Nasdaq Eyes 5th-Straight Loss as AI Rotation Intensifies

Stocks are a mixed bag today. The Dow Jones Industrial Average (DJI) is up xx points, heading for a third-straight triple digit win thanks to a post-earnings pop—no pun intended—from Coca Cola (KO). The S&P 500 Index (SPX) has moved into the black midday, leaving behind a lagging Nasdaq Composite (IXIC). The tech heavy index is heading for a fifth-straight loss as investors continue to rotate out of the AI trade. Wall Street is also monitoring the start of the two-day Federal Reserve policy meeting, with CME's FedWatch indicating only a 31.5% chance the central bank hikes interest rates tomorrow.

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

• Johnson & Johnson stock powering the Dow.
• For our 45th anniversary: 10 stocks to target right now.
• Lackluster guidance triggers Corning post-earnings selloff.
• Plus, Bloom bulls charge; and some context on the semiconductor rotation.

Bloom Energy Corp (NYSE:BE) is seeing a surge in options activity currently, before the fuel cell giant steps into the earnings confessional after the market closes today. At last look, over 75,000 calls have changed hands, volume that's triple the average intraday amount and almost triple the number of puts exchanged. The September 370 call is the most popular by a wide margin. BE is plunging 11.6% to $166 today, but boasts a 362% year-over-year lead.

Shares of Workday Inc (NASDAQ:WDAY) are up 7.3% to trade at $158.40, one of the best names on the Nasdaq today. SaaS stocks are having a mini renaissance as part of the semiconductor rotation. The equity is 29% higher in July alone, but is still 33% lower in the last 12 months.

Coherent Corp (NYSE:COHR) is near the bottom of the New York Stock Exchange (NYSE), down 13.1% to trade at $235.04. The successful debut of China memory stock CXMT has triggered oversupply concerns in the memory sector. COHR is maintaining a 24.9% 2026 lead, but has breached its 200-day moving average today, now down 41% for the month.