TLDR
- Chip stocks including Nvidia, Intel, AMD, and Marvell rose Tuesday as the tech sector looked set to rebound
- Nvidia is battling to end a seven-day losing streak ahead of its Wednesday earnings report
- Dick’s Sporting Goods fell over 14% after cutting its full-year earnings forecast
- Bitcoin crossed $80,000 overnight for the first time since May, though crypto-linked stocks were mixed
- Nancy Pelosi disclosed purchases of Intel and Bloom Energy shares and call options, sending both stocks higher
Chip stocks and tech futures climbed early Tuesday, giving investors some relief after a rough stretch for the sector. The rebound came ahead of a busy week, with Nvidia set to report earnings after the close on Wednesday.
Nvidia rose 0.8% in premarket trading as it looked to snap a seven-day losing streak, its longest since September 2022. The stock has been under pressure heading into what many see as a key earnings event for the broader market.
Other chip names saw bigger gains. Intel climbed 3.8%, Marvell rose 3.4%, and Advanced Micro Devices was up 2.6% before the open.
Intel and Bloom Energy Get a Boost From Pelosi Disclosure
Intel’s gains got an extra push from a congressional trading disclosure. Nancy Pelosi reported buying 10,000 Intel shares and 50 call options with a $50 strike price expiring June 2027, with the purchase made on July 24.
She also disclosed buying 15,000 Bloom Energy shares and 100 call options at the same expiration. Bloom Energy shares rose around 5% on the news.
Dick’s Sporting Goods Drops After Cutting Forecast
Dick’s Sporting Goods was one of the biggest losers of the day. Shares fell more than 14% after the company missed earnings expectations and lowered its full-year guidance.
The retailer cut its earnings per share forecast to between $11 and $12, down from a prior range of $13.50 to $14.50. That’s a steep reduction that rattled investors.
Navitas Semiconductor jumped around 6% after agreeing to acquire Claros, a power management solutions company, in a deal valued at up to $232.8 million. Claros focuses on voltage regulator technology for AI data centers.
The deal is expected to more than double Navitas’ addressable market to over $8 billion by 2030.
SpaceX-linked shares also gained after Elon Musk said the company plans to launch AI satellites using Nvidia technology in the fourth quarter of 2027. The orbital computing network is expected to reach scale in 2028, with SpaceX requesting FCC approval for up to one million AI-capable satellites.
Bitcoin crossed $80,000 overnight for the first time since May, but crypto-linked stocks were mixed. Strategy slipped 0.5% after a 2.8% gain the day before. Coinbase and Robinhood both moved higher after falling in the prior session.
Grand Canyon Education fell about 5% after placing its CFO on paid administrative leave linked to a government investigation into third-party trading in the company’s stock.
Earnings after Tuesday’s close are due from Intuit, Semtech, and Zoom Communications.
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