Banks, Healthcare, and Industrials Gain as Tech Stocks Fall:
The stock market closed mixed this week as declining oil prices boosted the Dow Jones Industrial Average, while AI stock valuation concerns weighed on the S&P 500 and Nasdaq.
The S&P 500 Index fell 1.95% while the Nasdaq Composite Index skidded 4.60%. The Dow Jones Industrial Average rose 0.60%. The MSCI EAFE Index, which tracks developed overseas stock markets, lost 1.33%.1,2
Source: Bloomberg Finance, L.P. (Performance data normalized 06/18/26 = 0)
Dow Industrials Take the Lead
The S&P 500 and Nasdaq indexes were under pressure to start the week as the AI trade and tech more broadly came under scrutiny. But the Dow Industrials made a modest gain for the day.3
The rotation away from tech continued Tuesday, with large consumer stocks faring particularly well, which minimized the Dow’s decline. The S&P fell about 1.4% for the day, while the Nasdaq fell more than 2%.4
Midweek, stocks were mixed. Healthcare, financial, and industrial sectors carried the Dow to small gains on Wednesday and Thursday. Conversely, continued pressure on tech shares led the S&P and Nasdaq down, albeit at a slower pace than earlier in the week.5,6
Then markets flattened out as the week wrapped up. The slow-but-steady Dow logged its 3rd consecutive weekly gain, while the Nasdaq and S&P 500 were under steady pressure during the week.7
Sources: U.S. Department of the Treasury, Board of Governors of the Federal Reserve System, Charles Schwab
Inflation Update
The Fed’s preferred measure of inflation, PCE, or the Personal Consumption Expenditures Index, came in as expected for May. While the core number, which excludes energy, was at its highest level since October 2023. However, investors appeared relieved that there were no surprises.8
This Week: Key Economic Data
Source: Bloomberg Finance L.P.
This Week: Companies Reporting Earnings
Source: EarningsWhispers
Author
Gary Aiken
Chief Investment Officer
Concord Asset Management
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Footnotes and Sources
1WSJ.com, June 26, 2026
2Investing.com, June 26, 2026
3CNBC.com, June 22, 2026
4CNBC.com, June 23, 2026
5CNBC.com, June 24, 2026
6CNBC.com, June 25, 2026
7WSJ.com, June 26, 2026
8CNBC.com, June 25, 2026
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