NEW YORK, July 1, 2026, 09:04 EDT
- Nasdaq 100 futures paced the premarket move lower, dropping at roughly triple the percentage rate seen in S&P 500 futures in the delayed futures prints.
- Crude dropped, while the 10-year Treasury yield moved up to around 4.49%. That put the focus more on rates and tech, not just oil volatility.
- Private employers added 98,000 jobs in June, according to Automatic Data Processing NASDAQ:ADP. That missed the 118,000 jobs economists had forecast in a Reuters poll.
- Nike NYSE:NKE, Shutterstock NYSE:SSTK and Oklo NYSE:OKLO were some of the biggest names moving in premarket trading.
U.S. futures pulled back before the open on Wednesday, with Nasdaq 100 contracts lagging the other indexes. Oil prices also eased, but the gap between Nasdaq and the rest suggested traders were more worried about rates and tech valuations at the start of the new half than just oil-driven energy worries.
U.S. futures data came in delayed just after 8:30 a.m. ET, with the tech contract showing the biggest drop:
| Gauge | Contract | Last | Change | Time |
|---|---|---|---|---|
| Dow Jones futures | Sep 2026 | 52,515.00 | -155.00, -0.29% | 08:31 |
| S&P 500 futures | Sep 2026 | 7,534.25 | -14.00, -0.19% | 08:31 |
| Nasdaq 100 futures | Sep 2026 | 30,349.50 | -174.00, -0.57% | 08:31 |
| Russell 2000 futures | Sep 2026 | 3,036.50 | -9.10, -0.30% | 08:31 |
Nasdaq 100 futures slid at triple the pace of S&P 500 futures. At that point, WTI crude lost 1.01%, Brent gave up 1.43%, and the U.S. 10-year yield was at 4.494%, up 7.3 basis points.
The gap is key for investors since the sector that drove the second-quarter rally is also getting the first cuts. Reuters reported the S&P 500 and Nasdaq just finished their strongest quarter since 2020. The Nasdaq climbed 21.4% while the S&P 500 added 14.9% for the quarter.
| Cash index | Tuesday close | Tuesday move | Q2 move |
|---|---|---|---|
| Dow Jones Industrial Average | 52,319.20 | up 0.26% | gained about 13% in Q2 |
| S&P 500 | 7,499.36 | up 0.79% | up 14.9% for the quarter |
| Nasdaq Composite | 26,213.72 | rose 1.52% | jumped 21.4% this quarter |
U.S. futures fell in early trade, with investors on alert over U.S.-Iran talks and interest rates. Dow e-minis slipped 0.27%, S&P 500 e-minis dipped 0.19%, and Nasdaq 100 e-minis dropped 0.5% at 8:18 a.m. ET, according to Reuters. “The mood is sanguine, but not complacent,” said Benjamin Jones, global head of research at Invesco NYSE:IVZ. Reuters
Oil prices slid, giving little help to stocks. Brent dropped 0.9% to $72.33 a barrel while WTI lost 0.6% to $69.12, the weakest level since Feb. 27. Traders pointed to U.S.-Iran talks and U.S. inventory numbers. “The downside bias is intact,” said PVM Associates analyst Tamas Varga. Reuters
The rates story stacks on top of an AI trade already valued for heavy spending. JPMorgan Chase NYSE:JPM data, via Reuters, put combined 2026 capex for five companies, including Microsoft NASDAQ:MSFT, Alphabet NASDAQ:GOOGL and Amazon.com NASDAQ:AMZN, around $730 billion. “It is certainly priced in,” said Nicolas Janvier, head of North American equities at Columbia Threadneedle Investments. Reuters
Labor numbers gave no support for bets on a looser Fed. The ADP report from Automatic Data Processing showed private payrolls up 98,000 in June. Annual pay climbed 4.4%. That’s a slowdown, said Dr. Nela Richardson, ADP’s chief economist.
Reuters reported ADP job growth missed the 118,000 estimate, but data from Challenger, Gray & Christmas showed planned layoffs dropped 53% to 45,849 in June. Andy Challenger said most job cuts are still in tech, saying, “AI continues to reshape how companies think about headcount.” Reuters
Fed Chair Kevin Warsh was set for a 9 a.m. EDT panel at the ECB forum in Sintra, Portugal, after his first meeting as chair left rates unchanged but sent a hawkish signal. Traders boosted bets on a possible hike by September, according to Reuters.
| Stock | Premarket move reported | Trigger |
|---|---|---|
| Nike NYSE:NKE | -2.1% | Turnaround update seen as weak after earnings |
| Shutterstock NYSE:SSTK | nearly -32% | Getty Images NYSE:GETY merger scrapped |
| Oklo NYSE:OKLO | +4.2% | Cleared U.S. DOE safety analysis |
Nike continued to weigh on consumer stocks. Fourth-quarter revenue dropped 4% to $10.97 billion. Sales in China slipped 17%. Nike now sees a low-to-mid-single-digit revenue decline for the first half of fiscal 2027. “The Nike turnaround is progressing slowly,” said Telsey Advisory Group analyst Cristina Fernandez. Morningstar NASDAQ:MORN analyst David Swartz said improvement has been “limited.” Reuters
Getty Images scrapped its $3.7 billion tie-up with Shutterstock after the UK regulator ordered Shutterstock to sell its editorial arm. Luke Stillman at Madison and Wall said, “outlook for each looks even more difficult.” Reuters
Oklo said the Department of Energy cleared the Documented Safety Analysis for its Groves Isotope Test Reactor in Texas. Co-founder and CEO Jacob DeWitte said Groves enters the “final phase before startup.” Investing News Network (INN)
U.S. equities traded regular hours Wednesday, with the NYSE open from 9:30 a.m. to 4:00 p.m. ET. The exchange will close Friday, July 3, for the Independence Day holiday, according to the calendar.
