Market Recap - Monday June 29, 2026
Big Tech Rebounds as Markets Shift Focus to Jobs Data and Earnings Season
Stocks started the week on a positive note, with the S&P 500 snapping a five-day losing streak and the Nasdaq leading the way as many of the large technology companies recovered from last week’s weakness.
While the major indexes moved higher, the gains were driven largely by a handful of large technology companies. Interestingly, there were actually more declining stocks than advancing stocks within the S&P 500, highlighting that today’s rally wasn’t broad-based.
Big Tech Stages a Comeback
After a difficult June, investors returned to many of the market’s biggest technology names.
Amazon, Alphabet (Google), Tesla, and several other large-cap technology companies posted solid gains. There wasn’t a single major piece of news driving the move. Instead, it appeared investors were stepping back into stocks that had become oversold after several weeks of selling.
Technology software companies also bounced after several weeks of weakness, while semiconductor stocks recovered from early losses.
This serves as a reminder that markets rarely move in straight lines. Even during strong long-term trends, leadership often rotates from one group of stocks to another.
AI Story Remains the Bigger Picture
Although the largest AI infrastructure stocks paused recently, the overall investment theme remains intact.
Investors continue to expect another strong earnings season, supported by:
Continued spending on artificial intelligence infrastructure.
Strong demand for chips and data centers.
Healthy corporate profit growth.
Analysts currently expect S&P 500 companies to deliver another quarter of earnings growth exceeding 20%, driven largely by AI investment and improved energy conditions following the easing of Middle East tensions.
Geopolitical Concerns Continue to Fade
Markets largely looked past geopolitical headlines today.
The U.S. and Iran agreed to continue technical negotiations this week after both sides halted recent military actions. While tensions haven’t disappeared completely, investors increasingly view the situation as moving toward diplomacy rather than escalation.
Oil prices rose modestly, finishing back above $70 per barrel, but remain well below the highs seen earlier this month.
A Busy Week for the Economy
Investors are now turning their attention toward several important economic reports scheduled throughout the week.
Key events include:
Tuesday: Consumer confidence, job openings (JOLTS), and home price data.
Wednesday: ISM Manufacturing report, ADP private payrolls, and comments from Fed Chair Kevin Warsh.
Thursday: June employment report (released one day early because of the July 4th holiday), weekly unemployment claims, and factory orders.
The jobs report will likely be the week’s biggest market-moving event, with economists expecting approximately 115,000 new jobs to have been created during June.
These reports will help investors gauge whether the economy is continuing to slow gradually or whether it remains stronger than expected.
Corporate Highlights
Several notable company developments made headlines:
Comcast announced plans to separate NBCUniversal and Sky into a standalone public company, a move investors welcomed as a way to unlock shareholder value.
Rocket Lab agreed to acquire satellite communications company Iridium in an $8 billion deal, strengthening its position in the growing space industry.
Charter Communications surged after reports it is exploring a partnership with SpaceX to offer mobile phone services.
Palantir announced a new initiative with Nvidia to deploy AI models for U.S. government and critical infrastructure applications.
Meanwhile, Super Micro Computer fell after reports that Taiwanese authorities raided company offices as part of an investigation into alleged AI chip smuggling into China.
Here’s Our Take
Today’s rally was encouraging, but it also highlighted an important dynamic currently unfolding in the market.
Large technology stocks rebounded after several weeks of weakness, reminding investors that short-term leadership often rotates. However, beneath the surface, market participation was actually mixed, suggesting investors remain selective rather than broadly optimistic.
The bigger story continues to be corporate earnings. Expectations remain high heading into second-quarter reporting season, particularly for companies benefiting from AI investment. Over the next few weeks, markets will begin looking for confirmation that these companies can continue delivering the strong earnings growth needed to justify current valuations.
At the same time, macroeconomic risks remain in focus. Investors will closely watch this week’s employment report and comments from Federal Reserve Chair Kevin Warsh for clues about the path of interest rates. Strong economic growth remains supportive for corporate profits, but if inflation stays stubbornly elevated, the Fed could keep interest rates higher for longer.
Overall, the market continues to balance two competing forces: optimism around AI-driven earnings growth and caution surrounding interest rates. As earnings season approaches, corporate results, not headlines, are likely to become the biggest driver of market direction.
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