U.S. stock markets are seeking direction as Wall Street tries to stabilize from yesterday’s tech rout, which erased nearly $800 billion in market value from the Magnificent Seven.
A slight cool-off in commodity volatility is providing temporary support. Brent crude has retreated from yesterday's peak above $101, trading down to $97.75. West Texas Intermediate (WTI) is trading near $90.00, easing short-term inflation fears and helping stabilize Treasury yields.
⚡ Key Corporate Catalysts
- Intel (INTC): Gaining 3.6% after reporting better-than-expected Q2 results and issuing a bullish Q3 outlook.
- Oracle (ORCL): Up 3.0% following yesterday’s announcement of an expansive, $7 billion 10-year defense software contract with the Pentagon.
- Big Tech Baggage: Mega cap semiconductor names like Micron and SanDisk continue to drift lower as the market recalibrates after Alphabet and Tesla's heavy capital spending updates.
📅 Economic Agenda
- New Home Sales: The June print bounced 1.6% month-over-month to 628,000, beating expectations.
- Global Headwinds: Traders are closely monitoring the macroeconomic fallout of newly implemented double-digit global tariffs paired with the tenth consecutive day of U.S.-Iran military escalation.
Strive Inc. (NASDAQ: ASST) has turned sharply negative following the opening bell, erasing its slight pre-market gains to trade down 4.99% at $11.48.
The stock is under heavy pressure alongside broader crypto equities due to its significant corporate exposure to Bitcoin, coupled with an overall tech-led market pullback.
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