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Tom Essaye Quoted in Barron’s on July 28th, 2026

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Dow Rises, But Nasdaq Drops on Global Chip Selloff

“A heavy selloff in Asian chipmakers, including in a ~10% drop in the South Korean KOPSI index, is dragging broader equity markets lower amid valuation and capex worries,” writes Sevens Report Research’s Tom Essaye. “Today, focus is likely to be on whether the pre-market selloff in tech stocks accelerates or stabilizes as trading gets underway on Wall Street.”

Also, click here to view the full article published in Barron’s on July 28th, 2026. However, to see the Sevens Report’s full comments on the current market environment sign up here.

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Micron Earnings – The Evolution of the AI Trade

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What’s in Today’s Report:

  • Micron Earnings – The Evolution of the AI Trade

Futures are lower led by tech as a global selloff in chipmakers continues amid AI infrastructure concerns.

South Korea’s KOSPI fell nearly 6% as losses in Samsung and SK Hynix fueled another round of semiconductor selling while reports that OpenAI could delay plans to go public are also weighing on sentiment.

Today focus will be on Trade in Goods (E: -$85.2B), Consumer Sentiment (E: 50.0), and Wholesale Inventories (E: 0.3%). Markets will want stable economic data as investors assess the recent tech-led pullback.

Beyond the data, Fed Governor Kashkari speaks at 11:30 a.m. ET. There are no notable earnings today, leaving markets primarily focused on the tech sector and economic data.

 

SpaceX Thoughts: TSLA on Steroids

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What’s in Today’s Report:

  • SpaceX Thoughts: TSLA on Steroids

Futures are lower, led by tech (Nasdaq futures down ~3%) as a heavy selloff in Asian chipmakers including in a ~10% drop in the South Korean KOPSI index, is dragging broader equity markets lower amid valuation and capex worries.

Today, focus is likely to be on whether the pre-market selloff in tech stocks accelerates or stabilizes as trading gets underway on Wall Street, however there are also a few noteworthy economic reports to watch, including the Flash Composite PMI (E: 51.2), and the Richmond Fed Manufacturing Index (E: 8.0).

There are no Fed officials are scheduled to speak today which will leave fixed income markets primarily focused on the economic data and the 2-Yr Treasury Note auction at 1:00 p.m. ET this afternoon.

Finally, there are a few important earnings releases due to be released today including: CCL ($0.34), FDX ($5.91), and CBRS (-$0.14).

Regarding the economic data, investors will be looking for “Goldilocks” data with healthy growth and cooling inflation and strong earnings in order for the market to stabilize from the pre-market rout.