Update: S&P 500, Nasdaq Composite Close Strongest Quarter in Six Years Amid Gains in Technology, Decline in Crude Oil

MT Newswires Live
07/01

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)

US equity indexes rose, with the S&P 500 and the Nasdaq Composite clocking the biggest quarterly advances since Q2 2020 amid semiconductor-led gains in technology and declining crude oil prices.

The Nasdaq Composite jumped 1.5% to 26,213.72, and the S&P 500 rose 0.8% to 7,499.36 on Tuesday, June 30. The Dow Jones Industrial Average advanced 0.3% to 52,319.20, capping the strongest first half in five years.

Technology was the standout gainer at the close, followed by industrials. Real estate, consumer staples, and utilities led the decliners. Technology is also the top sector over the past three months, according to data compiled by Finviz.

Of the top 20 stocks with a market capitalization of more than $200 billion, 17 were from the tech sector, according to data compiled by Finviz. Within those tech names, the majority were either semiconductors or semiconductor equipment and materials. The top gainer was SanDisk (SNDK), trading up 11%.

In geopolitical news, US envoy Steve Witkoff and President Donald Trump's son-in-law Jared Kushner are in Doha for meetings with Qatari mediators, according to CNN. Technical talks are ongoing, but there are currently no high-level meetings between the US and Iran, CNN reported, citing Qatar's Foreign Ministry spokesperson.

Iran's Parliament Speaker Ghalibaf said the country will not begin negotiations for a final agreement before the implementation of clauses 1, 4, 5, 10, and 11 of the memorandum of understanding signed with the US earlier this month, Al Jazeera reported. These clauses involve cessation of hostilities in Lebanon, removal of the US naval blockade, safe passage of commercial vessels, waivers for the export of Iranian crude oil, and the release of frozen Iranian funds.

The front-month global benchmark North Sea Brent slipped 0.3% to $72.92 per barrel, and the US West Texas Intermediate fell 1% to $70.07 per barrel. Both crude types traded above $110 a barrel at the height of the US-Iran war.

Most US Treasury yields rose, with the 10-year jumping 7.3 basis points to 4.45%. The two-year rate climbed 4.9 basis points to 4.16%.

Gold futures edged 0.2%% lower to $4,031.7, while silver futures dropped 2.3% to $59.52.

In economic news, US job openings rose to 7.594 million in May, according to the Bureau of Labor Statistics, above the 7.296 million openings expected in a Bloomberg-compiled survey and up from the 7.585 million openings reported in April.

The Conference Board's measure of consumer confidence rose to 91.2 in June from a downwardly revised 90.6 in May, below the 94.4 expected in a Bloomberg-compiled poll.

The Institute for Supply Management's Chicago PMI fell to 56.7 in June from 62.7 in May, compared with the expected 55.1 reading in a Bloomberg-compiled survey.

In company news, Air Products and Chemicals (APD) said it is finalizing an agreement for renewable ammonia from a green hydrogen project in Saudi Arabia. Shares of Air Products jumped 8%, among the top gainers on the S&P 500.

Pacira Biosciences (PCRX) has agreed to sell its Iovera cold-therapy pain relief system to Zimmer Biomet (ZBH) for up to $140 million. Zimmer shares dropped 5.6%, among the worst performers on the S&P 500.

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