Nasdaq: AI remains strong, but selectivity is increasin

Nasdaq: AI remains strong, but selectivity is increasing

Yields, Fed minutes and geopolitics will guide the technology index in the second week of July

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After last week’s sell-off, the Nasdaq enters the second week of July in a consolidation phase that could prove decisive for the evolution of the technology sector in the second half of 2026.

Prices remain around 29,400 points, while the market tries to assess whether the recent correction is merely profit-taking or the beginning of a more prolonged adjustment phase.

Fundamentals

Artificial intelligence continues to represent the main driver of corporate earnings growth.

Companies exposed to computational infrastructure, semiconductors and cloud services maintain particularly favorable expansion prospects.

However, the market is showing an increasing ability to distinguish between companies capable of monetizing AI investments and businesses characterized by very high valuation multiples.

At the same time, a moderate rotation toward industrials, financials and value sectors continues.

Macroeconomic scenario

Investors’ attention will be focused mainly on the FOMC minutes.

The market will look for indications of how sensitive the Federal Reserve is to the economic slowdown and inflation dynamics.

A weakening of macroeconomic data could favor a decline in bond yields and support the growth segment.

Conversely, stronger economic data could trigger renewed profit-taking on highly valued technology companies.

Geopolitical scenario

Tensions in the Middle East remain a risk factor.

Elevated energy prices could slow the global disinflation process, keeping real yields at high levels.

Historically, this environment tends to weigh on the Nasdaq, an asset particularly sensitive to interest-rate expectations.

Technical analysis

The technical picture remains moderately constructive.

The area between 29,150 and 29,200 points represents the first relevant support.

A break below this range could favor a corrective extension toward 28,900 and subsequently 28,500 points.

On the upside, a stable recovery of the 29,420–29,500 area would allow the market to once again target resistance at 29,700 points.

A breakout above this level would bring attention back to the psychological threshold of 30,000 points.

Sentiment

Sentiment remains moderately bullish.

Institutional investors continue to interpret corrections as selective accumulation opportunities, especially within the AI segment.

For now, the prevailing view remains that this is a physiological consolidation phase within a structurally positive trend.

Disclaimer: The information contained in this article is for informational and financial analysis purposes only and does not constitute investment advice or personalized recommendations. Investments involve risks, including the possible loss of invested capital.