AMD Earnings Loom: Stock Slips 1.9% as Data Center, PC Demand Take Center Stage

Advanced Micro Devices (AMD) reports fiscal Q2 2026 earnings after Tuesday's close (Aug 4), one of the most closely watched tech events on the U.S. calendar this week. As of the July 31, 2026 close, AMD sat at $476.15, down 1.90% (-$9.24) from the prior close of $485.39. The session opened at $510.275, touched a high of $515.62 and bottomed out at $475.76. With U.S. markets closed for the weekend, the quote holds at that closing level with no pre-market or intraday movement.^[Barchart]

Earnings on Tap: Data Center Growth vs. PC Demand

AMD's report lands Tuesday (Aug 4), with SanDisk following on Wednesday (Aug 5).^[ChosunBiz]Heading into the print, the market's focus is squarely on momentum in AMD's data center business and the state of PC demand. Analysts see the quarter as a balancing act between data center growth and PC-related concerns.^[Moomoo]

Shin Eol, an analyst at South Korea's Sangsangin Investment & Securities, notes: "Because market expectations for earnings are already high, even strong results recently haven't been enough to turn the stock price around." He adds: "We need to watch whether the post-earnings rebound can sustain."^[ChosunBiz]

Macro Data Deluge: PMI, ADP and Nonfarm Payrolls

A raft of key U.S. economic data lands this week: the July ISM manufacturing PMI, ADP private payrolls and the nonfarm payrolls report.^[ChosunBiz] These prints will be critical for gauging the health of the U.S. economy and the path of Fed policy.

At the July 29 FOMC meeting, the Fed held the federal funds rate at 3.50%-3.75% on a 9-3 vote, with three officials favoring a hike. Fed Chair Waller reiterated the central bank's firm commitment to price stability, and market-implied odds of a September hike have slipped from near 100% to roughly 67%.^[Futunn]

Long-end Treasury yields surged last week, with the 10-year climbing to around 4.74% — its highest since January 2025 — and the 30-year touching a cyclical high near 5.27%, putting significant pressure on equity valuations.^[Futunn]

Big Tech Earnings Split: AI Worries Ease, Apple Bleeds

Last week's tech earnings painted a sharply divided picture. Strong reports from Microsoft and other mega-caps eased fears of an AI investment bubble, sending money back into the semiconductor complex. Samsung Electronics jumped 26.81% on the day, and SK Hynix (SKHY.O) rallied roughly 30%, powering the index rebound.^[Futunn]

In stark contrast, Apple tumbled 7.35% on the last trading day of July after a disappointing report, erasing nearly $358 billion in market value and ceding the title of world's most valuable company back to Nvidia (NVDA). Meanwhile, the three cloud giants — Amazon, Alphabet and Microsoft — surged after their earnings, adding nearly $1.5 trillion in combined market cap for the week and driving a V-shaped weekly rebound in major U.S. indices.^[Futunn]

Korea Market Whipsaw: KOSPI Sets Record Single-Day Gain

South Korean stocks went through an extreme week. The KOSPI had fallen to the 5,600 level at one point, then rebounded sharply on the final trading day (July 31) to 6,595.45 — a single-day surge of 1,001.89 points, or 17.91%, the largest gain in the index's history.^[ChosunBiz] That came after the main board triggered circuit breakers on both July 28 and 29 — the first time that has ever happened.^[ChosunBiz]

Despite the sharp rebound, retail investors stayed cautious. On July 31, as the KOSPI surged more than 17% in a single day, individual investors were net sellers of roughly 827 billion won — a record single-day net selling figure.^[ChosunBiz]

Lee Kyung-min, an analyst at Daishin Securities, says: "Forward EPS and earnings estimates for 2026 and 2027 are being revised upward, and leading economic indicators remain on an uptrend." He adds: "We're seeing confirmation that recent negative factors haven't damaged the earnings or economic trajectory."^[ChosunBiz]

Heo Jae-hwan, an analyst at Eugene Investment & Securities, takes a more cautious view: "The KOSPI could climb to the 6,000 level faster than expected, but the question is what happens after that." He adds: "More important than overhead supply zones and liquidation volume is trust in the market."^[ChosunBiz]

Geopolitics and Commodities: Oil Falls, Gold Holds High

On the geopolitical front, U.S.-Iran tensions showed no clear signs of easing, with repeated strikes and interceptions keeping an energy risk premium in place. Both WTI and Brent crude posted notable declines, marking their first weekly loss in four weeks. Gold traded above $4,000, closing Friday at roughly $4,043 an ounce. Precious metals lagged for the week, weighed down by a firmer dollar and rising yields.^[Futunn]

The dollar index pulled back from above 101 and stabilized this week, closing Friday at around 99.73, held down by uncertainty over the Fed's policy path.^[Futunn]

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