Tech Tires — Healthcare Leads

Rundown · 2026-06-29

Nasdaq posts a 5th straight down day (-0.24% to 25,297.62) closing the week -4.6%, tech sector -5% week; healthcare led Friday on MRNA +13% FDA mRNA flu nod, while ON -24% on a $7B Synaptics deal capped the chip pain.

Market Performance

• S&P 500: 7,354.02 (-0.05%) — weekly -2%; the broadening rotation kept the dip shallow
• Nasdaq: 25,297.62 (-0.24%) — 5th straight loss; weekly -4.6% on AI cost worries
• Dow: 51,876.11 (-0.09%) — barely red; weekly +0.6% — 3rd straight outperform week
• Russell 2000: posted a modest weekly gain; still constructive after Monday's 3K close
• Sector leaders: Healthcare (MRNA-led) · Laggards: Tech (-5% week), Industrials
• 10Y yield: 4.37% — eased on softer PCE MoM + Iran-deal supply normalization
• WTI crude: ~$69 — down 3.5%+ on Hormuz tanker traffic flowing freely
• U Mich Sentiment 48.9 — long-term inflation expectations dropped -0.6 pp to 3.3%

Tech -5% Week: NVDA Worst in Over a Year, OpenAI IPO Delay

• Tech sector -5% on the week — broad pullback after S&P +15%, Nasdaq +20%, SOX +90% since Mar 30
• NVDA -8% week — worst week in over a year on AI capex + memory cost worries
• OpenAI reportedly delaying its IPO to next year per NYT — citing SpaceX post-IPO underperformance
• Schwab: "tech can't catch a break" — Micron's beat couldn't lift the broader cohort
• SpaceX added to the Russell 1000 after Friday's close; Nasdaq 100 inclusion July 6

Healthcare Bid + Bond Yields Ease

• Healthcare led gains Friday — defensive rotation extending the week's pattern
• MRNA +13% — FDA panel backed the mRNA flu vaccine for 50+; in vivo CAR-T also announced
• U Mich long-term inflation expectations -0.6 pp to 3.3% — Iran-easing visible
• PCE MoM +0.4% softer than +0.5% est — a disinflation tailwind for the next FOMC framing
• The earnings tape stays constructive: S&P 500 still on track for 20%+ EPS growth in 2026

Notable Movers

• (MRNA) +13% — FDA advisers voted to back the mRNA flu vaccine for adults 50+
• (CROX) +7% — Piper Sandler upgraded to Overweight; the recent pullback created an entry point
• (ON) -24% — Announced a ~$7B all-stock acquisition of Synaptics for physical AI + edge computing

Private Dealmaking

• General Intuition (AI · gaming training data) — $320M
• Mirendil (frontier AI · Anthropic alums) — $200M
• First Street (climate risk · MSCI acq.) — $120M
• Taktile (financial automation) — $110M
• Trase (AI agents OS · regulated industries) — $107M
• Runpod (AI developer cloud) — $100M

TLDR

• Nasdaq -0.24% to 25,297.62 — 5th straight loss; weekly -4.6%
• Tech sector -5% week; NVDA -8% week, worst in over a year on AI cost + IPO-delay worries
• Dow weekly +0.6% (3rd straight outperform week); S&P weekly -2%; Russell green on the week
• MRNA +13% FDA flu nod; CROX +7% Piper OW; ON -24% on the $7B Synaptics deal
• WTI ~$69 (Hormuz flowing); 10Y to 4.37%; gold back above $4K
• NFP Thu + Fed July 28-29 + Fri 7/3 closed (July 4) = a holiday-shortened week ahead

The Bottom Line

The week confirms the rotation thesis. Tech -5% with NVDA's worst week in a year, but a Dow weekly +0.6% for the 3rd straight week and Russell positive means the bull market is broadening, not breaking. The fundamental tell: S&P 500 earnings still on track for +20% growth this year while forward multiples sit below where they started 2026. NFP Thursday + a holiday-shortened week sets up volatility around month-end and quarter-end rebalancing.

_For informational purposes only. Not investment advice._