Market Update Into June 29th: All-Time Highs

Markets surged higher this week, with SPY and QQQ both hitting new all-time highs as dovish Fed commentary and a lower-than-expected PCE inflation reading fueled risk-on sentiment. Despite a downward GDP revision and ongoing geopolitical tensions, markets rallied as investors zeroed in on the rising probability of September rate cuts, driven by Powell and Kashkari highlighting tariff risks as a key driver for potential easing. Meanwhile, a plunge in new home sales added to signs of economic deceleration, but the markets continued higher anyway.

• Tesla’s Europe Crisis
• Nvidia Tops Charts
• Hims Partnership Ends
• Tesla Robotaxi Debut

Looking ahead, the upcoming holiday-shortened week offers a lighter trading schedule. With markets at all-time highs and September rate cut expectations gaining traction, bulls may look to capitalize on the momentum. Thursday’s jobs data will be a key focus, as traders look for signs of labor market cooling that could reinforce the case for Fed easing. Let’s see how the charts are setting up.

Weekly Analysis

SPY (SPDR S&P 500)

The SPY ETF climbed sharply this week, closing at a record $614.91 (+3.48%) and entering price discovery mode. After holding key support at the 21 EMA and a major high-volume node, it pushed higher, with the gap below now protected by multiple technical levels. With bullish momentum intact, the 127.2% Fibonacci extension stands out as the next upside target.

QQQ (Invesco QQQ Trust)

Tech led the charge this week, with the QQQ ETF closing at $548.09 (+4.04%) and reaching new all-time highs. Semiconductors drove much of the rally, helping QQQ extend its bounce off the 21 EMA and break out from a key high-volume node. With rate cut expectations gaining traction, tech bulls appear well-positioned to keep the momentum going.

IWM (iShares Russell 2000)

With small-caps looking to play catch-up, the IWM ETF ended the week at 215.48 (+2.99%). Having firmly held the 21 EMA support, the ETF now faces a low-volume area overhead, presenting a potential pathway back to its year-to-date highs. Small-caps tend to fare better with lower rates, making the imminent rate cuts even more important for small-cap traders to keep an eye on.

Earnings

Notable Results

MU (Micron Technology)

• EPS: $1.91 vs $1.60 est
• REV: $9.30B vs $8.87B est

NKE (Nike)

• EPS: $0.14 vs $0.11 est
• REV: $11.10B vs $10.72B est

FDX (FedEx)

• EPS: $6.07 vs $5.87 est
• REV: $22.20B vs $21.84B est

BB (Blackberry)

• EPS: $0.02 vs $0.00 est
• REV: $121.70M vs $112.18M est

CCL (Carnival Corporation)

• EPS: $0.35 vs $0.24 est
• REV: $6.33B vs $6.21B est

WS (Worthington Steel)

• EPS: $1.05 vs $0.83 est
• REV: $832.90M vs $765.60M est

AYI (Acuity)

• EPS: $5.12 vs $4.44 est
• REV: $1.18B vs $1.15B est

WBA (Walgreens Boots Alliance)

• EPS: $0.38 vs $0.34 est
• REV: $38.99B vs $36.72B est

PAYX (Paychex)

• EPS: $1.19 vs $1.19 est
• REV: $1.43B vs $1.43B est

JEF (Jefferies Financial Group)

• EPS: $0.40 vs $0.44 est
• REV: $1.63B vs $1.56B est

What’s Happening Now

QQQ Nasdaq-100

Month-to-date, QQQ’s rally has been driven largely by strength in semiconductors, with names like MU, ARM, and MRVL leading the charge. These chip stocks have provided the horsepower behind the index’s breakout, while underperformers such as LULU and APP have lagged, creating a clear leadership divide. As seasonality trends remain favorable, continued outperformance in the semiconductor space could be key to sustaining the QQQ’s upward momentum.

MU Micron
Micron surged this week after posting $9.3 billion in revenue, marking a 36.5 percent year-over-year increase and highlighting strong AI-driven demand. The report sparked a wave of bullish analyst upgrades, with Rosenblatt issuing a new Street-high price target of $200. This target reflects nearly 60% upside from Friday’s close. As semiconductors continue to lead the broader tech rally, Micron’s breakout reinforces its growing role in the AI infrastructure boom.

Believe it or not, this is just a fraction of what happened in the markets this week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!