Market Review: July 01, 2026

Closing Recap

Wednesday, July 01, 2026

Index	Up/Down	%	Last
DJ Industrials	-12.98	0.02%	52,306.22
S&P 500	-15.97	0.21%	7,483.39
Nasdaq	-173.69	0.66%	26,040.03
Russell 2000	-2.07	0.07%	3,022.30

 

 

 

 

 

 

 

 

 

On the heels of a +15% quarter for the S&P 500 and a +21% quarter for the Nasdaq, the best since 2Q 2000, futures faded overnight. NKE earnings didn’t help, but the stock was off less than 4% early and wasn’t a market mover. Some investors likely are checking out early for the long holiday weekend, so the next couple days could be slow. Then again, the Fed’s Warsh was out today noting prices are too high, inflation risks have come down and anyone who thought the Fed would be happy with inflation above 2% is going to be disappointed. We certainly did not get a bounce on that last comment but most of his comments were consistent with his prior statements and perhaps less hawkish than feared and by mid-morning stocks had begun to stabilize. 

 

Early breadth favored advancers by 6:5 as small caps outperformed with IWM (+0.15%) versus SPY (-0.02%) and QQQ (-1.04%). SPY breadth favoring advancers by 2:1 while QQQ breadth favoring advancers by 13:8. Sector performance had a slight positive bias with Communications (+3.18%), Financials (+1.70%) and Consumer Discretionary (+1.07%) outperforming among S&P sector ETFs, while Energy (-0.59%), Utilities (-0.67%) and Technology (-2.44%) paced the underperformers with 7 sectors gaining versus 4 declining. Sentiment, as measured by today’s Fear & Greed Index, remained at Fear with a 32/100 versus last week’s 25 (Extreme Fear) and still well below last month’s 56 (Greed).

 

While S&P futures turned green by late morning, the Nasdaq trailed despite an 11% gain in META and positive performance in most of the other mega caps apart from NVDA and AVGO. Little changed through most of the afternoon with the S&P futures holding on to small gains, while the Nasdaq remained soft, but the underlying large-cap indices all closed lower in the end. We won’t have any market-moving names reporting earnings tonight or tomorrow morning, so all eyes will be on US Nonfarm Payrolls tomorrow to steer stocks into the holiday long weekend.

 

 

 

 

• MBA Mortgage Applications 0.0% vs prior 1.0%
• ADP Private Payrolls for June 98k vs forecast 120k and prior 122k
• S&P Global Manufacturing PMI for June 53.9 vs forecast 55.7 and prior 55.7
• Construction Spending M/M for May 0.1% versus forecast 0.1% and prior 0.4%
• ISM Manufacturing PMI for June 53.3 versus forecast 53.9 and prior 54.0
• Weekly DOE Inventory Data 3.775M bbl draw versus forecast 4.5M bbl draw

• WTI crude futures eased overnight and never staged much of a rally. Between headlines indicating OPEC+ is likely to raise output quotas at the Sunday meeting, a lower-than-expected weekly inventory draw and a relatively benign day or Iran headlines, there really was no significant catalyst to get buyers interested. While US crude stocks dipped to the lowest level since 2018, concerns of future Fed hikes impacting demand likely offset this for now. August futures settled -$0.92/bbl, or -1.32%, at $68.58.

 

 

Macro	Up/Down	Last
WTI Crude	-0.92	68.58
Brent	-1.38	71.57
Gold	43.90	4,082.40
EUR/USD	-0.0044	1.1382
JPY/USD	0.0110	162.559
10-Year Note	0.057	4.475%

 

Sector News Breakdown

Consumer

Retail, Consumer Staples & Restaurants:

• In online retail, GOOGL is to pay the equivalent of approximately SEK 14.3B in antitrust damages to KLAR-owned Pricerunner. EL was added to Goldman Sach’s “US Conviction List.” BBBY announced they have acquired TwoPonds For 7.2M BBBY Shares Worth ~$42.3M. BABA and AUS Merchant Services agree to pay $600M to resolve allegations that they failed to prevent illegal sales of pharmaceuticals.
• In retail, KR announced an agreement to acquire private Giant Eagle for $1.65B including $1.25B cash and $400M liabilities. KO and MAR announced the phased rollout of Coca-Cola brands in Marriott Hotels began today. NIQ completed acquisition of Flywheel’s China eCommerce business. NKE shares crossed from red to green this morning despite last night’s lackluster earnings report, seller fatigue? Shares of WMT were lower after a bearish note from a Midwest research boutique. Barron’s reports that Zyn’s new ‘Lower Risk’ label could light up nicotine pouches sales (PM ).
• In staples, GIS shares were higher by almost 10% following an EPS & sales Q4 earnings beat.
• In leisure, TKO announced that they successfully staged first-ever WWE and UFC doubleheader in Saudi Arabia and Azerbaijan.

