Daily Market Report – July 7, 2026
1. Markets
Wall Street declined. The S&P 500 (SPX) fell by 0.45%, the Nasdaq Composite (IXIC) by 1.19%, and the Dow Jones by 0.26%. The trigger was primarily pressure on semiconductor stocks, as even very strong Samsung (005930) numbers could no longer exceed the high expectations of the market. Oil surged due to tensions in the Persian Gulf; Brent rose by about 3%.
2. Companies
Samsung Electronics (005930) reported a 19-fold increase in operating profit to 89.4 trillion won for the second quarter, exceeding expectations. However, the stock fell significantly. The market fears that the AI-driven memory chip cycle may have peaked.
US chip stocks also came under pressure. The Philadelphia Semiconductor Index (SOX) lost 4.65%, Micron fell 4.7%, Sandisk 7.3%.
3. SpaceX (SPCX)
At SpaceX (SPCX), the quiet period following the IPO has ended. Morgan Stanley, Goldman Sachs, and JPMorgan initiated coverage with positive assessments. Morgan Stanley set the price target at $300, Goldman Sachs at $205; JPMorgan set the price target at $225 and referred to potential index inflows of more than $4 billion due to the inclusion in the Nasdaq 100. The stock, however, declined on its first day in the Nasdaq 100. This aligns with the market picture: high expectations for AI and growth stocks are currently not simply carried forward but are being discounted anew.