Gary Black: U.S. stocks drop before June jobs data as tech shares fall

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02.07.2026

Gary Black: U.S. stocks drop before June jobs data as tech shares fall — U.S. stocks and tech fall before jobs

Gary Black, managing partner and investor at The Future Fund, reports that U.S. stocks declined in pre-market trading, with the S&P 500 down 0.2% and the Nasdaq 100 off 0.8%, ahead of the June jobs report, which is expected to show a gain of 115,000.

Tech stocks weakened for a second day while South Korean chipmakers Samsung and SK Hynix saw sharp declines of 9% and 13%, respectively, on oversupply concerns. Brent crude oil dropped to $70.84 per barrel.

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Black has previously highlighted renewed Wall Street interest in custom AI chips, noting that AVGO shares rose ahead of earnings. In a separate comparison, he reported that SPCX investors are paying 150 times estimated 2026 EV/EBITDA, while NVDA trades at 19 times. These observations come as investors weigh sector valuations and growth prospects.

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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