Tech-led broad rally — cloud and chips surge together

Today's Market

The S&P 500, Nasdaq and Dow rose together on the 29th (local time), +1.2% / +2.1% / +0.6%, with tech leading a broad rally

• Security and cloud software led the charge (Palo Alto +9.1%, CrowdStrike +6.0%, Zscaler +4.0%)

• Semiconductors were strong too at +4.1% (TSMC +5.3%, Marvell +4.1%), helped by Citi's refreshed AI-compute picks

• Mega-caps joined — Tesla +8.5% (ahead of Q2 deliveries), Alphabet +4.8% — and VIX -4.1% as risk appetite recovered

• WATCH: JOLTs (6/30), ADP (7/1), Employment Situation (7/2)

Market Data

S&P 500

7,440.43

▲1.18%

NASDAQ

25,820.14

▲2.07%

DOW

52,182.74

▲0.59%

VIX

17.65

▼4.13%

Sector Heat Map

SPY benchmark + 11 GICS sectors · 1-day

S&P 500 SPY +1.65%	Technology XLK +2.37%	Comm. Svcs XLC +1.60%	Cons. Discr. XLY +2.40%
Cons. Staples XLP −0.40%	Energy XLE −0.48%	Financials XLF +0.28%	Health Care XLV +0.25%
Industrials XLI +0.86%	Materials XLB −1.82%	Real Estate XLRE −0.71%	Utilities XLU −0.39%

In Focus

Chips re-rate on AI-compute demand

Citi refreshed its AI-compute semiconductor picks and Anthropic's first NVIDIA deployment went live on Azure, putting AI-infrastructure demand back in focus

• Semiconductor sector +4.1%, with TSMC +5.3% and Marvell +4.1% across the AI-chip supply chain

• Data-center and AI-acceleration demand is fueling memory/AI-chip order expectations

• Watch: real demand vs valuation — next quarter's results are the test

Palantir +4% on Nvidia's "sovereign AI" pact

Palantir rose +4% on the Nvidia-led national/sovereign-AI agreement, spotlighting software revenue visibility

• Government and national AI software deals improve medium-term revenue visibility

• Software (applications), not chips (infrastructure), is driving the upside here

This Week

ALL TIMES EASTERN (ET)

• Tue 6/30 JOLTs (Job Openings)

• Wed 7/1 ADP Employment

• Thu 7/2 Employment Situation (NFP)

For informational purposes only. Not investment advice. All investment decisions are your own responsibility.

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