U.S. stocks open lower as investors await Fed Chair Warsh’s remarks, Gary Black notes

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Mikhail Vnuchkov

01.07.2026

U.S. stocks open lower as investors await Fed Chair Warsh’s remarks, Gary Black notes — U.S. stocks cautious ahead of Fed remarks

Gary Black, managing partner and investor at The Future Fund, reports that U.S. stocks were poised to begin July on a cautious note, with the S&P 500 down 0.3% and the Nasdaq 100 dropping 0.6%.

Investors are waiting for comments from Federal Reserve Chair Kevin Warsh at the ECB forum in Portugal, seeking insights about the future path for interest rates amid elevated price pressures and a strengthening economy. Brent crude fell 1%, and 10-year yields declined 0.6 basis points to 4.46%.

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Black has previously highlighted rising investor interest in custom AI chips, with AVGO shares gaining ahead of earnings. In separate analysis, he compared valuations between SPCX and NVDA, observing that SPCX traded at 150 times 2026 EV/EBITDA versus 19 times for NVDA. These earlier notes detail distinct trends in equity and tech-related valuations.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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