Markets Navigate Chip Jitters and Shorts as Expiry Day Bites

US: Tech and AI Stocks in Focus

SNAP shares fell today after Wall Street pushed back on the price of its new smart glasses. Analysts flagged the product as too expensive to gain wide traction, denting sentiment across consumer hardware names including AAPL and META. Semiconductor stocks also faced headwinds. CNBC reported the S&P 500 and Nasdaq closed lower as a chip stock rebound ran out of steam.

Short sellers are pressing hard into several names today. WOLF (Wolfspeed) remains the most shorted large-cap stock at 98% of free float. Zero shares are available to borrow. SHAZ (SharonAI Holdings) saw the biggest weekly move — SI % FF leapt from 12% to 33% in seven days. Availability sits at just 5%.

Today is a weekly options expiry. TSLA and NVDA both carry dense near-term chains. Options pressure into the close could add to intraday volatility.

Insiders at DELL filed sales totalling nearly $878M. The filings were dominated by Silver Lake Group and director David Dorman. Three insiders at AGX (Argan) sold a combined $40M near recent highs.

Europe: Defense Rallies, Carmakers Under Pressure

European defense stocks rallied as Ukraine ratified a $105 billion EU loan deal. Hedge funds are betting against European carmakers, citing fears over Chinese competition. Tens of billions of euros have been wiped from the sector's market value.

JPMorgan plans to expand its Chase digital bank into France, Spain, and Italy. Central banks are repatriating gold as geopolitical tensions keep risk aversion elevated.

Events Ahead

FedEx reports Q4 after Monday's close. Carnival Corporation posts Q2 Monday morning. Both are key reads on global trade and consumer spending.