Meta Platforms Getting Into Cloud Infrastructure Business | Closing Bell

Summary

The first trading day of July saw the S&P 500 end slightly lower with a sell-off in semiconductors, particularly a 6.2% drop in the SOX index. Apple's reported interest in Chinese memory chips hit Micron and lifted Apple. Meta Platforms surged 9% on news it plans a cloud infrastructure business to sell AI computing, pressuring other cloud providers like CoreWeave. Microsoft bounced after a tough June despite layoff reports. Other notable movers included Caterpillar, down nearly 7% after Michael Burry disclosed a short, and Walmart falling for a sixth straight day on slowing trends. The bond market was quiet ahead of the July jobs report.

• S&P 500 finishes slightly lower; Nasdaq under more pressure; small caps also down.
• Philadelphia semiconductor index (SOX) drops 6.2% amid volatility and China competition fears.
• Meta Platforms gains 9% on plans to enter cloud AI infrastructure, challenging incumbents.
• Micron slides 10% and Apple rises on report Apple may buy Chinese memory chips.
• Caterpillar falls 6.9% after Michael Burry reveals short position; also shorts NVDA, AMAT, SOX, TSLA.
• Walmart extends losing streak to six days, down ~20% from June high, as trends slow.
• Microsoft recovers 3% after worst month in years, amid reports of thousands of layoffs.
• Bond market sees minimal movement; focus on upcoming jobs report.