US OPEN: Deeper sell-off and a SaaS rebound

For the time being, the market remains trapped in a web of conflicting price signals, risks, and uncertainty. The conflict in the Middle East is currently in a de-escalation phase, technology companies are keeping the market on edge ahead of earnings, and many investors are asking how closely the new Fed Chair will follow long-established patterns, despite openly rejecting them.

At the Wall Street open, US500 futures are down about 0.3%. US100 is doing worse, sliding by about 1.5%. US30 is performing better, up about 0.5%.

Within the NASDAQ100 technology index, SaaS companies stand out with strong gains, led by Shopify and Workday. Semiconductor and memory stocks remain under pressure.

Company news:

• Applied Digital (APLD.US): The digital infrastructure provider, focused mainly on cryptocurrencies, reported results well above market expectations, turning an EPS loss of $0.04 into a profit of $0.19. Revenue came in at $258 million, more than twice the consensus estimate. The stock is up more than 5%.
• Amkor Technology (AMKR.US): The semiconductor manufacturer is down more than 10% following its earnings call and a sales outlook below market expectations.
• Carrier Global (CARR.US): The HVAC solutions provider is down more than 4% after disappointing Q2 2026 results.
• Coca-Cola (KO.US): The food and beverage conglomerate released Q2 2026 results. The company delivered EPS above expectations ($0.97 vs. $0.93), and management raised its full-year organic growth forecast to 5%. The shares are up around 3%.
• S&P Global (SPGI.US): The analytics and consulting company is down more than 5% after Q2 2026 results clearly disappointed investors on profitability ($4.83 vs. $5.02).

Technical analysis of US100 (D1)

The market has broken below the resistance defined by the EMA100 moving average, approaching the 161.8% Fibonacci extension of the May upswing. RSI (14) has reached its lowest level since March 2025, below 35. Source: xStation5

Macroeconomic data:

• Half an hour after the market opens, the Conference Board Consumer Confidence reading will be released. The market consensus expects an increase to 92.1.
• Shortly after U.S. trading ends, the API crude oil inventories report will be published. The market is currently pricing in a decline of about 1.35 million barrels, versus a previous increase of 2.6 million barrels.