Markets Start Week Amid Renewed Middle East Uncertainty, Tech Remains Under Pressure

The week leading up to the U.S. labor market data release on Thursday begins with conflicting news from the Middle East and a technology sector that remains under pressure. Market sentiment remains anchored in neutral territory, with several key intermarket indicators positioned around important support levels. Equity futures point to a positive open in the United States and a slightly weaker start in Europe.

Financial markets sentiment

Financial markets are currently displaying a neutral sentiment. Our intermarket analysis shows a Market Health Score of 37/100, indicating a moderately negative backdrop. Overall, our intermarket dashboards remain broadly stable, with sentiment continuing to hover around neutral and several key intermarket ratios holding at technically significant levels.

The Commodities/Bonds ratio remains at its long-term moving average, while the Gold/U.S. Dollar and Oil/Gold ratios continue to trade below their 200-day moving averages. The S&P 500/VIX ratio remains trapped between its short- and medium-term moving averages, while the Dow Jones/Gold ratio continues to consolidate.

There have also been few changes across the major asset classes. Global equities and fixed income continue to maintain a constructive short-term outlook, while commodities have moved into the support zone defined by their long-term moving average.

Our market weather map highlights a deterioration in the outlook for oil, gold, and the technology sector. Within equities, Europe continues to post a higher Health Score than both the U.S. and Asia.

Global Futures – Pre-Market Sentiment

Pre-Market Futures: Global futures indicate a moderately risk-off tone, with an average decline of 0.26%. U.S. futures are modestly positive (+0.17%), European futures are slightly negative (-0.20%), and Asian markets are weaker (-0.98%).

Macroeconomic calendar

On the macroeconomic front, today’s calendar includes Japan’s retail sales data, Spain’s preliminary June inflation figures, India’s May industrial production data, and the latest update of the Eurozone Economic Sentiment Index.

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NOTES AND WARNINGS

Data compiled by kbmeter.com. Analysis date: 29 June 2026 - 8:02 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.