NEW YORK, July 7, 2026, 06:02 (EDT)
- Nasdaq 100 E-minis fell 1.04% at 5:50 a.m. EDT. Dow E-minis gained 0.23%. That left a 1.27-point gap between them.
- Chip stocks fell in premarket after Samsung Electronics KRX:005930 reported a 19x rise in quarterly operating profit, but the numbers didn’t ease AI profit worries.
- LSEG data seen by Reuters is calling for second-quarter S&P 500 earnings to grow 24%. Tech earnings are expected up nearly 65%.
- U.S. cash equities are on track for a standard Tuesday session. Nasdaq premarket trading goes from 4:00 a.m. to 9:30 a.m. ET, with the regular open at 9:30 a.m. ET.
U.S. stock futures were mixed early Tuesday, with Nasdaq contracts falling and the Dow and Russell futures higher. Around 5:50 a.m. EDT, Dow Jones E-minis gained 122 points, or 0.23%. S&P 500 E-minis slipped 10.75 points, or 0.14%, while Nasdaq 100 E-minis lost 311.25 points, or 1.04%. Russell 2000 futures added 4.6 points, or 0.15%.
Premarket cash trading was still going at the time of the report. Nasdaq shows July 3, not July 7, as the market’s 2026 Independence Day close, with regular hours set for 9:30 a.m. to 4:00 p.m. Eastern.
| Futures contract | Last | Change | Change % | Read-through |
|---|---|---|---|---|
| Dow Jones E-mini Sep | 53,494.00 | +122.00 | +0.23% | Blue-chip interest stuck after Dow topped 53,000 on Monday |
| S&P 500 E-mini Sep | 7,580.75 | -10.75 | -0.14% | S&P eased, but not as much as Nasdaq |
| Nasdaq 100 E-mini Sep | 29,629.75 | -311.25 | -1.04% | AI and chip names pulled Nasdaq futures down |
| Russell 2000 Sep | 3,031.60 | +4.60 | +0.15% | Small-caps barely moved on chip losses |
Nasdaq futures lagged Dow futures by 1.27 points early, showing a rare split before the open. The gap suggests traders are cutting prices on AI suppliers, but the wider market isn’t following in step.
Semis led the drop. Micron Technology NASDAQ:MU shed 5.6% before the bell, Reuters said. Western Digital NASDAQ:WDC dropped 6.2%, SanDisk NASDAQ:SNDK gave up 5.2%. Intel NASDAQ:INTC, Marvell Technology NASDAQ:MRVL, and Qualcomm NASDAQ:QCOM all traded lower. Samsung Electronics fell hard in Seoul, despite posting a 19-fold jump in Q2 operating profit.
Richard Hunter, head of markets at interactive investor, said the question is if AI earnings “can be maintained” after hyperscalers have spent trillions. That’s key because chip shares already reflect big demand, but the current size might not be enough. Reuters
Markets closed Monday with light trading. The S&P 500 added 0.72% to 7,537.43, Nasdaq climbed 1.12% to 26,121.16, and the Dow posted a 0.29% gain to 53,055.91. Still, more stocks fell than rose in the S&P 500, with decliners beating advancers by 1.3 to one. “If you’re not in certain tech names, if you’re not in semiconductors, then you’re basically missing the entire rally,” said Jake Dollarhide, CEO of Longbow Asset Management. Reuters
| Item | Forecast / market pricing | Why investors care |
|---|---|---|
| S&P 500 Q2 earnings | +24% year over year | It’s a big number for the index, coming off highs in trading |
| S&P 500 tech earnings | About +65% year over year | Investors want to see actual profits from chip and AI firms, not just backlog comments |
| July 29 Fed decision | 25.5% chance of a 25-bp hike; 74.5% chance of no change | If the Fed tightens, tech names that bet on growth cash flows could get hit |
| Rivian Automotive NASDAQ:RIVN Q2 revenue | $1.55 bln-$1.65 bln vs $1.45 bln analyst estimate | Revenue came in strong but sellers worried over a 75 mln-share offering |
Software names traded higher early. Reuters reported Microsoft NASDAQ:MSFT, Salesforce NYSE:CRM and International Business Machines NYSE:IBM gained in premarket, which lifted Dow futures even as Nasdaq futures slipped. Morgan Stanley wrote U.S. semiconductor softness could signal a shift by investors to AI hyperscalers away from chip stocks.
SpaceX NASDAQ:SPCX fell 1.7% before its Nasdaq-100 debut set for Tuesday. SK Hynix KRX:000660, also in AI memory, will start its U.S. listing later this week. Traders are watching for another sign on chip demand after Samsung’s shares dropped following its results.
Fiserv NASDAQ:FISV climbed after Reuters said the payments company talked with banks like JPMorgan Chase NYSE:JPM and Bank of America NYSE:BAC about selling its debit-card transaction network business. Rivian shares fell after it announced a 75 million-share offering, even though it guided for second-quarter revenue above expectations. Reuters
Rates remained in focus. Fed Governor Christopher Waller said Monday, “risks have completely flipped around now,” pointing to higher inflation and steady jobs. Tim Duy at SGH Macro Advisors said “a rate hike is on the table” for July. Reuters
Fed minutes from the June meeting come out Wednesday. The central bank kept rates at 3.50% to 3.75% on June 17. The Fed says it releases minutes three weeks after each policy decision. Delta Air Lines NYSE:DAL and PepsiCo NASDAQ:PEP have results due later in the week. Federal Reserve Federal Reserve
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