Stock Market Live July 1, 2026: S&P 500 (SPY) Lower as Investors Wait on the Fed and Fresh Economic Data

Live Updates

Evercore ISI Reiterates Outperform Rating on Nvidia

58 minutes ago

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Analysts at Evercore ISI just reiterated an outperform rating on Nvidia (NASDAQ: NVDA), saying the tech giant is the best idea, as noted by CNBC. “We believe that the Tectonic Shift to the current Parallel Processing / IoT Computing Era started 5-to-8 years ago, and that NVDA is the dominant and the only full-stack chip.”

As we kick off the third quarter, futures are in the red.  The S&P 500 is down 0.23%, or by 17 points. The SPDR S&P 500 ETF (SPY) is down by 0.33%, or by $2.46. The Dow is down by 0.25%, or by 143 points. The Nasdaq is down by 0.81%, or by 247 points. Oil is back below $70 at $68.91. Bitcoin is up by $25.10 at $58,549.04.

All as investors lock in profits and shift their focus to a busy day of economic data and comments from Federal Reserve Chair Kevin Warsh.

All eyes on the Federal Reserve

Investors are watching for remarks from Fed Chair Kevin Warsh at the European Central Bank’s annual forum in Portugal. Markets are looking for clues on the path of interest rates after stronger-than-expected labor market data cooled expectations for near-term rate cuts. Treasury yields climbed Tuesday, adding pressure to equities heading into today’s session.

AI remains the market’s biggest story

Artificial intelligence continues to dominate Wall Street. Analysts expect AI infrastructure companies to account for a significant share of corporate earnings growth this season, reinforcing optimism that technology will remain the market’s primary leadership group. At the same time, investors are becoming increasingly selective after months of outsized gains in chipmakers and AI software companies.

Nike tumbles after earnings

Nike (NYSE: NKE | NKE Price Prediction) shares are under pressure in premarket trading after executives warned that sales weakness—particularly in China—could continue despite the company posting better-than-expected quarterly results. EPS of 72 cents beat by 59 cents. Revenue of $11 billion, down 0.9% year over year, beat by $150 million.

As quoted in a company press release, “We delivered fourth quarter results in line with our expectations, demonstrating financial discipline in an increasingly challenging operating environment, where sell-through remains challenged,” said Matthew Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. “We are improving the health of our business, managing our product portfolio and investing in marketplace elevation, while adjusting our operating costs for greater efficiency over time.”

What investors are watching today 

Markets will be closely monitoring the ISM Manufacturing Index, additional labor market data, and comments from central bank officials for clues about the direction of interest rates. Investors are also beginning to position for Friday’s closely watched U.S. jobs report, which could influence expectations for the Fed’s next policy move.

In short, after an extraordinary first half of the year powered by artificial intelligence and corporate earnings, Wall Street is entering July with momentum—but also heightened expectations. The next phase of the rally will likely depend on whether economic data continues to support growth and whether the AI sector can continue delivering the earnings needed to justify lofty valuations. Plus, there are concerns about what the Federal Reserve will do next and how it could potentially impact markets and the economy.

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