Daily Market Report – July 2, 2026

Markets The nervousness of the past days continues to focus on the technology sector. While the Nasdaq 100 (NDX) is once again under pressure, the S&P 500 (TV:TVC:SPX) and the Euro Stoxx (TV:INDEX:STOXX50E) are holding up significantly better. For more than a year, nearly every positive news from the field of artificial intelligence has been met with rising valuations. In the meantime, the focus seems to be shifting. It is no longer solely the amount of investments in data centers and accelerator chips that matters, but their future returns. The yield of the ten-year US Treasury bond (US10Y) is moving only slightly, as is the US dollar index (DXY). The euro (EURUSD) is gaining slightly. At the same time, the decline in oil prices continues. Brent (UKOIL) is trading just above 70 dollars per barrel, after progress in talks between Washington and Tehran reduced the geopolitical risk premium. This is rather relieving for the inflation outlook in the short term. Companies Corporate news continues to be dominated by the AI value chain. At the center is NVIDIA (NVDA), whose valuation is now considered a benchmark for the entire AI infrastructure complex. However, the selling pressure is not limited to the market leader. Broadcom (AVGO), Advanced Micro Devices (AMD), as well as memory manufacturers Samsung Electronics (005930) and SK Hynix (000660) are also experiencing significant price losses. However, there is currently no solid evidence of a weakening demand for GPUs, high-performance memory, or networking technology. Aside from the technology sector, individual companies are showing that operational improvements continue to be rewarded. The French caterer Sodexo raised its revenue forecast after a better than expected quarter and was among the strongest performers in European trading. Bayer benefited from positive developments related to the Roundup lawsuits. Both examples underscore that the market is currently distinguishing very clearly between company-specific fundamentals and sectoral valuation issues. Macroeconomics Today, the focus is almost exclusively on the American labor market. An increase in employment of around 110,000 jobs outside of agriculture is expected after 172,000 in the previous month; the unemployment rate is likely to remain at 4.3 percent. For the Federal Reserve, the absolute number of new jobs will be less decisive than the combination of employment development, wage growth, and unemployment rate. This will determine whether the expectations for the further interest rate path remain valid or need to be adjusted again. The market reaction is likely to extend well beyond the bond market. Surprisingly strong data would favor higher bond yields and a stronger dollar, thereby particularly burdening highly valued growth companies. Weaker data, on the other hand, could strengthen hopes for an earlier monetary easing and stabilize the technology sector, which has recently come under pressure. At the time of creating this report, the official labor market data was not yet available. Today's price development should therefore be understood primarily as positioning ahead of one of the most important macroeconomic events of the month. A fundamental reassessment of the economic outlook cannot be derived from this so far.