Closing Bell Movers: Allegro MicroSystems down 13% as On Semi pulls out

After two consecutive days of gains, the opening 90 minutes of the evening session is seeing U.S. equity futures back in the red.  S&P 500 is down 0.4%, Nasdaq 100 is down 0.5%, and Dow Industrials are down 0.3%.

While the exemption on smartphones, computers, and chips from reciprocal tariffs had lifted spirits on Monday, investors are still treading cautiously as the Commerce Department has formally launched an inquiry into the impact of chips and chip  equipment on national security, sustaining tariff uncertainty in the sector.  Earlier in the daytime session, the Tech sector had notched only modest gains as defensively oriented Utilities and Staples outperformed.  

In commodities space, WTI crude oil is little changed above $61 while Gold prices are slightly firmer at $3,229.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Skillsoft (SKIL) up 3.6%
• Capital Southwest (CSWC) up 2.6%

DOWN AFTER EARNINGS –

• Applied Digital (APLD) down 14.3%
• Ontrak (OTRK) down 5.4%
• FB Financial (FBK) down 5.1%
• Kestra Medical Technologies (KMTS) down 3.5%
• Pinnacle Financial Partners (PNFP) down 1.5%

ALSO LOWER –

• Allegro MicroSystems (ALGM) down 13.5% after On Semi (ON) pulls out from $6.9B acquisition