--- title: "Nasdaq 100 Enters Correction, SanDisk Sinks Over 50% From Peak: Stock Market Today" type: "News" locale: "en" url: "https://longbridge.com/en/news/294097596.md" description: "The Nasdaq 100 entered correction territory, falling over 10% from its June peak due to a deepening AI-driven sell-off and concerns over Chinese competition. Memory stocks like SanDisk and Micron plummeted, while the Dow rose on earnings beats from Sherwin-Williams and Coca-Cola. Oil prices dropped 5% amid Iran diplomacy hopes, and the Fed began its two-day meeting with rate hike expectations." datetime: "2026-07-28T17:21:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294097596.md) - [en](https://longbridge.com/en/news/294097596.md) - [zh-HK](https://longbridge.com/zh-HK/news/294097596.md) --- # Nasdaq 100 Enters Correction, SanDisk Sinks Over 50% From Peak: Stock Market Today The **Nasdaq 100** officially slipped into correction territory on Tuesday, falling more than 10% from its early June record high as the AI-driven sell-off deepened on mounting concerns over rising competition from China. The memory sector has been at the heart of July’s rout. **SanDisk Corp.** (NASDAQ:SNDK) — the S&P 500’s top performer of 2026 before the downturn — has plunged more than 50% from its peak, while **Micron Technology Inc.** (NASDAQ:MU) has lost roughly one-third of its market value. **• Sherwin-Williams stock is charging ahead with explosive momentum. What’s driving SHW stock higher?** Peers **SK Hynix Inc.** (NASDAQ:SKHY), **Seagate Technology Holdings plc** (NASDAQ:STX) and **Samsung Electronics Co. Ltd.** (OTC:SSNLF) also sold off sharply Tuesday as investors reassessed the memory sector after China’s memory champion, C**hangXin Memory Technologies** (CXMT), surged 466% in its Shanghai trading debut. Across U.S. equity markets by midday Tuesday, the tape was sharply bifurcated, with earnings winners and rate-sensitive corners rallying against a bleeding AI-hardware complex. The **S&P 500** added 0.4% to 7,440, while a blitz of blue-chip earnings beats powered the **Dow Jones** more than 650 points higher, or 1.3%, to 52,865 points. **Sherwin-Williams Co. (NYSE:SHW)** led the Dow index, surging 8.3% after beating on earnings per share of $3.70 versus the $3.52 consensus and raising full-year adjusted EPS guidance to $11.80-$12.20.  **Coca-Cola Co. (NYSE:KO)** gained 5.3%, reaching fresh record highs, after topping estimates at 97 cents per share and boosting its outlook on World Cup-fueled demand. The **Nasdaq 100** fell 0.6% to 27,882. Within Magnificent Seven stocks, **Microsoft Corp. (NASDAQ:MSFT)** rose 2.2%, **Meta Platforms Inc. (NASDAQ:META)** share price was volatile ahead of Wednesday’s earnings, **Alphabet Inc. (NASDAQ:GOOGL)** climbed 1.9%, and **Apple Inc. (NASDAQ:AAPL)** was up 0.9% before Thursday’s report.  **West Texas Intermediate crude** sank 5% to $78.50 a barrel and **Brent** slid 5.2% to $83.81, amid rising hopes for a ceasefire. The **10-year Treasury yield** fell for a third straight session, down six basis points to 4.60%. The Federal Reserve’s two-day meeting kicked off Tuesday, with rate futures assigning roughly a 35% probability to a hike at Wednesday’s decision under Chair **Kevin Warsh** and about 80% odds to a September move, after June inflation cooled to 3.5% from 4.2%.  ## **Tuesday’s Performance In Major U.S. Indices** Index Last % Change S&P 500 7,440.27 +0.4% Dow Jones 52,865 +1.3% Nasdaq 100 27,882 \-0.6% Russell 2000 2,946.93 \-0.1% _Updated by 12:20 PM ET_ According to the Benzinga Pro platform: - The **Vanguard S&P 500 ETF (NYSE:VOO)** gained 0.3%. - The **SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA)** rallied 1.3%. - The **Invesco QQQ Trust (NASDAQ:QQQ)** slid 0.6%. - The **iShares Russell 2000 ETF (NYSE:IWM)** edged down 0.1%. ## The AI Hardware Trade Unravels The **Consumer Staples Select Sector SPDR Fund (NYSE:XLP)** led all sectors, up 2.2%, followed by the **Materials Select Sector SPDR Fund (NYSE:XLB)** at 2.2%, the **Health Care Select Sector SPDR Fund (NYSE:XLV)** at 2.2% and the **Communication Services Select Sector SPDR Fund (NYSE:XLC)** at 2.0%.  