Your Weekly Update for Monday, June 29, 2026.
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Markets are closed on Friday, July 3, 2026 in honor of Independence Day!
Have a great week!
Bill Roller
NMLS #107972
CHARTERED FINANCIAL ANALYST
CERTIFIED FINANCIAL PLANNERTM
CHARTERED MARKET TECHNICIAN
bill.roller@beaconrwa.com
Summary
Markets were MIXED last week. The Dow Jones Industrial Average was UP 0.60% to 51,876.12 while the S&P500 ended DOWN 1.95% to 7,354.02. The Nasdaq Composite FELL 4.60% to 25,297.62. The annual yield on the 30-year Treasury FELL 3.7 basis point(s) to 4.864%.
Last Week
Flattish finish to choppy week as broader market offsets semiconductor weakness
The major averages finished little changed today as strength across software and several other pockets of the market helped offset another sharp pullback in semiconductor stocks. The S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (-0.1%) all ended with modest losses, reflecting a market that remained selective rather than broadly risk-averse.
Technology was once again defined by a notable divergence beneath the surface. Chipmakers came under renewed pressure after The New York Times reported that OpenAI may delay its planned IPO until 2027 following SpaceX’s (SPCX 153.23, +0.23, +0.15%) disappointing post-IPO performance, prompting investors to continue reducing exposure to AI infrastructure names.
The PHLX Semiconductor Index fell 5.3%, with memory names such as Sandisk (SNDK 2090.71, -244.29, -10.46%) giving back a portion of yesterday’s post-Micron (MU 1132.33, -81.23, -6.69%) earnings gains. Company-specific developments added to the weakness. onsemi (ON 90.65, -28.09, -23.66%) was the S&P 500’s biggest laggard after announcing a $7 billion all-stock acquisition of Synaptics (SYNA 121.00, -4.62, -3.68%), as investors weighed the strategic merits of the transaction against the near-term dilution associated with an all-stock deal.
Despite the pressure on chipmakers, the broader technology complex delivered a much more mixed performance. Software stocks emerged as a notable area of strength, with ServiceNow (NOW 98.34, +8.82, +9.85%) surging 9.0% and helping lift the iShares Expanded Tech-Software Sector ETF (IGV) 4.1% higher.
Apple (AAPL 283.78, +8.63, +3.14%) and Microsoft (MSFT 372.97, +20.14, +5.71%) also rebounded from yesterday’s declines, leaving the Vanguard Mega Cap Growth ETF flat for the day even as the information technology sector (-1.1%) finished as one of the weakest S&P 500 sectors.
The industrials sector (-1.5%) also lagged as electrical equipment names continued to trade in sympathy with semiconductor stocks. FedEx Freight (FDXF 153.89, -4.64, -2.93%) added to the weakness after investors responded cautiously to the company’s first earnings report as a standalone company.
Away from technology, market participation remained constructive. Six S&P 500 sectors finished higher, led by the health care sector (+3.2%), where Eli Lilly (LLY 1206.50, +78.82, +6.99%) traded sharply higher and Moderna (MRNA 67.27, +7.52, +12.59%) finished as the top-performing S&P 500 component after unveiling research and early development updates during its Science Day event.
The defensive consumer staples sector (+1.0%) and utilities sector (+0.8%) also emphasized strength across more defensive sectors, while gains across several large consumer names helped the consumer discretionary sector (+1.6%) finish among the session’s leaders.
Outside the S&P 500, the Russell 2000 (+0.1%) and S&P Mid Cap 400 (-0.2%) also finished little changed, indicating that rotational buying was somewhat less pronounced than in recent sessions.
On the policy front, Minneapolis Fed President Kashkari, a voting member of the FOMC, told CNBC that he currently has one rate hike penciled in for 2026, though he emphasized that future policy decisions will remain dependent on incoming economic data.
Overall, today’s session reinforced that investors continue to distinguish between individual areas of technology rather than treating the sector as a single trade. While AI infrastructure names remained under pressure, resilience across software, select mega-cap technology stocks, and several non-technology sectors helped keep the broader market stable.
