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Applied Materials stock snapshot

Applied Materials (AMAT) has drawn fresh attention after recent trading, with the stock last closing at US$552.64. For investors, the focus now is on how this price lines up with fundamentals, recent returns and valuation signals.

See our latest analysis for Applied Materials.

The latest move to US$552.64 follows a strong run, with a 1-day share price return of 11.19% and a 30-day share price return of 28.16%. The 1-year total shareholder return of 218.11% and 5-year total shareholder return of 319.76% point to powerful momentum building over both shorter and longer horizons.

If you are looking beyond Applied Materials and want to see what else is gaining traction around chipmaking and infrastructure, it is worth scanning 48 AI infrastructure stocks

With Applied Materials now at US$552.64 and trading at a small premium to the average analyst price target of US$517.28, the key question is simple: is there still a buying opportunity here, or is future growth already priced in?

Most Popular Narrative: 8.1% Overvalued

At $552.64, the most followed narrative on Applied Materials points to a fair value of about $511.17, implying the share price sits above that estimate while still hinging on strong long term growth assumptions.

Structural growth in AI and high-performance computing is reshaping semiconductor demand, driving heavy investments in advanced chip architectures such as gate-all-around (GAA) transistors, high-bandwidth memory (HBM), and advanced packaging. Applied is set to benefit from these device inflections due to its leadership in materials engineering and strong customer adoption of new process technologies, which are expected to deliver outsized revenue and market share gains as these nodes ramp from 2026 onward.

Read the complete narrative.

Want to see what is built into that fair value gap? The narrative leans on faster revenue expansion, fatter margins, and a richer earnings base a few years out.

Result: Fair Value of $511.17 (OVERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this hinges on smooth execution, and factors like tighter China export controls or weaker wafer fab equipment spending could quickly challenge the current growth narrative.

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Story Continues

Another View: Multiples Paint A Different Picture

While the most popular narrative points to Applied Materials trading about 8.1% above a fair value of US$511.17, its current P/E of 51.6x tells a slightly different story. The stock sits below the estimated fair ratio of 54.1x and below the US Semiconductor industry average of 67.8x, as well as the peer average of 58.4x.

In practice, that means the share price already reflects strong expectations, but the P/E gap versus the fair ratio and sector could be read as either a margin of safety or a signal that the market is less convinced than the consensus narrative. Which side of that line do you think it sits on?

See what the numbers say about this price — find out in our valuation breakdown.NasdaqGS:AMAT P/E Ratio as at Jun 2026

Next Steps

Given the mixed signals around valuation and growth, it helps to look past the headlines, weigh the company specific risks and potential rewards, and then decide where you stand with 4 key rewards and 1 important warning sign

Looking for more investment ideas?

If Applied Materials feels fully priced, do not stop here. Use focused stock lists to spot other opportunities that better match your goals and risk comfort.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include AMAT.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Applied Materials (AMAT), a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Applied Materials currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?

Let's discuss some of the components of the Momentum Style Score for AMAT that show why this maker of chipmaking equipment shows promise as a solid momentum pick.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For AMAT, shares are up 0.66% over the past week while the Zacks Electronics - Semiconductors industry is down 7.55% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 25.44% compares favorably with the industry's 1.46% performance as well.

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Shares of Applied Materials have increased 54.71% over the past quarter, and have gained 215.79% in the last year. In comparison, the S&P 500 has only moved 9.34% and 23.96%, respectively.

Story Continues

Investors should also pay attention to AMAT's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. AMAT is currently averaging 8,209,256 shares for the last 20 days.

Earnings Outlook

The Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with AMAT.

Over the past two months, 11 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost AMAT's consensus estimate, increasing from $11.10 to $12.10 in the past 60 days. Looking at the next fiscal year, 9 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom Line

Taking into account all of these elements, it should come as no surprise that AMAT is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Applied Materials on your short list.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Applied Materials, Inc. (AMAT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Applied Materials, Inc. (NASDAQ:AMAT) rose more than 17% in May 2026, driven by record-breaking FQ2 2026 earnings and growing AI-driven demand. The stock was held by 138 hedge funds in Q1 2026, and 32 out of 40 analysts covering the stock maintain a Buy rating. Applied Materials, Inc. (NASDAQ:AMAT) is also among our Good Stocks to Invest in Now.

