US Stock Market Summary for June 29, 2026

US stocks staged a sharp rebound, shaking off last week's steep decline. The Nasdaq jumped 2.07% to 25,820, snapping a five-session losing streak; the S&P 500 rose 1.18% to 7,440; and the Dow gained 0.59% to 52,182, closing above the 52,000 level for the first time ever. The US and Iran agreed to halt military action, reviving risk appetite, and a wave of bargain hunting poured into the chipmakers and mega-cap tech names that had plunged the previous week. Alphabet ($GOOGL), newly added to the Dow, climbed nearly 5% on its first day in the index, lending further support. The Fear & Greed Index climbed one notch from "Extreme Fear" to "Fear," suggesting some easing in investor sentiment. (Source)

Sector flows reversed last week's pattern, with capital rotating out of defensives and back into growth. Consumer Discretionary (+2.40%) led the rebound, followed by Technology (+2.37%) and Communication Services (+1.60%). Meanwhile, defensive and rate-sensitive sectors that had led the prior week — Materials (-1.82%), Real Estate (-0.71%), Energy (-0.48%), and Consumer Staples (-0.40%) — gave back gains on profit-taking. In other asset markets, easing US-Iran tensions prompted a partial retreat in safe-haven demand, and international oil prices (measured by a crude oil ETF, +1.52%) edged higher on expectations of negotiations in the Gulf region. Treasury yields moved in a limited range ahead of this week's employment report.

Chipmakers, which had plunged the prior week, were the rebound's main story. Corning ($GLW) skyrocketed 15.67%, KLA ($KLAC) gained 11.97%, Western Digital ($WDC) 11.14%, Applied Materials ($AMAT) 10.82%, Lam Research ($LRCX) 8.33%, and Seagate ($STX) 7.61%, with memory and equipment names rallying broadly on a roughly double-digit basis. The chip ETF (SMH) climbed more than 3%, and Marvell ($MRVL) outperformed after UBS raised its price target from $230 to $340, citing growth in the CXL market. (Source)

Mega-cap tech also rallied in unison: Tesla ($TSLA) gained 8.45%, Alphabet ($GOOGL) 4.79%, Amazon ($AMZN) 3.18%, and Meta ($META) 2.20%. In the aerospace & defense space, Rocket Lab announced an $8 billion acquisition of satellite-communications provider Iridium, stirring related names. Conversely, telecom and defensive stocks that had been last week's winners saw profit-taking — Verizon ($VZ) fell 5.24% and T-Mobile ($TMUS) 4.77%. (Source)

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> "Tracking on-the-ground checks across Asia and AI enterprise demand, we don't see any cracks in the armor. We are very bullish on a strategy of owning AI tech winners for the next year."

> — Dan Ives, Wedbush Securities Analyst

> "Heading into the third quarter, the risk of a pullback is growing. Investors should begin building some defensive positions in advance."

> — Paul Ciana, Bank of America Technical Strategist

The rebound's momentum was powerful — chipmakers swung from oversold to overbought in a single session — but some chip, telecom, and defensive names still flash bearish signals, suggesting lingering residue from the rotation. With Thursday's employment report approaching, please refer to the report below for detailed stock-by-stock signals.