- Markets remain focused on two key themes: higher bond yields and corporate earnings.
- A rebound in chip stocks is lifting the US100 this morning, but the index remains well off its June highs and needs to hold key support to avoid further downside.
- Markets remain focused on two key themes: higher bond yields and corporate earnings.
- A rebound in chip stocks is lifting the US100 this morning, but the index remains well off its June highs and needs to hold key support to avoid further downside.
A busy week for markets begins with two key themes in focus: technology earnings and shifting rate expectations. The Nasdaq remains sensitive to rising yields, while gold continues to attract investors seeking protection from uncertainty.
US100
- The US100 is rebounding around 1.2-1.3% this morning, pointing to a recovery after the index closed nearly flat on Monday near the 28,600 level, as chip stocks stage a comeback ahead of major technology earnings from companies such as Alphabet and Tesla.
- Rising US Treasury yields continue to weigh on growth stocks, with markets pricing around a 60% chance of a Federal Reserve rate hike in September. Higher borrowing costs remain a key challenge for technology valuations.
- XTB Research Director Kathleen Brooks notes that bond markets remain a key driver of sentiment, with elevated yields creating pressure for risk assets and making investors more selective across growth sectors.
- From a technical perspective, the index has fallen over 4% month-to-date after printing an all-time high near 30,773 in early June 2026, with a bearish 'double top' pattern now in play. The key support to watch is 28,200 - a break below could open the door to 27,844. Today's rebound will need to hold above that support to keep the recovery case intact.
- This week's technology earnings remain a key catalyst, with investors looking for signs that AI-related growth and corporate profitability can continue to support valuations, particularly after mixed reactions to recent semiconductor earnings.
Chart 1: US100
Source: XTB. Past performance is not a reliable indicator of future results.
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