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Tech Stocks Fall Ahead of US Payrolls; Apple, OpenAI Bid with Government | Bloomberg Brief 7/2/2026

Watch on YouTube ↗  |  July 02, 2026 at 11:20  |  43:27  |  Bloomberg Markets
Speakers
Chloe Meley — Reporter, Bloomberg
Skyler Montgomery Koning — Macro Strategist
Matt Bloxham — Head of Research, The Block
Veronica Clark — Economist, Citi
Charlotte Yang — Asia Equities Reporter, Bloomberg
David Savage — Editor, The Block

Summary

Global tech stocks fall ahead of the US June payrolls report, dragged by a sharp selloff in South Korean chipmakers. The yen strengthens on intervention fears while Apple lobbies to buy Chinese memory chips and OpenAI proposes a US government stake. Economists debate whether payrolls will reinforce hawkish Fed pricing or begin to price in rate cuts.

  • Tech stocks sell off globally, led by South Korea, on AI demand concerns.
  • Yen strengthens sharply, raising questions of Japanese intervention ahead of jobs data.
  • Apple is lobbying to use Chinese memory chips to diversify supply and ease cost pressures.
  • Citi's Veronica Clark expects Fed rate cuts in October and December, contrary to market pricing of hikes.
  • Skyler Montgomery Koning argues for continued dollar strength due to resilient US labor market.
  • A large leveraged ETF on SK Hynix poses systemic risk of amplifying declines in the stock.
  • Bayer gets upgraded after a Supreme Court ruling removes Roundup litigation overhang.
Ideas
Chloe Meley Reporter, Bloomberg 4:03
Litigation overhang removed for Bayer.
Bayer's recent Supreme Court ruling in favor of the company removes the Roundup litigation overhang, allowing investors to focus on the strong momentum in its crop science and pharmaceutical divisions.
BAYN MED
Skyler Montgomery Koning Macro Strategist 8:05
Dollar bullish on strong US data.
The US labor market remains strong with upside payroll surprises, keeping Fed rate hikes priced. Falling commodity prices reduce inflation pressures for Europe and the UK more than for the US, so the dollar stays bullish.
USD MED
Matt Bloxham Head of Research, The Block 10:16
Chinese chip access eases Apple costs.
Apple is negotiating to buy memory chips from Chinese companies for use in China. If approved, this would diversify supply, ease upward price pressure on chips, and reduce the need for Apple to push through further price increases, benefiting the company.
AAPL MED
Charlotte Yang Asia Equities Reporter, Bloomberg 16:37
Leveraged ETF flow risk for SK Hynix.
A $13 billion leveraged ETF on SK Hynix can account for 60% of daily turnover, mechanically amplifying rallies and selloffs. On a big down day, forced rebalancing could sharply accelerate declines in a stock that is 30% of KOSPI and central to the global AI trade.
000660.KS LOW
Veronica Clark Economist, Citi 28:32
Soft data drives Fed rate cuts.
US jobless claims and other labor data have been rising and payrolls will soften. Core CPI could fall to 2.4% by summer-end, consistent with 2% core PCE. The market will gradually price out rate hikes, leading to Fed cuts in October and December.
TLT MED
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This Bloomberg Markets video, published July 02, 2026, features Chloe Meley, Skyler Montgomery Koning, Matt Bloxham, Charlotte Yang, Veronica Clark discussing BAYN, USD, AAPL, 000660.KS, TLT. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chloe Meley, Skyler Montgomery Koning, Matt Bloxham, Charlotte Yang, Veronica Clark  · Tickers: BAYN, USD, AAPL, 000660.KS, TLT