Pre-opening Comments for Thursday July 2^nd

U.S equity index futures were higher this morning. S&P 500 futures were up 27 points at 8:35 AM EDT.

S&P 500 futures added 15 points following release of the U.S. June Employment Report. Consensus called for a drop in non-farm payrolls to 115,000 from downwardly revised 129,000 in May. Actual was 57,000 June Unemployment Rate was expected to remain unchanged from May at a 4.3% rate. Actual was a drop to 4.2%. On a year-over-year basis June Hourly Earnings were expected to increase 3.5%, unchanged from May. Actual was a 3.5% increase.

WTI Crude Oil dropped $1.20 to $67.38 per barrel in overnight trade.

The Market Doesn’t Need Semiconductors Anymore: Tom Bowley

The Market Doesn’t Need Semiconductors Anymore (stockcharts.com)

Technical Notes

Energy SPDRs (XLE) moved below $53.03 completing a double top pattern

Walmart (WMT) a Dow Jones Industrial Average stock moved below $112.73 extending an intermediate downtrend.

Union Pacific (UNP) an S&P 100 stock moved above $278.25 to an all-time high extending an intermediate uptrend.

Roper Technologies (ROP) a NASDAQ 100 stock moved above $347.08 completing a double bottom pattern.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for July 1^st 2026

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for July 1^st 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for July 1^st 2026

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

David Rosenberg: "There Are No More Bears Left" In This Market: Dan Nathan

David Rosenberg: "There Are No More Bears Left" In This Market – YouTube

Dan Ives on the Tech Rally, Growth of AI, Data Centers

Dan Ives on the Tech Rally, Growth of AI, Data Centers – YouTube

Bullish July Is Just a Matter of Timing: 3-Minutes MLIV

Bullish July Is Just a Matter of Timing: 3-Minutes MLIV – YouTube

Excess AI Compute Slams Semi’s, Meta Rips, Fear Spreads Ahead Of ‘Blowout’ Jobs Report: Verified Investing

Excess AI Compute Slams Semi’s, Meta Rips, Fear Spreads Ahead Of ‘Blowout’ Jobs Report – YouTube

Something Unusual Is Happening in This Market: Julius De Kempenaer

Something Unusual Is Happening in This Market – YouTube

CHART THIS with Dave Keller Wednesday 7/1/26

https://www.youtube.com/watch?v=XaOS1e7elv4

S&P 500 Momentum Barometers

The intermediate term Barometer added 1.60 to 64.00. It remained Overbought.

The short term (20 days) Barometer added 1.20 to 64.00. It remained Overbought.

The long term Barometer added 1.80 to 63.80. It remained Overbought.

TSX Momentum Barometers

The intermediate term Barometer slipped 1.82 to 46.82. It remained Neutral.

The short term (20 days) Barometer was unchanged at 44.55. It remained Neutral.

The long term Barometer was unchanged at 61.82. It remained Overbought.

Disclaimer: Seasonality ratings and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.

More from the network: Stock Market Outlook for July 24, 2026 Stock Market Outlook for July 23, 2026 Stock Market Outlook for July 22, 2026 Stock Market Outlook for July 21, 2026 Stock Market Outlook for July 20, 2026