Dow Taps Record as Nasdaq, Chips Pull Back

Stock market volatility is heating up, as investors digest cooler-than-anticipated nonfarm payrolls for June. A total of 57,000 jobs were added, notably below expectations of 115,000 while unemployment fell to 4.2%.The Dow Jones Industrial Average (DJI) is up triple digits as rate-hike worries ease, earlier tapping a fresh record high. The S&P 500 Index (SPX) sits flat, however, while the Nasdaq Composite Index (IXIC) pivots into the red thanks to weakness among semiconductors, memory stocks, and Tesla (TSLA). All three indexes are pacing for healthy weekly wins.

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

• Analyst: software stock still hasn't hit its top.
• 16 stocks ripe for a July short squeeze.
• Plus, Incyte options pop; two of the best and worst NYSE performers today.

Options traders are surrounding Incyte Corp (NYSE:INCY) today, continuing its recent run higher on the back of several drug approvals and a government settlement that secured funding of $246 million. INCY earlier tapped a roughly nine-year peak of $118.69 and is up 19% for 2026. So far 7,551 puts have crossed the tape, 80 times the average intraday rate. Most popular are the September 100 and 110 puts, where opening activity is present.

Healthcare giant Tenet Healthcare Corp (NYSE:THC) is near the top of the New York Stock Exchange (NYSE), last seen up 7.2% at $205, after Cantor Fitzgerald reiterated its "overweight" rating and $245 price target, citing undervaluation. Today's surge has the shares breaking above the $200 level, its year-to-date breakeven mark, and the 120-day moving average.

Fabrinet (NYSE:FN) is pacing the bottom of the NYSE, last seen down 6.8% at $510.02, extending its pullback from its mid-May highs. FN has struggled amid AI data center profit taking, with the tech pullback pressuring the shares back to levels not seen since early April. FN remains 12% higher for 2026.