharply.
  • Back-to-school spending expected to jump 50% to $922 per family.
Ideas
Joe Terranova Senior Managing Director, Virtus Investment Partners 0:33
Momentum, semis, memory face more deleveraging.
More deleveraging lies ahead for the momentum factor, particularly in semiconductors and memory, suggesting the recent one-day bounce was not a near-term bottom.
MTUM SMH Memory MED
John Kilduff Founding Partner, Again Capital 1:28
Refined products sticky, crude recovers fast.
Refined product prices like jet fuel and gasoline remain sticky, bedeviling markets and consumers, while crude oil recovers faster than expected.
CRAK LOW
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This CNBC video, published July 07, 2026, features Joe Terranova, John Kilduff discussing MTUM, SMH, Memory, CRAK. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Joe Terranova, John Kilduff  · Tickers: MTUM, SMH, Memory, CRAK