Tech Drags Nasdaq Down 1.5% as Chip Stocks Retreat; Gold Hits $4,048 Amid Soft Data
· Market News · MarketsFN Team
Nasdaq Leads Market Lower as Chip Stocks Stumble; Gold Climbs on Cooling Inflation
U.S. equities closed mixed Wednesday as tech weakness dragged the Nasdaq 100 down 1.54% while the Dow nearly flatlined (-0.03%). Gold surged to $4,048/oz (+0.63%) after Eurozone inflation cooled more than expected, fueling bets on global rate cuts.
🇺🇸 US Session Overview
The S&P 500 dipped 0.22% to 7,483.23 as chip stocks retreated following headlines about "record rallies" in Q2 giving way to a "dud" start to Q3. The Nasdaq 100's underperformance (-1.54%) reflected this sector rotation, while the Dow showed resilience with just a 0.03% decline to 52,305.24. Small caps mirrored the broader market, with the Russell 2000 slipping 0.39%.
📅 Economic Calendar Highlights
European inflation data set the tone, with Eurozone CPI cooling to 2.8% YoY (vs. 3.0% forecast), while core inflation dipped to 2.4%. U.S. data disappointed as ADP employment came in at 98K (vs. 118K expected) and ISM Manufacturing Prices plunged to 73.0 from 82.1. The Atlanta Fed GDPNow estimate was slashed to 1.2% for Q2.
📋 Earnings Spotlight
Consumer staple General Mills (GIS) reported pre-market alongside financial data provider FactSet (FDS), though neither moved markets significantly. After-hours reports included industrial names like Greenbrier (GBX) and Bassett Furniture (BSET).
💱 FX & Commodities
The dollar showed mixed performance, gaining 0.4% against the yen to 162.58 but slipping 0.36% versus the euro. Gold rallied to $4,048.20 as soft data boosted safe havens, while oil tumbled over 2% with WTI at $67.97 despite a larger-than-expected 3.775M barrel inventory draw. Cryptos outperformed, with Bitcoin up 2.15% to $59,818.60.
Markets now look to Thursday's U.S. jobless claims and factory orders data, with traders weighing whether soft economic indicators will force the Fed's hand. Asian markets open with Australia's trade balance and Japan's Tankan survey on deck.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,483.23 | ▼ -16.13 | ▼ -0.22% |
| Nasdaq 100 | 29,809.13 | ▼ -467.22 | ▼ -1.54% |
| Dow Jones | 52,305.24 | ▼ -13.96 | ▼ -0.03% |
| Russell 2000 | 3,012.59 | ▼ -11.78 | ▼ -0.39% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.138 | ▼ -0.36% |
| GBP/USD | 1.3279 | ▲ +0.19% |
| USD/JPY | 162.58 | ▲ +0.40% |
| AUD/USD | 0.6894 | ▲ +0.16% |
| USD/CHF | 0.8094 | ▲ +0.23% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,048.20 | ▲ +0.63% |
| Silver (XAG/USD) | 59.67 | ▲ +0.33% |
| Crude Oil (WTI) | 67.97 | ▼ -2.20% |
| Brent Oil | 71.12 | ▼ -2.47% |
| Natural Gas | 3.20 | ▼ -2.29% |
| Bitcoin | 59,818.60 | ▲ +2.15% |
| Ethereum | 1,609.93 | ▲ +2.57% |
📋 Today's Earnings
| Ticker | Company | Timing | Market Cap |
|---|---|---|---|
| FDS | Factset Research Systems Inc | BMO | 8950000000.0 |
