Major Indexes Continue Lower as Chip Selloff Drags Nasdaq

The Nasdaq Composite Index (IXIC) is down nearly 500 points midday amid the global chip selloff, with Micron Technology (MU) last seen down 11% ahead of tomorrow's earnings report. The S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) are modestly lower as well, though IBM (IBM) is keeping the latter's losses in check thanks to a fresh bull note. 

On the economic front, the U.S. flash manufacturing purchasing managers' index (PMI) climbed to 54% in June, its strongest reading since May 2022 and a fifth-consecutive expansion.

Continue reading for more on today's market, including:

• IBM stock is bucking the tech rout after analyst praise.
• Qualcomm stock slips amid acquisition buzz. 
• Plus, two biopharma stocks in the spotlight; and SNDK plummets from records.

Pfizer Inc (NYSE:PFE) is one of the most popular stocks in the options pits today, as the shares eye their fourth-consecutive drop. So far, PFE has seen 173,000 calls and 192,000 puts exchanged, which is already five times the stock's average daily options volume. The August 23 put is the most popular, followed by the weekly 6/26 25.50-strike call. At last look, Pfizer stock was down 0.7% at $24.90, after mixed lung cancer drug trial results. 

Moderna Inc (NASDAQ:MRNA) is on the rise today, up 6.6% to trade at $63.23, after the biopharmaceutical company's mRNA vaccine for influenza prevention was unanimously backed by U.S. Food & Drug Administration (FDA) advisers late last week. Resuming its climb back toward last week's 52-week high of $67.74, the equity is up 109% year to date. 

SanDisk Corp (NASDAQ:SNDK) is falling sharply from record highs as memory chips sell off, sending the Korean market crashing. SNDK was last seen down 12.2% at $1,997.00, maintaining its impressive 739% return for 2026.