Top 10 US Stocks to Watch This Week (Jul 6–10, 2026)

The U.S. stock market just closed out its best quarter since 2020. Then, in the final two trading days before the July 4th holiday, semiconductor stocks took their sharpest tumble in over a year. Now, right in the middle of that turbulence, SK Hynix, the world’s second-largest memory chipmaker, is pressing ahead with a Nasdaq debut that could raise close to $29 billion, making it the largest ADR listing in market history.

That collision — an AI-chip pullback meeting the AI-memory trade’s biggest event of the year — is the story of the week. Add in earnings from Delta Air Lines and PepsiCo, a fresh short-selling bet against several top AI names, and a genuine delivery beat from Tesla, and this is a week where the AI rally itself is being tested rather than simply extended.

This guide walks through the ten U.S. stocks most likely to move this week, explains the key ideas in plain English, and lays out both sides of the debate so you can decide for yourself where you land.

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Quick Answer / TL;DR

• Semiconductor stocks just had their sharpest two-day drop since March 2025 (the SOXX semiconductor ETF fell 12.9%), even though the group is still up about 82% for the year.
• SK Hynix (SKHY) is still targeting a Nasdaq debut around July 10 in an offering that could raise close to $29 billion — the largest ADR listing ever.
• “Big Short” investor Michael Burry has publicly disclosed short bets against Nvidia, Applied Materials, the SOXX ETF, and Micron, arguing AI chip stocks are due for a correction.
• Not everyone agrees. A widely read analysis this week recommends buying Nvidia, AMD, and Micron on the dip, pointing to continued AI spending from big tech companies.
• Delta Air Lines and PepsiCo both report earnings this week, offering an early look at how consumers are holding up.

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Why This Week Matters

Markets rarely move in a straight line, and this week is a good example of why. The S&P 500 gained roughly 14.9% and the Nasdaq gained about 21.4% in the second quarter of 2026 — the best quarterly performance for both indices since 2020 — and the Dow closed at a fresh record high on July 2. That rally was powered almost entirely by heavy spending on artificial intelligence infrastructure.

Then, right before the holiday weekend, the mood shifted. Chip stocks, which had surged more than 80% in the first half of the year, sold off hard. The iShares Semiconductor ETF (SOXX), a fund that tracks a broad basket of chip companies, fell 12.9% over just two trading sessions — its worst two-day stretch since March 2025. Micron Technology, one of this year’s biggest AI-related winners, fell roughly 14% on the week. Nvidia and Broadcom slid several percent as well. The selloff even spread to Asia, where Samsung Electronics and SK Hynix’s Korea-listed shares dropped 7% and 9%.

Here’s why that matters: SK Hynix is trying to list on Nasdaq during this exact stretch of turbulence. If investors are nervous about chip stocks in general, will they still show up for the year’s biggest new listing? That’s the central question this week, and reasonable people disagree. Adding fuel to the debate, well-known investor Michael Burry (famous for correctly betting against the housing market before the 2008 financial crisis) has publicly disclosed short positions against Nvidia, Applied Materials, the SOXX ETF, and — as of July 2 — Micron. He argues the AI chip rally has become “historically extreme.” On the other side, a widely circulated analysis published July 4 argues the pullback is a buying opportunity, since the big technology companies that spend on AI infrastructure have shown no signs of slowing down.

This week’s economic calendar is comparatively quiet. The Federal Reserve’s next interest rate decision isn’t until July 28–29, so there’s no rate decision to react to this week. That makes the chip-sector story, along with Delta’s and PepsiCo’s earnings, the main events to watch.

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This Week’s Economic and Earnings Calendar

Scheduled U.S. economic data is light this week. The main events are the Federal Reserve’s meeting minutes, two Treasury bond auctions, weekly jobless claims, and the two earnings reports below.

