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Key Takeaways Last Week

U.S. stocks rose in a holiday-shortened week. The S&P 500 gained about +0.9%, the Dow +0.7%, Nasdaq +2.4%, and Russell 2000 +1.3%–2.1%, depending on source timing. Year to date, Nasdaq is up +14.1%, S&P 500 +9.6%, Dow +7.3%, and Russell 2000 +20.1%.

• Markets rallied after the U.S. and Iran signed an initial peace framework and reopened the Strait of Hormuz.
  · The Fed left rates unchanged but surprised markets by signaling changes to the Fed messaging.
  · Chip, memory, and AI infrastructure stocks led again, with Intel, Micron, Marvell, Sandisk, and Western Digital among the strongest movers.
  · Oil fell sharply, with oil prices down -9.75% for the week.
  · Breadth improved, but leadership leaned heavily toward semiconductors, memory, AI infrastructure, and small caps.

U.S. Stock Performance – Index and Sector Moves

Financial markets improved during the week ending 6/19/26.

The S&P 500 closed Thursday at 7,500, Nasdaq at 26,517, Dow at 51,564, and Russell 2000 at 2,979.

Sector leadership was led by semiconductors, memory chips, AI infrastructure, small caps, and selected financials. Energy, health care, and metals lagged as oil fell, and investors moved away from defensive and commodity-sensitive areas.

Sector leadership broadened, with industrials, infrastructure, aerospace, engineering, small caps, and select cyclicals outperforming. Semiconductor leadership remained but became less than earlier in the quarter.

Source: Seeking Alpha

Sector performance went back toward momentum, technology, industrials, and select consumer discretionary.

Source: Seeking Alpha

S&P 500 Weekly Leaders and Laggards Ranked

Top Performers (WTD):

• Intel (INTC) – Jumped after reports that Apple will work with Intel on U.S. chip design and fabrication; Intel rose about 10%–11% Thursday.
• Marvell Technology (MRVL) – Rallied on AI-chip momentum and bullish analyst commentary and an S&P500 addition this coming week; Barron’s reported a roughly 12% Thursday gain.
• Sandisk (SNDK) – Rose with memory and AI storage stocks; Barron’s reported roughly +10% Thursday.
• Micron Technology (MU) – Gained 8%–9% Thursday ahead of earnings, supported by AI memory demand.
• Western Digital (WDC) – Rose with the storage/memory trade; Barron’s reported about +4.2% Thursday.

Bottom Performers (WTD):

• Accenture (ACN) – Fell -18% Thursday, its worst day ever, after it lowered revenue-growth outlook.
• Kroger (KR) – Dropped about -8% after mixed quarterly results and reaffirmed profit guidance.
• Energy laggards / XLE components – Oil’s -9.75% weekly drop pressured energy names.
• Health care laggards – Health care lagged during the week.
• Metals/materials – Metals declined as risk rotated and oil/geopolitical risk eased.

Breadth & Participation

Breadth remained healthier than earlier in the AI rally. Nasdaq and Russell 2000 outperformance showed continued participation beyond the largest mega-cap names. The S&P 500 posted 41 new 52-week highs and 3 new lows earlier in the week, while Nasdaq recorded 202 new highs and 89 new lows.

Source: Seeking Alpha

International/Global

Geopolitics improved after the U.S. and Iran signed an initial peace deal and Hormuz traffic resumed. Conflicting reports remained, but IBD noted 55 commercial vessels reportedly passed through the strait on Saturday despite Iran’s closure claims.

Source: Seeking Alpha

Source: Seeking Alpha

Volatility & Risk Sentiment

Risk sentiment improved late week as oil fell and stocks rallied.

VIX closed near 16.4.

Investors became more comfortable increasing risk exposure as:

• Oil prices declined
• Geopolitical tensions eased

Bonds, Credit & Interest Rates

Treasury yields were volatile. The Fed left rates unchanged but projected higher inflation, keeping the market sensitive to future rate-hike risk. Treasury yields and the dollar reflected “higher-for-longer” pressure. The 10-year yield ended around the mid-4.4% area, while DXY hovered near a one-year high around 100.8 as rate-hike expectations firmed.

Economic Data, Monetary Policy & Earnings

The Fed was the main event. Policymakers held rates steady but signaled openness to additional tightening later in 2026 if inflation remains elevated. Economic data included jobless claims of 226,000 and a Philadelphia Fed Manufacturing Index reading of 10.3.

Earnings focus shifted to Accenture weakness and upcoming Micron results.

Commodities, Currencies & Macro Assets

Gasoline slipped below $4/gallon after the Iran framework reduced oil-risk premiums.

Credit-card delinquencies fell for the third straight month.

Oil: down roughly 9.75% for the week.
Gold: fell to $4150 on stronger dollar
Dollar Index: rose over 100

Source: Seeking Alpha

What Matters This Week

Micron earnings and AI memory demand

• Fed speakers and rate-hike odds
• U.S.–Iran peace talks in Switzerland
• Oil prices and Strait of Hormuz traffic
• Whether chip leadership broadens or becomes crowded again

Bottom Line

Markets ended the holiday-shortened week higher as U.S.–Iran peace progress, falling oil, and renewed chip leadership supported risk assets. The Fed’s message was less friendly, with policymakers keeping the door open to later-2026 hikes. The rally is healthier than earlier in the year because small caps and cyclicals are participating, but leadership remains heavily tied to semiconductors, memory, and AI infrastructure.

Stock Talk

2H2026 Market Outlook Preview – Some Years its Harder Riding the Bull, Join us Tuesday, June 23^rd, 6PM Central, YouTube livestream

Past performance is no guarantee of future results. Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. The preceding discussion is for informational purposes only. Investing involves risk and no reference to any security listed above should be considered a buy or sell recommendation. Advisory services are provided through Oak Harvest Investment Services, LLC, a registered investment adviser.