S&P 500 – 7,354.02 (-0.05%)

Dow Jones – 51,876.11 (-0.09%)

NASDAQ – 25,297.62 (-0.24%)

• Technology Leads Weekly Decline: Technology and industrials lagged, with the tech sector finishing the week down roughly 5% amid continued pressure on high-growth names.
• Big Tech Price Hikes Weigh on Sentiment: Investors absorbed announcements from Apple and Microsoft raising prices on select hardware, raising concerns that rising memory costs could eventually dampen consumer demand.
• Small Caps Show Relative Strength: Outside of technology, market performance was more constructive, with U.S. small- and mid-cap stocks posting modest weekly gains.
• Yields Drift Lower: In fixed income markets, Treasury yields edged down, with the 10-year Treasury yield ending the session near 4.37%.
• Oil Softens: Commodity markets were weaker as WTI crude oil settled around $69 per barrel.
• Markets Flat, Weekly Losses Driven by Tech: U.S. equities ended little changed on Friday, but both the S&P 500 and Nasdaq still posted weekly declines, led by weakness in technology stocks.
• Strong Multi-Month Rally Remains Intact: Since late March, the S&P 500 has gained more than 15%, while the Nasdaq is up over 20%, with semiconductor stocks surging more than 90% over the same period.
• Chip Stocks Cool After Strong Run: Memory and semiconductor names pulled back early Friday after prior gains, with additional softness tied to weakness in South Korea’s chip-heavy market.
• Earnings Growth Still Strong: S&P 500 earnings remain on track to grow by more than 20% this year, underscoring resilient corporate fundamentals.
• Dollar Hits Multi-Month Highs: The ICE U.S. Dollar Index climbed to its highest level since May 2025, despite still sitting below its January peak.
• IPO Delay Weighs on Growth Stocks: Oracle and CoreWeave traded lower after reports that OpenAI may delay its IPO until next year.
• Chip Infrastructure Weakens: Semiconductor-related infrastructure names, including Lumentum and Marvell Technology, softened during the session.
• ON Semiconductor Drops on Deal News: ON Semiconductor fell 14% after announcing a $7 billion all-stock acquisition of Synaptics, whose shares rose 3.7%.
• Nvidia Heads for Weekly Loss: Nvidia fell roughly 8% on the week, marking its worst weekly performance in over a year amid rotation out of AI-linked names.
• Apple Stabilizes After Sharp Drop: Apple edged higher after Thursday’s steep decline tied to price increases and margin concerns.
• Microsoft Remains Under Pressure: Microsoft also stayed weak following its own price adjustments, as investors weighed rising memory-related cost pressures.
• Markets Rebound Late but Still End Lower: U.S. equity markets were slightly lower on Friday, recovering from steeper losses at the open, with health care leading gains of over 3% on the day.
• Consumer Spending Holds but Shows Strain: U.S. shoppers spent $26.4 billion during Amazon’s Prime Day, reflecting resilient but cautious behavior as consumers remain deal-focused amid inflation.
• Mixed Retail Earnings Signal Selective Spending: Darden Restaurants beat earnings expectations, but mixed same-store sales—led by weakness at Olive Garden—highlighted more selective consumer demand.
• Energy Prices Seen Easing Slowly: Chevron said U.S. gasoline prices are expected to decline as oil markets normalize, but warned that adjustments will take time due to lag effects between crude and retail prices.

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“Buy less, choose well, make it last.”  — Vivienne Westwood

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Notable Stocks

• Apple (AAPL)
• Microsoft (MSFT)
• Nvidia (NVDA)
• SpaceX (SPCX)
• Oracle (ORCL)

Weekly Notables

SpaceX Fast-Tracks Entry into Nasdaq-100, Setting Stage for Major Passive Fund Buying

Nasdaq has announced that SpaceX will be added to the Nasdaq-100 Index under a fast-tracked inclusion process, paving the way for significant buying demand from index-linked funds. Assuming the company continues to meet eligibility requirements, index-tracking vehicles—including the widely traded Invesco QQQ Trust—will begin purchasing shares after the market close on July 6. SpaceX is expected to officially join the benchmark before trading opens on July 7.

Apple Seeks U.S. Approval to Source Chips from Blacklisted Chinese Supplier Amid Cost Pressures

Apple Inc. is reportedly seeking approval from the White House to purchase memory chips from Chinese supplier CXMT as it works to contain rising chip costs, according to the Financial Times. The company is lobbying U.S. officials to allow sourcing from ChangXin Memory Technologies, which is currently on a Pentagon watchlist of firms with alleged military links. Apple is not formally barred from using CXMT, but is seeking assurances it will avoid future restrictions that could disrupt supply chains.

Earnings Spotlight: Nike (NKE)

Nike (NKE) is scheduled to release its fiscal Q4 2026 earnings report after the market closes on June 30, 2026. Analysts project revenues of $10.85 billion and an Earnings Per Share (EPS) of $0.12, which would mark the brand's eighth consecutive quarter of declining profits

What's Ahead

June 29: No major earnings or data expected.
June 30: June consumer confidence, May job openings and labor turnover survey (JOLTS), and expected earnings from Nike (NKE) and Constellation Brands (STZ).
July 1: ADP June employment change, June construction spending, June ISM Manufacturing PMI®, and expected earnings from General Mills (GIS).
July 2: June nonfarm payrolls, June unemployment, June hourly earnings, and June factory orders.
July 3: U.S. markets closed for Independence Day.