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Daily US Equity Report 2026-06-10 (Wed)

U.S. stocks 6/9: tech rebound given back in one day, value rotation returns — Trump again floats military action against Iran + pre-CPI hedging; chips / AI software fell across the board. Dow +0.17%, S&P -0.26%, Nasdaq -0.97%, VIX +5.02% to 19.87

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DAILY US EQUITY · 2026-06-10 (6/9 U.S. close)

Other markets →TaiwanChina A-sharesMemory/AI

U.S. stocks 6/9: tech rebound given back in one day, value rotation returns — Trump again floats military action against Iran + pre-CPI hedging; chips / AI software fell across the board (MRVL -7.61%, APP -7.60%, GLW -7.25%, NOW -6.32%, ARM -6.22%, QCOM -5.67%, AAPL -3.64% (AI doubts), SMH -1.20%); money rotated into industrials / healthcare / retail / value (APH +7.29%, TMO +5.20%, LOW +4.52%, GE +2.61%).Dow +0.17% (50,872.11), S&P -0.26% (7,386.65), Nasdaq -0.97% (25,678.82, tech led declines), VIX +5.02% to 19.87

Data date: 2026-06-09 (most recent U.S. trading day close)

🎯 Today's (6/10) Key Watch Points

One-line summary: 6/9 (Tue): tech rebound given back in one day, value rotation returns — The 6/8 semiconductor relief rally lasted just one day; on 6/9 chips / AI software fell across the board. Trump again floated military action against Iran, layered on pre-CPI (6/10) hedging, SMH -1.20% (sharp intraday drop, narrowing into the afternoon). Leading decliners: MRVL -7.61% (gave back all of 6/8's +9.63%), APP -7.60%, GLW -7.25%, NOW -6.32%, ARM -6.22%, QCOM -5.67%, AAPL -3.64% (investors questioning its AI capability, down hard two days running). But this is rotation, not broad risk-off: money moved from tech into industrials / healthcare / retail / value, with APH +7.29%, BX +5.34%, TMO +5.20%, LOW +4.52%, GE +2.61%, PG +2.46% leading gains. Indices diverged: Dow 50,872.11 (+0.17%, +86 pts), S&P 7,386.65 (-0.26%, -19 pts), Nasdaq 25,678.82 (-0.97%, -251 pts, tech-led). Breadth stayed positive (top 200: ~115 up vs 76 down), VIX +5.02% to 19.87, VXN +9.81% to 29.78, 10Y flat at ~4.53%.

🔍 3 Focal Points

• 6/10 CPI + Oracle (ORCL) earnings after the close ⭐⭐⭐ — May CPI is the last key inflation print before the FOMC (6/16-17). After hot payrolls, another high read would reignite the rate-hike narrative and pressure the freshly-shaken tech / semis. Same day, ORCL reports Q4 FY26 (after close); ORCL 6/9 -2.84%, 20D +6.18%, already off the main list. Whether OCI / RPO cloud-AI momentum stabilizes is the key validation for software / AI-cloud; with CPI the same day, volatility may be amplified.

• Does value rotation continue, can tech stabilize ⭐⭐⭐ — On 6/9 money clearly rotated from AI chips / software into industrials / healthcare / retail / financials (APH +7.29%, TMO +5.20%, BX +5.34%, LOW +4.52%). Semi equipment closed higher against the trend (KLAC +1.49% / AMAT +1.43% / ASML +1.64%), the only resilient chip subgroup; watch whether the rotation is temporary pre-CPI hedging or a trend change.

• Geopolitics (Iran) + 10Y yield & FOMC ⭐⭐ — Trump re-raising military action against Iran triggered the 6/9 intraday selloff; watch the Middle East and oil (USO -2.85%). The 10Y still hovers around 4.53% with no clear pullback as bonds keep pricing 'hike risk'; the 6/16-17 FOMC (incl. SEP dot plot) is next week's biggest variable, with CPI jointly setting the tone.

