U.S. tech futures fell in early European trade and global artificial intelligence-related stocks weakened as investors reacted to Samsung Electronics' earnings.

Despite notching a 19-fold quarterly profit increase, shares in chip maker Samsung fell, dragging on stocks across the AI supply chain as investors bet that the memory trade may be topping out.

Meanwhile, oil prices rose after Iran's Islamic Revolutionary Guard Corps fired missiles at two commercial ships near the Strait of Hormuz early Tuesday.

The dollar and U.S. Treasury yields gained ahead of the release of meeting minutes from the Federal Reserve's last policy meeting Wednesday. For the day ahead, global leaders meet in Ankara, Turkey, for a NATO summit. Defense investors will watch the gathering closely for news around governments' military spending.

--In early European trade, Brent crude rose 1.6% to $73.10 a barrel, while WTI futures were up 1.5% to $69.60 a barrel after settling at prewar levels in the previous session. Still, analysts say the upside is likely to remain limited. "Saudi Arabia has cut its August official selling prices, OPEC+ continues to unwind production cuts, Gulf exports are recovering, and the physical market remains well supplied," said Soojin Kim from MUFG.

--In the U.S., futures for the S&P 500 were down 0.2%, while the Dow Jones Industrial Average climbed 0.1%. Nasdaq futures were 0.8% lower, as Samsung Electronics' chip-making peers fell premarket. Micron was down 4.6% premarket, while Intel dropped 3.4%. Samsung's U.S.-based suppliers Lam Research and Applied Materials both fell around 3.7% premarket.

--Asian stocks were mostly lower early Tuesday with South Korea again leading losses. Seoul's benchmark stock index was dragged 5.9% lower by heavyweight chip makers Samsung Electronics and SK Hynix, which tumbled 8.4% and 7.5%, respectively. Analysts noted that Korean stocks' latest correction should be viewed in the context of its recent historic rally. Some investors appear to be cashing in their gains after the Kospi's roughly 100% surge in the first half of the year. Japan's Nikkei Stock Average, another beneficiary of the AI trade, declined 1.3% as Tokyo Electron shed 2.45% and Kioxia Holdings dived 11%. Hong Kong's Hang Seng Index was flat while Singapore's FTSE Straits Times Index added 0.8%.

--European indexes were mixed in early trade as AI-related stocks weakened. The Europe-wide Stoxx 600 was up 0.1%. Amsterdam's semiconductor-heavy AEX was down 0.2%, as ASML--Europe's most valuable company--fell 4%. London's FTSE 100 edged up 0.1% as Shell gained 2.15%, after the oil major said it expected a bump in gas-trading performance. In Paris, the CAC 40 was 0.5% higher as luxury companies extended recent gains, while defensive stocks like Carrefour--up 3.7%--rallied. Germany's DAX was down 0.1%. Siemens Energy, whose gas turbines power data centers, tumbled 5.8%. The Italian FTSE MIB gained 0.2%, while Spain's IBEX 35 was 0.3% higher.

--The dollar rose modestly as markets continued to bet on the Federal Reserve raising interest rates by year-end. The Fed's meeting minutes are due Wednesday which could provide signals on policy. While Fed Chair Kevin Warsh said a rate rise wasn't discussed in June, the minutes could offer a "more nuanced picture of whether he has pushed for a faster shift towards a tighter policy stance," Danske Bank analysts said in a note. Danske expects rate rose in December and March. The DXY dollar index rose 0.1% to 100.945.

--U.S. Treasury yields rose, driven by the long-end of the curve, causing the yield curve to steepen. Markets await Wednesday's release of the minutes of the Federal Reserve's June meeting, while Tuesday's data calendar is thin. The two-year Treasury yield rose 0.8 basis points to 4.131%, while the 10-year yield was up 2 basis points at 4.498%, according to Tradeweb.

--The 10-year German Bund yield rose to a two-week high of 2.974% in early trade, with yields rising across the board. Germany's rising net funding is among the drivers, but they also track higher U.S. Treasury yields. "The total net funding increase in the German budget draft 2027 and funding plan for the subsequent three years add up to 48.5 billion euros," Commerzbank's Christoph Rieger said. "This will increase net funding for 2026-2030 by 5% to over 1 trillion euros," the head of rates and credit research said.

--Bitcoin lost 0.7% to $63,355 after hitting a two-week high of $64,539 overnight, as its recent appreciation loses steam.

--In early European trading, New York gold futures were down 0.7% to $4,138.50 a troy ounce. "Overall, bullion remains rangebound as it attempts to shift from capitulation to consolidation, supported by softer U.S. data and a less hostile dollar and yield backdrop," analysts at Saxo Bank said. "However, with short-dated U.S. yields still signaling a risk of a rate hike later this year, a further easing in rate expectations is needed to support a more durable recovery."

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

July 07, 2026 04:24 ET (08:24 GMT)

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