EB Daily Market Report - Quick Recap - Thursday, July 9, 2026

Sorry for the late DMR today. I was tied up most of the day, so I wanted to give you a quick recap after the close.

There was mostly good news. Semiconductors ($DJUSSC, +1.96%) were strong, continuing their rebound off of 50-day SMA tests and/or key price support. For instance, here's the chart of the DJUSSC:

The DJUSSC dropped below its 50-day SMA, but held onto price support. Other semiconductor charts like the SMH and SOXX are more bullish and have held both the 50-day SMA and price support. Check these out:

SMH

SOXX

Another piece of good news was the performance of consumer discretionary (XLY, +1.34%) vs. consumer staples (XLP, -1.41%). Throw in the large cap growth (IWF, +1.23%) vs. large cap value (IWD, +0.48%) and it was easy to be encouraged by today's action.

Despite the increased tensions in the Middle East, crude oil prices ($WTIC, -2.27%) fell back to $71 per barrel.

Our major indices are doing nothing more than consolidating, however. So while the "under the surface" signals improved on the session, we haven't seen a breakout to suggest higher prices during earnings season.

Speaking of earnings season, JP Morgan (JPM, +1.47%) will kick it off on Tuesday morning, before the opening bell. While JPM has been a great long-term performer, Citigroup (C), PNC Financial (PNC), and Bank of America (BAC) all are trading better on a relative basis as earnings season approaches. Wells Fargo (WFC) has lost a lot of ground on a relative basis, so perhaps the results there might be a bit disappointing.

Happy trading!

Tom