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Posted July 6, 2026 at 10:00 am
Briefing.com Summary:
*Semiconductor stocks are up nicely ahead of the open, with backing from a buy-the-dip trade.
*Oil prices and Treasury yields are well-behaved at the moment, which is a support for the rebound action.
*Market participants will have their eyes on the 7,500 level for the S&P 500 and whether it can be held on a closing basis.
Last week started out quite well for the semiconductor stocks, but then it ended quite badly.
It will be a good start to the day for the semiconductor stocks, which are the engine of the momentum trade that has underpinned the major indices.
The pistons of that engine are working again today. Currently, the S&P 500 futures are up 34 points and are trading 0.4% above fair value, and the Nasdaq 100 futures are up 368 points and are trading 1.3% above fair value. The Dow Jones Industrial Average futures are on the outside looking in for now, down 39 points and trading in line with fair value.
There isn’t a specific news catalyst accounting for the return to the semiconductor stocks. It is quite simply the buy-the-dip trade back in action.
The fact that oil prices remain under wraps and that interest rates are behaving themselves coming out of the holiday weekend is helping the market start on the right foot this week.
WTI crude futures are flat at $68.70 per barrel, digesting reports that traffic through the Strait of Hormuz is improving and that OPEC+ agreed to raise its production output by 188,000 barrels per day in August. Separately, the 2-yr note yield is down three basis points to 4.11%, and the 10-yr note yield is down three basis points to 4.46%.
Today’s session will feature the release of the final June reading for the S&P Global U.S. Services PMI for June (prior 51.3) at 9:45 a.m. ET and the June ISM Services PMI at 10:00 a.m. ET.
The real feature, though, will be the price action. The S&P 500 has struggled to hold a position above the 7,500 level. It ran above that level on Tuesday, Wednesday, and Thursday last week, only to fall back and close below it in each of those sessions.
Market participants will be watching today to see if that streak can be broken. Their sights will be set on the semiconductor stocks and mega-cap stocks to see if that can happen.
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Originally Posted July 6, 2026 – Rebound pistons are firing for the semiconductor stocks
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