Market Report, 2026-06-29

Stocks rallied in spectacular fashion as we kicked off the week. A surge in the stocks of several megacap technology companies lifted the major stock indices. The Dow rose 307 points to 52,183. The NASDAQ, a technology-heavy index, rose 2.07% to 25,820. The S&P 500 gained 1.18% to 7,440.

Today's story centered on Federal Reserve Governor Lisa Cook, whose attempted removal from office by the U.S. President startled global markets, as it was viewed as a potential threat to the Federal Reserve's independence. The U.S. Supreme Court ruled today that the Fed Governor must be given a reasonable opportunity to defend herself against mortgage fraud allegations before being removed from office. The ruling reassured markets that the executive branch cannot easily remove officials who participate in determining monetary policy.

The bond market held steady, with the 5-year U.S. Treasury yield rising 2 basis points to 4.15% and the 10-year yield increasing 1 basis point to 4.38%.

With no economic data released today, attention now turns to geopolitics and company-specific news.

In the Middle East, the U.S. and Iran carried out tit-for-tat attacks over the Strait of Hormuz during the weekend. However, the two sides later reached an understanding and agreed to stand down. Nevertheless, the attacks and the ongoing disagreement over toll collection in the vital waterway highlight the continued risks associated with the conflict.

Meanwhile, a class-action lawsuit has been filed against memory chipmakers, accusing them of colluding to restrict supplies in violation of antitrust laws. Shares of all three companies retreated slightly following the news.

The Chicago Business Barometer, U.S. job openings data, and the Consumer Confidence Survey will be released tomorrow. Adams Wealth Advisors will be back with more updates.