US OPEN: Semiconductors drive a rebound

Tuesday’s session is bringing a return of demand to the major markets. Gains are spreading from Asia through Europe and into the US. The main impulse is a rebound in semiconductors after a period of steep selloffs. Most US stock indices are posting gains limited to 0.5%, with the NASDAQ leading, as its futures are up clearly more than 1%.

A pessimistic twist in the narrative is the further tariffs imposed on Canada by the US. These mainly affect regional consumer products (such as wine and sports equipment) and construction materials.

A secondary, yet still sentiment-relevant headline is a potential 10-day ceasefire between the US and Iran. Despite the demonstrated fragility of any agreements and de-escalation attempts between the US and Iran, the market still treats this type of report seriously.

Company news

• General Motors (GM.US): The US automotive conglomerate reported surprisingly strong results for Q2 2026. Revenue came in at USD 48 billion versus expectations of USD 47 billion, and EPS was as high as USD 3.57 versus the expected ~USD 3.2. A particularly positive highlight is the increase in full fiscal year guidance by a few percent across key operating metrics. The share price, however, is not showing a meaningful reaction.
• Nebius (NBIS.US): One of the leaders in the “neo-cloud” sector is up about 6% at the open after Nvidia disclosed a 9.3% stake in the company.
• Eli Lilly (LLY.US): The company has been sued by Novo Nordisk. According to the published information, the Danish pharmaceutical firm accuses Eli Lilly of a range of unfair and anti-consumer practices, mainly related to marketing. So far, Eli Lilly has not commented. The stock is down about 1%.
• Northrop Grumman (NOC.US): The US defense contractor reported results. Despite record revenue and orders, a drop in operating margin from 13.8% to 10% is driving a decline of nearly 8%.
• 3M (MMM.US): The company reported Q2 2026 results that significantly exceeded market expectations. A strong rise in EPS to USD 2.24 and revenue to USD 6.5 billion was complemented by raised full-year guidance, which is lifting the stock by about 6% at the open.
• SaaS: Morgan Stanley published a series of reports and recommendations for SaaS companies. Despite positive highlights and an “attractive” view of the sector overall, the market focused almost exclusively on the negatives, and sector stocks are down by as much as 5% at the open.

Technical Analysis: US100 (D1)

Price on the chart remains within a consolidation range between 30,900 and 28,450 points. Despite defending support at the lower boundary of the consolidation channel, the short-term trend remains clearly bearish. A key level for sellers is a break out of the downtrend near ~29,750 points. Source: xStation5

Macroeconomic data

• Forty minutes after the US session closes, the API Institute will publish its report on US crude oil inventories. The market expects another weekly decline of 0.5 million barrels.