Global risk sentiment turned cautious on Tuesday, July 7, 2026, as a blockbuster earnings update from Samsung Electronics (005930.KS, SSNLF) sparked profit‑taking across the semiconductor complex and weighed on Nasdaq futures and other growth‑heavy indices. Markets treated Samsung’s record operating profit guidance as a potential “peak cycle” signal for AI‑driven memory demand, driving broad‑based selling in chipmakers and re‑pricing expectations around the durability of the AI super‑cycle.

South Korea’s KOSPI (^KS11) bore the brunt of the reaction, plunging intraday enough to trigger a circuit‑breaker trading halt before closing deeply in the red, while shares of Samsung Electronics (005930.KS, SSNLF) and peer SK Hynix (000660.KS) sold off sharply. The shock reverberated into Japanese and US‑listed semiconductor names and helped set a “risk‑off in tech” tone to start the US session.

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US Equity Futures: Tech Heavy, Risk Cautious

Dow, S&P 500, Nasdaq Futures Mixed

In the US, index futures painted a mixed picture as traders digested overnight Asia moves and reassessed crowded AI trades. Dow Jones Industrial Average futures (^DJI futures / YM=F) were modestly higher, reflecting relative resilience in cyclicals and value sectors. In contrast, S&P 500 futures (^GSPC / ES=F) and Nasdaq 100 futures (NQ=F) traded lower, with Nasdaq underperforming as investors rotated away from high‑multiple, AI‑linked growth.

Semiconductor names such as Nvidia (NVDA) and Micron Technology (MU), along with broader AI infrastructure and cloud hardware plays, faced renewed selling pressure in pre‑market indications as investors extrapolated the Korean chip rout into US risk assets. The move came after a strong start to the third quarter for US equities, with many major indices recently touching or approaching record territory.

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Asia and Europe: Chip Weakness, Energy Support

KOSPI Plunges; STOXX 600 Softens

Across Asia, South Korea was the clear underperformer as the KOSPI (^KS11) drop and chip‑sector turmoil dominated regional headlines. Japanese technology and semiconductor shares also traded lower, while more domestically focused Asian indices held up comparatively better.

In Europe, the pan‑regional STOXX 600 (.STOXX) slipped as weakness in technology and semiconductor names outweighed gains in energy stocks. Investor focus remained on the knock‑on effects of AI‑chip volatility and the extent to which earnings optimism has already been priced into European cyclicals and growth names.

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Commodities & Geopolitics: Oil Firm on Middle East Tensions

Crude Oil and Energy Equities Find Support

Oil prices were firmer, with Brent crude (BZ=F) and WTI (CL=F) moving higher on renewed geopolitical tension in the Middle East and lingering concerns about shipping security in key chokepoints. The bid under crude provided a counterweight to equity tech weakness, supporting integrated energy majors and producers across US, European, and Asian markets.

Gold drifted modestly as real yields remained elevated in the wake of recent data, while major cryptocurrencies gave back some recent gains in a broader “de‑risking” posture. The cross‑asset picture reinforced the idea that investors are selectively defensive—trimming crowded growth trades but not yet rotating aggressively into classic safety assets.

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Macroeconomic Backdrop: Growth Jitters vs. Fed Path

Data‑Dependent Fed, Earnings in Focus

The macro backdrop remains finely balanced. Recent US labor and inflation releases have been mixed enough to keep the Federal Reserve firmly data‑dependent and markets split between “higher for longer” and “late‑cycle growth scare” interpretations. Softer elements in the latest employment reports have tempered aggressive expectations for further near‑term tightening, even as inflation progress is uneven.

Against this backdrop, the AI‑chip wobble is less about a single earnings print and more about positioning: AI and semiconductor names have led global equity gains, and traders are acutely sensitive to any signal that earnings momentum may be near a short‑term peak. As the market heads deeper into Q2 reporting season, investors will be laser‑focused on guidance from airlines like Delta Air Lines (DAL), consumer bellwethers such as PepsiCo (PEP), and, later this month, leading AI, cloud, and semiconductor names that anchor the current growth narrative.

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Sector and Style Themes for Investors

AI Chips: Great Earnings, Higher Volatility

For investors in AI‑linked equities, today’s action underscores that “great” earnings can still trigger downside when positioning is stretched and expectations have outrun fundamentals. The reaction to Samsung Electronics (005930.KS, SSNLF) and SK Hynix (000660.KS) highlights cross‑border contagion risk for US peers like Nvidia (NVDA), Micron Technology (MU), and other semiconductor and accelerator plays that have been central to the AI trade.

On the other side of the ledger, energy equities, select defensive sectors, and high‑quality cash‑flow compounders continue to offer ballast against tech‑led volatility. Multi‑asset and macro‑oriented investors may find that balanced risk budgets—maintaining structural exposure to AI and secular growth themes while pairing them with energy, defensives, and dry powder—remain well‑suited to a tape where narrative pivots between optimism and fatigue.

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Key Takeaways for the Day

What Matters Now

• AI‑chip earnings are transitioning from pure upside surprise to “how much is already priced in,” with Samsung Electronics (005930.KS, SSNLF) serving as today’s global case study.
• Nasdaq and semiconductor futures are signaling a profit‑taking phase rather than a wholesale abandonment of the AI theme, but positioning is clearly more fragile.
• Higher crude prices on Middle East tensions are providing sectoral balance and supporting energy equities even as growth and tech come under pressure.
• The macro narrative remains data‑dependent: upcoming inflation prints and Q2 earnings guidance will determine whether today’s chip‑led volatility is a brief reset or the start of a broader re‑rating of AI‑heavy indices.