 

Autos, Leisure, Gaming & Lodging:

• In autos, MBGL completes separation from SPGI and begins trading on the NYSE as a global leader in automotive data & analytics. Shares of ALSN edged higher following announcement the co. would join the S&P MidCap 400. MU and GM announced a Strategic Customer Agreement (SCA) to secure a long-term, reliable supply of memory and storage platforms critical to GM’s vehicle production and delivery at-scale.
• TSLA shares moved upward after Spain reported new Tesla registrations climbed 29.8% YoY in Jan-June while EVs as a whole climb 37.9% per ANFAC. BYDDY delivered 557,090 EVs in Q2, putting it on track to overtake TSLA as the world’s top EV seller. PSNY shares rose following completion of $640M debt-to-equity conversions. NSANY cut costs on Mexico-made cars to mitigate 25% tariffs. STLA announced cumulative global deliveries will reach over 1.5M units as of end of June. GM announced Q2 U.S. deliveries 714,896 units, down 4.2% and weak EV sales.
  TM North America: reported June 2026 U.S. sales of 212,793 vehicles.

 

Energy

• In solar and power generation, NXT was added to Goldman Sach’s “US Conviction List.”
  NRGV announced an amendment to its AR convertible debentures securities purchase agreement.
• In oil and gas, shares of SOC regained some of yesterday’s -55% loss after announcing a 32.5M share stock offering. NGG’s National Grid Ventures unit will acquire a 35% stake in power solutions provider Joulent For $1.75B. NUAI shares fell after announcing the appointment of Charlie nelson as CEO effective July 1, 2026.

 

Financials

Banks, Brokers, Asset Managers:

• In banking, WFC was added to Goldman Sach’s “US Conviction List.” RMBI announced completion of merger with the Farmers Bancorp of Frankfort, Indiana. New IPO ITG, priced at $16, opens at $18 & trades to $17 RANGE AFTER.
• In SPACs, CEPO shares popped up after announcing the postponement of shareholder meeting to 10:00 am on July 10, 2026.
• In financial technology, FDS reported Q3 earnings: Adj. EPS $4.53 beat est $4.46 and Sales $622.918M beat est $618.248M; despite the double-beat shares declined on flat guidance and lowered margins. ICE and Nativx to launch energy-normalized compute futures contracts. DB says tokenized cash and collateral could transform financial markets by enabling 24/7 trading, near-instant settlement, and more efficient funding. Finance app network maker Plaid is said to consider US IPO.
• In investing, GS’s Goldman Sachs Private Credit Corp said they believe we are entering period of "meaningful dispersion" among private credit managers in an SEC filing. HLNE holds final close of sixth direct equity fund, raising $3.8B in and alongside the fund. IBKR reports brokerage metrics. and other financial information for June 2026; 5.269M daily average revenue trades, up 53% YoY and up 6% MoM. HOOD announces availability of new perpetual futures referencing commodities, ETFs, FX In European Union; accelerates global expansion with Robinhood Chain Mainnet, Stock Tokens, agentic trading & new suite of defi products; planning to launch crypto in U.K. soon. The head of BLK‘s private credit fund (TCPC) is in the process of leaving the firm after months of losses on soured loans and a US regulatory probe into the unit’s valuation practices.

 

 

Bitcoin, FinTech, Payments:

• TONX shares lifted after announcing that they have entered a Rule 10b5-1 trading plan to support its $250 stock buyback plan. Shares of TOST moved slightly higher after it was announced they would replace BLD in the S&P 400 on 7/1. TW announced the successful completion of a landmark real-time transaction involving tokenized U.S. Treasuries. Binance failed to secure an EU license after regulators raised concerns over its history of financial-crime compliance.

 

Insurance & Services:

• DOCN showcases AI assistants and agents at momentum London 2026 to power the next era of agreement work and  introduces Iris AI Engine for agreements.

 

REITs:

• SITC announced it had sold its ground leasehold interest and all other interests in The Pike Outlets in Long Beach, California, for $50M in cash, according to a company statement.
  Net proceeds after adjustments for prorations, allocations, leasing maintenance, and other credits were approximately $46.5M.

