The driver today in Western financial markets was the long-awaited US employment data, which could have provided indications of the likelihood of a further interest rate hike by the Federal Reserve. Instead, the data came in below expectations: jobless claims fell by 1.000 to 215.000, compared to estimates of 220.000, while June saw a 57.000 increase in jobs, below expectations, with unemployment falling to 4,2%. The reaction of the stock markets was positive, except for the Nasdaq which started in the red, still penalized by the volatility of artificial intelligence.
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Micron, Sandisk, and Tesla plunge on the Nasdaq. Apple gains 4%.
Micron Tech, which until a few weeks ago was the breakout stock of 2026, continues to decline on the technology index and is now down more than 4%. Sandisk -11% and Tesla -7% among the most traded stocksElon Musk's company is in a "Sell the News" phase following very positive delivery data: it reported second-quarter deliveries that significantly exceeded expectations (around 480.000 vehicles, versus a consensus estimate of just over 400.000). However, the stock had already risen significantly in the previous days, so many investors seized the opportunity to take profits. Apple, on the other hand, performed very well, up 4%, Netflix up 3,7%, and Palantir up 3%. Meta falls by 4% after yesterday's rally (9%) following the announcement of wanting to commercialize AI computing power. SpaceX makes little move.
European stock markets are rising sharply, including Piazza Affari, where Defense is soaring.
Unlike the Nasdaq, the Dow Jones is doing well today, up 0,8%, and especially the European stock markets: Milan +1,6% above 52.000 points, Paris +1,65%, Frankfurt +2%, London +1,77%. Right in Germany, the maxi tax cuts plan of 10 billion euros, presented by the German Chancellor Friedrich Merz as part of a plan to relaunch the German locomotive, it helped to drive the price lists of the Old Continent.
At Piazza Affari, banks are running, and even more so, Defense stocks, galvanized by the decision of the Italian government to appear at the NATO summit in Ankara on July 7 with the announcement of a percentage of 2,8% of GDP invested in defense and security. And then Leonardo +6,5% and Fincantieri +6,8%. Still in the Defense sector, in Frankfurt, Rheinmetall +6,4%. Among the Italian banks, the best is Unicredit, which is literally taking off: +4%. Stm is in the red -0,85%, but the worst hit is Nexi -1,5%. The BTP-Bund spread is narrowing but remains close to 80 basis points, with the 10-year BTP yield at 3,67%. Outside the main basket, Banca Ifis is up +3%.
Commodities: Oil below $70, gold rises
The 10-year U.S. Treasury is retreating after hovering near 5%, signaling that the market sees an economic slowdown but not a collapse in growth. This favors a weaker dollar, and indeed Today the euro recovered, bringing the exchange rate above 1,14, and a rise in gold prices, which in today's session made a nice leap above $4.100 an ounce, followed by silver, which finally regained the $60 mark. Oil, however, continues to trend negative, now calmed by the impending peace in the Middle East: Brent crude is holding steady at $70 a barrel, while WTI crude oil is currently trading at $67. European natural gas prices surge above €44 per megawatt-hour.Bitcoin reacts, bringing it closer to $62.000.
