NEW YORK, June 29, 2026, 11:03 a.m. EDT
- S&P 500 and Nasdaq proxies gained, but the Russell 2000 proxy dropped over 1%.
- Megacap ETFs outperformed while chip ETFs dropped, leaving the AI trade split.
- Comcast shares rose following word of a planned NBCUniversal-Sky spin-off.
- Equity financing costs can increase risk if the rally remains narrow.
U.S. stocks traded higher Monday morning, but gains didn’t reach across the board. Big tech and other heavyweights moved up, while small caps slipped and semis lagged behind. NYSE kept regular hours, opening at 9:30 a.m. and shutting at 4 p.m. ET. The next holiday closure on the schedule is Friday, July 3, 2026.
| Latest available trade | Google Finance ticker | Price | Change |
|---|---|---|---|
| SPDR S&P 500 ETF Trust | NYSEARCA:SPY | $736.29 | +1.00% |
| Invesco QQQ Trust | NASDAQ:QQQ | $711.26 | +0.67% |
| SPDR Dow Jones Industrial Average ETF | NYSEARCA:DIA | $521.67 | +0.76% |
| iShares Russell 2000 ETF | NYSEARCA:IWM | $296.42 | -1.14% |
S&P 500 proxies outpaced Russell 2000 proxies by roughly 2.14 percentage points. The gap suggests the rebound wasn’t just risk-on buying. Investors favored a handful of big names and stayed cautious on smaller stocks.
The Dow, S&P 500 and Nasdaq traded up after U.S. and Iranian officials took steps toward talks in Doha, Reuters said. Peter Andersen of Andersen Capital Management told Reuters he thinks a lot of traders will “remain in a holding pattern” this week. Reuters
The narrow trade is also facing a funding issue. Primary dealers have over $220 billion in equity repo exposure, according to Reuters. U.S.-domiciled leveraged ETF assets jumped to about $200 billion in Q1, nearly double. Morgan Stanley’s Martin Tobias said equity funding is the “canary in the coal mine.” Reuters
| Tape check | Google Finance ticker | Move | Read-through |
|---|---|---|---|
| Roundhill Magnificent Seven ETF | NASDAQ:MAGS | +2.93% | Megacaps pushed up the tape |
| iShares Semiconductor ETF | NASDAQ:SOXX | -0.91% | Chip stocks stayed soft even as AI drew interest elsewhere |
| Comcast | NASDAQ:CMCSA | +9.26% | Stock popped on deal news, not broad strength in media |
| Space Exploration Technologies | NASDAQ:SPCX | +0.65% | Entry into the index gave only a mild boost |
| Apple | NASDAQ:AAPL | -0.63% | Biggest names didn’t all trade higher |
| Amazon.com | NASDAQ:AMZN | +5.39% | Consumer internet drove the gains for megacaps |
Comcast NASDAQ:CMCSA is planning to spin off NBCUniversal and Sky into a new company, aiming to complete the deal in about a year. It will be tax-free. Mike Cavanagh is lined up to head NBCUniversal, with ex-CFO Michael Angelakis set to take over as Comcast’s CEO.
Brian Roberts said the deal will “unlock a more entrepreneurial management approach.” Ross Benes, a senior analyst at eMarketer, told Reuters, “NBCU will become M&A target eventually.” Comcast executives downplayed the idea of any deal. Reuters
Alphabet NASDAQ:GOOGL climbed 3.51%, Amazon NASDAQ:AMZN added 5.39%, and Nvidia NASDAQ:NVDA was up 0.69%. Apple NASDAQ:AAPL lost 0.63%. The split still pushed the Nasdaq higher, but AI trades stayed choppy, not widespread.
Goldman Sachs analyst Kamakshya Trivedi told Reuters that AI has become the “primary source of volatility in equity markets.” Jake Dollarhide, who runs Longbow Asset Management, said, “AI is working for the providers. It is not working for the spenders.” Reuters
Space Exploration Technologies NASDAQ:SPCX gained 0.65%. Nasdaq Inc NASDAQ:NDAQ said SpaceX is set to join the Nasdaq-100 before markets open on July 7. Nasdaq said more than 200 investment products with over $800 billion in assets globally track the index.
Viridian Therapeutics Inc NASDAQ:VRDN got FDA clearance for Lumvoa in thyroid eye disease, adding a new catalyst for the stock. The company called it its first FDA-approved drug and said it’s launching Lumvoa right away.
Markets face a shorter week because of the Independence Day holiday, while June payrolls come out Thursday. Guy LeBas, chief fixed income strategist at Janney Montgomery Scott, told Reuters consumer spending shows “upside risk” for U.S. growth. Reuters
