Reported by Tahir Ishaq Shehu
U.S. stock markets were closed Thursday in observance of Independence Day, but stock futures dipped modestly in holiday trading. Investors are digesting a powerful week marked by upbeat jobs data, political developments, and growing momentum in select tech and transport stocks—particularly Uber, which is being eyed as a serious contender in the race for robotaxi dominance.
Market Snapshot
Dow Jones Futures: -0.5%
S&P 500 Futures: -0.6%
Nasdaq Futures: -0.5%
Despite the mild pullback in futures, the major indexes remain near record highs. The S&P 500 and Nasdaq reached new peaks earlier this week, while the Dow inched closer to its own all-time high, buoyed by strong economic data and easing international tensions.
A surprisingly strong June employment report gave the market fresh legs. The U.S. economy added 147,000 nonfarm jobs, well above economists’ expectations of 110,000. The unemployment rate dropped to 4.1%, down from 4.3%.
While the robust jobs data is a sign of economic health, it also complicates the Federal Reserve’s path forward. Hopes for an interest rate cut later this year are dimming as inflationary pressures remain in the spotlight.
Investors are also watching Washington, where the House passed the sweeping “One Big Beautiful Bill”, a broad tax-and-spending package that, among other changes, would eliminate electric vehicle tax credits. The bill is expected to be signed into law by President Trump, posing a potential headwind for EV makers like Tesla.
Tesla (TSLA) shares slid 2.6% this week amid mounting concerns over delays in its robotaxi rollout, executive turnover, and the looming loss of federal EV subsidies.
Meanwhile, Uber (UBER) is gaining traction as a viable Tesla rival in autonomous transportation. Uber stock broke out of a flat base, entering a technical buy zone and leading the IBD 50 list. The company’s aggressive push into robotaxis and fleet expansion has caught investors’ attention.
Several high-growth tech names also showed strength, including:
Cadence Design Systems (CDNS)
Nextracker (NXT)
ServiceNow (NOW)
Shopify (SHOP)
Each of these stocks entered fresh buy zones, supported by strong fundamentals and bullish chart patterns.
Semiconductor ETFs like VanEck Vectors Semiconductor ETF (SMH) hit new highs.
Growth-oriented ETFs such as iShares Expanded Tech-Software Sector ETF (IGV) and ARK Innovation ETF (ARKK) also posted solid gains.
Crude Oil rose 2.3% to settle near $67 per barrel, and 10-year Treasury yields ticked up to 4.34%.
Delta Air Lines (DAL) earnings report on July 10, marking the start of Q2 earnings season.
Taiwan Semiconductor (TSMC) is set to report June and Q2 sales, a pivotal read for chip leaders like Nvidia, Broadcom, and Apple.
With many leading stocks now extended beyond buy zones, analysts caution investors to be selective and disciplined. Rather than chasing hot names, it may be time to build watchlists and prepare for the next wave of breakouts.
Bottom Line
The market rally remains resilient, supported by solid jobs data and tech leadership. As Tesla faces headwinds, Uber is emerging as a promising disruptor. With earnings season around the corner, investors should stay focused, avoid overexposure, and keep an eye on the next breakout candidates.
