NEW YORK, July 1, 2026, 12:01 EDT
- U.S. exchanges traded on normal hours at noon in New York. NYSE and Nasdaq both show July 3 closed for Independence Day observed.
- The equal-weight S&P was ahead of the cap-weighted S&P by around 60 basis points at midday. The Nasdaq-100 and chip benchmarks dropped.
- Meta Platforms NASDAQ:META jumped close to 10%. Nvidia NASDAQ:NVDA and Broadcom NASDAQ:AVGO dropped, so the AI trade stayed choppy.
- Automatic Data Processing NASDAQ:ADP reported private employers hired just 98,000 workers in June. ISM said the manufacturing PMI dropped to 53.3.
Stocks in the U.S. were mixed at midday Wednesday. Indexes started out slow, but later action in ETFs pointed to strength under the surface—average names outperformed big tech stocks.
The Dow Jones Industrial Average (INDEXDJX:.DJI) lost 65.31 points, or 0.1%, to 52,262.87 just after 10 a.m. EDT. The S&P 500 (INDEXSP:.INX) dropped 19.85 points, or 0.3%, at 7,479.82, while the Nasdaq Composite (INDEXNASDAQ:.IXIC) fell 141.90 points, or 0.5%, to 26,073.29, according to Reuters. On the NYSE, advancers outpaced decliners 1.2-to-1. On Nasdaq the ratio was 1.35-to-1.
As of about 11:46 a.m. EDT, SPDR S&P 500 ETF Trust (NYSEARCA:SPY) was up 0.3%. The Invesco S&P 500 Equal Weight ETF (NYSEARCA:RSP) traded up 0.9%. Invesco QQQ Trust NASDAQ:QQQ dropped 0.9%, while VanEck Semiconductor ETF (NASDAQ:SMH) slid 4.3%.
| Live proxy | Price | Day move | Read-through |
|---|---|---|---|
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $748.75 | +0.3% | S&P kept gains, cap-weighted proxy stayed up. |
| Invesco S&P 500 Equal Weight ETF (NYSEARCA:RSP) | $214.60 | +0.9% | Average-stock ETF topped SPY by about 60 bps. |
| iShares Russell 2000 ETF (NYSEARCA:IWM) | $302.28 | +0.6% | Small caps moved higher too. |
| Invesco QQQ Trust NASDAQ:QQQ | $730.10 | -0.9% | Nasdaq-100 underperformed here. |
| VanEck Semiconductor ETF (NASDAQ:SMH) | $627.59 | -4.3% | Chip sector led declines. |
| Technology Select Sector SPDR Fund (NYSEARCA:XLK) | $187.24 | -1.7% | Broad tech stayed weak. |
The second-half trade now is more than just chasing the AI names that drove Q2. Reuters said the S&P 500 and Nasdaq both posted their best quarters since 2020, and the Philadelphia Semiconductor Index surged 88% over the quarter. Goldman Sachs NYSE:GS expects consensus EPS growth at 22% year on year, with AI infrastructure names making up nearly 60% of that gain.
Meta Platforms surged 9.9% to $619.03 on news that the company is working on a cloud business to offer extra AI computing power. Nvidia dropped 1.5% to $197.11. Broadcom slid 1.7% to $371.40. Apple NASDAQ:AAPL, Microsoft NASDAQ:MSFT, Amazon.com NASDAQ:AMZN and Tesla NASDAQ:TSLA traded higher, so the weakness didn’t cut across all the big tech names.
| Stock | Price | Day move |
|---|---|---|
| Meta Platforms NASDAQ:META | $619.03 | up 9.9% |
| Nvidia NASDAQ:NVDA | $197.11 | down 1.5% |
| Broadcom NASDAQ:AVGO | $371.40 | off 1.7% |
| Apple NASDAQ:AAPL | $295.05 | added 2.0% |
| Microsoft NASDAQ:MSFT | $384.68 | rose 3.1% |
| Amazon.com NASDAQ:AMZN | $242.00 | gained 1.5% |
| Tesla NASDAQ:TSLA | $430.54 | up 2.4% |
“I don’t get the sense that there’s a great deal of euphoria,” Benjamin Jones, global head of research at Invesco NYSE:IVZ, said. “The mood is sanguine, but not complacent,” he told Reuters. Reuters
Macro data came in mixed. US private employers took on 98,000 jobs in June, less than the 122,000 added in May and under the 118,000 that economists had forecast in a Reuters poll. ISM’s manufacturing PMI dropped to 53.3 from 54.0, missing the Reuters call for no change. Prices paid came in at 73.0, down from 82.1, still running high.
| Data point | Latest | Prior / forecast | Market read |
|---|---|---|---|
| ADP private payrolls | +98,000 | 122,000 prior; 118,000 Reuters poll | Hiring lost steam but didn’t stall. |
| ISM manufacturing PMI | 53.3 | 54.0 prior; 54.0 Reuters poll | Factories pulled back after a strong May. |
| ISM prices paid | 73.0 | 82.1 prior | Costs softened but stayed well above normal. |
| Fed July hike probability | 33% | — | Futures still gave some chance to a July hike, Reuters reported. |
Fed Chair Kevin Warsh offered few signals on rates at the central bank forum in Sintra, Portugal. Warsh said inflation expectations and risks “have come down,” but said, “I am not going to give forward guidance,” according to the Guardian live blog. The Guardian
Lauren van Biljon, a senior portfolio manager at Allspring Global Investments, told Reuters that weaker energy and slowing shelter inflation could mean the Fed stays on pause. “It looks like the Fed will be on hold,” she said. Reuters
Losses were steeper in some names outside the main indexes. Shutterstock NYSE:SSTK dropped 28.4% to $9.99 after scrapping its planned tie-up with Getty Images NYSE:GETY, which was down 7.0% at 80 cents. Kroger NYSE:KR was off 1.1% following news of its $1.65 billion agreement to acquire Giant Eagle.
Next up is the June payrolls report due Thursday. Reuters said economists are looking for the Labor Department to report a 110,000 gain in private payrolls, with the jobless rate steady at 4.3%.