⚡ This week's rhythm: 6/5 (Fri) hot payrolls + chip selloff → 6/8 (Mon) semiconductor relief rally, SMH +5% → 6/9 (Tue, reported here): rebound given back in one day, value rotation, Trump on Iran, AAPL -3.64% → 6/10 (Wed) CPI + ORCL after close ⭐⭐⭐ → 6/11 (Thu) PPI + ADBE after close → 6/16-17 FOMC rate decision + dot plot ⭐⭐⭐.

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🏛 Market Backdrop 6/9 close

SPY S&P 500

$737.05

1D -0.29%

20D -0.30%

QQQ Nasdaq 100

$707.83

1D -1.15%

20D -0.77%

IWM Russell 2000

$285.02

1D +0.32%

20D -0.11%

SMH Semiconductor ETF

$591.01

1D -1.20%

20D +2.55%

* Value beats tech, rotation regime: Dow +0.17% closed higher against the trend, Nasdaq -0.97% tech-led decline; QQQ -1.15% / SMH -1.20% / SPY -0.29% / IWM +0.32%. Index levels: Dow 50,872.11 (+0.17%, +86 pts), S&P 7,386.65 (-0.26%, -19 pts), Nasdaq 25,678.82 (-0.97%, -251 pts). The 6/8 semi relief rally lasted only a day; 6/9 chips / AI software gave it back. Trump re-raising Iran + pre-CPI hedging pushed money from tech into industrials / healthcare / retail / value — a 'value rotation, not broad risk-off' pattern (small-cap IWM and the Dow closed green; breadth positive).

🌡 Macro Risk Signals 6/9 close · Futu / CNN actuals

VIX / VXN volatility

VIX 19.87 +5.02%

VXN 29.78 +9.81%

VIX rebounded from 18.92 on 6/8, +5.02% to 19.87 — Trump on Iran + pre-CPI hedging, fear ticked up. VXN bounced more, +9.81% to 29.78; tech vol back to relatively high levels, reflecting heavy 6/9 selling in AI / chip names and high alert into CPI.

10Y Treasury yield

~4.53%

1D ~-2bp

10Y eased slightly to ~4.53%, still elevated — haven buying pressed yields a touch, but the market still prices 'slower Fed cuts or even hikes'. Elevated yields remain a pressure source for high-multiple tech; 6/10 CPI decides the next move.

DXY USD / Crude

~100.0

USD 1D -0.05% flat

Dollar flat at ~100.0; USO crude ETF 6/9 -2.85% pulled back — despite Trump re-raising Iran, oil still closed lower on the day. FX was calm; the day's main theme was the internal tech → value rotation.

Fear & Greed Index

~44-52 Neutral

From 'neutral' tilting slightly toward fear

CNN estimate slipped from ~48-56 on 6/8 to ~44-52 — tech-led declines + VIX up 5% + geopolitical uncertainty left sentiment slightly cautious; but breadth was positive (115 up) and value held the tape, so no full-blown fear.(not an official real-time value)

S&P 500 valuation

PE ~24.8 (trailing)

Fwd PE ~21.3

Index -0.26% on 6/9, valuation eased slightly; Fwd PE ~21.3 still above the 10-yr average of 18.9. Elevated yields + CPI imminent keep multiple-compression risk unresolved.(not an official real-time value)

Nasdaq 100 valuation

PE ~32.3 (trailing)

Fwd PE ~24.6

Index -0.97%; valuation slipped from ~32.6 to ~32.3 — still near the top of the 5-yr range. The 6/9 tech / semi selloff was the main driver of the de-rating.(not an official real-time value)