 

Healthcare

Biotech & Pharma:

• ATLN’s Circle8 unit was awarded $175M contract extension from the Dutch Ministry of Infrastructure. RHHBY announced second digital tech hub in India, expanding global tech hub network to Hyderabad. NVO’s wegovy® is now accessible to eligible Medicare beneficiaries Living with obesity through Medicare GLP-1 Bridge. CANF shares soared after announcing Phase 2A pancreatic cancer study with namodenoson achieves primary safety endpoint and demonstrates durable survival outcomes in advanced disease.
• BBIO raised $1B in Preferred equity to accelerate present and upcoming launches. HROW shares were higher after announcing the commercial launch of BYOOVIZ(R) (ranibizumab-nuna), an FDA-approved biosimilar referencing LUCENTIS(i) (ranibizumab) and developed by Samsung Bioepis Co., Ltd. TNDM shares gained after announcing the launch of T:slim x2 insulin pump compatibility with ABT Freestyle Libre 3 Plus Sensor in five international markets. RCUS shares dropped modestly after announcing says Nature study links casdatifan-driven EPO suppression to improved outcomes in advanced kidney cancer. MRK scraps a Phase 2 Alzheimer’s asset from partner Neuphoria per Endpoints. RGC is up 30%+ on much higher than usual volume in what appears to be a short squeeze situation according to desk chatter despite a small short interest ratio.
•  White House adds pandemic response staff as Ebola cases climb. Sharers of TARS fell after Culper Research published a short report. The FDA approves ABT’s HIV combo next assay under 510(k) bk261345 on June 29, 2026, per the FDA website.

 

Healthcare Services & MedTech movers:

• A launched AI-driven analysis module for Agilent Xcelligence RTCA Esight. GH shares rally after UNH’s UnitedHealth medical policy publication says they will cover colorectal cancer.

 

Industrials & Materials

Transports

• AIOT announced a new $30M stock repurchase program. UBER restructures AI data labeling division removes senior executives.

 

Aerospace & Defense

• KRMN was added to Citi’s “90-Day Upside Catalyst Watch List.” GOGO lifted higher after announcing that the FAA granted STC for Galileo HDX installation on Gulfstream G650, G650ER. Shares of LMT were higher following an upgrade from Citigroup.

 

 

 

 

Materials, Metals & Mining

•  ALOY announced that Robert Winspear resigns as CFO effective June 24, 2026 and appoints Craig Cunningham as CFO. MSM shares moved higher after the company reported better-than-expected Q3 earnings this morning.

 

Technology

Internet, Media & Telecom

• In media, SSTK shares fell sharply after GETY’s board moved to abandon the planned merger with Shutterstock, citing a U.K. CMA clearance condition tied to divesting Shutterstock’s editorial business. OPTU shares fell sharply after their subsidiary CSC Investments II said they expect to buy 120M Optimum Class A shares from 254,956,213 tendered at $2.50/share in $300M tender offer. BRSL shares gained after signing a five-year exclusive extension with SONY’s Sony Pictures for Ghostbusters Lottery games. Shares of FUBO rose and ADEA fell after Adeia initiated patent infringement litigation against FUBO alleging FUBO infringes four U.S. patents in Adeia’s Media IP portfolio. META has named its chief marketing officer, Alex Schultz, as its new chief data officer, Schultz told Axios. Shares of BSP, an Italian technology company that bought up brands including AOL, Eventbrite and Vimeo, gained 30%+ in its first day of trading.
• In advertising, WPP announced expansion plans for WPP Enterprise Solutions, its global business unit for AI-driven transformation.

 

Hardware & Software movers:

• MSFT to cut under 2.5% of workforce in latest layoffs, Business Insider reports, impacting thousands of roles, including sales and consulting, as ​well as jobs at the Xbox Gaming division. Shares of beaten down software names NOW and CRM rebounded following upgrades from Guggenheim on overblown AI fears and valuation.
• The US’s lifting of restrictions on Anthropic’s Claude Fable 5 and Mythos 5 models moved cybersecurity names such as CRWD and PANW higher as the prospect of more demand heightened. MacRumors reports AAPL has reportedly cut iPhone 17 lineup production. SPCX has developed a prototype for a handset-like device designed to reshape how humans interact with artificial Intelligence that SpaceX has shown investors recently per the WSJ, using a QCOM Snapdragon chipset (Elon Musk later denied the WSG report).
• DT shares rose following announcing board appointments following constructive engagement with holder Starboard.
• SONY announces PlayStation will end physical Disc production for new games starting January 2028, to be sold digitally afterwards.
• In AI and cloud computing, Bloomberg reported (unconfirmed) that META is building a cloud business to sell excess AI compute; The internal initiative is called Meta Compute. The plans being considered: AI model access hosted on Meta infrastructure, similar to AWS Bedrock Raw Ai compute capacity, closer to Coreweave with developer access to Meta’s data Centers, chips, and models. META shares rose on the news while sharers of co’s such as CRWV and NBIS fell.

 

Semiconductors:

• HIMX announced Investee investment to be bought for $80M in cash, estimates pre-tax gain of $23-$24M upon closing. Shares of memory-related chip stocks MU, SNDK, WDC and STX are trading lower amid profit-taking following the industry-wide rally for H1 2026.