Nasdaq Rises 1.12%, Bitcoin Rebounds as OPEC+ Boosts Supply

Market Overview

Markets focused on three key themes on Tuesday.

First, U.S. equities closed higher, led by technology stocks. The Nasdaq Composite rose 1.12% to 26,121.16, the S&P 500 gained 0.72% to 7,537.43, and the Dow Jones Industrial Average advanced 0.29% to 53,055.91. Meanwhile, the ISM Services PMI eased to 54.0 in June but remained in expansion territory for a 24th consecutive month. Notably, the employment sub-index posted its strongest increase since 2024, signaling continued resilience in the labor market.

Second, supply-side pressures continued to weigh on crude oil prices. OPEC+ agreed to increase production for a fifth straight month, while Saudi Aramco cut its August crude selling price to Asia by $11 per barrel, marking the steepest reduction in nearly 26 years. As a result, WTI crude settled at $68.55 per barrel, down 0.20%, while Brent crude closed at $71.99 per barrel, down 0.18%.

Third, the metals complex broadly strengthened. COMEX silver surged 2.11% to $61.92 per ounce, LME zinc climbed approximately 1.4%, and LME copper gained nearly 0.3%. In cryptocurrencies, Bitcoin rebounded more than 4% after briefly falling below $62,000, completing a sharp V-shaped recovery. Meanwhile, USD/JPY climbed back above the 162 level.

In Asia, Chinese equities showed mixed performance. The Shanghai Composite slipped 0.06% to 4,041.24, the Shenzhen Component Index fell 1.16%, and the ChiNext Index declined 1.77%. Hong Kong's Hang Seng Index rose more than 1%, extending its winning streak to three consecutive sessions. In Europe, the STOXX Europe 600 Index fell 0.35% to 650.50.

Key Themes to WatchSamsung's Q2 Earnings and Semiconductor Industry Outlook

Samsung Electronics is set to release its preliminary second-quarter earnings report. The company's foundry business reportedly achieved its first monthly profit in three years during June, providing investors with an important gauge of the recovery in both memory chips and contract manufacturing.

Combined with recent developments such as Nvidia's rack system delivery delays and Intel's price increases, pricing power and production capacity across the AI hardware supply chain are emerging as critical variables for technology stocks in the second half of the year.

Oil Price Equilibrium Under OPEC+ Supply Increases

OPEC+ has now increased production for five consecutive months, while Saudi Arabia's largest price cut to Asia in 26 years further underscores growing supply-side pressure.

Unless demand conditions improve meaningfully, crude oil prices are likely to remain driven primarily by supply dynamics in the near term. Future production decisions and inventory trends will be key factors in determining whether oil prices can stabilize and establish a sustainable floor.

Events to Watch

China

• June Foreign Exchange Reserves Report

Geopolitics

• NATO Summit (July 7–8)

Artificial Intelligence

• OpenAI Expected to Launch GPT-5.6

Corporate Earnings

• Samsung Electronics Preliminary Q2 Earnings Release