📅 Earnings / Major Events, Next 2 Weeks 6/9 - 6/22

📌 Major Tech / Semi Earnings

6/10 (Wed)	ORCL Oracle · after close ⭐⭐⭐ Oracle Q4 FY26 (tonight after the close). 6/9 -2.84%, 20D +6.18%, already off the main list. Whether OCI / RPO cloud-AI orders stabilize is the key validation for software / AI-cloud; same day as CPI, volatility may be amplified.
6/11 (Thu)	ADBE Adobe · after close ⭐⭐ 6/9 -2.90%, YTD -32%, badly lagging; AI monetization progress and next-quarter guidance in focus — the gauge of whether software / EDA can stabilize.
6/22 (Mon)	MRVL officially joins the S&P 500 ⭐⭐ Marvell confirmed to join the S&P 500 on 6/22; passive index-fund buying is a potential support. But 6/9 -7.61% gave back the 6/8 gain; 20D still tops the list at +56.22%.
Late June	MU Micron · FY3Q earnings (est. end of month) The memory leader's results will test the HBM / DRAM price-upcycle; MU Fwd P/E just 8.8x with high expectations — the next key event for the memory group.

This week's main events: 6/10 ORCL + CPI, 6/11 ADBE. Software / AI-cloud sold off again on 6/9 (NOW -6.32% / CRM -3.94% / ORCL -2.84%); ORCL / ADBE earnings will test whether the group stabilizes or keeps weakening.

📊 Macro Events · Next 2 Weeks

6/9 (Tue, done)	Trump re-raises military action on Iran ⚠️ Trump hinted at resuming military strikes on Iran, triggering the intraday selloff before an afternoon fade; layered on pre-CPI hedging, tech / AI chips led declines and money rotated to value.
Blackout period	Pre-FOMC blackout Blackout ahead of the 6/16-17 FOMC continues; Fed officials silent. Market in wait-for-CPI mode.
6/10 (Wed)	May CPI ★ Most critical this week Last key inflation data before the FOMC; after hot payrolls, a hot CPI would reignite the hike narrative and pressure the barely-stabilized tech / semis.
6/11 (Thu)	May PPI Wholesale inflation check after CPI; together they set the full inflation picture pre-FOMC.
6/16-17 (Tue-Wed)	FOMC rate decision ★ Next week's main event June rate decision + economic projections (SEP) + dot plot; after hot payrolls, focus on the dots' cut / hike tilt.

6/10 CPI is the last inflation print before the FOMC; 6/16-17 FOMC is the biggest variable. The 10Y still hangs around 4.53% with no clear pullback; the market keeps pricing hike risk and multiple-compression pressure is unresolved.

💡 Key Observations

🔥 6/9 strongest 1-day gainers (value / industrials / healthcare rotation)

APH +7.29%, BX +5.34%, TMO +5.20%, LOW +4.52%, HWM +4.30%, SYK +4.14%, HD +3.75%, WELL +3.38%, PLD +3.32%, TJX +3.21%, BUD +3.00%, BN +2.89%, NVO +2.85%, SCCO +2.75%, SBUX +2.73%, LIN +2.72%, DHR +2.66%, UL +2.66%, GE +2.61%, TT +2.58%, PH +2.54%, PG +2.46%

Gains led by non-tech rotation: industrials / connectors (APH / GE / PH / TT / HWM) + healthcare (TMO / SYK / DHR / NVO) + retail (LOW / HD / TJX) + financials (BX) + staples (PG / BUD / UL / SBUX) + REITs (WELL / PLD). Money flowed from AI chips / software into value and defensives.

📉 6/9 deepest 1-day decliners (chips / AI software giveback)

MRVL -7.61%, APP -7.60%, GLW -7.25%, NOW -6.32%, ARM -6.22%, QCOM -5.67%, DELL -4.74%, CRM -3.94%, SONY -3.79%, VRT -3.68%, AAPL -3.64%, STX -3.51%, FTNT -3.25%, PLTR -3.22%, CSCO -3.05%, AMD -3.02%, TSLA -3.00%, ADBE -2.90%, ORCL -2.84%, ANET -2.71%

The decliner list is almost all tech: AI chips (MRVL / ARM / QCOM / AMD), AI software (APP / NOW / CRM / ORCL / PLTR / ADBE), servers / connectivity (DELL / VRT / GLW), AAPL (AI doubts, down hard two days) all gave back the 6/8 rebound. Semi equipment (KLAC / AMAT / ASML) closing green was the exception.