U.S. Treasuries had a mixed finish to the week, as 10s and shorter tenors recorded their fourth day of gains in a row while the long bond underperformed, finishing with a slim loss. The 2-year note yield settled down three basis points (-9 basis points this week), and the 10-year note yield settled down two basis points to 4.37% (-8 basis points this week).
- Russell 2000: +21.3% YTD
- S&P Mid Cap 400: +15.5% YTD
- Nasdaq Composite: +8.8% YTD
- DJIA: +7.9% YTD
- S&P 500: +7.4% YTD
Reviewing Friday’s data:
- May Adv. Intl. Trade in Goods -$105.8 bln; Prior was revised to -$83.0 bln from -$82.4 bln
- May Adv. Retail Inventories 0.6%; Prior 0.7%
- May Adv. Wholesale Inventories 0.3%; Prior was revised to 0.7% from 0.5%
- June Univ. of Michigan Consumer Sentiment – Final 49.5 (Briefing.com consensus 48.9); Prior 48.9. The key takeaway from the report is that sentiment was boosted by the moderation in gas prices; however, the higher cost of living in general remains a burden, as sentiment is still 13% below the level it stood at in February prior to the start of the Iran War and almost 20% less than the prior year period.
This Week
S&P futures vs fair value: +59.00. Nasdaq futures vs fair value: +366.00.
Equity futures point to a higher opening to the holiday-abbreviated week as tech stocks advance in the premarket after a volatile previous week. The S&P 500 lost 2% last week as many of the market’s largest components struggled against a backdrop of heightened semiconductor weakness, though the S&P 500 Equal Weighted Index advanced 1.6% as investors rotated into other pockets of the market.
On the geopolitical front, the U.S. and Iran exchanged strikes over the weekend, but have agreed to refrain from more strikes ahead of a fresh round of talks set to take place on Tuesday.
This week will be particularly light on the earnings front, though there are a handful of S&P 500 names set to report, including beleaguered clothing giant Nike (NKE 41.21, +0.46, +1.1%).
There will be a few economic data releases of note throughout the week, though today’s calendar is empty.
In corporate news:
- Apple (AAPL 248.18, +0.40, +0.1%) wants to purchase memory chips from China’s CXMT, according to Financial Times.
- Google (GOOG, 339.00, +4.31, +1.3%) placed limits on Meta Platforms’ (META 561.00, +10.75, +2.0%) use of its Gemini AI models, according to Financial Times.
- SpaceX (SPCX 157.07, +3.84, +2.5%) and Charter (CHTR 160.12, +26.48, +19.8%) had discussions about a mobile phone partnership, according to Bloomberg
Equity indices in the Asia-Pacific region began the week on a mostly higher note while South Korea’s Kospi (-0.2%) remained pressured by Samsung and SK Hynix. Japan’s Nikkei: +0.2%, Hong Kong’s Hang Seng: +1.6%, China’s Shanghai Composite: +1.2%, India’s Sensex: -0.5%, South Korea’s Kospi: -0.2%, Australia’s ASX All Ordinaries: +0.7%.
In news:
- Hong Kong’s Hang Seng (+1.6%) climbed off a 13-month low with the Hang Seng biotech index (+6.7%) recording its largest gain in more than four years.
- China’s Ministry of Commerce added 20 Japanese companies to its export control list.
- The People’s Bank of China conducted overnight repurchase operations for the first time.
In economic data:
- China’s May Industrial Profit 18.8% YTD (last 18.2%)
- Japan’s May Retail Sales 5.3% yr/yr (expected 3.1%; last 2.8%) and Large Retail Sales 5.3% yr/yr (expected 3.1%; last 2.8%)
- India’s May Industrial Production 5.1% yr/yr (expected 4.7%; last 4.9%) and May Manufacturing Production 5.5% m/m (last 6.2%)
Major European indices trade just below their flat lines. STOXX Europe 600: -0.1%, Germany’s DAX: -0.1%, U.K.’s FTSE 100: -0.4%, France’s CAC 40: -0.4%, Italy’s FTSE MIB: UNCH, Spain’s IBEX 35: -0.2%.
