The Weekly Update
Week of June 29th, 2026
By Christopher T. Much, CFP®, AIF®
Stocks ended mixed as falling oil prices helped lift the Dow Industrials, while concerns about AI valuation put pressure on the broader market.
The Standard & Poor’s 500 Index fell 1.95 percent while the Nasdaq Composite Index skidded 4.60 percent. The Dow Jones Industrial Average rose 0.60 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, lost 1.33 percent.
Dow Industrials Take the Lead
The S&P 500 and Nasdaq indexes were under pressure to start the week as the AI trade and tech more broadly came under scrutiny. But the Dow Industrials made a modest gain for the day.
The rotation away from tech continued Tuesday, with large consumer stocks faring particularly well, which minimized the Dow’s decline. The S&P fell about 1.4 percent for the day, while the Nasdaq fell more than 2 percent.
Midweek, stocks were mixed. Healthcare, financial, and industrial sectors carried the Dow to small gains on Wednesday and Thursday. Conversely, continued pressure on tech shares led the S&P and Nasdaq down, albeit at a slower pace than earlier in the week.
Then markets flattened out as the week wrapped up. The slow-but-steady Dow logged its 3rd consecutive weekly gain, while the Nasdaq and S&P 500 were under steady pressure during the week.
Inflation Update
The Fed’s preferred measure of inflation, PCE, or the Personal Consumption Expenditures Index, came in as expected for May. While the core number, which excludes energy, was at its highest level since October 2023. However, investors appeared relieved that there were no surprises.
This Week: Key Economic Data
Tuesday: S&P Case-Shiller Home Price Index. Chicago Business Barometer. Consumer Confidence. Job Openings/Labor Turnover.
Wednesday: ADP Employment Report. Purchasing Managers Index (PMI)—Manufacturing. Institute for Supply Management (ISM)—Manufacturing. Construction Spending.
Thursday: Employment Report. Weekly Jobless Claims. Factory Orders.
Source: Investors Business Daily – Econoday economic calendar; June 26, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.
This Week: Companies Reporting Earnings
Tuesday: Nike, Inc. (NKE)
Wednesday: General Mills, Inc. (GIS)
Source: Zacks, June 26, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.