​During the fiscal Q2 2026 earnings, the company delivered record revenue of $7.91 billion, reflecting 11% year-over-year increase and exceeding the expectations of $7.69 billion. The non-GAAP adjusted EPS also reached a record high of $2.86, topping the consensus by 6.5%. The performance was driven by value-based pricing and the market shift towards leading-edge foundry logic, DRAM, and advanced packaging, which now fuel over 80% of growth.

​Moreover, recently, on May 26, Applied Materials, Inc. (NASDAQ:AMAT) also announced partnering with SCREEN Semiconductor Solutions as SCREEN joins EPIC Center in Silicon Valley as a new innovation partner. Both companies are expected to join expertise to develop advanced chip manufacturing solutions.

Management noted that as semiconductors grow more complex, wafer surface cleanliness has become critical to yield, performance, and reliability. To cater to this, Applied Materials will combine its expertise in deposition, dry etch, and materials modification with SCREEN’s industry-leading wafer cleaning, wet etch, and surface preparation capabilities. The companies aim to deliver end-to-end, co-optimized process solutions that help chipmakers achieve higher yields and faster production timelines.

Applied Materials, Inc. (NASDAQ:AMAT) is a materials engineering solutions company that provides equipment, software, and services to the semiconductor, display, and related industries. The company operates through its Semiconductor Systems and Applied Global Services (AGS) segments.

While we acknowledge the potential of AMAT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 9 Most Undervalued Foreign Stocks to Buy Now and 10 Most Undervalued US Stocks According to Hedge Funds.

Disclosure: None. Follow Insider Monkey on Google News.

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This article first appeared on GuruFocus.

Marvell Technology (MRVL, Financials) is bringing in Adobe finance chief Dan Durn as its next chief financial officer, giving the chipmaker an experienced hand as it moves through a major growth phase.

Warning! GuruFocus has detected 7 Warning Sign with MRVL. Is MRVL fairly valued? Test your thesis with our free DCF calculator.

Durn will start on June 15. He replaces Willem Meintjes, who will stay with Marvell as an adviser through April 2027 to help with the transition.

The timing matters. Marvell is seeing strong investor interest because of its role in AI infrastructure, including custom chips, networking and data center technology.

Durn already knows the company well. He has served on Marvell's board for the past two years and previously held CFO roles at Applied Materials, NXP Semiconductors and GlobalFoundries.

Marvell also reaffirmed its fiscal second-quarter guidance, which should give investors some comfort that the leadership change is not tied to a near-term business problem.

For investors, this looks like a steady transition rather than a surprise shake-up. The key question now is whether Marvell can keep executing as AI-related demand grows.

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Applied Materials (AMAT) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Over the past month, shares of this maker of chipmaking equipment have returned +25.4%, compared to the Zacks S&P 500 composite's -0.2% change. During this period, the Zacks Electronics - Semiconductors industry, which Applied Materials falls in, has gained 5.2%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings Estimates

Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Applied Materials is expected to post earnings of $3.35 per share, indicating a change of +35.1% from the year-ago quarter. The Zacks Consensus Estimate has changed +13.7% over the last 30 days.

The consensus earnings estimate of $12.1 for the current fiscal year indicates a year-over-year change of +28.5%. This estimate has changed +8.4% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $15.96 indicates a change of +31.9% from what Applied Materials is expected to report a year ago. Over the past month, the estimate has changed +11.3%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Applied Materials.

Story Continues

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS12-month consensus EPS estimate for AMAT

Revenue Growth Forecast

Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Applied Materials, the consensus sales estimate of $8.98 billion for the current quarter points to a year-over-year change of +23%. The $33.29 billion and $41.74 billion estimates for the current and next fiscal years indicate changes of +17.3% and +25.4%, respectively.

Last Reported Results and Surprise History

Applied Materials reported revenues of $7.91 billion in the last reported quarter, representing a year-over-year change of +11.4%. EPS of $2.86 for the same period compares with $2.39 a year ago.

Compared to the Zacks Consensus Estimate of $7.69 billion, the reported revenues represent a surprise of +2.82%. The EPS surprise was +6.72%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

Valuation

Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Applied Materials is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Conclusion

The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Applied Materials. However, its Zacks Rank #2 does suggest that it may outperform the broader market in the near term.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Applied Materials, Inc. (AMAT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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2 Semiconductor Stocks to Keep an Eye On and 1 We Turn Down

Semiconductors are the core infrastructure powering the Information Age. The way we live and work is also changing with AI, which is creating secular demand for more powerful chips. As a result, the industry has seen solid stock price performance over the last six months as its gain of 147% has outpaced the S&P 500's 6.4% return.

