The momentum trade works in both directions.

Many of this year's hottest stocks were the biggest decliners in premarket trading Thursday after sharp drops in the previous session.

Memory storage companies Sandisk, Western Digital, and Seagate Technology were all down more than 3%, while memory-chip maker Micron Technology fell 2.7% after slumping 10.6% in the previous session.

Optical networking company Corning fell 2.6%, while PC and server maker Dell Technologies decline 2.7%.

The rotation into software stocks looks to be continuing, too. ServiceNow, Oracle and Adobe each traded higher.

The market's newest software name was down, though. AOL parent Bending Spoons surged 40% on its trading debut Wednesday but was falling around 3% ahead of the open Thursday.

Strategy was rising more than 5% as the higher cryptocurrencies prices boosted the largest corporate holder of Bitcoin. Robinhood Markets rose 2.6% and Coinbase Global was up 3%.

Palantir Technologies looked set to continue its rebound after a recent slump. The stock was up more than 3% following a 7.8% jump Wednesday. The company announced a new strategic initiative with Nvidia to build custom artificial-intelligence models for the U.S. government on Monday.

Advanced Micro Devices stock fell 2% as the company slipped further away from joining the trillion-dollar club. The company had a market capitalization of $947 billion at the close on Tuesday but that fell to $881 billion Wednesday. Intel and Marvell Technology also were down more than 2%.

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

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(END) Dow Jones Newswires

July 02, 2026 07:03 ET (11:03 GMT)

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