Sasha Jovanovic
3 min read
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The Morning Bull – US Market Morning Update Wednesday, Jul, 8 2026
US stock futures are mixed this morning, with S&P 500 contracts slightly in the red and Dow futures modestly higher as investors weigh three big forces. First, oil prices have climbed on tensions in the Strait of Hormuz, which is pushing up UK government bond yields above 4.8% and feeding expectations that interest rates in major economies may stay high, a concern for rate sensitive areas like housing and utilities. Second, fresh US services data, with the ISM Services PMI at 54.0, shows the economy still expanding while price pressures ease. Finally, markets see roughly a 50% chance of a September US rate hike based on government bond pricing and the latest jobs and services figures. This keeps financials and growth sectors like technology in focus as investors consider whether strong economic activity can continue without putting renewed upward pressure on borrowing costs for households and companies.
With oil, yields and rate expectations all in flux, focus on solid balance sheet and fundamentals stocks screener (47 results) before conditions shift again.
Top Movers
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Cloudflare (NET) jumped 8.60% after Scotiabank upgraded the stock to Outperform with a higher price target.
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Venture Global (VG) surged 6.82%.
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Occidental Petroleum (OXY) climbed 5.88%, with investors watching recent commentary around its earnings profile and energy exposure.
Is Cloudflare still a smart investment or just hype? Read our most popular narrative and get all the answers you need.
Top Losers
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Rivian Automotive (RIVN) fell 18.12% after completing a US$1.16b follow on equity offering.
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Astera Labs (ALAB) declined 11.52%.
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Rocket Lab (RKLB) dropped 10.40% as the stock extended recent weakness despite mission success headlines.
Look past the noise – uncover the top narrative that explains what truly matters for Rivian Automotive’s long-term success.
On The Radar
Earnings from PepsiCo and Delta Air Lines sit alongside fresh Fed signals as key drivers over the next few sessions.
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PepsiCo (PEP) reports Q2 results on Thursday, with revenue mix and cost discipline central for consumer spending read through.
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Delta Air Lines (DAL) posts Q2 numbers on Friday, putting unit revenue trends and fuel sensitivity in the spotlight.
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US Federal Reserve: FOMC minutes around current rate hike odds give more context to the September policy debate.
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US Treasuries: Moves in the 10Y yield relative to UK gilts help frame global funding costs for large US corporates.
