S&P futures are up 0.7% Monday morning after a mixed week for U.S. equities. Big Tech weighed on the S&P 500 and Nasdaq last week, while the broadening trade held up better, led by healthcare, biotech, machinery, multis, transports, consumer names, and banks. Asian markets were mostly higher overnight, with Hong Kong and Shanghai outperforming, while South Korea recovered from a sharp early drop to finish slightly lower. Europe is modestly weaker. Treasuries are softer, with yields up 1–3 bp, the dollar is down 0.1%, gold is off 1.2%, silver is down 2.8%, Bitcoin futures are up 0.3%, and WTI crude is up 1.6%.
The main support this morning is a Mag 7 bounce, though there is no clear catalyst. Investors remain focused on memory pricing backlash and new investment pledges from Samsung and SK Hynix. Oil is higher, but geopolitics is still being largely discounted after the U.S. and Iran agreed Sunday to halt attacks ahead of fresh talks Tuesday. Other themes include China’s progress in cybersecurity AI, growth in leveraged equity funds, Fed reaction-function uncertainty, import pull-forward ahead of tariffs and Middle East-related costs, and Japan-China trade tensions.
Economic Calendar
Dallas Fed manufacturing is the only major release today, though a Supreme Court decision on Fed Governor Cook’s case could also come. Tuesday brings April home-price data, May JOLTS, and June Conference Board consumer confidence. Wednesday brings June ISM manufacturing, ADP private payrolls, May construction spending, and Fed Chair Warsh at the ECB’s Sintra conference. Thursday’s June employment report, initial claims, and May factory orders close the holiday-shortened week, with payrolls expected to rise 115K after May’s 172K gain.
Company News
- AAPL: Reportedly pushing the White House to approve purchases of memory chips from China’s CXMT.
- GOOGL / META: Google reportedly capped Meta’s use of Gemini AI models because of infrastructure constraints.
- SPCX / CHTR: Reportedly held talks about partnering on a consumer mobile-phone offering.
- Anthropic: White House will reportedly allow Mythos 5 to be made available to trusted partners after a two-week restriction.
- CMCSA: Higher on plans to split into separate media and technology businesses.
- WMB: Reportedly near a deal to acquire Momentum Midstream for about $5.5B.
- GME / EBAY: GameStop said in a regulatory filing it plans to continue pursuing a deal to acquire eBay.
- BLFS: Higher on reports it has received takeover interest, including from Repligen.
- QDEL: Reportedly put its point-of-care testing unit up for sale, seeking a valuation near $1.5B.
U.S. equities were little changed Friday, with the Dow down 0.09%, S&P 500 down 0.05%, Nasdaq down 0.24%, and Russell 2000 up 0.07%. The S&P 500 and Nasdaq both declined for a fifth straight session, capping weekly losses, though breadth was positive and the equal-weight S&P 500 extended its weekly outperformance to roughly 300 bp. Momentum remained under pressure as semis and memory fell more than 5%, while Big Tech was mostly higher and software benefited from rotation out of the AI hardware trade. Treasuries were firmer with curve steepening, led by a 4 bp decline in the 2-year yield to 4.09%. The 10-year yield fell 2 bp to 4.37%. The dollar slipped 0.1%, gold rose 0.9%, silver gained 1.5%, Bitcoin futures added 1.2%, and WTI crude fell 3.5% to $69.44, its lowest close since late February.
The main market story remained the unwind in semis, memory, and AI momentum. Technical and mechanical pressures remained the easiest explanation, though investors also focused on the overnight selloff in South Korea, possible delay of OpenAI’s IPO, Samsung and SK Hynix investment headlines, demand-destruction risk from memory price hikes, elevated memory gross-margin sustainability, U.S. scrutiny of OpenAI’s next model release, and open-source and China competition. Lower oil continued to help rates, with WTI back below $70 despite fresh Iran-related headlines, including ship attacks in the Strait of Hormuz and Trump saying Iran violated the ceasefire. The Fed path also flattened, with markets pricing roughly 28 bp of hikes through year-end, down from Monday’s 42 bp peak.
