The turn of the month isn’t working out too well for US stocks, with tech shares coming back under some pressure yesterday again.
It was a poor showing in June for big tech, with the Magnificent Seven posting its worst collective month on record
Hyperscalers are being punished as investors are in the show me the money phase in demanding results to back the tens of billions on AI capital expenditures. So, is that theme going to continue into July? For now, the market mood is certainly fairly nervous.
S&P 500 futures are down 0.1% with Nasdaq futures down 0.4% on the day. Dow futures are at least holding up, seen higher by 0.2% currently. But in closing out the week, all eyes will be on the US jobs report to come later.