📊 Key Story 1: Tech rebound given back in a day; equipment stands alone

The 6/8 semiconductor relief rally lasted just one day. On 6/9 chips / AI software fell across the board: SMH -1.20%, MRVL -7.61% (all of 6/8's +9.63% gone), ARM -6.22%, QCOM -5.67%, AMD -3.02%, NOW -6.32%, APP -7.60%.The only exception was semi equipment: KLAC +1.49% / AMAT +1.43% / ASML +1.64% / LRCX +0.84% closed higher against the trend, relatively resilient (capex-driven names are more defensive).

Trump on Iran + pre-CPI hedging was the trigger; the selloff ran deeper intraday before narrowing in the afternoon. Equipment's resilience shows the market favors chip subgroups with 'cash-flow certainty'.

💥 Key Story 2: Value rotation returns; AAPL AI doubts

6/9 was a classic 'tech → value' rotation: money moved from AI chips / software into industrials / healthcare / retail / financials, APH +7.29%, TMO +5.20%, BX +5.34%, LOW +4.52%, GE +2.61% led, holding the Dow and IWM green.AAPL -3.64% (down hard two straight days) drew particular attention — investors keep questioning its AI progress and competitiveness; the mega-cap led declines and dragged the Nasdaq.

Positive breadth (115 up vs 76 down) shows internal rotation, not broad risk-off; durability awaits 6/10 CPI and the FOMC.

🔎 Stock Focus: MRVL / MU / APH / AAPL List leader gives back · memory pullback · rotation winner · AI doubts

MRVL Marvell — $266.88 (6/9 -7.61%)Leader gives back

• Momentum: 5D -8.22%, 20D +56.22%, YTD +214.43%, mkt cap $233.5B

• 1D -7.61%: all of 6/8's +9.63% gone in a day, among the worst decliners; yet 20D +56.22% still tops the 20D main list.

• Fwd P/E 43.2x is rich; the 6/22 S&P 500 inclusion passive-buying catalyst remains a potential support.

MU Micron — $935.89 (6/9 -1.41%)Memory pullback

• Momentum: 5D -12.05%, 20D +17.67%, YTD +228.05%, mkt cap $1.06T

• 1D -1.41%: relatively resilient, but 20D slipped from +27% to +17.67%, breaking below the 20% threshold and dropping off the 20D main list.

• Fwd P/E just 8.6x, cheap; the HBM / DRAM price-upcycle is intact and month-end earnings are the next key event for memory.

APH Amphenol — $154.07 (6/9 +7.29%)Rotation winner

• Momentum: 5D +3.82%, 20D +25.80%, YTD +14.23%, mkt cap $189.5B

• 1D +7.29%: connector / industrial leader, top gainer on the whole list; money rotating from tech back to industrials, new at #4 on the 20D main list.

• Fwd P/E 27.1x; still a beneficiary of AI data-center connectivity demand, but today's pop was mainly hedging rotation.

AAPL Apple — $290.55 (6/9 -3.64%)AI doubts

• Momentum: 5D -7.82%, 20D -0.73%, YTD +7.07%, mkt cap $4.27T

• 1D -3.64%: down hard two straight days as investors keep questioning its AI progress and competitiveness; mega-cap decline leader and the Nasdaq's main drag.

• 5D -7.82%, among the weakest mega-caps; market focused on whether its AI strategy can flip the narrative.

* On 6/9 most semis / AI gave back 6/8 gains: MRVL -7.61%, ARM -6.22%, QCOM -5.67%, AMD -3.02%, NOW -6.32%, APP -7.60%; only semi equipment closed green (KLAC +1.49% / AMAT +1.43% / ASML +1.64% / LRCX +0.84%). Memory: MU -1.41%, relatively resilient but off the 20D main list; APH +7.29% the rotation winner, newly on the main list; AAPL -3.64% led mega-cap declines on AI doubts for a second day. NVDA -0.22% ($208.19, $5.04T mkt cap, still #1 in the Top 200) held relatively steady.

