Overview

• The S&P 500 and Nasdaq Composite both closed at all-time highs on June 27 after rallying more than 20% from their early-April lows.
• Nvidia, Microsoft and Broadcom led mega-cap technology stocks to fresh peaks, with Nvidia briefly reclaiming its status as the world’s most valuable public company.
• The United States and China finalized a framework to ease rare earth mineral exports, improving prospects for American manufacturers and semiconductor producers.
• A U.S.-brokered ceasefire between Israel and Iran eased oil market pressures, sending crude prices lower and supporting broader market sentiment.
• Traders now price in at least two Federal Reserve interest rate cuts by year-end as inflation remains moderate and economic data holds up.