The Morning Bull - US Market Morning Update Friday, Jul, 3 2026
US stock futures are slightly softer this morning, with key contracts on the S&P 500 and Nasdaq pointing a touch lower as investors weigh cooler jobs data against firmer interest rate expectations. The ADP report showed 98,000 new private sector jobs in June, a sign the job market is slowing, which can ease pressure on inflation but also hint at weaker pay growth and spending power. At the same time, the ISM Manufacturing PMI came in at 53.3, still showing expansion even as factory hiring shrank. With the 10 year Treasury yield edging toward 4.50% on expectations of possible rate hikes later this year, the big question for investors is whether sectors that rely on cheaper borrowing, such as housing and smaller companies, can hold up if rates stay higher while the job market cools.
With rates staying firm and growth cooling, it may be worth focusing on 75 resilient stocks with low risk scores before volatility leads to rushed decisions.
Top Movers
- Moderna (MRNA) surged 10.01% after Piper Sandler raised its price target and maintained an Overweight rating.
- Honeywell Aerospace (HONA) jumped 8.74% following fresh analyst initiations and an Outperform rating at BMO Capital.
- Rivian Automotive (RIVN) gained 8.44% after raising 2026 delivery guidance alongside stronger second quarter production data.
Is Honeywell Aerospace still a smart investment or just hype? Read our most popular narrative and get all the answers you need.
Top Losers
- Sandisk (SNDK) declined 14.13% as traders reacted to recent gains and adjusted expectations.
- Teradyne (TER) declined 13.63% after earlier analyst price target hikes met profit taking.
- KLA (KLAC) declined 11.51% following recent analyst target changes and upcoming earnings timing.
Look past the noise - uncover the top narrative that explains what truly matters for KLA's long-term success.
On The Radar
Services activity and global spending data will steer the next few sessions, with rate expectations already in sharp focus.
- US Services Activity: The ISM Services PMI on Monday will show how services are holding up against firmer rate expectations.
- Euro Area Consumers: Eurozone Retail Sales on Monday highlight how shoppers are responding to recent inflation and policy signals.
- German Industry: Germany Factory Orders on Monday help frame external demand for US multinationals with European exposure.
- Japan Household Spending: Monday data on May spending will gauge consumer appetite in a key US trading partner.
- Canada Business Sentiment: The BoC surveys on Monday will shape views on growth, pricing power and future policy direction.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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