Although these businesses have produced results lately, investors should tread carefully as not all companies are equipped for the next technological innovation. Taking that into account, here are two semiconductor stocks boasting durable advantages and one best left ignored.

One Semiconductor Stock to Sell:

Teradyne (TER)

Market Cap: $59.71 billion

Sporting most major chip manufacturers as its customers, Teradyne (NASDAQ:TER) is a US-based supplier of automated test equipment for semiconductors as well as other technologies and devices.

Why Is TER Not Exciting?

Sales trends were unexciting over the last five years as its 3.4% annual growth was below the typical semiconductor company Estimated sales growth of 17.3% for the next 12 months implies demand will slow from its two-year trend Free cash flow margin shrank by 10.7 percentage points over the last five years, suggesting the company is consuming more capital to stay competitive

At $383.50 per share, Teradyne trades at 51.1x forward P/E. Dive into our free research report to see why there are better opportunities than TER.

Two Semiconductor Stocks to Watch:

Applied Materials (AMAT)

Market Cap: $438.8 billion

Founded in 1967 as the first company to develop tools for other businesses in the semiconductor industry, Applied Materials (NASDAQ:AMAT) is the largest provider of semiconductor wafer fabrication equipment.

Why Could AMAT Be a Winner?

Demand will likely accelerate over the next 12 months as its forecasted revenue growth of 32.8% is above its two-year trend Excellent operating margin of 29.1% highlights the efficiency of its business model Market-beating returns on capital illustrate that management has a knack for investing in profitable ventures

Applied Materials is trading at $558.75 per share, or 33.7x forward P/E. Is now a good time to buy? See for yourself in our full research report, it's free.

Micron (MU)

Market Cap: $1.12 trillion

Founded in the basement of a Boise, Idaho dental office in 1978, Micron (NASDAQ:MU) is a leading provider of memory chips used in thousands of devices across mobile, data centers, industrial, consumer, and automotive markets.

Why Are We Bullish on MU?

Market share has increased this cycle as its 78.2% annual revenue growth over the last two years was exceptional Healthy operating margin of 38.3% shows it's a well-run company with efficient processes, and its profits increased over the last five years as it scaled Additional sales over the last five years increased its profitability as the 43% annual growth in its earnings per share outpaced its revenue

Story Continues

Micron's stock price of $998.75 implies a valuation ratio of 9.2x forward P/E. Is now the time to initiate a position? Find out in our full research report, it's free.

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Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.

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Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide.

Marvell Technology (NasdaqGS:MRVL) has appointed former Adobe CFO Dan Durn as its new Chief Financial Officer. Durn will succeed Willem Meintjes and is stepping down from Marvell's board to move into the executive role.

Marvell focuses on semiconductor solutions for data infrastructure, with exposure to data centers, carrier networks, enterprise hardware, and other high performance computing uses. Investor attention around the company has increased as AI infrastructure build outs have become a more prominent theme across the semiconductor sector.

For investors, a CFO change at a company tied to AI infrastructure can influence how capital allocation, reporting priorities, and risk controls evolve over time. Dan Durn's prior experience at Adobe, Applied Materials, NXP, and GlobalFoundries gives him a background across software and chip heavy businesses, and investors may watch how his approach to financial communication and operational discipline develops at Marvell.

Wall Street's queuing for one rocket. While SpaceX counts down to its IPO, other companies tied to the new space race are already in orbit. → 20 Compelling Space Companies watchlist · Global Space Race Investing Ideas screener · Scan the sector by valuation on Rocket Lab's valuation page.NasdaqGS:MRVL 1-Year Stock Price Chart

Does the team leading Marvell Technology have what it takes? See our full breakdown of the management team's track record and compensation.

Quick Assessment

❌ Price vs Analyst Target: At US$280.71, the stock trades about 20% above the US$233.14 analyst price target range midpoint. ❌ Simply Wall St Valuation: Shares are described as trading 220.1% above the estimated fair value. ✅ Recent Momentum: The stock is up 70.6% over the last 30 days.

There's only one way to know the right time to buy, sell or hold Marvell Technology. Head to Simply Wall St's company report for the latest analysis of Marvell Technology's Fair Value.

