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Policy is doing more to move the tape this morning than any earnings release. A single comment about where the world's largest hardware buyer should source its components lifted an entire domestic supply chain, and the bid carried across the broader chip complex behind it.

Everything else is smaller and more familiar: a fresh initiation at a bullish rating, and a multibillion-dollar asset sale that reads as housekeeping rather than retreat. The downside is two names giving back a couple of percent, one on a downgrade that softens a rating rather than pulls it. That asymmetry is the whole story of the morning.

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SanDisk (SNDK): +3%

US Commerce Secretary Howard Lutnick told the Wall Street Journal that the Trump administration opposes Apple (AAPL) buying Chinese memory chips, and the domestic memory complex caught the entire bid. Western Digital (WDC) and Micron Technology (MU) both rose more than 2%. When policy starts steering where the world's largest hardware buyer sources its components, the domestic supply chain gets repriced first.

SoFi Technologies (SOFI): +2%

Piper Sandler initiated coverage with an Overweight rating, calling current levels an attractive entry point. The firm pointed to a growing total addressable market and a strong product portfolio, which is the entire digital banking bull case compressed into one note.

Alibaba (BABA): +2%

Reuters reported, citing a person familiar with the matter, that the company is set to sell its Lingxi Games developer business to private equity firm Trustar Capital for more than $2 billion. An asset sale at that size is a statement about where management thinks capital belongs, and the market is reading it as a cleanup rather than a retreat.

Marvell Technology (MRVL): +1%

Chipmakers were higher across the board to start the week, with Marvell leading alongside Arm (ARM) and other stocks in the sector all edging higher. No single company catalyst is driving it, which makes this a read on sector positioning rather than news.

Super Micro Computer (SMCI): -2%

The AI server builder is edging lower in pre-market trading with no company-specific headline attached to the move. A drift this small in a name that usually trades in much wider ranges reads as positioning rather than a change in thesis.

Shopify (SHOP): -2%

Phillip Securities cut the e-commerce platform to Accumulate from Buy, setting a $170 price target. That is a downgrade into a softer conviction band rather than a call to get out, which is roughly what a sub-2% fade is pricing.

Most portfolios are a pile of accounts, not a plan. DePaolo & May — a fee-only, fiduciary firm named a Top 25 Rising Star advisory firm by USA Today — will review your situation and tell you honestly if you're on track.

Target (TGT)

Retail traders are lining up ahead of Wednesday's Q2 report, and the setup is the draw: the stock is up roughly ~50% this year on a turnaround story, and the options market is pricing a swing of more than 7% on the print. Telsey, Truist, and Deutsche Bank all raised price targets overnight, which pushed StockTwits sentiment on the name back into bullish territory.

The tension is that Deutsche Bank made the bear case in the same breath, warning that expectations are now high enough that execution alone may not clear the bar. A stock that has run this far into a print this widely watched could cut either way on Wednesday morning.

✌️That’s it for today.