Stock index futures were lower ahead of Wednesday’s session, with the S&P 500 and Nasdaq 100 under pressure but still trading within their normal daily ranges. The outlook could shift if markets close beyond those ranges, potentially generating new sell signals. Crude oil’s overnight jump supported energy stocks, while precious metals weakened and the semiconductor sector showed increasing pressure, led by memory stocks and several major chip names.
Energy emerged as the strongest area in both U.S. and Canadian markets, producing new buy signals in crude oil, energy ETFs, and stocks including Chevron, Canadian Natural Resources, TC Energy, and Suncor. Industrials, transportation, airlines, technology, gold stocks, copper, and gold miners remained weak or generated new sell signals. The key message is that market volatility is rising, but the strongest trend remains energy while investors should remain cautious around technology, industrials, and precious metals.
Stephen Whiteside
Wednesday, July 8, 2026
