June 30, 2026

The major averages opened with modest gains today but made a slow climb into the close, led by another rally in semiconductors. The gains left the DJIA, NYSE and Russell 2000 at new record highs as the second quarter and June came to a close. Economic data was mixed, with the Chicago PMI at 56.7 vs. 55.7 estimated, while JOLTS increased to 7.594 million job openings, the most since May 2024. Consumer Confidence was light at 91.2 vs. 94.4 expected. Despite solid gains, only four of 11 sectors were higher, with Technology (XLK) and Industrials (XLI) outperforming. Defensive sectors were the weakest market groups, with REITs (XLRE), Consumer Staples (XLP), Utilities (XLU) and Healthcare (XLV) the laggards. Yields ticked higher ahead of tomorrow's jobs report, with the 10-year Treasury closing at 4.447% and the two-year Treasury note landing at 4.162%. Crude oil prices nudged lower but remained above $70 a barrel. Dow component Caterpillar (CAT) led the Dow Jones to its record high, but breadth was negative, with the DJIA picking up 136.46 points (+0.26%), finishing at 52,319.20. The S&P 500 added 58.93 points (+0.79%) and settled at 7,499.36, while the NASDAQ jumped 393.58 points (+1.52%) to 26,213.72.

Breadth was mixed, with declining issues beating advancing issues by 204 units on the NYSE, while advancing issues held a 349 edge on the NASDAQ. Declining volume was 58% on the NYSE, but advancing volume was 59% on the NASDAQ. The VIX fell 1.20 (-6.80%), closing at 16.45. Crude oil prices eased 0.63 (-0.89%) and the August contract closed at $70.12 a barrel. Gold prices lost 8.10 (-0.20%) and finished at $4,030.80 an ounce. Bitcoin (BTC) closed the session at $58,670.

The big winners in Q2 saw some of the most buying today, with Intel (INTC), Micron Technology (MU), SanDisk (SNDK) and Marvell Technologies (MRVL) up sharply on end-of-the-quarter window dressing. The S&P 500 and NASDAQ posted their best quarterly gains since 2020 as investors remain upbeat about the economy and earnings growth. More jobs data is out before the open tomorrow, but is unlikely to move the gauge. Expect to see volume drop off in the afternoon as Wall Street traders head to the Hamptons.

Earnings releases to watch for on Wednesday include: FactSet (FDS), General Mills (GIS), UniFirst (UNF) and Greenbrier (GBX).

Wednesday's Market-Moving Economic Calendar: Mortgage Apps, ADP Employment Report, Jobless Claims, PMI Manufacturing Final, ISM Manufacturing Index, Construction Spending and EIA Petroleum Status Report.

*Charts of the various market timing components can be found by going to the Market Edge Home page and clicking on 'Market At A Glance', which is located on the right-hand side of the page just below the 'Market Recap' section.

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