Date	Event	Why It Matters
Mon, Jul 6	Markets reopen after the holiday weekend	Digestion of the chip-sector selloff
Tue, Jul 7	Consumer Credit (May)	Read on household borrowing ahead of earnings
Wed, Jul 8	FOMC Meeting Minutes (June 16–17 meeting)	First detailed look at new Fed Chair Kevin Warsh’s approach
Wed, Jul 8	10-Year Treasury Auction	Signals demand for U.S. government debt
Thu, Jul 9	PepsiCo (PEP) Q2 2026 earnings	Early read on consumer-staples pricing and demand
Thu, Jul 9	Initial Jobless Claims	Labor market temperature check
Thu, Jul 9	30-Year Treasury Auction	Long-term borrowing cost signal
Fri, Jul 10	Delta Air Lines (DAL) Q2 2026 earnings	Early read on travel and consumer demand
Fri, Jul 10	SK Hynix (SKHY) targeted Nasdaq debut	Largest ADR listing in market history

A Quiet Macro Week

New Fed Chair Kevin Warsh, sworn in this past May, held interest rates steady at his first meeting in June and dramatically shortened the Fed’s usual post-meeting statement. He recently told an international gathering of central bankers that inflation is still “too high.” The minutes from that June meeting, released this Wednesday, will be one of the first real windows into how he plans to run the Fed. Beyond that, the calendar is light, with the next rate decision not until July 28–29.

Delta and PepsiCo: What to Watch

Delta reports before the market opens on Friday, with Wall Street expecting earnings per share of about $1.44, down roughly 31% from a year ago. That decline sounds alarming, but falling jet fuel costs (oil has fallen back to the $67–$69 per barrel range) should help offset some of the pressure. The bigger question is what Delta says about travel demand heading into the back half of the year. PepsiCo reports Thursday morning and will give an early read on how much pricing power food and beverage companies still have with consumers.

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Top 10 US Stocks to Watch This Week

The AI-Chip Storyline: A Sector Caught Between a Selloff and a Record Listing

1. SK Hynix ADR (SKHY)

SK Hynix, the world’s second-largest memory chipmaker, is targeting a Nasdaq debut around July 10 through something called an ADR, or American Depositary Receipt. An ADR is simply a way for a foreign company’s shares to trade on a U.S. stock exchange, so American investors can buy them the same way they’d buy any other U.S.-listed stock. This particular ADR offering could raise close to $29 billion, which would make it the largest ADR listing in market history, topping Alibaba’s $21.8 billion debut back in 2014.

Why it matters: SK Hynix controls roughly 60% of the global market for high-bandwidth memory (HBM), a specialized type of chip memory that’s critical for training and running AI systems quickly. The proceeds from this listing are earmarked for new manufacturing capacity, including a wafer fabrication facility and an advanced packaging plant, both aimed at keeping up with AI demand.

The catch: this listing is happening right in the middle of the chip-sector pullback described above. A strong debut would suggest investors still want AI-memory exposure no matter what. A weak one would suggest the market’s appetite for new AI-related listings has cooled.

2. Micron Technology (MU)

Micron is ground zero for this week’s chip-sector debate. The stock fell roughly 14% this week alone, despite still being up well over 200% for the year, and it’s now the subject of a fresh short position from investor Michael Burry, disclosed on July 2. Shorting a stock means betting that its price will fall; an investor who shorts a stock profits if it drops and loses money if it rises. Burry argues Micron’s rally has pushed the stock further above its long-term average price than at any point since 1984.

But Wall Street analysts haven’t rushed to agree. Price targets tracked across dozens of analysts still imply significant upside from Micron’s post-selloff price, suggesting many professional investors see this as profit-taking rather than a fundamental problem. Micron has also raised its spending plans for new factories, a sign management isn’t slowing down despite the stock’s swings.

3. Nvidia (NVDA)

Nvidia, the company whose chips power most AI model training, fell about 2.5% during the pullback even though analyst price targets still imply meaningful upside from current levels. It’s also one of the names Michael Burry disclosed shorting in late June. On the other side, Nvidia was named as a “buy the dip” pick in a widely read analysis published July 4, which pointed to continued heavy AI spending from major technology companies as a reason the pullback may be temporary.

