Markets limit the pullback while awaiting the Fed

USA

• Despite moderately positive geopolitical developments, the market focused on continued selloffs in memory and semiconductor stocks. SaaS companies are benefiting from weakness in the AI segment and are posting strong gains. US500 and US30 futures are rising moderately, US2000 is hovering near the open, and US100 is down about 0.7%. The tech index is now roughly 10% off its peak.
• Among analysts and public, there are increasing questions about the potential course of action and messaging from the new Fed Chair at tomorrow’s press conference. Moving away from a “forward guidance” policy significantly increases uncertainty and adds further pressure on fragile sentiment.

Company news, US

• Palantir (PLTR.US): The French government declares its intention to withdraw the company’s products from the DGSI agency. At the same time, a number of research firms publish mixed reports on the company, with a predominance of negative views. The stock is down about 5%.
• Boeing (BA.US): Despite a notable disappointment on profitability, higher delivery volumes, revenue growth, and an improved cash position reassure investors. The stock rises 5% after earnings.
• Nvidia (NVDA.US): The company recovers early-session losses caused by concerns about “closed-loop financing” linked to the latest reports of further investments in OpenAI.
• Coca-Cola (KO.US): The food and beverage conglomerate released Q2 2026 results, positively surprising the market on profitability (EPS), and management raised its full-year organic sales growth forecast by 5%. Shares gain about 4%.
• PayPal (PYPL.US): The company raised its full-year profit guidance and presented new cost optimization methods to investors. Shares rise about 4%.

Macroeconomic data, USA

• Conference Board consumer sentiment came in below expectations, falling to 90.8, the lowest level this year.
• The US goods trade deficit narrowed to USD 101.5 billion in June.

Europe

• Sentiment in Europe is also mixed. ECB comments did not provide a clear direction for the market, and the ceasefire in the Middle East may be temporary, giving investors in Europe little reason to buy. Panic in semiconductors is also reaching Europe, but despite that most indicies still end the day slightly higher.

Company news, Europe

• ASML (ASML.NL): The lithography leader continues to fall, prompted by rumors that China is beginning production of a new generation of DUV machines. The stock is down about 3%.
• Kering (KER.FR): Gucci sales results show the decline in sales is slowing, reaching EUR 1.4 billion in Q2 2026. The stock rises about 3%.
• Unilever (UNA.NL): The consumer brands and retail operator reported Q2 2026 results, surprising with sales growth, pricing control, and guidance. Shares rise 8%.
• Orange (ORA.FR): The telecom operator raised its profit and free cash flow forecasts. Shares rise 4%.
• Mercedes-Benz (MBG.DE): The automaker reported better-than-expected results, driven mainly by leasing segment performance and cost control. Shares rise about 2%.

Macroeconomic data, Europe

• Retail sales growth in Spain slowed to 0.5%. Unemployment fell from 10.8% to 9.87%.

Forex

• In FX, the New Zealand dollar and the euro are the strongest. Both are up about 0.2% against the rest of the currency basket. The NZD is supported by moderately hawkish rhetoric from the Reserve Bank of New Zealand, while the euro benefits from falling oil prices.

Commodities

• Agricultural commodities remain dominated by weather conditions. Coffee is posting particularly strong gains, as production and transportation remain constrained. Price increases reach 5%.
• In energy commodities, declines continue. The outlook for de-escalation and or negotiations between Iran and the US is pushing oil down to USD 82 per barrel.
• In metals, silver and zinc are down about 2%.

Crypto

• The cryptocurrency market is dominated by declines.Bitcoin is down about 1.8% and falls below USD 64,000.Ethereum is down more than 2% and falls below USD 1,900.Solana is down more than 2.5%, reaching USD 73.
• Bitcoin is down about 1.8% and falls below USD 64,000.
• Ethereum is down more than 2% and falls below USD 1,900.
• Solana is down more than 2.5%, reaching USD 73.

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