📋 Full ListTop 200 by mkt cap · 20D gain > 20% · sorted by 20D

Semis · Memory/CPU Semis · Logic/ASIC/Hardware Software/Security Non-tech | Green=up on 6/9 Red=down on 6/9

Ticker / Name

Price

Gain (20D)

1D (6/9)

20D

YTD

Fwd P/E

Net income ($100M)

Mkt cap ($100M)

MRVL MarvellASIC/networking chips

266.880

-7.61%

-8.22%

+56.22%

+214.43%

43.2

25 as of 5/2

2,335

DELL DellAI servers

381.780

-4.74%

-12.30%

+54.54%

+205.56%

18.1

84 as of 5/1

2,480

ARM ArmSemiconductor IP

324.860

-6.22%

-19.33%

+52.77%

+197.19%

106.1

9 as of 3/31

3,470

APH AmphenolConnectors

154.070

+7.29%

+3.82%

+25.80%

+14.23%

27.1

45 as of 3/31

1,895

IBM IBMCloud/AI services

277.490

-1.19%

-15.72%

+24.13%

-5.09%

20.7

107 as of 3/31

2,608

PANW Palo AltoCybersecurity

260.520

-2.18%

-12.34%

+21.93%

+41.43%

63.4

8 as of 4/30

2,123

CSCO CiscoNetworking equipment

120.360

-3.05%

-5.97%

+21.92%

+57.94%

25.2

120 as of 4/25

4,744

* List changes (vs the 6/9 report): now 7 names (13 prior), a sharp cut of 6 — on 6/9 tech / semis gave back the 6/8 rebound and several 20D gains fell below the 20% threshold.MRVL (-7.61%) still tops the list at 20D +56.22%, followed by DELL (+54.54%) and ARM (+52.77%); added: APH (+25.80%, connector rotation winner). Dropped: MU (20D +17.67%, below threshold), FTNT (+19.88%), CRWD (+18.93%), NOW (+16.92%), SPOT, LLY etc., mostly as 6/9 selling pushed 20D below 20%. Gain bars use MRVL's 20D +56.22% as the 100% baseline. Net income = trailing four quarters (TTM), US$100M units ('as of M/D' = latest fiscal quarter end); updated after next earnings.

📋 Full List (5D momentum)Top 200 by mkt cap · 5D gain > 10% · sorted by 5D

Semis · Memory/CPU Semis · Logic/ASIC/Hardware Software/Security Non-tech | Green=up on 6/9 Red=down on 6/9

Ticker / Name

Price

Gain (5D)

20D

1D (6/9)

YTD

Fwd P/E

Net income ($100M)

Mkt cap ($100M)

MDT MedtronicMedical devices

81.980

+11.16%

+9.98%

+1.60%

-13.96%

12.8

48 as of 4/24

1,053

* The 5D momentum list has just 1 name (5D > 10%): MDT Medtronic +11.16%, the lone survivor — a defensive med-tech name strengthening with the value rotation. All other top-200 names are below 10% on 5D: after the 6/9 tech giveback, even prior leaders like MRVL (5D -8.22%) turned negative, with the 5-day window spanning both the 6/5 payrolls selloff and the 6/9 pullback.Net income = trailing four quarters (TTM), US$100M; updated after next earnings.

🤖 AI Subsector Breakdown after 6/9 close · 20D average

🛡 AI security　20D +20.2%

PANW +21.93%, FTNT +19.88%, CRWD +18.93%. Still the strongest subsector on 20D, but on 6/9 it fell with software (PANW -2.18% / FTNT -3.25% / CRWD -2.10%); momentum eased from +26% to +20%.

☁ Software/AI cloud　20D +11.0%

IBM +24.13%, SPOT +18.29%, NOW +16.92%, APP +8.87%, SHOP +7.68%, CDNS +7.33%, ORCL +6.18%, CRM -1.21%. Sold off across the board on 6/9 (APP -7.60% / NOW -6.32% / CRM -3.94% / ORCL -2.84%); momentum dropped sharply.