Key Considerations

📊 A new CFO with experience at Adobe, Applied Materials, NXP, and GlobalFoundries may influence how Marvell balances AI infrastructure growth ambitions with financial discipline. 📊 Given the high P/E of 97.2 versus a sector average of 67.8, investors may want to watch how Durn frames capital allocation, margins, and cash flow priorities in upcoming updates. ⚠️ Recent volatility signals, including a 70.6% 30 day move and flagged issues around one off items and insider selling, make execution and transparency under the new CFO especially important.

Story Continues

Dig Deeper

For the full picture including more risks and rewards, check out the complete Marvell Technology analysis. Alternatively, you can check out the community page for Marvell Technology to see how other investors believe this latest news will impact the company's narrative.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include MRVL.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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June 11 (Reuters) - Marvell Technology on Thursday named Adobe's Dan Durn as chief financial ‌officer, succeeding Willem Meintjes, who is stepping ‌down after more than three years in the role.

Durn ​will take charge at Marvell starting June 15, while Meintjes will remain with the semiconductor company in an advisory role through April 2027 to ‌support the transition.

The ⁠appointment comes as Marvell looks to benefit from a surge in spending on ⁠AI-related data center infrastructure, which has boosted demand for advanced networking and custom chip technologies.

Durn ​has previously ​held senior finance roles ​at Applied Materials, ‌NXP Semiconductors, Freescale Semiconductor and GlobalFoundries.

Marvell CEO Matt Murphy said Durn's experience across the semiconductor industry would help the company capitalize on growing demand for AI infrastructure. Durn has resigned from Marvell's ‌board effective June 10.

Last ​month, Marvell forecast its custom ​chip business would ​surpass $10 billion in revenue in fiscal ‌2029 after raising its 2028 ​revenue outlook to ​about $16.5 billion.

Shares of the company, which reaffirmed its financial outlook for the second quarter ​of fiscal ‌2027, were down about 2% in extended ​trading.

(Reporting by Harshita Mary Varghese in Bengaluru; ​Editing by Arun Koyyur)

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Barclays reiterates Overweight ratings on Applied Materials and KLA amid strong investment in new chip supply.

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The S&P 500 Index ($SPX) (SPY) today is up +0.03%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.42%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.37%.  June E-mini S&P futures (ESM26) are up +0.03%, and June E-mini Nasdaq futures (NQM26) are up +0.40%.

Stock indexes are moving higher today, as chipmakers and other AI-related stocks climb to lift the broader market and recover some of Wednesday’s sharp losses.  However, software stocks are on the defensive today, led by an -11% slump in Oracle after it reported higher-than-expected capital expenses, driven by increased data spending.Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.

Stocks are being undercut as crude oil prices erased early losses and whipsawed higher on concerns about the escalation of Middle East hostilities after President Trump said the US will be hitting Iran very hard tonight and will "at some point" take control of Kharg Island, Iran's key export hub, thus taking control of Iran's oil and gas markets.

Stocks are also pressured by today’s US economic reports, which showed that weekly US jobless claims unexpectedly rose to a 4-month high and that May producer prices were mixed.

Late Wednesday, President Trump said the US will continue bombing Iran if it refuses to agree to an interim peace deal.  Mr. Trump ordered multiple strikes on Iranian targets on Wednesday, and Iran retaliated by firing on US bases in Kuwait, Bahrain, and Jordan.  The increase in tensions risks derailing peace talks between Iran and the US, thus keeping the Strait of Hormuz closed, and further tightening global energy supplies.

US weekly initial unemployment claims unexpectedly rose +4,000 to a 4-month high of 229,000, showing a weaker labor market than expectations of a decline to 220,000.

US May PPI final demand rose +1.1% m/m and +6.5% y/y, stronger than expectations of +0.7% m/m and +6.4% y/y, with the +6.5% y/y gain being the largest year-on-year increase in 3.5 years.  However, May PI ex food and energy rose +0.4% m/m and +4.9% y/y, weaker than expectations of +0.5% m/m and +5.4% y/y.

WTI crude oil prices (CLN26) are extremely volatile, whipsawing higher and lower several times today.  Crude prices today initially gave up an overnight advance of more than +2% and fell more than -1% as concerns over the escalation of the US-Iran conflict eased after the US ended strikes against Iran.  However, prices then rallied more than +1% again when President Trump said the US would keep attacking Iran and threatened to seize the Kharg Island oil terminal, Iran’s main crude exporting hub.

