Markets Seek Fresh Catalysts in SpaceX, AMD Earnings as Bond Pressure Persist

Financial markets, still caught in a middle ground in terms of sentiment, are looking for fresh catalysts in a session packed with earnings releases and only a handful of, yet meaningful, macroeconomic data points. Investors are awaiting earnings from AMD and SpaceX to sustain the recent rebound in the technology sector (which still scores below 50 in our models), while results from Caterpillar and McDonald’s may provide valuable insight into the health of the traditional economy (the Russell 3000 gained 7 score points in a single day, while the Euro Stoxx 50 advanced by 4 points).

On the macro front, market attention is focused on U.S. job openings data, while in monetary policy, long-term bond yields continue to display underlying strength. Volatility remains around its historical average, while futures point to a positive opening in Europe and a slightly positive start in the United States.

Financial markets sentiment

Financial markets are displaying a neutral/moderately positive sentiment today. Intermarket analysis shows a Market Health Score of 86/100, indicating a very positive overall market environment.

Our intermarket dashboards remain broadly unchanged, with yesterday’s key themes still in place. As a result, we continue to closely monitor the Oil/Gold ratio (now testing support at its 50-day moving average), the S&P 500/Nasdaq ratio (which is pulling back but remains above its long-term moving average), and the Gold/U.S. Dollar ratio (currently trading sideways). Overall sentiment remains between neutral and moderately positive, although the S&P 500/VIX ratio continues to reflect elevated volatility.

Across asset classes, our charts continue to point to a market lacking clear directional momentum in global equities. Meanwhile, fixed income remains in a well-defined short-term downtrend, although its medium-term outlook continues to be characterized by sideways price action.

There are also few changes in our Market Weather Map. Equities remain in neutral territory, bonds continue to show weakness, and the U.S. dollar is still below the 50-point threshold. Looking at daily score changes, notable moves include the 4-point increase in long-term U.S. Treasury yields and in the Euro Stoxx 50, which has now gained 9 points over the past seven trading sessions.

In the foreign exchange market, the Japanese yen remains the main focus. Official support measures continue to prove effective, with the USD/JPY exchange rate falling below the 50-point score threshold after declining by more than 8 points on the day and 23 points over the past week.

Global Futures – Pre-Market Sentiment

Pre-Market Futures: Global equity futures indicate a moderately risk-on sentiment, with an average gain of +0.24%. U.S. futures are modestly positive (+0.24%), European futures are firmly higher (+0.58%), while Asian futures are slightly lower (-0.43%).

Macroeconomic calendar

On the macroeconomic calendar, today’s highlights include the release of U.S. June 2026 Job Openings data, as well as June 2026 U.S. exports and imports figures.

On the earnings front, both the old and new economy will be in the spotlight. Among the most closely watched reports are those from SpaceX, Caterpillar, McDonald’s, Toyota, Pfizer, and AMD.

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NOTES AND WARNINGS

Data compiled by kbmeter.com. Analysis date: 4 August 2026 - 7:48 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.