🔗 Logic/ASIC/networking　20D +13.0%

MRVL +56.22%, CSCO +21.92%, ANET +11.53%, AVGO -8.47%, GLW -16.00%. MRVL props up the average; all sold off on 6/9 (MRVL -7.61% / GLW -7.25% / CSCO -3.05% / ANET -2.71%).

💻 CPU/mobile chips　20D +6.6%

ARM +52.77%, AMD +3.64%, QCOM -13.20%, INTC -16.63%. ARM alone lifts the average; all fell on 6/9 (ARM -6.22% / QCOM -5.67% / AMD -3.02% / INTC -2.13%).

🧠 Memory/HDD　20D +6.5%

MU +17.67%, SNDK +6.40%, STX +1.44%, WDC +0.39%. Pulled back on 6/9 (MU -1.41% / STX -3.51% / WDC -1.75%, SNDK +0.28% flat); MU's 20D broke below 20%, off the main list.

⚙ Semi equipment　20D +13.2%

KLAC +16.09%, ASML +13.54%, AMAT +12.67%, LRCX +10.51%.The only chip subgroup to close green on 6/9 (KLAC +1.49% / ASML +1.64% / AMAT +1.43% / LRCX +0.84%); 20D rose to strongest among chip groups.

⚡ AI power infrastructure　Sparse data

CEG / VST have dropped out of the top 200, no list data; GE (aerospace/power) 20D +9.86%, 6/9 +2.61%, strengthening with the industrial rotation. Pure power names off the list; sample insufficient.

📊 Subsector ranking (20D avg)

AI security +20.2% > semi equipment +13.2% > logic/ASIC/networking +13.0% > software/AI cloud +11.0% > CPU/mobile chips +6.6% > memory/HDD +6.5% (AI power infra sample insufficient). After the 6/9 tech giveback most subsectors' 20D momentum slipped; semi equipment closed green and jumped to strongest chip group (from +11.5% to +13.2%); security eased but still leads on 20D.

📈 Breadth Snapshot Top 200 by mkt cap · 6/9 advancers/decliners

Advancers

115

~60%; industrials / healthcare / retail / value led

Decliners

~39%; semis / AI software / mega-cap tech

A/D ratio

1.51 : 1

Breadth positive, diverging from falling indices (rotation regime)

* 6/9 breadth positive but diverging from the indices: 115 up vs 76 down (2 flat; sample = top 200 ex-ETFs, 193 names). Gainers were industrials / healthcare / retail / financials / staples value names; decliners concentrated in semis / AI software / mega-cap tech. Indices (S&P / Nasdaq) closed red while advancers far outnumbered decliners — the classic 'mega-cap tech selloff, broad value rally' rotation pattern — not broad risk-off.

🔁 6/8 → 6/9 Change Tracker

Stock	6/8 close (back-calc.)	6/9 close	6/9 change	Key change
MRVL Marvell	$288.86	$266.88	-7.61%	All of 6/8's +9.63% gone in a day; 20D +56.22% still tops the main list
ARM Arm	$346.41	$324.86	-6.22%	Chip-IP decline leader; 5D -19.33%, 20D +52.77% still on the list
QCOM Qualcomm	$217.75	$205.42	-5.67%	Mobile chips hit hard; 20D turned negative at -13.20%, among worst decliners
AAPL Apple	$301.53	$290.55	-3.64%	AI doubts, down hard two straight days; mega-cap drag on the Nasdaq
NOW ServiceNow	$114.18	$106.97	-6.32%	AI software selloff; 20D +16.92% broke the threshold, off the main list
APH Amphenol	$143.60	$154.07	+7.29%	Connector/industrial rotation winner, top gainer on the whole list, new to the main list
TMO Thermo Fisher	$469.65	$494.07	+5.20%	Healthcare rotation leader; value/defensive inflows returning

* The 6/8→6/9 theme: 'tech rebound given back + value rotation' — chips / AI software gave back 6/8 gains (MRVL / ARM / QCOM / NOW / AAPL led declines) while money returned to industrials / healthcare (APH / TMO); semi equipment closing green was the exception. The 20D main list shrank from 13 names to 7. Back-calculated prior close = 6/9 close ÷ (1 + 6/9 % change).

