Stocks Finish on High Note as Second Quarter Closes with Massive Gains; What Lies Ahead May Be a Little More Difficult to Discern

The second quarter closed out on Tuesday, with stocks making some fairly substantial gains, the Dow closing at a record high for the second straight session, the S&P finishing just a few ticks below 7,500, and the NASDAQ gaining more than 1 1/2 percent.

Now that Alphabet Class A Shares (GOOGL) have been added to the Dow Industrials, it's a safe bet that record highs for the 30-stock index will become standard fare. The NASDAQ and S&P have a higher hill to climb in order to regain recent all-time highs. Still, the three major indices put in solid quarters, if only because of the fortuitous timing of President Trump's call for a ceasefire at the end of March, where stocks found a bottom. This made for an easy trade for those with inside information. The massive gains from April through the end of June may be based on suspicious sources.

The Dow was up 15.71% from March 31 to June 30. Over the same time span, the S&P 500 gained 14.87% and the NASDAQ rose 21.41%. Putting those quarterly figures in annualized perspective, the trio would be up anywhere from 60-80%, which would be incredible, especially since stocks are already considered to be wildly overvalued.

Staying with the rigged markets theme, might not July 1 mark the ultimate best time to take profits and skedaddle for the summer? Seems to be a willingness by some parties to angle quarter by quarter as the best means by which to land a whale or two investors. Tuesday's window dressing closes on the majors suggests such a plan may be afoot.

Discontinuing the current rally has many skeptics on watch, though their theory runs up against what may be a propitious period of second quarter earnings reports. There also is the prospect for the resumption of real hostilities with guns and bombs in the gulf region to consider. However, since narrative seems to be all that matters, rallying back to all-time highs on the NASDAQ and S&P needs to be factored into any trading calculus. As is the usual case, if everybody knew everything that was about to happen, everybody would be rich.

There have been some recent reports of buyer's remorse at the corporate level concerning AI replacements of humans over the past six months or so. A number of high-level managers are suggesting that AI isn't actually doing the job of laid-off, mid-tier employees, the costs savings promised not materializing as suggested. If the disappointment is widespread, it may show up in any number of earnings reports, keeping stocks on a leash through second quarter earnings season. Additionally, there are two FOMC meetings during the third quarter, one on July 28-29 and the later running through September 15 and 16. The impact of the Fed's action or non-action will have profound effects on market sentiment as there's a 66% chance that the FOMC will keep rates at 3.50-3.75% and 33% possibility that they will raise rates to 3.75-4.00% at the July meeting according to CME's FedWatch tool.

While raising the federal funds target rate would have a chilling effect on stocks and bonds, consensus, so far, seems to be in the stand still camp, though September could be of a different mind altogether. Calls for rate hikes on the heels of bad inflation readings through the gulf war scenario are tied to what were higher oil and gas prices, which have now subsided considerably. From a chartist's perspective, the likelihood of a severe stock turndown seems faint, being that the last serious threat to markets was merely three months ago. Middle ground, with stocks gyrating over the quarter might be the correct analysis of what comes next.

With stock futures solidly in the red Wednesday morning, market participants may be waiting for the ISM Manufacturing PMI for June, due out at 10:00 am. There may be cause for celebration or remorse, depending on the report. Manufacturing in the U.S. has been steady for months. June's level may be a non-event.

Heading into the session, Dow futures are down 130 points; NASDAQ futures are falling by 245; and, S&P futures are trending lower by about 17 points. As has been the recent trend, futures have been unreliable in predicting the open market's daily moves. They are not any serious indication of anything. Gold and silver continue to languish, up against inflation and rate hike impetus. Thursday's jobs report is on deck, but there isn't likely to be a surprise as the JOLTS number and this morning's ADP National Employment Report showed private employers added 98,000 jobs in June, a reasonable figure well within consensus expectations.

The answer to the question of whether it's "full speed ahead" for stocks or a pause in the narrative remains a tricky one.

At the Close, Tuesday, June 30, 2026:
Dow: 52,319.20, +136.46 (+0.26%)
NASDAQ: 26,213.72, +393.57 (+1.52%)
S&P 500: 7,499.36, +58.93 (+0.79%)
NYSE Composite: 23,834.23, +31.53 (+0.13%)

Dow Industrials Add Alphabet to the 30 Stock Roster, Dow Jumps to All-Time High as Speculation Remains a Key Driver

Need a boost? Change your socks!

