Author: Zac Martin, Senior Investment Analyst
Week Ending June 26th
Relatively quiet week in terms of macro news, with Micron earnings being the notable exception. Markets continued to sell off as a rotation appears to be underway with the S&P 500 ~4% off its peak and the equal weight index only ~1% off of its peak. Currently, most sectors are outperforming the index for June with the laggards being Tech, Consumer Discretionary, Communication Services and Energy. This was the strongest week for market breadth since the end of February with 65% of S&P 500 stocks trading above their 200-day moving average.
US GDP: The final reading for Q1 2026 GDP was revised higher to 2.1% from the previous 1.6% with most of the revision coming from a decrease in imports. Another notable revision was within the consumer spending segment; consumer consumption was revised lower to 0.5% from 0.9% which is the lowest reading since Q1 of 2022. AI investment continues to be the economy’s source of growth as private domestic investment accelerated to 7.9% from 2.3%.
The Week Ahead:
- JOLTS report (6/30)
- Nonfarm Payrolls & Unemployment Rate (7/2)
- ISM PMIs (7/6)
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