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What Happened in Markets Today
China's memory-chip maker CXMT surged 466% on its first day of trading in Shanghai. The company topped Industrial and Commercial Bank of China to become the most valuable company listed in a mainland Chinese market. Its successful market debut could present a competitive threat in the highly profitable, high-demand memory chip market. Chip stocks took a beating on Monday. Sandisk was the worst hit, declining 11%. ASML and Advanced Micro Devices fell 5.8% and 5.2%, respectively. The Nasdaq Composite ended the day down 0.2%.
Nvidia's shares also sold off on concerns about circular financing. Nvidia's shares fell 5% on Monday after the Wall Street Journal reported over the weekend that the company was in talks to provide a roughly $250 billion backstop for OpenAI as part of a big data-center project.
Oil prices slipped. Brent crude futures fell 8.7% to $88.36 a barrel. President Trump halted his military campaign against Iran over the weekend and is said to be weighing diplomacy. U.S. officials weighed the effect a major attack could have on the declining stock of air defense interceptors.
Cracker Barrel's CEO stepped down. The company's shares had been under pressure after Julie Masino, the outgoing chief executive, alienated some core customers and conservatives by changing the folksy logo and the menu. Masino subsequently walked back on her strategy. She will be succeeded by David Deno, the former chief executive of Outback Steakhouse owner Bloomin' Brands. Cracker Barrel's shares fell 2.4%.
Markets at a Glance
One Big Story
Rising yields can make for a tough lending environment. But regional banks have been benefiting from some of the same forces lifting the Wall Street banks.
What's Coming Up
-- Coca-Cola, Boeing, Ford and Visa are among companies that will report on Tuesday. -- The Conference Board's consumer confidence index for July is due to be published on Tuesday.
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About Us
Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Jinjoo Lee, a writer for Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.
(END) Dow Jones Newswires
July 27, 2026 16:27 ET (20:27 GMT)
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