The stock market, and technology names in particular, were falling ahead of the open Wednesday after a strong performance in the previous session.

Chip stocks were getting hit as some air appeared to come out of the recent rally. Micron was falling more than 3%, while Intel, Nvidia, and Marvell were all down, too.

Advanced Micro Devices fell 1.5% after surging 7.7% Tuesday to close at a record high and with a market capitalization of $947 billion.

These stocks were also on the move in premarket trading:

Nike stock was down 3% after the retailer reported fiscal fourth-quarter earnings late Tuesday. The company beat earnings and revenue estimates but expectations were low. Nike's earnings of 72 cents per share also included a 52 cents-per-share benefit tied to the expected recovery of import tariffs.

Alcoa stock fell more than 4% after the aluminum producer agreed to buy Australian miner South32's aluminum, bauxite, and alumina assets for $4.1 billion. South32 shares closed 9.7% higher in Sydney trading.

FMC was up 6.4% after the agricultural sciences company said Belgian industrial group Tessenderlo has agreed to make a minority equity investment of $400 million.

As has often been the case this year, software stocks were rising on a rare day that chip stocks were falling. The beaten-down sector was set for a good day. ServiceNow was up around 5%, Salesforce rose 3.4%, and Oracle edged 1.7% higher.

Write to Callum Keown at callum.keown@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 01, 2026 07:39 ET (11:39 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.