Or, in the case of the Dow Jones Industrial Average, change your stocks!

The Dow replaced Verizon (VZ) with Alphabet Class A (GOOGL) shares on Monday and the stock added nearly five percent on the day. Conversely, Verizon shares slid by five percent. Dow Jones' sleight-of-hand propelled the Dow Industrials to a record close, while also helping the NASDAQ and S&P regain some of their losses, "some" being the operative word.

Since the start of June peaks, the S&P is down 2.10%, the NASDAQ off by 4.68% as questions concerning the profitability of the AI buildout among big providers like Microsoft, Apple, Alphabet, Amazon, and others continue to keep tech stocks under wraps, for now.

With just three days left in the holiday-shortened week, the tech threat may give way to employment issues. According to the BLS, total non-farm payroll employment increased by 172,000 in May 2026, similar to the gain of 179,000 in April. While those numbers seem impressive, in the know investors understand that the BLS figures are little more than guesses, their monthly and annual revisions reveal a weaker foundation and an agency hell-bent on keeping up appearances. June non-farm payroll closes out the week prior to the market open on Thursday.

As the fragile truce between the U.S. and Iran continues to hold up, oil flows are beginning to improve, though they are a long way from the millions of barrels that flowed out of the Persian Gulf prior to the recent conflict. The MOU has kept the warring parties at bay despite protests from Israel and American neocons. One can never discount enough Israel's dedication to wiping out their neighbors, and that remains a real issue as America heads towards its 250th anniversary of independence.

As the opening ball approaches, stock futures are flat to slightly lower, gold and silver remain under pressure and WTI crude futures are hovering just above $70/barrel.

The "all's well" narrative espoused by the White House seems to have fewer true believers. Wile stocks are not likely to collapse any time soon, a slow bleed after the Fourth of July may be the path of least resistance, with a great deal of confidence riding on second quarter earnings due out in July and August.

Congress, which doesn't do much of anything for anybody but themselves, will be taking their usual month-long vacation in about five weeks, leaving markets to fend for themselves without input from the government. Deficit spending continues to provide capital everywhere its needed. Drifting about may be the ultimate story for the summer months. After this week, there won't be another short trading week until Labor Day.

Awaiting the jobs report and the beginning of earnings season, stocks may have a hard time justifying gains, though there still seems to be no shortage of fun money for speculative bets.

A mixed bag.

At the close, Monday, June 29, 2026: Dow: 52,182.74, +306.63 (+0.59%) NASDAQ: 25,820.14, +522.53 (+2.07%) S&P 500: 7,440.43, +86.41 (+1.18%) NYSE Composite: 23,802.71, +113.47 (+0.48%)

WEEKEND WRAP: NASDAQ, Gold, Silver, Oil Lower; Inflation Fears May Be Overblown; USA's 250th Birthday Approaches; June Jobs Report on Tap

By this time next week, many Americans will be worn out from a celebratory weekend filled with swimming pools, marching bands, hot dogs, hamburgers, and a host of adult beverages.

But first, there's four days of trading ahead.

Stocks

Heading into another four-day week with the 250th anniversary of the signing of the Declaration of Independence celebrated on Friday, July 3, the NASDAQ suffered its worst week since "Liberation Day", back in April of 2025. The NASDAQ, led by stocks in the chip and AI tech sectors, were most affected. The index lost 4.6% over the week. The S&P dropped by nearly two percent and the selling seems not to be nearly over.

The Dow Industrials held up much better, actually showing a gain of 0.60% on the week. Investors of all stripes must begin asking tough questions concerning their holdings, not the least of which being at what point does one take profits and wait for better signals, either to the upside or even further down?

Plenty of people in passive holdings like 401k, IRAs, or portfolios with long-term horizons, aren't likely to make rash moves at this juncture, viewing the current pullback little more than an annoyance, after which stocks will return to their usual upward slope. History proves them often correct in that regard.

On the bearish side of the argument are value investors who see valuations on the entire range of AI and chip-related stocks to be at extremes, with a correction or worse to be expected. The kinds of watershed events they envision refer to crashes like 1929, 2000, and 2008, though few have the temerity to step up and play short. Most short-sellers in recent years have been crushed and carried out of their positions on stretchers. Overall, the current conditions remain fluid with an unequal share of potential disasters on the horizon, including resumption of war (Iran), continuance of war (Ukraine), rising unemployment due to deployment of AI in industries ranging from banking to publishing to retail. In the meantime, Wall Street has convinced itself that the Kevin Warsh Federal Reserve is going to raise rates to fend off inflation, though there is growing evidence the recent spate of higher prices at both the wholesale and retail levels was largely a cause of the Middle East disruptions, with energy costs leading the statistics.

