10 Hot Stocks to Watch — Wednesday, July 29, 2026

SLB rallied sharply today as Wall Street's consensus shifted toward an extended oilfield services upcycle anchored by deepwater expansion and digital demand. Management flagged gradual Middle East recovery and rising margins ahead, easing near-term geopolitical concerns that had weighed on the stock through Q2. Options markets show mixed conviction: heavy put volume at $54 and $48 suggests traders hedging gains, while $70 calls expiring August 2026 signal bets on sustained momentum into next year. Watch $55 resistance for confirmation of a breakout beyond the 52-week range.

Micron Technology plummeted 8.85% today following SK Hynix's disappointing Q2 earnings miss, reigniting fears that semiconductor demand is cooling despite AI tailwinds. The rout mirrors a broader retreat from chip stocks, though options traders are positioning aggressively bullish: call volume swamped puts at a 1.88 ratio, with heavy positioning in $900 calls expiring July 2026—suggesting conviction that MU reclaims strength beyond current levels. Watch the $800 support; a breach signals deeper structural weakness in memory pricing.

Advanced Micro Devices dropped 8.15% today, extending pressure on semiconductor stocks as peers face execution concerns and geopolitical headwinds. Put volume surged with 13,548 contracts trading at the $450 strike (July expiry), signaling defensive hedging despite the stock's 23x revenue multiple and $6.7B free cash flow advantage over rivals. Options traders are pricing volatility through late July; watch $450 as near-term support before next week's potential Fed signals.

Arm Holdings plummeted 8.1% Tuesday as semiconductor stocks sold off amid investor rotation toward NVIDIA ahead of earnings season's busiest week. The selloff defies analyst calls of 40% upside, with the stock down 28% in a month despite a robust AI data center pipeline. Options markets are flashing distress: a 0.24 call-put ratio and heavy put buying at $230–$227.50 (expiring July 31) signal traders are hedging ahead of Wednesday's earnings, the critical catalyst that could trigger a sharp reversal or extend losses.

Palantir Technologies dropped 6.08% to $123.53 ahead of Q2 earnings, extending a retreat from its 52-week high of $207.52 as Wall Street grows cautious. The options market shows genuine uncertainty: call volume ($125 and $130 strikes through July 2026) is elevated but matched by significant put interest at $118–$120, suggesting traders are hedging downside risk while maintaining some upside exposure. Watch the $120 support level as a critical pivot; a miss on earnings could test it quickly given the stock's 1.56 beta.

Caterpillar shares sold off sharply today, erasing recent gains despite a Zacks Rank upgrade to Buy ahead of next week's earnings release. The stock's AI-driven power narrative—benefiting from hyperscaler demand—faces investor scrutiny similar to Ford's post-rally reality check two months ago. Options markets show mixed conviction: heavy put flow near $600–$605 strikes (1,695 contracts) suggests downside hedging, while far-dated calls at $1,060–$1,560 remain speculative. Watch next Tuesday's earnings for validation of whether CAT's premium valuation holds.

Adobe climbed 4.81% to $249.18 as software-sector jitters from last week's IBM-driven selloff eased, restoring investor appetite for cloud and martech plays. Options traders are heavily positioned for continued upside, with call-to-put ratio at 2.55 and 5,695 calls traded across the $245–$260 strike band ahead of Friday's expiry. The sub-10x FY26 multiple on double-digit growth offers valuation cushion relative to Salesforce and Shopify, though analysts remain cautious on execution risk.

ServiceNow surged 4.79% to $110.62 on Tuesday as AI tailwinds continue to fuel enterprise software strength, outpacing peer Salesforce on organic growth and booking acceleration. Options flow confirms conviction: call-to-put ratio of 2.62 reveals heavy buying in $115 calls expiring late July and August, with 18,443 contracts in the $115 strike alone. Watch the $115 level as near-term resistance; breach would target the upper band of NOW's recent range.

Rocket Lab tumbled 4.48% to $63.94 despite the Trump administration's proposed FAA environmental review waivers—a structural win for commercial space operators. The stock has cratered 58% from its May peak, following SpaceX and AST SpaceMobile lower even as bullish regulatory shifts emerge. Options traders are betting on recovery, with a 3.75 call-to-put ratio and heavy positioning in $70 calls expiring July 2026, suggesting conviction in a snapback toward $67–$70 support levels.

Regeneron surged 4.2% to $695.18 ahead of Q2 results expected to showcase strength in Dupixent and Eylea HD, though Eylea biosimilar competition remains a cloud. The options market is flashing caution: heavy put buying across the $595–$680 strike zone through August signals institutional hedging, with a bearish 0.15 call-to-put ratio. Watch the $680 level (Aug 14 expiry) as a near-term support threshold; a breakdown could validate the protective positioning ahead of earnings.