Overview

• The S&P 500, Nasdaq Composite and Dow Jones Industrial Average each closed at record highs on June 30, capping a 10.6% quarterly gain for the S&P and an 18% rise for the Nasdaq.
• Tech and AI leaders, including Meta hitting a fresh high on aggressive talent recruitment, drove much of the rally as Nvidia and Broadcom booked outsized gains in Q2.
• Canada’s repeal of its digital services tax eased trade tensions and extended a 90-day tariff pause due to expire July 9, underpinning hopes for new U.S. trade agreements.
• Major banks such as Citigroup and JPMorgan Chase climbed after the Federal Reserve passed them in its annual stress tests, clearing the way for increased dividends and buybacks.
• Signs of slowing consumer real spending and an upcoming tariff deadline introduce caution even as investors await developments on pending U.S. tax-cut legislation.