Morning Juice – US Session Prep (21st July)

Sentiment
Stocks moved higher as chipmakers extended their rebound, helping lift global equity markets after last week’s sharp semiconductor selloff. Nasdaq 100 futures rose 1.3% and S&P 500 futures gained 0.5%, while a major semiconductor ETF jumped 4%. Stronger export data from South Korea and Taiwan also helped sentiment, pushing Samsung and TSMC higher and reinforcing the view that investors are willing to step back into the sector after valuations became more attractive.

The broader message is that confidence in the long-term AI investment cycle remains intact, even after the recent volatility around valuations and hyperscaler spending. Outside equities, Brent climbed back above $90 a barrel as the US-Iran conflict entered a tenth straight day despite diplomatic efforts, keeping geopolitical risk in the background. In the UK, gilt yields edged lower after weaker data reduced expectations for more hikes, while markets also looked ahead to new policy announcements from Prime Minister Andy Burnham.

Docket
No noteworthy economic indicators

Speakers
11:00 ET
Trump Greets the Lebanese President

14:30 ET
US Defence Sec. Hegseth & General Caine appear before the Senate.

Good luck!