Stock Indexes Supported by Strength in Megacap Tech Stocks

The S&P 500 Index ($SPX) (SPY) today is up +0.59%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.64%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.67%.  September E-mini S&P futures (ESU26) are up +0.73%, and September E-mini Nasdaq futures (NQU26) are up +0.71%. 

Stock indexes are climbing today, led by strength in the Magnificent Seven technology stocks.  Also, stocks are finding support today after the US and Iran backed away from a fresh escalation of hostilities and agreed to stop attacking each other before peace talks resume over the Strait of Hormuz and other issues.  President Trump said today that talks are set to resume in Doha on Tuesday.

WTI crude oil (CLQ26) is up by more than +1% today on escalation of tensions in the Strait of Hormuz.  Late Friday, the US attacked several Iranian military installations in retaliation for Iran’s attack on Thursday of a container ship in the strait.  The US then attacked Iran again on Saturday after Iran attacked a tanker carrying Qatari oil and launched drone and missile attacks against US bases in Bahrain and Kuwait. However, crude oil prices fell from their best level after the US and Iran late Sunday agreed to stop attacking each other for now and to allow vessels to move freely through the Strait of Hormuz. 

The markets are discounting a 32% chance of a +25 bp rate hike at the next FOMC meeting on July 28-29.

Overseas stock markets are higher today.  The Euro Stoxx 50 is up +0.10%.  China's Shanghai Composite rebounded from a 2-week low and closed up +1.16%.  Japan's Nikkei-225 Stock Average recovered from a 2-week low and closed up +0.15%.

Interest Rates

September 10-year T-notes (ZNU6) today are down -4 ticks, and the 10-year T-note yield is up +1.2 bp to 4.380%.  T-notes are under pressure today amid a +1% increase in WTI crude oil prices, which is raising inflation expectations.  Also, today’s strength in stocks has reduced safe-haven demand for T-notes. 

European government bond yields are mixed today.  The 10-year German bund yield is up +0.4 bp to 2.855%. The 10-year UK gilt yield is down -0.4 bp to 4.727%.

The Eurozone Jun economic confidence indicator rose +1.3 to 95.0, stronger than expectations of 94.3.

Eurozone May M3 money supply rose +3.2% y/y, stronger than expectations of +2.7% y/y.

Swaps are discounting a 6% chance of a +25 bp ECB rate hike at its next policy meeting on July 23.

US Stock Movers

The Magnificent Seven technology stocks are moving higher today, helping lift the overall market.  Amazon.com (AMZN) is up more than +3% to lead gainers in the Dow Jones Industrials.  Also, Alphabet (GOOGL), Meta Platforms (META) and Tesla (TSLA) are up more than +3%, and Microsoft (MSFT) and Nvidia (NVDA) are up more than +1%.  In addition, Apple (AAPL) is up +0.41%.

Software stocks are climbing today, providing support to the overall market.  Palantir Technologies (PLTR) and Atlassian Corp (TEAM) are up more than +4%, and ServiceNow (NOW) and Datadog (DDOG) are up more than +3%. Also, Adobe Systems (ADBE), Intuit (INTU), Autodesk (ADSK), and Workday (WDAY) are up more than +2%.  In addition, Salesforce (CRM) is up more than +1%. 

The weakness in chipmakers and AI infrastructure stocks is limiting the upside in the overall market today.  SanDisk (SNDK) is down more than -7% to lead losers in the S&P 500 and Nasdaq 100.  Also, Micron Technology (MU) is down more than -6%, and ARM Holdings Plc (ARM) is down more than -5%.  In addition, Intel and Marvell Technology are down more than -4%, and Advanced Micro Devices (AMD), Seagate Technology Holdings Plc (STX), and Texas Instruments (TXN) are down more than -1%. 

Iridium Communications (IRDM) is up more than +22% after Rocket Lab agreed to acquire the company for about $8 billion, or $54 per share.

Charter Communications (CHTR) is up more than +14% to lead gainers in the S&P 500 after Bloomberg reported the company has discussed partnering on a consumer phone offering with SpaceX. 

Comcast Corp (CMCSA) is up more than +10% to lead gainers in the Nasdaq 100 after announcing plans to separate its media businesses from its cable-TV and internet operations. 

Roblox (RBLX) is up more than +11% after Arete Research Services LLP upgraded the stock to buy from neutral with a price target of $95.

Axon Enterprise (AXON) is up more than +8% after a CNBC report said President Trump bought $5 million of the stock two weeks before the company struck a $220 million contract with Immigration and Customs Enforcement (ICE).

Viridian Therapeutics (VRDN) is up more than +7% after the FDA approved the company’s drug for treating an inflammatory disorder that affects the tissues around the eyes. 

Methode Electronics (MEI) is up more than +5% after Barrington Research upgraded the stock to outperform from market perform and set a price target of $25.

Innio NV (INIO) is up more than +3% after BNP Paribas initiated coverage on the stock with a recommendation of outperform and a price target of $48.

Biohaven Ltd (BHVN) is down more than -8% after Bank of America Global Research downgraded the stock to underperform from neutral with a price target of $11.

Martin Marietta Materials (MLM) is down more than -5% after agreeing to combine with Lhoist North America in a transaction valued at $13.5 billion.

Doximity (DOCS) is down more than -1% after Bank of America Global Research double-downgraded the stock to underperform from buy with a price target of $20.

Progressive Corp (PGR) is down more than -1% after Wells Fargo Securities downgraded the stock to underweight from equal weight with a price target of $205.

Earnings Reports(6/29/2026)

AeroVironment Inc (AVAV), America's Car-Mart Inc/TX (CRMT), Atlantic International Corp (ATLN), Concentrix Corp (CNXC), Liberty Live Holdings Inc (LLYVA), Pioneer Bancorp Inc/NY (PBFS), Richtech Robotics Inc (RR), Whitestone REIT (WSR).