Chipmakers Fall, Energy Stocks Rise as Robinhood, Novartis and Duolingo Move Premarket

According to CNBC, chipmakers fell at the start of the new month of trading as Treasury yields rose, with the VanEck Semiconductor ETF (SMH) down more than 1% and Nvidia, AMD and Micron each falling more than 1%. Energy stocks rose broadly alongside oil prices as tensions in the Middle East persisted, with the State Street Energy Select Sector SPDR ETF (XLE) up more than 1% and EOG Resources, Diamondback Energy and Targa Resources each advancing more than 1%. Robinhood Markets gained more than 2% after Morgan Stanley upgraded the online brokerage to overweight from equal weight, saying HOOD's expanding platform is turning product velocity into stronger customer economics. Novartis rose 4% after positive trial data for its multiple sclerosis drug, with the company saying remibrutinib significantly reduced relapse rates in MS patients relative to another treatments. Duolingo climbed 6% after Evercore ISI upgraded the language education app to outperform from in line, citing strong survey data for the company.