| GIS | General Mills Inc | BMO | 20160000000.0 |
| GNS | Genius Group Ltd | BMO | 34810000.0 |
| MSM | MSC Industrial Direct Co Inc | BMO | 6890000000.0 |
| MWC | Micware Co Ltd ADR | BMO | 222230000.0 |
| UNF | Unifirst Corp | BMO | 4630000000.0 |
| BSET | Bassett Furniture Industries Inc | AMC | 162480000.0 |
| CULP | Culp Inc | AMC | 39120000.0 |
| FC | Franklin Covey Co | AMC | 281700000.0 |
| GBX | Greenbrier Cos. Inc | AMC | 1480000000.0 |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 09:00 | EUR | CPI (YoY) (Jun) | 🔴🔴🔴 | 2.8% | 3.0% | 3.2% |
| 12:15 | USD | ADP Nonfarm Employment Change (Jun) | 🔴🔴🔴 | 98K | 118K | 122K |
| 13:45 | USD | S&P Global Manufacturing PMI (Jun) | 🔴🔴🔴 | 53.9 | 55.7 | 55.1 |
| 14:00 | USD | ISM Manufacturing PMI (Jun) | 🔴🔴🔴 | 53.3 | 53.8 | 54.0 |
| 14:00 | USD | ISM Manufacturing Prices (Jun) | 🔴🔴🔴 | 73.0 | 77.7 | 82.1 |
| 14:30 | USD | Crude Oil Inventories | 🔴🔴🔴 | -3.775M | -2.900M | -6.088M |
| 01:30 | AUD | Building Approvals (MoM) (May) | 🟡🟡 | -1.1% | 0.5% | -0.2% |
| 01:45 | CNY | RatingDog Manufacturing PMI (MoM) (Jun) | 🟡🟡 | 51.7 | 51.9 | 51.8 |
| 06:00 | GBP | Nationwide HPI (MoM) (Jun) | 🟡🟡 | 0.0% | 0.1% | -0.6% |
| 06:00 | GBP | Nationwide HPI (YoY) (Jun) | 🟡🟡 | 2.2% | 2.4% | 1.7% |
| 07:15 | EUR | HCOB Spain Manufacturing PMI (Jun) | 🟡🟡 | 49.7 | 51.0 | 51.2 |
| 07:30 | CHF | procure.ch Manufacturing PMI (Jun) | 🟡🟡 | 54.3 | 56.4 | 57.3 |
| 07:45 | EUR | HCOB Italy Manufacturing PMI (Jun) | 🟡🟡 | 52.2 | 52.4 | 52.9 |
| 07:50 | EUR | HCOB France Manufacturing PMI (Jun) | 🟡🟡 | 51.2 | 50.7 | 49.7 |
| 07:55 | EUR | HCOB Germany Manufacturing PMI (Jun) | 🟡🟡 | 50.3 | 50.0 | 50.1 |
| 08:00 | EUR | HCOB Eurozone Manufacturing PMI (Jun) | 🟡🟡 | 51.4 | 51.3 | 51.6 |
| 08:30 | GBP | S&P Global Manufacturing PMI (Jun) | 🟡🟡 | 52.5 | 53.1 | 53.9 |
| 09:00 | EUR | Core CPI (YoY) (Jun) | 🟡🟡 | 2.4% | 2.5% | 2.6% |
| 09:00 | EUR | CPI (MoM) (Jun) | 🟡🟡 | -0.1% | 0.1% | |
| 14:00 | USD | Construction Spending (MoM) (May) | 🟡🟡 | 0.1% | 0.1% | 0.3% |
| 14:00 | USD | ISM Manufacturing Employment (Jun) | 🟡🟡 | 49.7 | 48.6 | |
| 14:30 | USD | Cushing Crude Oil Inventories | 🟡🟡 | 0.709M | -1.077M | |
| 16:00 | RUB | GDP Monthly (YoY) (May) | 🟡🟡 | 0.3% | 1.3% | |
| 16:00 | RUB | Retail Sales (YoY) (May) | 🟡🟡 | 7.8% | 6.5% | |
| 16:00 | RUB | Unemployment Rate (May) | 🟡🟡 | 2.1% | 2.2% | |
| 16:30 | USD | Atlanta Fed GDPNow (Q2) | 🟡🟡 | 1.2% | 2.5% | 2.5% |
| 19:15 | USD | U.S. President Trump Speaks | 🔴🔴🔴 | — | ||
| 10:15 | EUR | ECB's Lane Speaks | 🟡🟡 | — | ||
| 11:45 | USD | FOMC Member Daly Speaks | 🟡🟡 | — | ||
| 13:00 | GBP | BoE Gov Bailey Speaks | 🟡🟡 | — | ||
| 13:00 | USD | Fed Governor Warsh Speaks | 🟡🟡 | — | ||
| 13:00 | CAD | BoC Gov Macklem Speaks | 🟡🟡 | — | ||
| 13:00 | EUR | ECB President Lagarde Speaks | 🟡🟡 | — | ||
| 14:30 | EUR | ECB President Lagarde Speaks | 🟡🟡 | — |
Report published: July 01, 2026 — 22:20 CET
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