US OPEN: The market extends losses as investor concerns grow

The US stock market opens the final session of the week with further declines. The largest drops are seen in US100 futures, reflecting weakening sentiment toward the technology sector. Losses are around 1.5%. The NASDAQ 100 is now roughly 7% off its peak.

Concerns about the health of tech companies, the AI rally, and semiconductors are increasingly being joined by the escalating conflict in the Strait of Hormuz. Iran responded to the renewed bombardments in Iran with attacks on US military facilities in the Persian Gulf region.

Inflation fears are also not easing due to news from Russia. Concerns about harvests and exports of wheat and oil are becoming more serious. Increasingly effective Ukrainian strikes are disrupting the oil industry and shipping in the Sea of Azov.

Negative sentiment is also being reinforced by Netflix’s latest results. The streaming leader disappointed both on results and guidance, and concerns about the company’s condition are spilling over to the rest of the sector.

Company news

• Netflix (NFLX.US): Q2 2026 results showed EPS just within the market’s expected range, coming in at $0.80. Revenue rose to $12.56 billion, below Wall Street expectations of $12.58 to $13.0 billion. However, guidance weighed most heavily on the stock. Management guided Q3 EPS at $0.82, also below forecasts. The stock is down more than 10%.
• Intuitive Surgical (ISRG.US): The maker of da Vinci surgical robots fell about 10% after Q2 results. Despite earnings beating expectations, the company did not raise its full fiscal year guidance.
• SpaceX (SPXC.US): The planned “Starship” test flight was called off just before launch on Thursday due to a failure in one of the rocket’s engines. The stock fell 4% and is now trading below its IPO price.
• Semiconductor and memory stocks remain in a downtrend. Intel, Marvell, and AMD are down around 4% at the open. Nvidia, Micron, and Broadcom are down more than 2%.
• Nebius (NBIS.US): The “Neo Cloud” company issued $775 million in secured bonds. According to management reports, demand for the debt instruments significantly exceeded supply. The stock is down 14%.

Technical analysis of US100 (D1)

Sellers have recently taken control on the chart, pushing prices below resistance at the 38.2% and 50% Fibonacci retracement levels. The next target for sellers is a break below 28,445, from where they could extend the correction toward 27,000 points. Supporting buyers is a double resistance zone based on the EMA100 and the 61.8% Fibonacci retracement. RSI is lower (40) but not yet in oversold territory. However, the MACD average still works against buyers. Source: xStation5

Macroeconomic data

• Building permits showed a larger than expected decline. In June, 1.36 million permits were issued versus expectations of 1.4 million.
• US export prices fell 0.6% (more than expected), while import prices rose 0.3% (well above expectations).
• Industrial production rose 0.1% in June versus expectations of 0.2%.
• Overall, the macro releases paint a negative picture of the US economy, which still seems to be masked by nominally strong GDP growth and falling inflation.
• Half an hour after the session opens, University of Michigan data will be released. The market expects a slight improvement in consumer sentiment and a decline in inflation expectations.