Good afternoon and welcome to Markets Desk.
Chip stocks are flashing red to open the third quarter after a blistering run higher through the spring. Micron led the selloff, dropping eleven percent on Wednesday and erasing nearly two hundred billion dollars in market capitalization — a sharp reversal for a stock that had surged over two hundred forty percent in the second quarter alone. The move signals investors may be rotating out of last quarter's biggest winners.
Elsewhere in equities, Charles Schwab crossed above its two-hundred-day moving average, trading as high as ninety-five dollars and eighty-six cents per share, up roughly three and a half percent on the session. That's a technically significant level, and the cross suggests renewed institutional confidence in the brokerage giant heading into the back half of the year.
On the corporate benefits front, a growing number of major employers are pledging one thousand dollars to employees through the newly launching Trump Accounts program. Children born between twenty twenty-five and twenty twenty-eight receive a federal contribution, and several companies are now matching that figure — adding a new dimension to how firms compete for talent in a tight labor market.
That's the tape. Markets Desk, signing off the floor.
