Chip stocks tumbled on July 28 as an AI-driven sell-off deepened. The Nasdaq 100 briefly entered correction territory ahead of a packed Big Tech earnings week. NVDA sits at RSI 42. TSLA is more extreme — RSI just 27.3 and down 31% year-to-date — signalling deeply oversold conditions. AMD has climbed 131% this year but bearish options flow is rising fast. Goldman Sachs's high-beta momentum basket is tracking its worst month ever, a sign the broader growth trade is unwinding.
US Central Command confirmed Iranian ballistic missiles targeted US forces in the Middle East on July 28. All missiles were intercepted. Oil had already spiked above $100 a barrel on the escalation. Prices eased on ceasefire signals. Brent fell roughly 6% as Iran and the US paused strikes. The episode rattled risk appetite across equity markets globally.
BA, , , and all reported or were set to report this week. guidance is in focus for the cruise sector. beat on Q2 earnings — $0.31 vs $0.18 estimate — and issued Q3 guidance in line with forecasts.
Short interest in CHWY hit 81.2% of free float. HTZ reached 78.6%. WOLF sits at 80.8% with zero shares available to borrow. In Europe, Volvo insiders were buyers while Fast Retailing's CEO filed over $207M in sales. GLW faced an $11.60 analyst target cut. NUE saw its target lifted as steel demand optimism grew.
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