Such trap doors and potholes are always around. Most often, markets tend to sidestep or ignore them in favor of stock profits.

With the second quarter coming to a close on Tuesday, June 30, first quarter earnings reports have been all but exhausted. Beginning after the Independence Day weekend, companies will start reporting second quarter results, led by banks and airlines, the week of July 6-12.

A fairly quiet week in terms of economic events is ahead. Tuesday's Case-Shiller housing report and JOLTS job openings report on Tuesday. Wednesday's data includes the S&P Global Manufacturing PMI and ISM Manufacturing PMI, the latter being usually more accurate. Weekly energy data from the EIA is also released on Wednesday. The big event will be the BLS monthly employment report for June, though recently, these reports have been discounted with overall U.S. employment sluggish and static. Contrasting with the rumors of rate hikes at the Fed, another weak reading would offer the opposite projection and be cheered loudly by the usual horde of rate-lowering cheerleaders.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
05/22/2026	3.72	3.69	3.69	3.68	3.78	3.79	3.86
05/29/2026	3.72	3.71	3.71	3.69	3.78	3.78	3.79
06/05/2026	3.71	3.71	3.71	3.78	3.78	3.81	3.88
06/12/2026	3.69	3.70	3.70	3.78	3.79	3.82	3.86
06/18/2026	3.69	3.69	3.74	3.83	3.85	3.92	4.00
06/26/2026	3.70	3.70	3.75	3.83	3.89	3.94	3.94

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
05/22/2026	4.13	4.18	4.27	4.41	4.56	5.06	5.07
05/29/2026	3.98	4.06	4.13	4.27	4.45	4.98	4.99
06/05/2026	4.17	4.22	4.29	4.41	4.55	5.03	5.01
06/12/2026	4.09	4.12	4.21	4.34	4.48	4.98	4.97
06/18/2026	4.19	4.19	4.23	4.34	4.46	4.91	4.90
06/26/2026	4.07	4.09	4.12	4.23	4.38	4.87	4.87

Treasury yields continue to trend lower, thwarting the conviction of many analysts who insist the Fed will raise rates to fend off another round of inflation. What they should be more worried about is the continuing growth of the money supply, a condition that the now-less-transparent Fed might deal with without the usual fanfare, though any decisions at the Fed will be slow and careful and not telegraphed to market participants.

The treasury curve is orderly and upward sloping, the era of inversion put well in the past. Spreads - +31 basis points on 2s-10s, and +117 on full spectrum remain within recent ranges. If anything, the yield curve should begin to slope higher or remain roughly the same. There's no signs of panic either from de-dollarization or fear of rising rates and with Warsh committed to keeping his cards close to his chest, a more stable condition is likely to present itself over the coming months.

Truth be told, there's probably a better chance that the Fed lowers the federal funds target rate over the next four to six months rather than raise it. Such a move would steepen the curve and help out the federal government by reducing interest payments, which have ballooned into a major solvency problem.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27
6/26: +31

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121
6/26: +117

Oil/Gas

August WTI crude futures closed out the week at $70.24on the NY Mercantile Exchange, continuing to price lower on the back of the deal struck between the United States and Iran, ending hostilities in the region. The price of WTI crude was $76.54 the prior week. The parties have been meeting in Geneva, Switzerland over the past week, trying to forge some kind of working framework for the Gulf region that precludes bombing each other.

Average price for a gallon of unleaded regular gasoline in the U.S. was $3.88 last week and $3.81 this week, the lowest prices since the war with Iran began more then three months ago.

Reserves have been substantially drained by major economies around the world to keep prices under control, a practice that will - or should - reverse once regular oil flows are reestablished, a process that most believe could take months. A somewhat elevated price for oil and gas at the pump may remain in place through the summer months, though certainly not at levels seen during the war/ceasefire period.

