Weekly Update 7/6/2026

July 6, 2026

Your Weekly Update for Monday, July 6, 2026.

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Have a great week!

Bill Roller
NMLS #107972
CHARTERED FINANCIAL ANALYST
CERTIFIED FINANCIAL PLANNERTM
CHARTERED MARKET TECHNICIAN
bill.roller@beaconrwa.com

Summary

Markets were UP last week. The Dow Jones Industrial Average was UP 1.97% to 52,900.07 while the S&P500 ended UP 1.76% to 7,483.24. The Nasdaq Composite ROSE 2.12% to 25,832.67. The annual yield on the 30-year Treasury ROSE 12.1 basis point(s) to 4.985%.

Last Week

Closing Market Summary: Defensive rotation lifts Dow to another record

The major averages finished mixed today as another sharp pullback across semiconductor stocks and select mega-cap names masked broad strength across several defensive sectors. The S&P 500 finished flat, the Nasdaq Composite (-0.8%) ended lower, while the DJIA (+1.1%) notched record highs.

Despite the divergence beneath the surface, all three major averages remain up between 1.8% and 2.1% for the week. Semiconductor stocks remained under pressure for a second consecutive session, with the PHLX Semiconductor Index falling 5.4% as the recent momentum trade continued to unwind. Weakness was particularly pronounced among memory names after Bloomberg reported that Apple (AAPL 308.63, +14.25, +4.84%) is lobbying for permission to purchase memory chips from China’s ChangXin Memory Technologies.

The development weighed on names such as Sandisk (SNDK 1745.00, -287.22, -14.13%) and helped leave the information technology sector (-1.5%) as the day’s weakest performer.

Pressure across other areas of mega-cap technology was also more selective than recent sessions. Meta Platforms (META 582.88, -30.03, -4.90%) gave back a portion of yesterday’s sharp advance, while Tesla (TSLA 392.82, -32.48, -7.64%) extended its intraday reversal despite reporting better-than-expected second-quarter deliveries earlier in the session. Those moves also weighed on the communication services (-0.7%) and consumer discretionary (-0.7%) sectors, the only other S&P 500 sectors to finish in negative territory. The Vanguard Mega Cap Growth ETF finished 1.0% lower.

However, Genuine Parts (GPC 132.57, +15.17, +12.92%) finished as the top-performing S&P 500 component after Bloomberg reported that O’Reilly Auto (ORLY 90.25, -2.44, -2.63%) is interested in acquiring the company’s automotive parts business.

Away from technology, leadership rotated decisively toward more defensive areas of the market. The health care (+2.7%), consumer staples (+2.4%), and utilities (+2.3%) sectors finished with the largest gains, while the materials sector (+2.1%) also outperformed. Health care stocks continued to build on their recent momentum, with hospital operators such as Universal Health (UHS 158.33, +7.75, +5.15%) and HCA (HCA 410.50, +17.26, +4.39%) among the sector’s strongest performers after the Centers for Medicare & Medicaid Services proposed updates aimed at strengthening Medicare program integrity, combating fraud, and expanding access to home health care.

Today’s leadership differed from recent sessions in one notable respect. While the S&P 500 Equal Weight Index (+0.8%) finished with a nice gain, smaller-cap stocks did not participate in the rotation out of tech, with the Russell 2000 (-0.6%) and S&P Mid Cap 400 (-0.4%) both ending lower after the Russell reached record highs earlier this week.

Today’s session reinforced that investors continue to differentiate aggressively beneath the surface rather than broadly reduce equity exposure. While semiconductor stocks remained under pressure and weighed on the technology-heavy indices, continued leadership from health care and several other defensive groups helped the DJIA notch another record high and kept the broader market’s weekly advance largely intact.

U.S. Treasuries finished the holiday-shortened week on a mixed, but generally flat note, locking in losses for the week. The 2-year note yield settled down two basis points to 4.14% (+5 basis points this week), and the 10-year note yield settled up one basis point to 4.49% (+12 basis points this week).

Bond and equity markets will be closed tomorrow, returning for a full session on Monday.

