Market Summary - July 17, 2026

The US stock market opened the final session of the week with further declines, extending losses as investor concerns grow. The US100 futures, which reflect the performance of the technology sector, saw significant drops of around 1.5%, with the NASDAQ 100 now approximately 7% off its peak.

Key Factors Influencing Market Sentiment

• Technology Sector Concerns: There is increasing anxiety regarding the health of tech companies, particularly in light of recent results from Netflix, which disappointed investors.
• Geopolitical Tensions: The escalating conflict in the Strait of Hormuz, with Iran's response to US military actions, is contributing to market unease.
• Inflation and Commodity Prices: Concerns about inflation are rising, particularly due to news from Russia affecting wheat and oil exports, compounded by effective Ukrainian strikes disrupting the oil industry.

Company News

• Netflix (NFLX.US): Reported Q2 2026 results with EPS at $0.80, slightly within market expectations, but revenue of $12.56 billion fell short of forecasts. Guidance for Q3 EPS at $0.82 also disappointed, leading to a stock drop of over 10%.
• Intuitive Surgical (ISRG.US): Despite beating earnings expectations, the company did not raise its full fiscal year guidance, resulting in a 10% decline in stock price.
• SpaceX (SPXC.US): The cancellation of a planned "Starship" test flight due to engine failure caused a 4% drop in stock, trading below its IPO price.
• Semiconductor Stocks: Companies like Intel, Marvell, and AMD saw declines of around 4%, while Nvidia, Micron, and Broadcom dropped more than 2%.
• Nebius (NBIS.US): Issued $775 million in secured bonds, but the stock fell 14% despite high demand for the debt instruments.

Technical Analysis of US100

Recent trading has seen sellers take control, pushing prices below key Fibonacci retracement levels. The next target for sellers is a break below 28,445, which could extend the correction towards 27,000 points. Support for buyers exists at a double resistance zone based on the EMA100 and the 61.8% Fibonacci retracement. The RSI is at 40, indicating it is not yet in oversold territory, while the MACD average remains unfavorable for buyers.

Macroeconomic Data

Recent macroeconomic releases indicate a negative outlook for the US economy:

• Building permits fell to 1.36 million in June, below the expected 1.4 million.
• US export prices decreased by 0.6%, while import prices rose by 0.3%, exceeding expectations.
• Industrial production increased by 0.1% in June, slightly below the anticipated 0.2%.

Market participants are awaiting the release of University of Michigan data, which is expected to show a slight improvement in consumer sentiment and a decline in inflation expectations.