Morning Juice – US Session Prep (2nd July)

Seintment
Global markets stayed volatile as the technology selloff stretched into a second session, with semiconductors again leading the weakness. Nasdaq futures slipped after chipmakers dragged on Wall Street, while the Kospi fell sharply as heavy losses in Samsung and SK Hynix raised fresh questions about whether the AI-driven rally in semis had become too stretched.
The broader concern is not just the drop itself, but that one of the market’s main leadership groups is now under pressure after carrying so much of the rally.

Even so, the weakness in tech did not spill across the whole market in the same way. Investors rotated into more economically sensitive sectors as expectations for tighter policy eased, helping European equities move higher and leaving most non-tech areas more resilient.
Ahead of the US payrolls report, the dollar softened slightly and Treasury yields were steady, while Brent fell back toward pre-conflict levels as Hormuz shipping improved and oversupply concerns returned. In FX, the yen strengthened sharply as intervention speculation picked up again.

Docket
08:30 ET
US Nonfarm Payrolls for June
Forecast: 113K | Prior: 172K | Range: 200K / 25K
Unemployment Rate for June
Forecast: 4.3% | Prior: 4.3% | Range: 4.4% / 4.2%
US Average Earnings YoY for June
Forecast: 3.5% | Prior: 3.4% | Range: 3.6% / 3.4%

Weekly Jobless Claims
Initial – Forecast: 218K | Prior: 215K | Range: 230K / 215K
Continued – Forecast: 1.82M | Prior: 1.821M | Range: 1.839M / 1.786M

10:00 ET
US Factory Orders MoM for May
Forecast: -2% | Prior: 4.8% | Range: 4.1% / -3.7%

Speakers & Events
11:30 ET
BoE’s Mann speaks in a fireside chat at the Natix CIB conference on Private Debt in London

13:55 ET
ECB’s Cipollen gives a speech, shortly followed by a moderated discussion at the Generali Executive Series in Milan, Italy

Good Luck!