Nasdaq Enters Correction, SanDisk Sinks Over 50% From Peak – Sherwin-Williams (NYSE:SHW)

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.

• Sherwin-Williams stock is charging ahead with explosive momentum. What’s driving SHW stock higher?

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.

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%.