Tech Slump Drags Nasdaq Down 1.8% as Oil Surges 5% on Iran Supply Fears
· Market News · MarketsFN Team
Tech Rout Overshadows Oil Rally as Markets Digest Trade Data, Fed Signals
U.S. equities retreated Tuesday as tech stocks led a broad market decline, with the Nasdaq 100 plunging 1.77% while crude oil surged over 5% after the U.S. revoked Iran's oil export authorization. The dollar strengthened as Treasury yields rose following a mixed 3-year note auction.
🇺🇸 US Session Overview
Tech stocks bore the brunt of Tuesday's selloff, with the Nasdaq 100 (29,173.02) underperforming major indices with a 1.77% drop. The S&P 500 fell 0.45% to 7,503.85, while the Dow Jones showed relative resilience with a 0.25% decline to 52,925.15. Small caps mirrored the broader weakness as the Russell 2000 slid 0.90% to 2,982.49. Sector rotation favored energy stocks following the oil price surge, while semiconductors and AI-related names lagged despite Meta's announcement of a new AI image model. Rivian's 18% plunge after its share offering weighed on EV sentiment, while traders positioned for Nvidia's potential rebound after recent sector weakness.📅 Economic Calendar Highlights
The U.S. trade deficit widened sharply to -$77.6B in May versus April's -$54.6B, though beating forecasts of -$78.3B. The Atlanta Fed's GDPNow estimate for Q2 held steady at 1.4%, while NY Fed inflation expectations ticked up to 3.7% from 3.5%. Germany's industrial production surprised to the upside at 0.9% MoM (0.1% expected), while Canada posted a stronger-than-expected trade surplus of CAD 4.24B (2.8B forecast). The 3-year note auction saw slightly weaker demand with a yield of 4.179% versus previous 4.192%.📋 Earnings Spotlight
After-hours earnings featured niche players including Enerpac Tool Group and Kura Sushi USA, though none of today's reporters carried significant market-moving potential. Investors await Thursday's bank earnings kickoff with JPMorgan and Citigroup.💱 FX & Commodities
The dollar index gained ground as USD/JPY rose 0.40% to 162.1 and USD/CHF advanced 0.57%. Crude exploded higher with WTI jumping 5.18% to $72.10 and Brent up 5.26% to $75.78 after the U.S. revoked Iran's oil export authorization. Precious metals retreated with gold down 0.72% ($4,125.20) and silver plunging 1.92% ($60.73).Asian markets open Wednesday with focus on China's inflation data and reaction to the oil supply shock. The U.S. session will watch for FOMC minutes and weekly jobless claims, while geopolitical tensions and tech sector flows remain key drivers.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,503.85 | ▼ -33.58 | ▼ -0.45% |
| Nasdaq 100 | 29,173.02 | ▼ -524.85 | ▼ -1.77% |
| Dow Jones | 52,925.15 | ▼ -130.76 | ▼ -0.25% |
| Russell 2000 | 2,982.49 | ▼ -27.05 | ▼ -0.90% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1417 | ▼ -0.18% |
| GBP/USD | 1.3359 | ▲ +0.04% |
| USD/JPY | 162.1 | ▲ +0.40% |
| AUD/USD | 0.6932 | ▼ -0.07% |
| USD/CHF | 0.8084 | ▲ +0.57% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,125.20 | ▼ -0.72% |
| Silver (XAG/USD) | 60.73 | ▼ -1.92% |
| Crude Oil (WTI) | 72.10 | ▲ +5.18% |
| Brent Oil | 75.78 | ▲ +5.26% |
| Natural Gas | 3.27 | ▲ +0.62% |
| Bitcoin | 63,688.79 | ▼ -0.48% |
| Ethereum | 1,785.62 | ▼ -0.66% |
📋 Today's Earnings
| Ticker | Company | Timing | Market Cap |
|---|---|---|---|
| EPAC | Enerpac Tool Group Corp | AMC | 1770000000.0 |
| KRUS | Kura Sushi USA Inc | AMC | 642620000.0 |
| PENG | Penguin Solutions Inc | AMC | 3180000000.0 |
| SAR | Saratoga Investment Corp | AMC | 340490000.0 |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 06:00 | GBP | Lloyds House Price Index (MoM) (Jun) | 🟡🟡 | 0.2% | 0.1% | -0.2% |
| 06:00 | GBP | Lloyds House Price Index (YoY) (Jun) | 🟡🟡 | 0.6% | 0.5% | |
| 06:00 | EUR | German Industrial Production (MoM) (May) | 🟡🟡 | 0.9% | 0.1% | 0.2% |
| 08:30 | GBP | Mortgage Rate (GBP) (Jun) | 🟡🟡 | 6.60% | 6.60% | |
| 12:14 | USD | ADP Employment Change Weekly | 🟡🟡 | 24.30K | 30.80K | |
| 12:15 | USD | ADP Employment Change Weekly | 🟡🟡 | 21.00K | 24.30K | |
| 12:30 | USD | Exports (May) | 🟡🟡 | 317.70B | 328.20B | |
| 12:30 | USD | Imports (May) | 🟡🟡 | 395.30B | 382.80B | |
| 12:30 | USD | Trade Balance (May) | 🟡🟡 | -77.60B | -78.30B | -54.60B |
| 12:30 | CAD | Trade Balance (May) | 🟡🟡 | 4.24B | 2.80B | 3.41B |
| 14:00 | CAD | Ivey PMI (Jun) | 🟡🟡 | 56.2 | 59.1 | 58.2 |
| 15:00 | USD | NY Fed 1-Year Consumer Inflation Expectations (Jun) | 🟡🟡 | 3.7% | 3.5% | |
| 15:30 | USD | Atlanta Fed GDPNow (Q2) | 🟡🟡 | 1.4% | ||
| 17:00 | USD | 3-Year Note Auction | 🟡🟡 | 4.179% | 4.192% | |
| 09:30 | GBP | BoE Financial Stability Report | 🟡🟡 | — | ||
| 09:30 | GBP | BoE MPC Meeting Minutes | 🟡🟡 | — | ||
| 10:30 | GBP | BoE Gov Bailey Speaks | 🟡🟡 | — | ||
| 11:00 | USD | FOMC Member Bowman Speaks | 🟡🟡 | — | ||
| 16:00 | USD | EIA Short-Term Energy Outlook | 🟡🟡 | — | ||
| 16:15 | GBP | BoE MPC Member Mann Speaks | 🟡🟡 | — | ||
| 20:30 | USD | API Weekly Crude Oil Stock | 🟡🟡 | — | -1.500M | -6.072M |
| 23:50 | JPY | Adjusted Current Account (May) | 🟡🟡 | — | 3.19T | 421.11T |
| 23:50 | JPY | Current Account n.s.a. (May) | 🟡🟡 | — | 4.121T | 3.908T |
Report published: July 07, 2026 — 22:21 CET
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