The **Energy Select Sector SPDR Fund (NYSE:XLE)** was the worst performer, down 1.7% on crude’s slide, just below the **Technology Select Sector SPDR Fund (NYSE:XLK)**, off 1.6% and now down 10.0% in July. Falling yields and hot home-price data lifted the **iShares U.S. Home Construction ETF (BATS:ITB)** 2.8%, while cheaper fuel sent the **U.S. Global Jets ETF (NYSE:JETS)** up 2.4% and the **SPDR S&P Insurance ETF (NYSE:KIE)** added 2.5%. On the losing side, the **Invesco WilderHill Clean Energy ETF (NYSE:PBW)** dropped 3.6% – hit by a 12.5% slide in **Bloom Energy Corp. (NYSE:BE)** ahead of its report tonight. The AI hardware complex was the session’s bleeding edge. Aside Micron’s 8.9% drop, **Advanced Micro Devices Inc. (NASDAQ:AMD)** lost 6.7%, **Intel Corp. (NASDAQ:INTC)** fell 5.4%, and equipment makers **Applied Materials Inc. (NASDAQ:AMAT)** and **Lam Research Corp. (NASDAQ:LRCX)** shed 7.9% and 8.2% ahead of Lam’s Wednesday report.  Storage and optical names cratered in sympathy: **Western Digital Corp.** fell 9.3%, **Coherent Corp. (NYSE:COHR)** dropped 12.0%, **Lumentum Holdings Inc. (NASDAQ:LITE)** lost 10.0% and **Ciena Corp. (NYSE:CIEN)** slid 9.2%.  **Dell Technologies Inc. (NYSE:DELL)** gave up 10.3% and **Super Micro Computer Inc. (NASDAQ:SMCI)** lost 4.9%, while the data-center build-out trade unwound through **Vertiv Holdings Co (NYSE:VRT)**, down 6.7% before Wednesday’s print, **GE Vernova Inc. (NYSE:GEV)**, off 4.6%, and **Quanta Services Inc. (NYSE:PWR)**, down 5.1% ahead of Thursday’s results. The other side of the rotation was just as violent: software and IT services ripped higher, with **Workday Inc. (NASDAQ:WDAY)** up 7.0%, **Cognizant Technology Solutions Corp. (NASDAQ:CTSH)** up 7.5%, **Accenture plc (NYSE:ACN)** up 7.0%, **Autodesk Inc. (NASDAQ:ADSK)** up 6.6%, **Adobe Inc. (NASDAQ:ADBE)** up 6.1% and **Salesforce Inc. (NYSE:CRM)** up 4.9%. ## Tuesday’s Earnings Winners and Losers Among earnings movers, **Repligen Corp. (NASDAQ:RGEN)** topped the Russell 1000, soaring 15.6% after beating with adjusted EPS of 54 cents versus 45 cents expected on revenue up 12% to $204 million, raising full-year guidance and unveiling a roughly $1.5 billion cash-and-stock deal for BioLife.  **IQVIA Holdings Inc. (NYSE:IQV)** jumped 12.7% on a revenue beat of $4.37 billion, adjusted EPS of $3.15 and a full-year guidance hike backed by record clinical bookings.  **TransUnion (NYSE:TRU)** rallied 10.9% after adjusted EPS of $1.23 beat the $1.15 consensus on 15% revenue growth, with full-year guidance raised to $5.13 billion-$5.16 billion.  **Armstrong World Industries Inc. (NYSE:AWI)** added 10.8% after beating on EPS ($2.36 versus $2.25) and revenue while lifting its full-year sales outlook. **Boeing Co. (NYSE:BA)** gained 4.9% following its quarterly report, with deliveries up 14% year over year, a $695 billion backlog and the FAA’s July 23 restoration of its certification authority still fresh. On the downside, **Amkor Technology Inc. (NASDAQ:AMKR)** collapsed 24.5% — the Russell 1000’s worst — as a soft third-quarter revenue outlook of $2 billion-$2.1 billion overshadowed a record quarter in which EPS of 70 cents crushed the 47-cent consensus.  **Sanmina Corp. (NASDAQ:SANM)** plunged 18.9% despite beating fiscal third-quarter estimates with adjusted EPS of $3.31 versus $2.77, as the midpoint of its $3.3 billion-$3.6 billion revenue guide sat below the $3.5 billion consensus and the AI-hardware unwind amplified the damage.  **Corning Inc. (NYSE:GLW)** sank 15.7% even after core EPS of 78 cents beat by two cents on sales up 17% to $4.74 billion; a merely in-line third-quarter outlook triggered profit-taking in one of the year’s hottest AI-optics names, despite CEO Wendell Weeks pointing to a coming phase of accelerating growth. **United Parcel Service Inc. (NYSE:UPS)**, meanwhile, slid 5.6% after its morning report failed to impress. After the close, attention turns to **Visa Inc. (NYSE:V)**, along with **Ford Motor Co. (NYSE:F)**, **Seagate Technology Holdings plc**,  **KLA Corp. (NASDAQ:KLAC)** and **Teradyne Inc. (NASDAQ:TER)**. ## **Tuesday’s Russell 1000 Top Gainers** Name % change **Repligen Corp.** +15.57% **IQVIA Holdings Inc.** +12.68% **TransUnion** +10.89% **Armstrong World Industries Inc.** +10.82% **AppFolio Inc.** **(NASDAQ:APPF)**  +9.27% ## **Tuesday’s Russell 1000 Top Losers** Name % change **Amkor Technology Inc.** \-24.49% **Sanmina Corp.** \-18.93% **Corning Inc.** \-15.71% **Sandisk Corp.** \-13.72% **Sterling Infrastructure Inc.** **(NASDAQ:STRL)**  \-13.38% _Photo: Shutterstock_ ### Related Stocks - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [KO.US](https://longbridge.com/en/quote/KO.US.md) - [SHW.US](https://longbridge.com/en/quote/SHW.US.md) - [SNDK.US](https://longbridge.com/en/quote/SNDK.US.md) - [COKE.US](https://longbridge.com/en/quote/COKE.US.md) - [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md) - 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