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Somewhat Bearish -25

Stocks making the biggest moves midday: Apple, Micron Technology, Coherent, DraftKings, J.M. Smucker & more - CNBC

📉 Semiconductor stocks led a midday tech sell-off, with the VanEck Semiconductor ETF (SMH) down 5%, Micron Technology falling 6%, and Advanced Micro Devices dropping 8%.

🍎 Apple shares declined more than 3% despite positive investor sentiment regarding its new AI software unveiled at the Worldwide Developers Conference.

🎲 DraftKings stock jumped 9% after an SEC filing showed a 24% month-over-month increase in Predictions offering volume to $1.3 billion in May.

🏠 Home construction stocks rallied following May existing home sales data, which grew 3.2% to 4.17 million units, pushing the ITB ETF up nearly 3%.

💊 Nuvalent shares surged 39% after GSK announced a $10.6 billion agreement to acquire the biopharmaceutical company.

🥫 J.M. Smucker Co. shares rose 10% after reporting fourth-quarter earnings of $2.77 per share, beating the $2.64 consensus estimate.

📉 SailPoint shares plunged more than 12% after issuing lackluster full-year guidance, with analysts expecting 32 cents in adjusted earnings versus the company's lower outlook.

⛷️ Vail Resorts dropped 4% after posting third-quarter earnings of $8.81 per share, missing the $8.96 LSEG consensus estimate.

🔬 AI infrastructure stocks tanked alongside the broader tech sector, with Coherent down 13%, Lumentum down 10%, and Corning down 10%.

Bullish Signals
  • DraftKings stock jumped 9% following an SEC filing that showed its Predictions offering increased 24% month over month to $1.3 billion in May.
  • J.M. Smucker Co. shares rose 10% after reporting fourth-quarter earnings of $2.77 per share, which exceeded the $2.64 FactSet consensus estimate.
  • Nuvalent shares surged 39% after GSK announced an agreement to acquire the company for $10.6 billion.
  • Home construction stocks jumped after May existing home sales grew 3.2% to 4.17 million, indicating a resilient housing market.
  • Apple unveiled new artificial intelligence software at its annual Worldwide Developers Conference, maintaining analyst optimism despite short-term stock drops.
Risk Factors
  • Semiconductor stocks slid as the tech sell-off resumed, with the VanEck Semiconductor ETF (SMH) down 5% and Nvidia shares losing almost 3%.
  • SailPoint shares plunged more than 12% after issuing lackluster full-year guidance that came in below analyst expectations of 32 cents per share.
  • Vail Resorts dropped 4% after posting disappointing third-quarter earnings of $8.81 per share, missing the $8.96 LSEG consensus estimate.
  • AI infrastructure plays including Coherent, Lumentum, and Corning tanked as the tech sector sold off, with declines of 13%, 10%, and 10% respectively.
  • Apple shares dropped more than 3% in midday trading despite analysts being largely upbeat on its new AI software announcements.
Full Analysis
Midday trading on Tuesday saw significant volatility across major sectors, with semiconductor stocks leading a broader tech sell-off. The VanEck Semiconductor ETF (SMH) dropped 5%, while individual chipmakers like Micron Technology fell 6% and Advanced Micro Devices slid 8%. Nvidia shares lost nearly 3%, and Apple's stock declined more than 3% despite recent positive announcements regarding its new artificial intelligence software at the Worldwide Developers Conference. In contrast to the tech downturn, other sectors showed mixed performance. DraftKings surged 9% following an SEC filing revealing that its Predictions offering grew 24% month-over-month to $1.3 billion in May, with annualized volume rising 34%. Meanwhile, home construction stocks jumped after existing home sales data for May showed a 3.2% increase to 4.17 million units, lifting the iShares U.S. Home Construction ETF by nearly 3%. Biotech and consumer staples also moved significantly. Shares of Nuvalent rose 39% after GSK announced an agreement to acquire the company for $10.6 billion. J.M. Smucker Co. shares jumped 10% after reporting fourth-quarter earnings of $2.77 per share, beating the consensus estimate of $2.64, and revenue of $2.27 billion exceeding expectations of $2.26 billion. Conversely, several companies faced declines due to weak guidance or missing earnings estimates. SailPoint's shares plunged over 12% after issuing lackluster full-year guidance, with analysts expecting adjusted earnings of 32 cents versus the company's lower outlook. Vail Resorts dropped 4% after posting third-quarter earnings of $8.81 per share, which missed the consensus estimate of $8.96. AI infrastructure plays also suffered as the tech sector sold off. Coherent's stock fell 13%, Lumentum dropped 10%, and Corning shares were down 10%. The market reaction highlights a divergence between companies with strong recent data or acquisition news versus those facing earnings misses or disappointing forward guidance. Reporting for this midday update was contributed by CNBC's Anniek Bao, Davis Giangiulio, Nick Wells, Michelle Fox, and Darla Mercado. The article captures the immediate price movements and key drivers behind them as of early afternoon trading on June 9, 2026.