We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
The Nasdaq recorded its fifth straight day of losses on Friday, while the S&P 500 ended marginally lower, with AI-related chip stocks taking a hit, as investors rotated out of major tech stocks and took refuge in defensive assets. All three major indexes ended in negative territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) declined 0.1% or 44.51 points, to close at 51,876.11 points.
The S&P 500 slid less than 0.1% to end at 7,353.95 points. Tech and industrial stocks were the worst performers, while real estate stocks were the biggest gainers.
The Information Technology Select Sector SPDR (XLK) lost 1.1%. The Industrials Select Sector SPDR (XLI) fell 1.5%. The Real Estate Select Sector SPDR (XLRE) gained 1.4%, while the Consumer Staples Select Sector SPDR (XLP) added 1%. Six of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq fell 0.2% to finish at 25,297.62points.
The fear gauge, the CBOE Volatility Index (VIX), was down 2.54% to 18.41. Advancers outnumbered decliners on the S&P 500 by a 1.8-to-1 ratio. A total of 30.1 billion shares were traded on Friday, higher than the last 20-session average of 23.1 billion.
On the Nasdaq, there were 263 new highs and 169 new lows. On the S&P 500, there were 35 new 52-week highs and five new lows.
AI-related Tech Stocks Continue to Suffer
AI-related tech stocks continued to suffer on Friday, as investors moved to defensive assets. The sell-off intensified following reports that OpenAI could delay its IPO to 2027, after Tesla, Inc.’s ((TSLA - Free Report) ) SpaceX performed poorly, following a solid stock market debut.
AI-related tech stocks were already suffering, and Friday’s report created further concerns about their sustainability. Some investors are still optimistic about the potential of AI stocks. However, many are concerned that the massive spending and investment in these stocks may take too long to reflect profits.
The PHLX Semiconductor (SOX) declined 5.3%, as semiconductor stocks took a massive hit. Shares of big chipmakers continued to suffer. Shares of Micron Technology, Inc. ((MU - Free Report) ) tumbled 6.7%, while Advanced Micro Devices, Inc. ((AMD - Free Report) ) declined 2.1%. Micron Technology has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The S&P Information Technology Select Sector SPDR (XLK) was the biggest loser on Friday as investors shunned chip stocks and moved to safer assets like healthcare, which performed well on Thursday’s trading session. Shares of Moderna, Inc. ((MRNA - Free Report) ) surged 12.6%, while Eli Lilly and Company ((LLY - Free Report) ) jumped 7.1%.
Economic Data
In economic data released on Friday, the University of Michigan’s consumer sentiment index rose to 49.5 in June from 44.8 in the prior month, which was higher than the analysts’ expectations of a reading of 49. The better-than-expected reading came as oil prices eased and helped the markets to some extent.
Weekly Roundup
For the week, the Nasdaq ended 4.6% lower, while the S&P 500 lost 2%. Despite the selloff, the Dow outperformed its peers, gaining 0.6% for the week.
View the Zacks #1 Rank List
Image: Bigstock
Stock Market News for Jun 29, 2026
The Nasdaq recorded its fifth straight day of losses on Friday, while the S&P 500 ended marginally lower, with AI-related chip stocks taking a hit, as investors rotated out of major tech stocks and took refuge in defensive assets. All three major indexes ended in negative territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) declined 0.1% or 44.51 points, to close at 51,876.11 points.
The S&P 500 slid less than 0.1% to end at 7,353.95 points. Tech and industrial stocks were the worst performers, while real estate stocks were the biggest gainers.
The Information Technology Select Sector SPDR (XLK) lost 1.1%. The Industrials Select Sector SPDR (XLI) fell 1.5%. The Real Estate Select Sector SPDR (XLRE) gained 1.4%, while the Consumer Staples Select Sector SPDR (XLP) added 1%. Six of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq fell 0.2% to finish at 25,297.62points.
The fear gauge, the CBOE Volatility Index (VIX), was down 2.54% to 18.41. Advancers outnumbered decliners on the S&P 500 by a 1.8-to-1 ratio. A total of 30.1 billion shares were traded on Friday, higher than the last 20-session average of 23.1 billion.
On the Nasdaq, there were 263 new highs and 169 new lows. On the S&P 500, there were 35 new 52-week highs and five new lows.
AI-related Tech Stocks Continue to Suffer
AI-related tech stocks continued to suffer on Friday, as investors moved to defensive assets. The sell-off intensified following reports that OpenAI could delay its IPO to 2027, after Tesla, Inc.’s ((TSLA - Free Report) ) SpaceX performed poorly, following a solid stock market debut.
AI-related tech stocks were already suffering, and Friday’s report created further concerns about their sustainability. Some investors are still optimistic about the potential of AI stocks. However, many are concerned that the massive spending and investment in these stocks may take too long to reflect profits.
The PHLX Semiconductor (SOX) declined 5.3%, as semiconductor stocks took a massive hit. Shares of big chipmakers continued to suffer. Shares of Micron Technology, Inc. ((MU - Free Report) ) tumbled 6.7%, while Advanced Micro Devices, Inc. ((AMD - Free Report) ) declined 2.1%. Micron Technology has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The S&P Information Technology Select Sector SPDR (XLK) was the biggest loser on Friday as investors shunned chip stocks and moved to safer assets like healthcare, which performed well on Thursday’s trading session. Shares of Moderna, Inc. ((MRNA - Free Report) ) surged 12.6%, while Eli Lilly and Company ((LLY - Free Report) ) jumped 7.1%.
Economic Data
In economic data released on Friday, the University of Michigan’s consumer sentiment index rose to 49.5 in June from 44.8 in the prior month, which was higher than the analysts’ expectations of a reading of 49. The better-than-expected reading came as oil prices eased and helped the markets to some extent.
Weekly Roundup
For the week, the Nasdaq ended 4.6% lower, while the S&P 500 lost 2%. Despite the selloff, the Dow outperformed its peers, gaining 0.6% for the week.