Macro data were mixed but generally consistent with a resilient backdrop. Final June University of Michigan consumer sentiment was revised up to 49.5, though still below the 50.0 consensus. Current conditions were revised lower, while expectations improved. One-year inflation expectations were unchanged at 4.6%, while longer-term expectations were revised down 0.1 pp to 3.3%. Fed’s Kashkari said he now expects one rate hike this year and remains concerned inflation has broadened beyond energy. Next week’s key event is the June employment report, with consensus looking for 88K payroll gains and the unemployment rate holding at 4.3%. June ISM manufacturing is also due Wednesday, with the headline expected to hold at 54.0.
Sector performance was defensive and healthcare-led. Healthcare rose 3.16%, followed by Consumer Discretionary +1.55%, Real Estate +1.43%, Consumer Staples +0.96%, Utilities +0.84%, and Financials +0.37%. Materials fell 0.28%, Energy declined 0.41%, Communication Services lost 0.56%, Technology fell 1.05%, and Industrials lagged, down 1.54%. Outperformers included pharma, biotech, managed care, software, payments, insurance, casinos, cruise lines, airlines, auto parts, homebuilders, and staples. Laggards included investment banks, credit cards, money-center banks, auto suppliers, E&Cs, machinery, networking and communications equipment, semis, memory, and industrial metals.
Information Technology
- ON -23.7%: Announced an all-stock acquisition of Synaptics valued at roughly $7B, representing a 28% premium to Thursday’s close. The transaction is expected to close in mid-2027 and is intended to bolster Onsemi’s physical AI portfolio, though KeyBanc noted physical AI represents only a small portion of Synaptics’ revenue.
- SYNA: To be acquired by Onsemi in the all-stock transaction.
- OpenAI: Reportedly leaning toward delaying its IPO until 2027 versus prior expectations for a second-half 2026 listing, amid concerns that AI-linked market volatility and SpaceX weakness could complicate a targeted $1T valuation.
- OpenAI / GPT-5.6: The Trump administration reportedly asked OpenAI to limit the release of its next model, citing security concerns.
Communication Services
- DKNG +11.3%: Announced the launch of its proprietary prediction-markets exchange, DKeX, which the company said will give it greater control over content depth and operating economics.
- SPCX: Reportedly planning to launch a new mobile service for U.S. customers.
Consumer Discretionary
- CROX +7.5%: Upgraded to overweight from neutral at Piper Sandler, which cited an innovation-led clog pipeline, improving Heydude traffic, and stronger TikTok traction.
- ALGT +5.5%: Upgraded to buy from neutral at Citi, which cited potential accretion from the Sun Country deal, a differentiated niche business model, and benefits from limited competition.
- Casinos, cruise lines, airlines, auto parts, and homebuilders: Outperformed as parts of the consumer complex held up despite broader momentum weakness.
Healthcare
- LLY +7.1%: EU’s CHMP adopted a positive opinion recommending a change to the marketing authorization terms for Eli Lilly’s Jaypirca.
- ACAD +6.8%: EU’s CHMP, following re-examination, adopted a positive opinion recommending marketing authorization for DAYBUE, the company’s Rett syndrome treatment.
- OMER -19.1%: EU’s CHMP recommended refusal of marketing authorization for YARTEMLEA.
- Healthcare +3.16%: Led all sectors on strength in pharma, biotech, and managed care.
Industrials
- RKLB: Secured a NASA contract for three Electron rocket launches.
- Industrials -1.54%: Lagged on weakness in E&Cs, machinery, and other cyclical industrial groups.
Materials
- FUL +2.1%: Upgraded to overweight from neutral at JPMorgan, which cited adjusted EBITDA growth from higher prices and positive currency effects in a flat-to-lower-volume environment.
- Materials -0.28%: Slipped as industrial metals lagged.
Quantum / Emerging Technology
- INFQ +6.6%: Initiated outperform at Wedbush, which said Infleqtion is uniquely positioned in quantum technology, citing its broad technology portfolio and commercialization strategy.
Eco Data Releases | Monday June 29th, 2026
S&P 500 Constituent Earnings Announcements | Monday June 29th, 2026
No constituents report today.
Data sourced from FactSet Research Systems Inc.