4. Advanced Micro Devices (AMD)

AMD got caught in the same two-session selloff as Micron and Nvidia after a strong first half of the year. The company’s data center chip business, which serves AI customers, has become its primary growth driver. Like Nvidia and Micron, AMD was named as a potential buying opportunity in this week’s most-discussed dip-buying analysis.

5. Broadcom (AVGO)

Broadcom fell nearly 3% during the chip-sector pullback, even as analysts covering the stock maintain price targets that imply notable upside. Broadcom makes custom chips and networking equipment used heavily in AI data centers, putting it in the same boat as Nvidia and Micron this week: caught in a sector-wide selloff despite analyst confidence in its long-term prospects.

6. Applied Materials (AMAT)

Applied Materials makes the equipment used to manufacture chips, which puts it on the “picks and shovels” side of the AI boom rather than the chip-design side. It’s also one of Michael Burry’s disclosed short positions, alongside Nvidia and the SOXX ETF. The bull case here depends on continued factory-expansion spending from companies like Micron and SK Hynix; the bear case is that a broader AI-spending slowdown would hit equipment makers just as hard as chipmakers.

7. SOXX (iShares Semiconductor ETF)

SOXX isn’t a single company — it’s an exchange-traded fund that holds a basket of semiconductor stocks, making it a convenient way to track the whole sector at once. This week, SOXX is the single best number to watch if you want a quick read on how the AI-chip debate is resolving itself: its 12.9% two-day drop is the headline statistic behind this entire storyline, and it’s also one of Michael Burry’s disclosed short positions.

Earnings to Watch: Delta and PepsiCo

8. Delta Air Lines (DAL)

Delta reports second-quarter results before the market opens on Friday, July 10. Wall Street expects earnings of about $1.44 per share, down roughly 31% from a year ago. Falling oil prices should help offset some of that decline, since jet fuel is one of an airline’s biggest costs. The more important number for investors will be what Delta says about travel demand and pricing going forward, since this is the first major consumer-facing earnings report of the season.

9. PepsiCo (PEP)

PepsiCo posts its second-quarter results before the opening bell on Thursday, July 9, with an analyst call following shortly after. Consensus estimates call for earnings of about $2.21 per share on roughly $24 billion in revenue. As one of the largest food and beverage companies in the world, PepsiCo’s results offer an early signal on whether consumers are still willing to pay up for branded snacks and drinks, or whether they’re trading down to cheaper alternatives.

Tesla’s Delivery Beat

10. Tesla (TSLA)

Just ahead of this week’s window, Tesla reported that it delivered 480,126 vehicles in the second quarter, up 25% from a year earlier. That’s Tesla’s best second quarter ever and its first year-over-year delivery growth in two years, comfortably beating the roughly 406,000 vehicles analysts had expected. It’s a genuinely strong number.

That said, BYD, Tesla’s Chinese rival, still delivered more all-electric vehicles in the quarter (557,090, down about 8% from a year ago), keeping alive the ongoing debate over which company actually leads global electric-vehicle sales. Michael Burry also disclosed a short position in Tesla in his late-June filings, adding another layer to a stock that’s rarely short on drama.

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Sector Outlook

Sector	This Week’s Outlook	Key Catalysts
Technology / Semiconductors	Volatile, genuinely two-sided	SK Hynix listing, chip-sector selloff, Burry short positions vs. dip-buying calls
Consumer Staples	Earnings-driven	PepsiCo results (Jul 9)
Consumer Discretionary / Autos	Earnings- and data-driven	Delta earnings (Jul 10), Tesla’s delivery beat
Industrials / Airlines	Earnings-driven	Delta earnings; falling jet fuel costs
Financials	Positioning ahead of next week	Setting up for the July 14 big-bank earnings kickoff
Energy	Pressured near-term	Oil back near $67–69 as Strait of Hormuz shipping normalizes
Utilities / Real Estate	Rate-sensitive	Treasury auctions and Fed minutes this week