Gas prices in key states:

California (leader): $5.39 (-0.33)
Washington: $5.16 (-0.22)
Indiana (lowest): $3.22
Oklahoma : $3.30 (-0.06)
Mississippi: $3.42 (-0.10)
Florida: $3.78 (+0.18)
Illinois: $4.11 (-0.04)
Pennsylvania: $4.01 (-0.08)
New York: $4.10 (-0.11)
Maryland: $3.74 (-0.06)
Michigan: $4.09 (+0.11)
Texas: $3.24 (-0.16)
Georgia: $3.54 (-0.06)

On Sunday, June 28th, there are eleven (11) states with average prices above $4.00, with 37 below the $4 threshold, not including Hawaii ($5.45) and Alaska ($4.90), with just two above $5 (California, Washington). The Southeast has maintained as the lowest region overall over the past five weeks as a gallon of unleaded regular is averaging well below $4.00 ($3.24-3.60) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region a close second, prices ranging from $3.50 to $3.64. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest.

Bitcoin

This week: $60,194.49
Last week: $64,068.87
2 weeks ago: $64,048.96
6 months ago: $87,687.36
One year ago: $107,342.20
Five years ago: $34,681.76

Bitcoin managed to slump once again over the past week, hitting fresh lows in the $58,187 range before rebounding back to current, weak-kneed, levels. The price of a bitcoin at $60,000 is nothing at all special about the mystical pseudo-money that was all the rage just a year ago.

It's lost most of its luster, plummeting by more than half from the early October 2025 peak, down 31% year-to-date and making a five-years-ago investment no longer a double. One might conclude, other than hiding money from authorities (which, incidentally, it isn't very good at), there's no good argument for holding bitcoin at all, especially since the U.S. government - and others around the world - require disclosure on tax forms of any crypto holdings.

Not withstanding bitcoiners penchant for breaking the law when ostensibly, even as Charles Dickens so eloquently phrased in Oliver Twist, "...the law is an ass," of which other assets does the IRS demand an accounting? Baseball cards? No. Cash? No. Gold? No. Silver? Come on, let's get real.

The government wants to know what you're doing out there in crypto-land because it competes with US dollars, and, unlike baseball cards, gold, or silver, it can be tracked, traced, and easily confiscated.

If anybody discovers a good rationale for playing in the crypto markets other than mere speculation, please call 1-800-ImAnAss.

Precious Metals

Gold:Silver Ratio: 69.12; last week: 64.13

Futures, per COMEX continuous contracts:

Gold price 5/29: $4,569.90
Gold price 6/5: $4,353.90
Gold price 6/12: $4,239.90
Gold price 6/18: $4,172.90
Gold price 6/26: $4,103.00

Silver price 5/29: $75.58
Silver price 6/5: $68.00
Silver price 6/12: $68.12
Silver price 6/18: $65.38
Silver price 6/26: $59.60

SPOT: (stockcharts.com)
Gold 5/29: $4,538.94
Gold 6/5: $4,327.57
Gold 6/12: $4,218.23
Gold 6/18: $4,210.00
Gold 6/26: $4,089.00

Silver 5/29: $75.27
Silver 6/5: $67.83
Silver 6/12: $68.00
Silver 6/18: $65.65
Silver: 6/26: $59.16

Notably, amid the deconstruction of the gold/silver complex at the hands of the COMEX and LBMA, the gold:silver ratio has sprung higher, posting a figure of 69.12, quite a difference from the last week in January, at silver's peak when the ratio slumped below 50.

With the ratio once again elevated, there are three choices for silver buyers and they are the usual: Buy, Sell, or Hold.

Those with silver in hand have optionality working for them. Considering many have a cost basis somewhere in the range of $10 to $20, holding works well, though both buying and selling can be put into play depending on sentiment and time horizon. One might, for example, choose to sell some of one's holdings if they believe silver's price is to be further eroded, though the proper time for paring down the stack would have been a better prospect four to six months ago.

Buying makes sense should one adheres to the school of thought that the price of silver has over-corrected and is indeed poised for a move higher. Indications from the GSR (gold:silver ratio) are supportive of that line of thinking. Adding, say, 100 ounces to a stack of 1000 with a basis of $17, would move the basis higher, to 20.91 for all 1100 ounces, still highly profitable and even moreso should the price actually rise and hold at higher levels. Similar directional bets can be made with gold, which seems to have bottomed, though one can never be too sure of what the criminal counterfeiters have in mind.

No doubt, precious metals remain overall in a buyer's market, with spot prices the lowest in close to eight months.