  1. Russell 2000: +20.7% YTD
  2. S&P Mid Cap 400: +15.1% YTD
  3. Nasdaq Composite: +11.2% YTD
  4. DJIA: +10.1% YTD
  5. S&P 500: +9.3% YTD

Reviewing Friday’s data:

  1. June Nonfarm Payrolls 57K (Briefing.com consensus 110K); Prior was revised to 129K from 172K, June Nonfarm Private Payrolls 49K (Briefing.com consensus 88K); Prior was revised to 97K from 120K, June Unemployment Rate 4.2% (Briefing.com consensus 4.3%); Prior 4.3%, June Average Hourly Earnings 0.3% (Briefing.com consensus 0.3%); Prior 0.3%, June Average Workweek 34.3 (Briefing.com consensus 34.3); Prior 34.3. The key takeaway from the report for the market, which likes to see the good in the bad, is that the softer payrolls and pressure on real earnings should temper concerns about an imminent rate hike.
  2. Weekly Initial Claims 215K (Briefing.com consensus 220K); Prior was revised to 216K from 215K, Weekly Continuing Claims 1.814 mln; Prior was revised to 1.812 mln from 1.821 mln. The key takeaway from the report is that initial jobless claims continue to track at low levels, offering a nice cue that suggests the labor market, overall, remains on solid ground.
  3. May Factory Orders -1.3% (Briefing.com consensus 1.5%); Prior was revised to 5.3% from 4.8%. The key takeaway from the report is that the headline weakness was a function of a large decline in volatile transportation equipment orders. Exclude that factor, and factory orders were quite solid in May.

This Week

S&P futures vs fair value: +27.00. Nasdaq futures vs fair value: +365.00.

Equity futures point to a mostly higher open this morning, with futures tied to the S&P 500 and Nasdaq Composite outpacing those tied to the DJIA as semiconductor stocks look to rebound from a shaky week.

Although volatility across semiconductor stocks remained elevated, renewed leadership from mega-cap growth stocks, broad strength in software, and another solid showing from other pockets of the market helped offset the weakness in chipmakers. The broadening of leadership has been touted by analysts as a bullish signal, and the consumer discretionary sector (-1.1% year-to-date) is now the only S&P 500 sector without a year-to-date gain.

Oil remains below $70 per barrel as the U.S.-Iran conflict remains in de-escalation mode. Bloomberg reports that shipping along the U.S. protected corridor in the Strait of Hormuz is seeing signs of recovery.

This week will be particularly light on both economic data releases and earnings reports, with the market set to receive the June ISM Non Manufacturing Index (Briefing.com consensus 54.2%) at 10:00 a.m. ET.

In corporate news:

  1. Sriram Krishnan says President Trump will not support heavy artificial intelligence regulation, according toFinancial Times.
  2. GFL Environmental (GFL80, +2.32, +6.2%) is considering going private, according to Bloomberg.
  3. Micron (MU1,008.40, +32.84, +3.4%) broke ground on a $9 billion Japanese factory expansion, according to Bloomberg.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began the week on a mixed note. Japan’s Nikkei: -0.1%, Hong Kong’s Hang Seng: +1.1%, China’s Shanghai Composite: -0.1%, India’s Sensex: +0.7%, South Korea’s Kospi: -0.5%, Australia’s ASX All Ordinaries: -0.1%.

In news:

  1. Japanese debt faced some pressure ahead of tomorrow’s 30-yr JGB auction.
  2. Apple supplier Hon Hai reported record sales for Q2 and issued strong guidance.
  3. Samsung will report its preliminary Q2 results tomorrow.
  4. South Korea launched 24-hour currency trading and South Korea’s President Lee said that a committee to enhance chip competitiveness will begin operating in August.
  5. China has begun cracking down on safety violations in mining and chemical production.

In economic data:

  1. Hong Kong’s June Manufacturing PMI 52.0 (last 50.4)
  2. Australia’s June MI Inflation Gauge -0.4% m/m (last -0.3%). June ANZ Commodity Price Index -1.0% m/m (last 0.7%) and June ANZ Job Advertisements -0.2% m/m (last 2.0%)
  3. Singapore’s May Retail Sales -2.3% m/m (last 0.4%); 3.0% yr/yr (last 5.4%)

Major European indices trade near their flat lines while Spain’s IBEX (-0.9%) underperforms with industrials and construction names among the laggards. STOXX Europe 600: -0.3%, Germany’s DAX: -0.1%, U.K.’s FTSE 100: -0.3%, France’s CAC 40: UNCH, Italy’s FTSE MIB: UNCH, Spain’s IBEX 35: -0.9%.

In news:

  1. Economic data released this morning was generally positive, though eurozone’s PPI accelerated to 5.9% in May from 5.0% in April.
  2. Germany has increased its borrowing estimate for 2027 by about EUR7 bln due to weak tax revenue.
  3. EasyJet agreed in principle to be acquired by Castlelake for $7.3 bln.
  4. European Central Bank policymaker Moulin said that he is comfortable with the base scenario and that the balance of risks is in the right place.

