Tech Stays Under Pressure as Global Equities Test Key Support; Sentiment Remains Neutral

Financial markets are awaiting corporate earnings releases with a growing sense of underlying nervousness. News of a new circular financing transaction between Nvidia and OpenAI has reignited the debate over the profitability and financial sustainability of the AI sector. Technology stocks remain weak, while the semiconductor sector continues to face selling pressure. Overall, the market remains in a neutral phase, although it is worth noting that global equities are currently finding support at their medium-term moving average, while the S&P 500/Nasdaq ratio remains in a critical area due to weakness in the denominator. Futures point to a negative opening for U.S. markets and a slightly positive start for European equities.

Financial markets sentiment

Financial markets are displaying a neutral sentiment today. Intermarket analysis shows a Market Health Score of 60/100, indicating a moderately positive backdrop. There have been few changes in our intermarket dashboards. The key relationship to monitor remains the S&P 500/Nasdaq ratio, followed by the Dow Jones/Gold and Commodities/Gold ratios. Tracking these ratios throughout the week will help assess shifts in investor sentiment regarding inflation expectations and the valuation of the technology sector.

Across asset classes, global equities have found support at their medium-term moving average, confirming the ongoing compression between the two fastest moving averages—a development that warrants close attention. Meanwhile, global bonds remain below their 50-day moving average, while commodities continue to retrace following the decline in oil prices.

Looking at our Market Weather Map, the neutral outlook for equities and the weak outlook for bonds remain unchanged. Among the most significant weekly developments, UK equities gained 13 score points over the past seven trading sessions, moving into positive territory. The USD/JPY exchange rate also rose by 8 score points to reach 60, confirming the continued weakness of the Japanese yen, while the U.S. utilities sector recorded a similar improvement. From a momentum perspective, both the Growth style and the U.S. technology sector remain below the 40-point threshold, highlighting persistent relative weakness.

Global Futures – Pre-Market Sentiment

Pre-Market Futures: Global equity futures indicate a moderately risk-off sentiment (average -0.44%), with U.S. futures slightly negative (-0.32%), European futures modestly positive (+0.41%), and Asian futures lower (-0.64%).

Macroeconomic calendar

On the macroeconomic front, today’s calendar offers relatively few market-moving events. Investors will focus on India’s June 2026 industrial production data and the May 2026 U.S. house price figures. Also of interest is the latest U.S. Consumer Confidence Index published by the Conference Board.

Regarding corporate earnings, today’s key reports will come from Visa, Coca-Cola, Boeing, and Seagate.

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NOTES AND WARNINGS

Data compiled by kbmeter.com. Analysis date: 28 July 2026 - 8:43 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.