It needs to be understood that 2024 and 2025 were banner years for both metals and a pullback was a natural occurrence. How much further precious metals will be pressured is a function of the willingness of the LBMA and COMEX to continue their outrageous price suppression tactics, seemingly never to end until the dollar is dust, fiat currencies are extinguished and physical demand flourishes. That may be a long time coming. In the meantime, stocking up at low levels at a regular tempo using dollar cost averaging or other quiet accumulation practices cannot be criticized even if prices continue to trend lower. After all, gold and silver are money, and money in one's own hand is an unbeatable strategy for wealth accumulation.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	59.60	89.48	74.86	72.35
1 oz silver bar:	67.00	79.00	72.76	72.18
1 oz gold coin:	4228.42	4367.70	4276.97	4266.18
1 oz gold bar:	4246.86	4360.22	4296.73	4283.60

The Single Ounce Silver Market Price Benchmark (SOSMPB) continued to decline, dropping to $73.04 on June 28, a loss of $5.94 per troy ounce, from the June 21 price of $78.98, one of the most severe one-week losses in recent months.

WEEKEND WRAP

The United States has managed to remain an international entity for 250 years, which, to most established nations, would be considered a good start. Despite being somewhat of an adolescent on the global stage, the 250-year anniversary is worth celebrating.

At the Close, Friday, June 26, 2026:
Dow: 51,876.11, -44.51 (-0.09%)
NASDAQ: 25,297.62, -60.99 (-0.24%)
S&P 500: 7,354.02, -3.47 (-0.05%)
NYSE Composite: 23,689.23, +78.51 (+0.33%)

For the Week:
Dow: +311.41 (+0.60%)
NASDAQ: -1220.31 (-4.60%)
S&P 500: -146.56 (-1.95%)
NYSE Composite: +189.49 (+0.81%)
Dow Transports: +187.94 (+0.87%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

Everything Going Lower as NASDAQ Sees No End to Selling Pressure; Oil Bitcoin, Gold, Silver, Treasury Yields All Falling

It's been a rough week all around, but especially for the tech-heavy NASDAQ and the proxy crypto-currency, bitcoin, both of which are down sharply over the last four days, with bitcoin getting hit hardest, dropping as low as $58,187, a number last seen nearly two years ago, early September, 2024.

As for the NASDAQ, another sizable drop today would send it below the June 10 low of 25,169.50, itself the lowest since early May. The setup for stocks through the month of June has been fairly straight forward. Only the Dow shows a gain with just three trading days remaining in the month and second quarter. The Dow holding its own with the NASDAQ melting away may trigger memories of the 2000 collapse, wherein the NASDAQ was beaten down mercilessly while the Dow held up much better in what was then known as "old economy (Dow) versus new economy (NASDAQ). History may be repeating, or, at least rhyming a bit at what appears to have been a significant top for both the NASDAQ and S&P, June 1 and 2.

Friday morning bodes more ills for the NASDAQ and the AI meme in general as it's been reported that Sam Altman's OpenAI plans on delaying its IPO until sometime in 2027. That reportage didn't seem to have much of an effect on futures, which were already down near Friday morning lows. With an hour before the open, NASDAQ futures are down more than 350 points, S&P futures are down around 28, with the Dow futures holding up better, down just 28 points. As time flew by toward the opening bell, futures eroded quickly, all three of the majors hunting lows in the futures market.

For the week, the Dow is up 355 points, the NASDAQ down 1,159 (4.43%), and the S&P is off 143 as of Thursday's closing bell. The trend continues to be dour, after Thursday's hopeful report from Micron Technologies (MU) was dashed early in open trading. While Micron posted a solid gain of some 16%, the NASDAQ, after a positive start, fell into the red within the first half hour of trading and never fully recovered. There's an overwhelming amount of negative sentiment driving what looks like a first piercing of the AI bubble.

Not to be left out, gold and silver have extended the losing streaks which began the end of January. Following two solid years of gains in 2024 and 2025, corrections in both metals were anticipated, but the degree by which they've fallen has gone far past correction into outright bear market conditions.

The questions, if gold and silver are being revalued lower, is how can stocks hold up at all, and why are yields falling if the Fed is poised to raise rates?