In news:
- President Trump threatened to impose a 100% tariff on imports from the EU and the U.K. if they impose a digital services tax on U.S. companies.
- European Central Bank President Lagarde will deliver the opening remarks from the ECB’s policy forum in Portugal, where Fed Chairman Warsh will appear on Wednesday.
- Bank of England Chief Economist Pill said that the change in the Bank of England’s communication strategy from a single forecast to multiple scenarios has made it more difficult for policymakers to reach a collective viewpoint.
In economic data:
- Eurozone’s May Private Sector Loans 3.1% yr/yr (expected 2.9%; last 3.0%) and loans to nonfinancials 4.0% yr/yr (last 3.4%). June Business and Consumer Survey 95.0 (expected 94.3; last 93.7)
- U.K.’s May Mortgage Approvals 56,210 (expected 63,000; last 66,030) and Mortgage Lending GBP2.89 bln (expected GBP4.60 bln; last GBP4.44 bln)
- Spain’s June CPI 0.6% m/m (last 0.1%); 3.2% yr/yr, as expected (last 3.2%). June Core CPI 2.9% yr/yr (last 2.9%)
Mortgage Rates
“The average 30-year fixed mortgage rate was little changed this week at 6.49%” said Sam Khater, Freddie Mac’s Chief Economist. “Rates have remained relatively stable over the last six weeks. Meanwhile, purchase activity eased modestly and refinance activity has continued to pick up recently, reflecting borrowers’ responsiveness to current rate levels.”
The 30-year FRM averaged 6.49% as of June 25, 2026, up from last week when it averaged 6.47%. A year ago at this time, the 30-year FRM averaged 6.77%.
The 15-year FRM averaged 5.84%, up from last week when it averaged 5.81%. A year ago at this time, the 15-year FRM averaged 5.89%.
Selected Cryptocurrencies
| Symbol | Name | Price | 24h % | 7d % | Market Cap | Volume(24h) |
| BTC | Bitcoin | $59,864.89 | -0.62% | -7.26% | $1.2T | $21.56B |
| ETH | Ethereum | $1,572.39 | -0.44% | -10.62% | $189.76B | $7.34B |
| BNB | BNB | $551.72 | -0.66% | -7.33% | $74.36B | $1.01B |
| XRP | XRP | $1.05 | 0.35% | -7.90% | $65.6B | $1.4B |
| SOL | Solana | $72.55 | 1.13% | -2.07% | $42.13B | $2.45B |
| TRX | TRON | $0.32 | 0.00% | -2.47% | $30.61B | $547.64M |
| HYPE | Hyperliquid | $63.12 | -0.43% | -6.74% | $15.96B | $375.98M |
| DOGE | Dogecoin | $0.07 | -1.03% | -13.49% | $11.26B | $502.77M |
| LEO | UNUS SED LEO | $9.39 | -0.19% | -1.67% | $8.64B | $264.45K |
| ZEC | Zcash | $382.85 | -0.87% | -15.88% | $6.41B | $360.68M |
| XLM | Stellar | $0.17 | 0.77% | -18.28% | $5.87B | $121.37M |
| XMR | Monero | $308.29 | -1.03% | -6.92% | $5.78B | $99.79M |
| CC | Canton | $0.15 | -4.56% | -3.29% | $5.67B | $14.14M |
| LINK | Chainlink | $7.30 | 0.54% | -9.24% | $5.31B | $218.87M |
| ADA | Cardano | $0.14 | 0.01% | -10.38% | $5.27B | $254.24M |
| USD1 | World Liberty Financial USD | $1.00 | -0.03% | -0.04% | $4.63B | $704.6M |
Data as of 4:30 AM PDT, Monday, June 29, 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.