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VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $8.99.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.65 +1.99%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (July 7) the appointment of Robert Bazemore, Amy Pottand Dr Helen Thackray to the Board of Directors. “We are delighted for Robert, Amy and Helen to join our Board of Directors at a pivotal stage for the company.”   said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “Their collective expertise across late-stage drug development, commercial strategy, and global product launches will be invaluable as we execute on several key upcoming milestones for EP-104GI and continue to expand our pipeline. Their appointments reflect the commitment of Eupraxia to advancing and expanding our gastroenterology assets in an efficient and effective manner. I also want to thank Paul Geyer and Michael Wilmink for all of the support and contributions they have made to Eupraxia over the last decade as we proved the function and potential of the Diffusphere technology.”

Eupraxia announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $4.28), a leader in innovative, patient-centric insulin delivery, today (June 30) announced that the first patients have completed onboarding and training and are now actively using the Pivot™ tubeless insulin patch pump in real-world settings. This milestone marks the transition of the Pivot pump from development into active patient use and represents a significant step in Modular Medical’s commercialization strategy. The Company will now begin collecting real world utilization data and user feedback to support broader adoption and continued product deployment optimization.

MODD announced ( June 26) that the Pivot™ tubeless insulin patch pump is now shipping to physician offices for training. Upon completion of training, these pumps will be presented to potential patients in the next few days and weeks. The Company intends to expand the roster of practices that offer Pivot over the coming months. This is another significant milestone in the deployment of Pivot. Modular Medical looks forward to updating the market when these first patients are using the pump to deliver insulin. The Pivot pump is purpose-built for adults with diabetes on daily injections who have faced cost, complexity, and usability barriers with traditional pump systems. This group represents an estimated 70% of insulin-dependent adults who remain on multiple daily injections, a multi-billion-dollar opportunity within the diabetes technology market.

MODD announced (June 24) that the Pivot™ tubeless insulin patch pump is now commercially available. This marks the start of real-world patient use, and the Company’s transition to a commercial-stage medical device company. As only the second fully electronic, tubeless insulin pump available in the United States, Pivot is designed to make pump therapy simpler to learn and easier to live with. Its removable two-part design and 3 mL reservoir, intuitive interface, and flexible, wearable form factor support everyday activities, such as showering and sports, with no battery recharging required – all while maintaining clinical accuracy and connectivity. “Reaching commercial availability is a transformational milestone that marks Modular Medical’s transition from a development-stage company to a revenue-generating commercial business,” said Jeb Besser, Chief Executive Officer of Modular Medical. “As only the second fully electronic tubeless pump on the U.S. market, Pivot is positioned to serve a large, underserved ‘almost-pumper’ population. With first shipments beginning this week, we are focused on disciplined execution, as we scale adoption and seek to build long-term value for patients and shareholders.”

On (June 4) the launch of PivotPump.com, a patient-focused website designed to support individuals seeking a simpler path to insulin pump therapy. This launch follows the Company’s receipt of U.S. Food and Drug Administration (“FDA”) clearance in April 2026 for its Pivot™ insulin delivery system. The FDA clearance represents a significant milestone in Modular Medical’s strategy to expand access to insulin pump technology, particularly among individuals historically underserved by existing solutions. The Company remains on track for commercial launch in the fall of 2026. Pivot is designed for people living with diabetes who rely on daily insulin injections, as well as those who have encountered technological, usability, or cost-related barriers with traditional pump systems. The system emphasizes simplicity and ease of use for the patient and full access to clinical information for the clinician to reduce adoption friction. The PivotPump.com website provides accessible, educational content on insulin pump therapy and highlights the Company’s focus on real-world usability and supporting patients in evaluating and adopting pump-based diabetes care.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB, $6.36, 1.60%), a leading digital data and analytics company powering critical business decisions, announced (June 15) that it has surpassed $300 million in Annual Recurring Revenue (ARR) and signed two multi-year enterprise contracts, each representing seven-figure ARR commitments. Collectively, these contracts represent approximately $47 million in Total Contract Value to be recognized over the next three years and were signed during the second quarter of 2026.

NVIDIA (NVDA)

NVIDIA (NVDA) closes at $196.93, +71%)

Rocket Lab Corporation (Nasdaq: RKLB)

Rocket Lab Corporation (Nasdaq: RKLB, $93.09), a global leader in launch and space systems and Iridium Communications Inc. (Nasdaq: IRDM, $54.85, +24.21% over the last 5-days) a leading provider of global voice, data, and positioning, navigation, and timing (PNT) satellite services, announced (June 29) they have entered into a definitive agreement under which Rocket Lab will acquire Iridium. Rocket Lab will acquire all the outstanding shares of Iridium common stock for $54 per share in a cash and stock transaction. This represents an enterprise value for Iridium of approximately $8.0 billion.

The InterGroup Corporation (NASDAQ: INTG)

The InterGroup Corporation (NASDAQ: INTG), a diversified holding company with interests in hospitality, real estate, and marketable securities. InterGroup consolidates its majority‑owned subsidiary Portsmouth Square, Inc., which owns the Hilton San Francisco Financial District hotel and related facilities, closed at $45.19.

The Sources