Is this the beginning of another tech bust, leading to an overall revaluation of everything to the downside? The other nagging question heading into next week is how much longer the new Warsh-led Federal Reserve will be considered to be hawkish and on the verge of raising rates when most indicators are showing that the recent spike in inflation was caused, directly and indirectly, by the hostilities in the Middle East?

There are more than a few cross-currents, with the downside looking to most appetizing to traders with a pessimistic attitude. All bubbles burst.

This one may have already seen the blow-off top in early June and the declines after that are beginning to pile up quickly.

At the Close, Thursday, June 25, 2026:
Dow: 51,920.62, +71.72 (+0.14%)
NASDAQ: 25,358.60, -118.03 (-0.46%)
S&P 500: 7,357.49, -0.73 (-0.01%)
NYSE Composite: 23,610.73, +117.17 (+0.50%)

All Systems Go as Micron Technologies and IBM Re-Ignite Chip Sector and AI Race; Gold Silver Boosted by May PCE Index

After Micron Technology (MU) delivered a blowout quarter Wednesday after the bell, and IBM announced a breakthrough chip that measures less than a nanometer, the AI tech space seems to be treating the recent selloff as little more than a valuation hiccup.

Micron (MU) is up 17% in the pre-market, with IBM ahead by more than five percent prior to the cash market open.

IBM's development is truly remarkable:

IBM said the ​0.7-nanometer chip packs nearly 100 ‌billion transistors onto a fingernail-sized surface, about twice the density of its 2-nanometer chip unveiled in 2021, delivering up to 50% higher performance or 70% greater energy efficiency.

A nanometer, by the way, is tiny, microscopic. One inch contains 25,400,000 nanometers, so the conversion factor is fixed: 1 in = 25.4 million nm.

Micron's fiscal third quarter earnings and forecast were eye-popping:

Revenue hit $41.5 billion, well above expectations. Adjusted earnings came in at $25.11 per share. Gross margin reached 84.9%, topping estimates and more than doubling from a year ago.

These events, and the otherwise positive general sentiment surrounding the chip sector has NASDAQ futures up more than two percent (600+ points) Thursday morning. The index has shed more than 1000 points in the first three trading sessions this week, but "Turnaround Thursday" appears to be in the offing as companies and investors continue throwing billions into the high tech AI race.

Dow and S&P futures are also responding positively, the Dow up 125 points and the S&P futures ahead by more than 60.

While there are no guarantees in life or stocks, the overarching tone remains wildly positive. Like Dick Cheney once piping, "deficits don't matter," the attitude today may best be desribed as one of "valuations be damned." Chips and the AI race have dominated markets this year and the trend isn't about to fall off a cliff, as some of the more dour analysts have suggested.

Thus, it's full steam ahead for the sector, pulling the major averages back toward all-time highs.

Elsewhere, in the face of enormous pushback by Israel and neocons everywhere, the nascent peace proposal between the U.S. and Iran seems to be holding up quite well, with cargo ships passing through the Strait of Hormuz unfettered and the U.S. naval blockade all but put to rest.

WTI crude oil has broken below $70/barrel as oil flows continue to improve and the warring parties have chosen a more expedient means by which to settle their differences and divvy up the oil and commodity trade in the region.

Everything is in place for a monster session Thursday, probably extending through Friday and possibly into next week, with the 250th celebration of Independence Day in the U.S. to cap off next week (four trading sessions, markets closed Friday, July 3).

Market euphoria may be spilling over into precious metals. After the BEA released May's Core PCE Index (excludes food and energy) with a reading of +0.3% monthly and up 3.4% annualized, now at the highest level since Nov 2023, silver and gold got a much needed boost after wicked declines over the past month. Silver gained more than two percent, up to $58.70, though gold was still lagging, up less than one percent, at $4,039 per ounce. It may be premature, but both metals may have seen near term bottoms this week.

The PCE Index may appear to be pointing toward more inflation, but insider looks see most of the increases in services rather than good, and, with the price of oil tumbling back toward pre-war levels, the general PCE Index is likely to post a smaller increase than many have predicted. Most of the higher inflation numbers have come within the framework of the Iran-U.S. conflict, but a cessation of hostilities will certainly have a cooling effect.

Stocks open within minutes on Wall Street.

Buckle up.

At the Close, Wednesday, June 24, 2026:
Dow: 51,848.90, +182.06 (+0.35%)
NASDAQ: 25,476.64, -110.40 (-0.43%)
S&P 500: 7,358.22, -7.24 (-0.10%)
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