The recent performance of the US stock market is quite interesting. Tech giants are mostly falling, with Intel down over 3%, Nvidia dropping more than 2%, and Microsoft and Apple also declining. However, Google, Amazon, and Tesla are all rising against the trend, each up over 1%.

The chip and storage sectors are hit particularly hard. SanDisk plunged over 5%, Seagate Technology fell more than 7%, Western Digital also dropped over 6%, and Micron Technology declined over 3%. It seems this sector is indeed undergoing adjustment.

Conversely, the defense sector is gaining momentum. Lockheed Martin rose over 4%, Northrop Grumman increased over 2%, and these two even surged over 9% intraday before closing with a narrower gain. The underlying logic is the expansion of the US Department of Defense budget— the new annual military spending plan increased from $1 trillion to $1.5 trillion.

The energy sector is the real winner. ConocoPhillips rose over 5%, ExxonMobil gained more than 3%, and Chevron increased over 2%. The S&P 500 Energy Index closed up 3.2%, marking the largest single-day gain since April 2025. International oil prices also surged, with NYMEX WTI crude and ICE Brent crude both up 4%, at $58.4 per barrel and $62.79 per barrel respectively. This wave of energy price recovery is quite evident in its impact on commodities and market sentiment.