The Week Ends With a Chips-Led Risk-off Backdrop

Amazon Day saved the day… for June retail sales

Key Takeaways

• Middle East Escalation Sours Risk Appetite: We end the week with risk-on morphing into risk-off as the selloff in global chipmakers intensifies and investor sentiment is hit by yet another day of attacks and counterattacks in the Middle East. U.S. equity futures are deeply in the red, with the Netflix results leaving a bad taste in everyone’s mouths — not the actual profit and revenue numbers, but the soggy guidance (the company’s share price has tumbled -8% in the pre-open trade).