In economic data:

  1. Eurozone’s May Retail Sales 0.2% m/m, as expected (last -0.3%); 1.6% yr/yr (expected 1.5%; last 0.9%). May PPI 0.2% m/m, as expected (last 0.7%); 5.9% yr/yr (expected 5.7%; last 5.0%). July Sentix Investor Confidence -3.1 (expected -14.5; last -13.4)
  2. Germany’s May Factory Orders 1.9% m/m (expected 1.1%; last -3.2%)
  3. K.’s June Construction PMI 38.4 (expected 40.1; last 38.2)
  4. Swiss June Unemployment Rate 3.1% (expected 3.0%; last 3.0%)

Mortgage Rates

“The 30-year fixed-rate mortgage eased slightly this week averaging 6.43%” said Sam Khater, Freddie Mac’s Chief Economist. “With rates at a seven-week low and purchase demand continuing to edge higher, it’s an encouraging sign as prospective homebuyers respond to modest improvements in affordability.”

The 30-year FRM averaged 6.43% as of July 2, 2026, down from last week when it averaged 6.49%. A year ago at this time, the 30-year FRM averaged 6.67%.

The 15-year FRM averaged 5.79%, down from last week when it averaged 5.84%. A year ago at this time, the 15-year FRM averaged 5.80%.

Mortgage Rates

Selected Cryptocurrencies

Symbol Name Price 24h % 7d % Market Cap Volume(24h)
BTC Bitcoin $62,881.62 0.42% 5.29% $1.26T $21.95B
ETH Ethereum $1,770.90 0.68% 12.89% $213.71B $7.99B
BNB BNB $579.79 0.45% 5.34% $78.14B $1.34B
XRP XRP $1.14 0.82% 8.50% $71.01B $1.2B
SOL Solana $80.80 0.38% 11.77% $46.96B $1.79B
TRX TRON $0.33 0.75% 1.74% $31.07B $635.36M
HYPE Hyperliquid $70.74 2.66% 12.08% $17.88B $377.89M
DOGE Dogecoin $0.08 1.81% 6.21% $11.96B $565.59M
LEO UNUS SED LEO $9.37 2.53% -0.25% $8.62B $653.44K
ZEC Zcash $445.45 -2.42% 16.54% $7.46B $331.12M
XLM Stellar $0.20 2.44% 18.33% $6.93B $634.19M
ADA Cardano $0.18 -1.91% 26.70% $6.68B $447.04M
XMR Monero $319.27 -1.59% 3.63% $5.99B $100.07M
LINK Chainlink $7.96 0.99% 9.27% $5.79B $192.75M
CC Canton $0.14 1.00% -2.36% $5.53B $13.94M
GRAM Gram (prev. Toncoin) $1.76 0.94% 11.21% $4.8B $81.5M
BCH Bitcoin Cash $237.72 -0.07% 21.27% $4.76B $169.58M

Data as of 4:50 AM PDT, Monday, July 6, 2026. Source: https://coinmarketcap.com

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Sources: Bill Roller, BR Capital, Inc. dba Beacon Rock Wealth Advisors American Association for Individual Investors (AAII), Associated Press, Barclays Capital, Bloomberg, Briefing.com, Citigroup, Deutsche Bank, FactSet, Financial Times, Goldman Sachs, JPMorgan Asset Management, MarketfieldAsset Management, Morgan Stanley, MSCI, Morningstar, Northern Trust, Oppenheimer Funds, PIMCO, Standard & Poor’s, StockCharts.com, The Conference Board, Thomson Reuters, T. Rowe Price, U.S. Bureau of Economic Analysis, U.S. Federal Reserve, Wall Street Journal, The Washington Post. Index performance is shown as total return, which includes dividends, with the exception of MSCI-EM, which is quoted as price return/excluding dividends. Performance for the MSCI-EAFE and MSCI-EM indexes is quoted in U.S. Dollar investor terms.

The information above has been obtained from sources considered reliable, but no representation is made as to its completeness, accuracy or timeliness. All information and opinions expressed are subject to change without notice. Information provided in this report is not intended to be, and should not be construed as, investment, legal or tax advice; and does not constitute an offer, or a solicitation of any offer, to buy or sell any security, investment or other product BR Capital, Inc. dba Beacon Rock Wealth Advisors  is a registered investment advisor.

Notes key: (+) positive/encouraging development, (0) neutral/inconclusive/no net effect, (-) negative/discouraging development.