Big Rotation Continues; DFS Beats Big in Q2, United Mixed

Market Overview - Major indices are experiencing a rotation, with the Dow gaining +243 points (+0.59%) and reaching an all-time closing high, while the Nasdaq dropped -512 points (-2.77%) [1] - Year-to-date performance shows the Nasdaq up +21%, S&P 500 +17%, Russell 2000 +11%, and Dow +9%, contrasting with the Russell's +10% gain over the past month [2] Company Earnings - Discover Financial Services (DFS) reported earnings of $6.06 per share, exceeding estimates by $3.00, with revenues of $4.54 billion surpassing expectations of $4.16 billion; total loans increased +8% year-over-year [3] - United Airlines (UAL) posted earnings of $4.14 per share, beating the consensus of $3.97, but sales of $14.99 billion fell short of projections of $15.13 billion; next-quarter earnings guidance was lowered to $2.75-3.25 per share [4] - Darden Restaurants (DRI) announced the acquisition of Chuy's Holdings (CHUY) for $37.50 per share, totaling approximately $605 million, with shares trading up +47% [4] Sector Performance - Semiconductor stocks are facing declines, with ASML down -12.7%, AMD -10.2%, and NVIDIA -6.6%, influenced by political commentary regarding China and Taiwan [2]