Wall Street opened the third quarter with a pullback — but it looked more like healthy profit-taking than trouble. Here's everything from Wednesday.

The story of the day was rotation. Chip stocks like Micron and Sandisk fell ~10% — but not on bad news. After a historic run (many names up 80-100%+ in six months), investors simply booked profits. And the telling part is where that money went: into banks and telecom (Financials and Communication Services), not out of the market. Analysts call that healthy — a sign the rally is broadening, not breaking.

The day's big winner was Meta, up ~9% on a report it's building a business to sell its extra AI computing power — the same model behind Amazon's AWS and Microsoft's Azure. It finally answers how Meta earns a return on the hundreds of billions it's spending on AI. The flip side: "neocloud" rivals CoreWeave and Nebius tumbled 14-17%.

Where things closed: Dow 52,305.24 (-0.03%) S&P 500 7,483.23 (-0.22%) Nasdaq 26,040.03 (-0.66%) Russell 2000 3,012.59 (-0.39%)

A few more: Michael Burry ("The Big Short") revealed his first-ever short bet against Caterpillar (-7%), citing a 30-year-high valuation. AOL's owner, Bending Spoons, popped ~40% on its Nasdaq debut. And a soft private-payrolls report set the stage for this morning's official jobs number.

All eyes on the June jobs report (a day early, before the July 4 close). Save this for later, and subscribe for a plain-English market update every morning.

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