The markets are discounting a 3% chance of a +25 bp rate hike at the next FOMC meeting on June 16-17.

Overseas stock markets are mixed today.  The Euro Stoxx 50 is up +0.89%.  China's Shanghai Composite closed down -0.16%.  Japan's Nikkei Stock Average recovered from a 2.5-week low and closed up +0.06%.

Interest Rates

September 10-year T-notes (ZNU6) today are up +4 ticks, and the 10-year T-note yield is down -3.0 bp to 4.523%.  T-notes are moving higher today after US weekly jobless claims unexpectedly rose to a 4-month high and May producer prices ex-food and energy rose less than expected, dovish factors for Fed policy.

Gains in T-notes are limited after crude oil prices whipsawed higher after President Trump said the US will keep on attacking Iran and threatened to seize Kharg Island, Iran’s main crude exporting hub.  Also, supply pressures are negative for T-notes, as the Treasury will auction $22 billion of 30-year T-bonds later today.

European government bond yields are moving lower today.  The 10-year German Bund yield fell from a 2.5-week high of 3.091% and is down -4.1 bp to 3.035%.  The 10-year UK gilt yield is down -2.6 bp to 4.905%.

The ECB, as expected, raised the deposit facility rate by +25 bp to 2.25% from 2.00% and said, "The outlook remains uncertain, with upside risks for inflation and downside risks for economic growth."

The ECB cut its 2026 Eurozone GDP estimate to +0.8% from a previous estimate of +0.9%, and raised its 2026 Eurozone inflation ex-food and energy forecast to +2.5% from a previous forecast of +2.3%.

Swaps are discounting a 64% chance of a +25 bp ECB rate hike at its next policy meeting on July 23.

US Stock Movers

Chipmakers and AI-infrastructure stocks are moving higher today on signs that AI spending is continuing after Oracle reported quarterly capital expenditures that were higher than expected, driven by increased data center spending.  KLA Corp (KLAC) is up more than +8% to lead gainers in the S&P 500 and Nasdaq 100, and Applied Materials (AMAT), Intel (INTC), Lam Research (LRCX), and Sandisk (SNDK) are up more than +6%.  Also, ARM Holdings Plc (ARM) is up more than +5%, and ASML Holding NV (ASML) is up more than +4%.  In addition, Marvell Technology (MRVL), Seagate Technology Holdings Plc (STX), Advanced Micro Devices (AMD), and Analog Devices (ADI) are up more than +3%, and Microchip Technology (MCHP), NXP Semiconductors NV (NXPI), Micron Technology (MU), Texas Instruments (TXN), and Western Digital (WDC) are up more than +2%.

Software stocks are under pressure today, limiting gains in the overall market, with Oracle (ORCL) down more than -11% to lead losers in the S&P 500 after forecasting full-year capital spending of $70 billion, $20-25 billion higher than expected due to prepayment for some components.  Also, Adobe Systems (ADBE) is down more than -5% to lead losers in the Nasdaq 100, and Salesforce (CRM) is down more than -3% to lead losers in the Dow Jones Industrials.  In addition, ServiceNow (NOW), Atlassian Corp (TEAM), Autodesk (ADSK), Intuit (INTU), and Workday (WDAY) are down more than -3%, and Microsoft (MSFT) is down more than -2%.

Navan (NAVN) is up more than +12% after raising its full-year revenue forecast to $907 million-$913 million from a previous estimate of $866 million-$874 million, well above the consensus of $871.7 million.

Voyager Technologies (VOYG) is up more than +11% after BTIG initiated coverage on the stock with a buy recommendation and a price target of $55.

Allegion Plc (ALLE) is up more than +1% after Longbow Research upgraded the stock to buy from neutral with a price target of $165.

Eaton Corp Plc (ETN) is up more than +1% after agreeing to merge its mobility business with Dana Inc in a deal valuing the combined company at roughly $10 billion, including debt.

PDD Holdings (PDD) is down more than -2% after China’s State Administration for Market Regulation summoned the country’s leading e-commerce companies over misleading promotions and false advertising.

Earnings Reports(6/11/2026)

Adobe Inc (ADBE), Lennar Corp (LEN), RH (RH). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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