US stocks continued to open lower. In the storage sector, Micron has already dropped more than 20% from its peak, SK Hynix is down over 30%, and other storage stocks have also corrected simultaneously. It is currently difficult to determine where the bottom of the correction is, but it is certain that the correction is already quite significant.

The current correction is more of an emotional panic sell-off, not a fundamental issue.

Over the next few days, three fundamental data points need attention:
1. The CPI data and the Fed meeting on Wednesday, July 8. Will they continue the dovish signals from the nonfarm payrolls and help the market rebound?
2. TSMC’s June revenue data will also be released in the coming days. If revenue is strong, indicating growing demand for AI, that would be a positive signal.
3. SK Hynix’s ADR listing on July 10. If the current decline is a preemptive "sell the rumor, buy the fact" reaction, then the negative news being priced in after the listing could be a clear dovish signal.

If the FOMC turns out to be unexpectedly hawkish, and TSMC’s revenue falls short of expectations, leading to a decline in AI demand, there is still room for further downside.

Trading US stocks relies more on fundamentals than on technicals.

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