📝 Summary Core conclusions after the 6/9 close

① Market structure: indices diverged, value beat tech (Dow +0.17% 50,872.11, S&P -0.26% 7,386.65, Nasdaq -0.97% 25,678.82).SMH -1.20%, and the 6/8 semi rebound was given back in a day; but breadth was positive (115 up vs 76 down), diverging from the indices, VIX rebounded +5.02% to 19.87, 10Y ~4.53%. An internal rotation of 'mega-cap tech selloff, broad value rally' — not broad risk-off.

② Theme 1: tech rebound given back in a day; equipment stands alone: the 6/8 semiconductor relief rally (SMH +5%) lasted one day. On 6/9 chips / AI software fell across the board, SMH -1.20%, MRVL -7.61% (all of 6/8's +9.63% gone), ARM -6.22%, QCOM -5.67%, AMD -3.02%, NOW -6.32%, APP -7.60%.Only semi equipment closed green (KLAC +1.49% / AMAT +1.43% / ASML +1.64% / LRCX +0.84%); the market favors chip subgroups with cash-flow certainty.

③ Theme 2: value rotation returns: money flowed from AI chips / software into industrials / healthcare / retail / financials / staples, APH +7.29%, BX +5.34%, TMO +5.20%, LOW +4.52%, GE +2.61%, PG +2.46% led, holding the Dow and IWM green with positive breadth (115 up). Trigger: Trump re-raising Iran + pre-CPI hedging.

④ Theme 3: AAPL AI doubts lead mega-cap declines: AAPL -3.64% fell hard for a second day, 5D -7.82%, as investors keep questioning its AI progress and competitiveness — among the weakest mega-caps and the Nasdaq's main drag. MSFT -2.02%, AMZN -0.42%, META -0.14% also weak; big AI names broadly under pressure.

⑤ List changes: the 20D main list shrank from 13 names to 7 (tech giveback pushed several 20D below 20%): MRVL (+56.22%) still #1, DELL (+54.54%) and ARM (+52.77%) next, added APH (+25.80%, connector rotation winner); MU / FTNT / CRWD / NOW / SPOT / LLY dropped off. The 5D momentum list has just MDT, 1 name (+11.16%). AI subsectors: security (+20.2%) still leads, semi equipment (+13.2%) jumped to strongest chip group against the trend, CPU / memory (~+6.5%) momentum fading.

⑥ Conclusion & strategy this week: the 6/9 giveback of the tech rebound and renewed value rotation, with positive breadth, signal internal rotation rather than broad risk-off. But mega-cap tech / AI has swung for two days and the 10Y still hangs at 4.53%; direction awaits 6/10 CPI. Watch: (1) 6/10 CPI ⭐⭐⭐ — a hot print could revive the hike narrative and pressure tech / semis again; (2) ORCL (6/10 after close) / ADBE (6/11) earnings testing whether software / AI-cloud stabilizes; (3) 6/16-17 FOMC (incl. dot plot), the biggest variable. Near term, value / industrials / healthcare are relatively resilient; cheap MU (Fwd 8.6x) and semi equipment (KLAC / AMAT / ASML), green against the trend, are ones to watch.

Sources: Futu U.S. top-200 market-cap list (6/9 close, full 4 pages, 200 names), Yahoo Finance (indices / ETFs / risk gauges / 1D-20D-YTD / Fwd P/E / net income), CNN Fear & Greed Index (estimated).
For reference only; not investment advice. All percentages are Futu / Yahoo actuals; F&G and PE are non-official estimates.
DAILY US EQUITY · 2026-06-10 (6/9 U.S. close)

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