Stocktwits data showed retail sentiment around SPY and QQQ is ‘bullish.’
- The crucial June jobs report and jobless claims will be released today, with investors looking for fresh clues on the Federal Reserve's rate path.
- Reports suggest that OpenAI is discussing giving the U.S. government a 5% stake.
- U.S. equity and bond markets will be closed Friday for Independence Day.
U.S. stock futures are subdued as markets gear up for a data-heavy, holiday-shortened session. U.S. stock and bond markets will be closed tomorrow, Friday, July 3, in observance of Independence Day.
As of 4:30 a.m. ET, Nasdaq futures fell 0.5%, S&P 500 and Russell 2000 futures were marginally lower, and Dow futures were flat with a positive bias.
On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, has flipped to ‘bullish from ‘bearish’, while the Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq-100 Index, has stayed ‘bullish’.
All Eyes On June Payrolls
A day after Federal Reserve Chairman Kevin Warsh said that inflation poses a lesser risk than it did a few weeks ago, investors will be keenly watching the high-stakes June Non-Farm Payrolls report, and weekly initial jobless claims that drop a day early.
Economists are expecting 115,000 new jobs for June, while weekly claims are projected at 220,000 (up from 215,000 previously). Meanwhile, private-sector momentum slowed slightly, with ADP data showing 98,000 private jobs were added.
Trending Stocks To Watch
Meta Platforms (META): Analysts view its plans to sell excess cloud capacity as an EPS "margin of safety," prompting a shift in retail sentiment to ‘bullish’ on Stocktwits.
Micron Technology (MU): Extending a sector-wide slide in early premarket trade as the broader memory chip pump fades. WDC, SNDK, AMD, NBIS, CRWV are also under pressure.
Amazon (AMZN) is reportedly considering a structural shift to custom, end-to-end silicon for consumer devices (Echo, Fire TV) via Taiwan’s Alchip.
Alphabet (GOOGL): In focus after the European Court of Justice legally upheld a €4.1 billion ($4.7 billion) EU antitrust fine against the company for abusing Android's market power.
Nvidia (NVDA): CFO Colette Kress reportedly announced a new revenue-sharing and credit-support model, giving developers access to GPUs in exchange for a slice of their future cloud revenue.
Super Micro Computer (SMCI): Reports suggest that Taiwanese prosecutors detained two employees as part of an investigation into alleged exports of AI servers to China.
Iren Limited (IREN): The neocloud firm dipped 2% pre-market after the board approved a massive 9 million RSU grant for each of its Co-CEOs, with a strict six-year vesting/holding period.
Tesla (TSLA): A cryptic official "long weekend" social post sparked retail speculation that the Model Y "L" refresh will launch in North America this weekend. This comes ahead of its Q2 deliveries due today.
And reports indicate Sam Altman is in discussions to grant the U.S. government a 5% stake in OpenAI, amid rumors that its highly anticipated IPO may be pushed out to 2027 as it races against Anthropic.
Other tickers trending on Stocktwits at the time of writing included Crowdstrike (CRWD), Jack in the Box (JACK), Netflix (NFLX), and Intel (INTC).
Other Catalysts To Watch
On the economic front, investors will be tracking the release of the non-farm payrolls and weekly jobless claims at 8:30 am ET, followed by factory orders at 10:00 am ET.
On earnings radar, watch out for quarterly reports from Anavex Life Sciences Corporation (AVXL) and BitMine Immersion Technologies Inc (BMNR), among others.
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