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Biggest Risks This Week

Risk	Level
AI/semiconductor correction risk (a prominent investor is publicly short several top names)	Very High
Market breadth (a handful of chip stocks still drive a large share of index performance)	High
Earnings guidance from Delta and PepsiCo disappointing versus expectations	High
Federal Reserve policy path under new Chair Warsh	Medium-High
Trade policy uncertainty (ongoing USMCA review, tariff authority expiring later in July)	Medium-High
Oil price volatility if Middle East shipping conditions change	Medium
Treasury yields moving on this week’s bond auctions or Fed minutes	Medium

None of these risks point to a single certain outcome. They’re meant to help you understand what could change the picture, not to predict that it will.

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Best Trade Ideas: Bullish and Bearish Setups

Setup	Ticker(s)	The Case	The Risk
Bullish: SK Hynix’s listing succeeds despite the selloff	SKHY	Deep institutional demand for AI-memory exposure	Listing could be delayed or arrive to a lukewarm reception
Bullish: Analyst price targets prove right on chip stocks	MU, NVDA, AVGO	Wall Street targets imply meaningful upside from post-selloff prices	Burry’s short thesis could keep pressuring sentiment
Bullish: Tesla’s delivery beat continues	TSLA	Strongest Q2 ever, first y/y growth in two years	Full financial results later in July could reveal margin pressure
Bearish: The chip pullback has further to go	SOXX, AMAT	A prominent investor is publicly short, citing valuation extremes	A strong SK Hynix debut could quickly flip sentiment back
Bearish: Delta’s guidance disappoints	DAL	Consumer travel demand could be softer than hoped	Lower fuel costs could produce an upside surprise

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Key Takeaways

• Chip stocks just had their sharpest two-day drop since March 2025, even though the sector remains up about 82% for the year.
• SK Hynix is still targeting a roughly $29 billion Nasdaq debut around July 10 — the largest ADR listing ever — arriving directly into that turbulence.
• Investor Michael Burry has publicly disclosed short positions against Nvidia, Applied Materials, SOXX, and Micron, betting on a further AI-stock correction.
• A competing view, published just this week, argues the pullback is a buying opportunity given continued AI spending from big tech companies.
• Delta Air Lines and PepsiCo both report earnings this week, offering early reads on travel demand and consumer staples pricing power.
• Tesla delivered 480,126 vehicles last quarter, a 25% year-over-year jump and its best Q2 ever, though BYD still delivered more electric vehicles overall.
• The Federal Reserve’s next rate decision isn’t until July 28–29, so this week’s economic calendar is comparatively quiet aside from the June meeting minutes.

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FAQ

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Related Reading

• Top 10 Asian Stocks to Watch This Week (July 6–10, 2026)
• Top 10 UK Stocks to Watch This Week (July 6–10, 2026)
• Top 10 Best Asian Stocks to Watch This Week (June 29–July 3, 2026)
• Top 10 Best UK Stocks to Watch This Week (June 29 – July 3, 2026)
• Top 10 US Stocks to Watch This Week (June 29 – July 3, 2026)

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Conclusion

This week puts the AI trade to a real test. A historic first-half rally just ran into its sharpest pullback in over a year, right as the sector’s biggest listing event — SK Hynix’s Nasdaq debut — approaches. Layer in Delta’s and PepsiCo’s earnings, Tesla’s delivery beat, and a high-profile short seller’s public bets against several top AI names, and you get a week where the story isn’t settled yet. Watch how SK Hynix’s debut is received, and pay attention to what Delta and PepsiCo say about the health of the American consumer. Both should tell you a lot about where markets head next.

This article is for informational and educational purposes only and does not constitute financial advice. Always do your own research or consult a licensed financial advisor before making investment decisions.

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