## TODAY'S GRADE: B
A mixed trading day as energy and select tech names showed strength, but chip stocks and some software names struggled amid rising oil prices and cautious AI sentiment.
## HOW INDEXES TRADED
**SPY:** -0.3% - choppy with downward pressure
**QQQ:** -0.5% - pressured by tech and chip sell-off
**IWM:** -0.1% - relatively stable, slight weakness
## BIGGEST MOVERS
### Winners
**$SNDK** +5% - Upbeat revenue forecast driven by durable AI demand, despite recent sell-off
**$HCC** +6% - Strong Q2 profit and raised cash flow outlook lifted shares
**$TAP** +3% - Molson Coors beat Q2 estimates; free cash flow surged 75% despite World Cup beer sales disappointment
### Losers
**$DDOG** -19% - Revenue growth strong but weak outlook and AI pricing concerns weighed heavily
**$APP** -18% - Earnings miss and guidance cut triggered sharp decline
**$WDC** -10% - Margin concerns and cautious outlook amid chip sector pressure
## WHAT WORKED
Patterns or setups that worked today:
- Energy names with strong earnings and guidance (e.g., **$HCC**, **$COP**) rallied on rising crude prices and geopolitical tensions.
- Select AI-related chip stocks like **$SNDK** showed resilience on durable demand themes despite broader chip weakness.
- Dividend and cash flow plays like **$TAP** attracted buying on strong free cash flow growth.
## WHAT FAILED
Setups that didn't work:
- Growth software names with high AI exposure, such as **$DDOG** and **$APP**, failed to hold gains after earnings due to cautious guidance and concerns over AI pricing power.
- Chip stocks broadly struggled despite some positive earnings, reflecting profit-taking and concerns over elevated valuations and margin pressures.
- Momentum trades in tech faded as investors rotated toward value and energy sectors amid rising oil prices.
## AFTER-HOURS WATCH
Earnings or news to monitor tonight:
- **$KVYO** (Klaviyo) - Multiple firms maintain buy ratings but lower price targets; watch for market reaction to Q2 results and guidance.
- **$CHYM** (Chime Financial) - Mixed analyst views with price target raises but neutral ratings; earnings reaction will be key.
- **$SOUN** (SoundHound AI) - Shares rallied 12% on record Q2 revenue and raised 2026 guidance; monitor for follow-through.
- **$IMCR** (Immunocore Holdings) - Q2 earnings transcript released; biotech sector remains volatile.
- **$DDOG** (Datadog) - After-hours weakness to watch following today's sharp decline.
## TOMORROW PREVIEW
**Early Watch:**
- **$KVYO**, **$CHYM**, **$SOUN** for earnings follow-up and AI-related momentum.
- Energy names like **$COP**, **$HCC** for continuation amid crude price dynamics.
- Watch for chip stocks to stabilize or further retrace post-earnings.
**Catalyst:**
- July US jobs report expected with payrolls forecast around 80,000; market will digest for Fed rate path clues.
- Continued geopolitical developments in the Middle East impacting oil prices.
- Earnings from additional tech and industrial names.
**Bias:**
- Neutral to slightly bearish into tomorrow as markets digest mixed earnings, rising oil prices, and await key economic data.
- Rotation into energy and value sectors may continue while tech faces pressure.
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