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Wall Street opened in deep red on Friday as a global semiconductor selloff intensified on concerns over elevated AI spending and stretched valuations. Technology stocks remained under pressure as semiconductor shares across global markets traded lower. Meanwhile, tensions in the Middle East remained elevated as concerns over a fresh crude oil supply crunch persisted.

The economic calendar is relatively lighter next week with earnings in full swing. The only major data scheduled are initial jobless claims on Thursday and S&P Global PMI data for July on Friday.

Alphabet (GOOG) (GOOGL), Tesla (TSLA), and Intel (INTC) are among the major firms reporting their results next week. _______________________________________________________________

Earnings spotlight: Monday: Domino’s Pizza (DPZ), AMC Entertainment (AMC). See the full earnings calendar.

Earnings spotlight: Tuesday: Novartis (NVSEF), 3M (MMM), Halliburton (HAL). See the full earnings calendar.

Earnings spotlight: Wednesday: Alphabet, Tesla, Philip Morris (PM). See the full earnings calendar.

Earnings spotlight: Thursday: Intel. See the full earnings calendar.

Earnings spotlight: Friday: American Express (AXP). See the full earnings calendar.

Volatility watch: Sandisk (SNDK) and Western Digital (WDC) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index include Crinetics Pharma (CRNX), AstroNova (ALOT), and CareDx (CDNA). The most oversold stocks per their 14-day Relative Strength Index include Standard Lithium (SLI) and Rithm Property Trust (RPT).

Dividend watch: Companies that have an ex-dividend date coming next week include Caterpillar (CAT), Colgate-Palmolive (CL), Dell Technologies (DELL), and Pfizer (PFE).

IPO watch: No IPOs are expected to price and

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This article was written by

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Kevin Durant’s standing with the Houston Rockets continues to generate speculation across the NBA this offseason, with fresh reporting suggesting the two-time champion could once again find himself at the center of trade rumors just one year after Houston acquired him in a blockbuster deal with the Phoenix Suns.

Durant, who turns 38 in September, joined the Rockets last summer with expectations that he would help push Houston into championship contention. Instead, the team’s first season with Durant ended in disappointment, with the Rockets eliminated by the Los Angeles Lakers in six games during the first round of the 2026 playoffs. Durant appeared in just one game of that series, while Houston’s Luka Doncic missed the entire matchup and Austin Reaves was sidelined for most of it because of injury. Even shorthanded, LeBron James helped Los Angeles build a 3-0 series lead before Houston managed to extend the matchup to six games.

According to ClutchPoints NBA insider Brett Siegel, the Rockets never viewed the Durant acquisition as a guaranteed long-term commitment, despite the scale of the trade that brought him to Houston. Siegel reported that many around the league remain skeptical the Rockets will keep Durant through the remainder of his current contract, which runs through the 2027-28 season. Houston, according to Siegel’s reporting, viewed the move primarily as a way to upgrade from Jalen Green and bridge gaps in the roster as the team pushed to contend in a crowded Western Conference, rather than as a foundational piece for a multi-year rebuild.

Adding to the uncertainty surrounding Houston’s roster this offseason, veteran forward Josh Okogie is departing the Rockets in free agency to sign with the Utah Jazz, according to ESPN’s Shams Charania. While Okogie’s departure is unrelated directly to Durant’s situation, it adds to a broader sense of roster turnover surrounding the team as it enters the 2026-27 season.

Much of the speculation around Durant’s future has centered on the Detroit Pistons, driven in part by reporting that Durant has expressed a desire to play alongside Pistons guard Cade Cunningham. Siegel has reported that Durant has spoken highly of Cunningham dating back to the guard’s early years in the league, having publicly called him a “special talent” on multiple occasions. Separate reporting has indicated Durant may be willing to leave Houston specifically to team up with Cunningham, who recently signed a max rookie extension reportedly worth $269 million and has emerged as Detroit’s franchise cornerstone. A photo Durant posted on social media earlier this month showing himself wearing a Detroit-branded hat further fueled speculation about his interest in the Pistons, even as such gestures remain open to interpretation.

Beyond Detroit, several other franchises have been mentioned in connection with Durant’s name throughout the summer. The Minnesota Timberwolves have been consistently linked to Durant, with the team already having made one major offseason move by acquiring guard LaMelo Ball from the Charlotte Hornets. A hypothetical trio of Anthony Edwards, Ball and Durant has been floated by analysts as a potentially unguardable combination, though any deal sending Durant to Minnesota would likely need to include center Rudy Gobert, the four-time NBA Defensive Player of the Year, given the assets Houston would presumably seek in return.

The Boston Celtics have also emerged in trade speculation following the team’s own significant roster shakeup this offseason, which saw Boston trade Jaylen Brown to the Philadelphia 76ers in exchange for Paul George and multiple draft picks. Sports Illustrated’s Chris Mannix suggested Celtics president Brad Stevens could look to use those newly acquired picks as trade capital to pursue a star player such as Durant, writing that Boston’s picks carry real value even amid uncertainty about how they will ultimately be used. “The Celtics can spin that the pair of first rounders they picked up have value. And they do,” Mannix wrote. “The 2028 one will likely end up as the Clippers’, who are beginning a rebuild with an Aspiration-sized anvil over their head.”

The Washington Wizards have also been mentioned as a potential landing spot, with reporting indicating the franchise held interest in trading for Durant as far back as April, though no formal talks have been confirmed. Meanwhile, the Miami Heat’s chances of landing Durant have been characterized by some reporting as unlikely, with one recent Sporting News piece describing the Heat’s odds as “as bad as you’d imagine.”

Not everyone in league circles believes a trade is imminent. Some analysts have noted that Rockets general manager Rafael Stone has given no public indication the team is actively shopping Durant, and Durant himself has previously said he hoped to finish his career in Houston following last summer’s trade from Phoenix. That stated preference adds a layer of uncertainty to how seriously any of the reported interest from other teams might translate into an actual move before the start of the 2026-27 season.

Durant’s history with trade requests also looms over the current speculation. Over the course of his career, Durant has requested trades on multiple occasions, most notably during his final seasons with both the Brooklyn Nets and the Phoenix Suns, each of which ultimately resulted in him being moved to a new team. That pattern has left some around the league watching closely for any sign that his relationship with the Rockets could follow a similar trajectory, particularly given the disappointment of Houston’s first-round playoff exit and the reported skepticism among rival executives about whether the partnership will last through the length of his current contract.

For now, no formal trade request has been reported, and the Rockets have not confirmed any active effort to move Durant on the open market. But with reporting linking him to Detroit, Minnesota, Boston and Washington, and with questions persisting about how committed Houston is to building around him long-term, Durant’s situation appears likely to remain one of the NBA’s most closely watched storylines as training camps approach later this year.