Morning Juice – US Session Prep (3rd July)

Sentiment
Stocks bounced as the latest AI-driven wobble faded, with Nasdaq futures rebounding and Asian chipmakers recovering after the recent semiconductor-led pullback.
European equities also pushed on to fresh highs, helped by strength in utilities and tech.
The move highlights how quickly sentiment is still swinging as investors try to judge whether the AI rally has genuinely run too far or is just pausing before the next leg.

The bigger focus now shifts to earnings season, which should be the real test of whether heavy AI infrastructure spending is actually turning into stronger profits.
Elsewhere, lower rate expectations helped gold rise and pushed the dollar lower, while Brent stayed below $72 as markets balanced improving oil flows through Hormuz against the broader uncertainty still surrounding US-Iran talks.

Docket
No noteworthy economic indicators: Markets closed due to a US Holiday.

Speakers
11:00 ET
BoE’s Governor Bailey, Ecb’s Nagel, and ECB’s Makhlouf speak in Aix, France.

Good luck, and have a good weekend!