US OPEN: The market takes a shallow breath after intervention in US debt

US indices open with moderate gains. Russell and the Dow are leading, with futures up about 0.6%. Nasdaq 100 and S&P 500 futures are weaker, moving around 0.1% to 0.2%.

The limited but measurable improvement in sentiment is partly a result of an intervention in the US debt market carried out by the US Treasury Secretary. This was aimed at addressing the recent rise in bond yields, especially at longer maturities. Yields declined, which increases the attractiveness of equities, although the effects of the intervention may not be lasting.

Overall market volatility should be more limited during the final session of the week, as Nvidia’s results next week are the nearest catalyst for the next bigger move in the indices.

Company news

• Newmont Mining (NEM.US): Gold miners are rising on expectations of fiscal concerns. Gains are reaching as much as 3%.
• Strategy (MSTR.US): Rallies in Bitcoin and Ethereum are supporting sentiment toward crypto linked companies, especially “treasury” type firms. The stock is up about 8%.
• Ubiquiti (UI.US): The networking solutions provider beat investor expectations with its Q2 2026 results, posting USD 937 million in revenue versus roughly USD 870 million expected. The stock is up about 4%.
• Ross Stores (ROST.US): The US discount retailer is strengthening mainly on the back of a strong upgrade to guidance. Better than expected guidance is driven primarily by increased customer traffic and visits across the “Ross” and “DD’s Discounts” store chains.
• Broadcom (AVGO.US): The company is preparing to challenge Nvidia in the chip market. To that end, together with Apollo Asset Management it is seeking loans and or investments of around USD 60 billion. The stock is up just over 1% at the open.

Technical Analysis US100 (D1)

The chart shows the price clearly moving within a widening downward channel. The current weakness of buyers is reflected in the quick retreat from the zone above around 30,000 points and the continued move toward the 61.8% Fibonacci level. The MACD line has crossed below the signal line, which could potentially support a scenario of continued correction. In this context, however, it is worth keeping in mind the overlapping resistance zones, especially Fibonacci levels, the EMA100, and the lower boundary of the trend. This will be a very important test of sentiment, though breaking through such strong resistance may be a major challenge for sellers. Source: xStation5

Macroeconomic data

Today’s key US economic release is the PMI index for Manufacturing and Services:

• The services PMI clearly surprised, rising well above expectations to 56.8.
• The manufacturing PMI showed moderate slowing, declining to 53.2.

A likely conclusion from these data is that energy costs and logistical disruptions are still weighing on the manufacturing sector, but consumers (especially wealthier ones) are supporting the services sector much more than previously expected. Overall, this result points the Fed more toward raising or holding interest rates than toward a potential cut.