- The S&P 500 fell 0.51% to finish at 7,533.77, while the Nasdaq Composite dropped 1.47%, driven by a 4.3% decline in semiconductor stocks.
- The index decline occurred despite roughly 75% of its constituents closing higher, reflecting the heavy impact of concentrated technology sector weighting.
- Options positioning data shows high demand for out-of-the-money calls in 'Magnificent Seven' stocks like Meta and Microsoft, suggesting traders anticipate an earnings-driven breakout.
- Widespread use of non-GAAP 'adjusted earnings' continues, with 72% of S&P 500 companies in 2025 reporting adjusted figures that were $271 billion higher than traditional GAAP net income.
Quotes
“If you look at the rest of the market, it’s doing fine”
“wildly oversubscribed”
Sources
- Obscure volatility measure points to a 'Magnificent Seven’ earnings breakoutCNBC
- S&P 500 finishes at 7,533.77; chip downturn overshadows broad earnings gains
- Calcbench: 72 percent of S&P 500 companies reported adjusted earnings in 2025, pushing non-GAAP net income higher than "traditional" GAAP net income by $271 billionPR Newswire