Stock Market Today: Longtime Tech Bull Downgrades Mag7 Tech Giants In Surprising Pivot

Market Overview - Approximately 50.8% of issues are declining, with 316 of the S&P 500's 503 components experiencing declines [1] - The Nasdaq, S&P 500, and Dow are all dipping from record highs, with declines of -0.07%, -0.30%, and -0.45% respectively [1] Sector Performance - The Russell 2000 is up by 0.25%, driven by expectations for an interest rate cut later this week [2] - Nvidia shares increased by 2.6% amid news that the U.S. Commerce Department may allow exports of its last-gen H200 chips [2] Company News - Alphabet's stock fell by 2.7% despite a nearly 12% increase over the last month due to the launch of its new Gemini 3 AI model [3] - Toll Brothers reported 2,598 signed contracts for the recent quarter, exceeding Bloomberg analysts' expectations of 2,475, although profit margins compressed [5] - Wave Life Sciences and Structure Therapeutics saw significant stock increases of 132% and 102% respectively after promising results from a weight loss treatment trial [7] Earnings and Forecasts - Oppenheimer issued a bullish forecast for the S&P 500, projecting a year-end target of 8,100, representing a 17% increase from current prices [15] - The NY Fed reported that households expect one-year inflation to rise by 3.2% [16] Mergers and Acquisitions - Paramount Skydance launched a $30 per share bid for Warner Bros. Discovery, valuing the company at over $108 billion, complicating an existing deal with Netflix [12][13] - Carvana, CRH, and Comfort Systems are set to join the S&P 500, replacing LKQ Corp., Solstice Advanced Materials, and Mohawk Industries [18][19]