Stock Market Today: AAPL Downgrade, TSM Revenues Rise, NTAP Record High

**Marley Kayden** (0:00)
Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. It was a pretty quiet day for the major averages, with the S&P 500 closing just slightly lower, the Nasdaq 100 down a third of a percent, the Dow Jones down about a tenth of a percent, and the Russell 2000 lower by about a half a percent. As we take a look at the leading and lagging sectors on the day, energy was up more than four percent, as crude oil prices rallied above $80, after oil in the US Strategic Petroleum Reserve fell below 300 million barrels to its lowest level since January of 1983 Healthcare closed up 1.68 percent, and communication services was higher about two-thirds of a percent. To the downside, real estate and utilities were both down more than one percent, as the tenure yield climbed up to 4.7 percent, and information technology was also down just about one percent. As we look at some of the stocks on the move, shares of Apple closed down 1.6 percent, after Jefferies downgraded the stock to a cell rating from a hold and cut its price target to $263.66, down from $285.56.
The analysts said that its firm's supply chain checks indicate that Apple has canceled the 20th anniversary all-glass iPhone model due to poor production yield and views it as a major setback to bring in higher-priced iPhones amid soaring memory costs. Taiwan Semiconductor shares fell into the close and ended up lower by a third of a percent after it reported sales for the month of July. The revenue jumped 44.7% year-over-year to $14.5 billion, with revenue from January through July increasing 37%.
In its last earnings report, the company noted that high-performance computing accounted for 66% of revenues. That's where it books its AI chip sales. And NetApp rallied just shy of 5% on the day, hit a fresh record high after Morgan Stanley upgraded the stock to equal weight from underweight and raised its price target to $173 from $137.
The firm admitted that it has been wrong on the wrong side of that enterprise hardware trade, and it is reorienting its end market preferences towards storage over servers over PCs. NetApp is now up 85% on the year. As we look ahead to tomorrow on the economic data front, we'll get the NFIB Small Business Optimism Index and existing home sales. For earnings in the morning, we'll see on holding report. After the bell, we'll get earnings from Supermicro and CoreWeave. That is going to do it for the wrap. I'm Marley Kayden. Remember, you can tune in 24-7 on schwabnetwork.com and you can subscribe to our YouTube channel.