Dow Jones - 43,089.02 (+1.19) 

Nasdaq - 19,912.53 (+1.43%) 

S&P 500 - 6,092.18 (+1.11%) 

• Index set their eyes on record highs again. U.S. stocks soared on Tuesday, with the Nasdaq Composite and S&P 500 closing at their highest points since February, edging both indexes closer to record highs. The Nasdaq 100 reached a new all-time peak, underscoring the ongoing strength of large-cap technology stocks. Meanwhile, a ceasefire between Israel and Iran is now in place, with Israeli Prime Minister Benjamin Netanyahu confirming it is effective.
• The S&P 500 got a boosted target. BMO Capital Markets’ chief investment strategist, Brian Belski, raised his year-end target for the S&P 500 to 6,700, up from his previous forecast of 6,100.
• Rate cuts sooner than later. In testimony before Congress, Federal Reserve Chair Jerome Powell signaled the central bank could cut interest rates “sooner rather than later,” while stressing the importance of staying flexible and assessing how new tariffs might influence inflation.
• Tech sector inflows. Bank of America (BAC) analysts noted Tuesday that tech sector inflows last week hit their highest level since June 2024.
• Consumer confidence dropped in June. The Conference Board’s consumer confidence index dropped to 93 in June, down from 98.4 in May and well below economists’ forecast of 99.8. 
• Home data. The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index slipped 0.3% in April from the previous month, missing expectations for a 0.1% increase. Year-over-year growth slowed to 3.4%, down from 4.1% in March.
• Gold hit over a 2-week low earlier in the session. Spot gold fell 1.4% to $3,319.96 an ounce.
• Oil went lower. As tension in the Middle East eased, oil continued to drop. Oil futures extended declines to drop 6% on Tuesday.
• Crypto gains. Bitcoin is hovering under $106,000. Two Republican senators are preparing to unveil a comprehensive bill aimed at establishing a regulatory framework for digital assets. Bitcoin (BTC-USD) advanced nearly 3% to around $105,900. Ethereum (ETH-USD) surged 6.6%, XRP (XRP-USD) added 7.4%, and Solana (SOL-USD) gained 4.1%.
• FedEx delivered its earnings. Shares dropped about 5% in after-hours trading on Monday after the company issued lower-than-expected earnings forecast for the current quarter, as investors remained cautious amid soft demand and tariff-related headwinds.
• Nvidia inched to a record close. Nvidia shares climbed more than 2% on Tuesday, putting the stock on pace to close at its highest level since its January record. The stock is up over 12% in the past month. CEO Jensen Huang has begun selling shares under a pre-arranged plan that could see him offload up to $835 million worth of stock by the end of the year.
• Chipmakers rallied broadly. Intel (INTC) surged 6.5%, AMD (AMD) was up 6.2%, and Broadcom (AVGO) gained 3.2%. U.S.-listed shares of Taiwan Semiconductor Manufacturing Company (TSMC), Nvidia’s primary chip supplier, rose 4.3%.
• Uber went higher on good news. Uber shares jumped 8% midday after the company launched robotaxi rides in Atlanta through a new partnership with Alphabet’s (GOOGL, GOOG) Waymo.
• Tesla fell 1.6%. Regulators stepped up scrutiny following recent incidents involving its robotaxi service.
• Circle retreated. Shares dropped as much as 7% Tuesday, giving back some of their recent rally. “In the near term, we expect CRCL to continue trading off bullish momentum around stablecoin adoption,” Compass Point analyst Ed Engel said in a note.
• Apple may be buying an AI company. Apple is reportedly holding internal discussions about a potential acquisition bid for Perplexity AI, according to Bloomberg.
• Shares of Hims & Hers Health (HIMS) ticked slightly higher. The stock saw a rebound after a steep 35% plunge the previous day. The big drop came after Novo Nordisk said on Monday that it is ending its collaboration with the company.
• Crypto news. Fiserv plans to launch a stablecoin and digital assets platform by the end of the year, Barron’s reported. Mastercard (MA) also announced it is deepening its partnership with Fiserv.
• Amgen reported bad trial results. The company revealed underwhelming weight-loss drug trial results that showed a high dropout rate due to gastrointestinal side effects, according to Barron’s.
• Dow Inc. got a downgrade. BMO Capital downgraded the stock to Underperform from Market Perform, citing growing concerns over a possible dividend cut, Barron’s reported.
• Chewy dropped 1.9%. The pet retailer announced a $1 billion underwritten public offering of Class A common stock.

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"Tariffs remained on top of consumers’ minds and were frequently associated with concerns about their negative impacts on the economy and prices," Stephanie Guichard, senior economist of global indicators at The Conference Board, said in the release. "Inflation and high prices were another important concern cited by consumers in June."

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Most Active Stocks

• Tesla (TSLA)
• Nvidia (NVDA)
• Apple (AAPL)
• Meta Platforms (META)
• Microsoft (MSFT)

Weekly Notables

Nvidia CEO Huang Offloads Stock 

Jensen Huang has begun selling Nvidia (NVDA) shares as part of a plan that could allow the CEO to unload up to $835 million worth of stock by year’s end. Huang disposed of 100,000 shares over a two-day period—June 20 and June 23—for $14.4 million, according to a Monday filing with the Securities and Exchange Commission. Huang’s sales are part of a new 10b5-1 trading plan adopted in March and disclosed in Nvidia’s latest quarterly report. 

OKLO Gets Downgraded

Before markets opened Monday, Craig-Hallum analyst Eric Stine issued a downgrade on Oklo, moving his rating from “buy” to “hold” with a price target of $59. According to reports, the crux of Stine’s justification for this is that Oklo, which develops and operates next-generation nuclear-generating facilities, needs to make further progress. Management has been very ambitious in its anticipated timelines, and Stine believes it might not meet such projections. Oklo has stated that it intends to deploy its first nuclear power-generating facility in Idaho by the end of 2027 or early 2028. However, the analyst pointed out that it hasn’t completed a proper application to be licensed by the U.S. Nuclear Regulatory Commission.

Earnings Spotlight: Micron Technology, Inc. (MU)

Memory chips maker Micron (NYSE:MU) will be reporting earnings this Wednesday after market hours. Micron beat analysts’ revenue expectations by 1.9% last quarter, reporting revenues of $8.05 billion, up 38.3% year on year. It was a satisfactory quarter for the company, with a solid beat of analysts’ EPS estimates but an increase in its inventory levels. This quarter, analysts are expecting Micron’s revenue to grow 30.1% year on year to $8.86 billion, slowing from the 81.5% increase it recorded in the same quarter last year.