Market brief — July 3, 2026

European markets rebounded sharply on Friday, with the CAC 40 surging 1.65% to 8,474.86 and the DAX climbing 2.16% to 25,580.88, while the Euro Stoxx 50 gained 1.24% to 6,360.47^[1][5]. In contrast, US indices showed mixed momentum: the S&P 500 held flat at 7,483.24, but the Nasdaq slipped 0.8% to 25,832.67^[1][7]. This divergence reflects a repricing of rate-path expectations following Thursday’s surprise US jobs data, where June nonfarm payrolls rose only 57,000 against a 110,000 forecast, pushing the unemployment rate down to 4.2%^[3]. The macro regime remains defined by fresh risk-taking in European cyclicals as energy pressures recede amid Iran negotiations, while US tech faces a positioning unwind amid crowded AI trades^[3][4].

Flows confirm a rotation away from semiconductor longs toward tangible earnings, with cross-asset signals supporting this shift: 10-year Treasury yields edged up to 4.49% while gold futures jumped 1.27% to $4,176.30, signaling defensive hedging alongside equity gains^[1][4]. The dollar firmness continues to pressure US growth stocks, yet European indices outperformed as the FTSE 100 rose 1.71% and oil prices dipped 1.1% to $70.82, easing Middle East supply fears^[1][4]. This move appears systematic, driven by CTA rebalancing after Thursday’s volatility spike, with short covering evident in insurance and retail sectors.

Today’s Cash Scanner TOP 10 highlights idiosyncratic momentum in US biotech and healthcare, led by PTC Therapeutics Inc (PTCT) with a score of 42 and a +2.4% gap, signaling a vortex up and volume surge[Scanner]. Teladoc Inc (TDOC) follows with a score of 40 and a 20-day breakout, while US Foods Holding Corp (USFD) shows a similar breakout pattern with an ADX of 47[Scanner]. The sector mix is concentrated in two biotech and two healthcare names, diverging from the broader tech sell-off and indicating early regime shifts toward defensive growth[Scanner]. These signals align with flows favoring earnings visibility over AI momentum.

The agenda for Friday includes US June nonfarm payrolls finalization in the morning, which could further pressure rate expectations, and NVIDIA’s new AI infrastructure partnership announcement in the afternoon, likely to impact tech volatility^[3]. European markets will close early, with no major data releases expected.

Key risks include a surprise in US initial jobless claims data, which could reverse the unemployment rate dip, and potential geopolitical escalation if Iran negotiations stall, spiking oil prices^[3]. Additionally, Meta’s entry into AI computing may trigger further tech sell-offs if structural idleness concerns persist^[3].

Actionable lines: PTCT (PTCT) could test $85.50 if volume sustains above 1.2M shares, while the Nasdaq may find support at 25,700 if gold holds above $4,150. For European exposure, the DAX breakout above 25,600 confirms further upside to 26,000.

Bonne journée aux p&l makers.