Daily Wrap

Market & SentimentAll four major indices closed higher, with the Dow leading at +0.97% and the Russell 2000 lagging at +0.41%. Breadth was positive but not overwhelming: 329 advancers against 155 decliners, while only 39% of stocks trade above their 50-day average. New lows (14) modestly outnumbered new highs (10), suggesting the rally was concentrated rather than broad.

Sectors & StocksEnterprise hardware and AI infrastructure drove gains: HPE +12.4%, DELL +12.0%, ANET +5.6%, PWR +5.2%, ADI +4.9%. Storage names were the mirror image, with STX -3.7%, SNDK -3.5% and WDC -3.0% falling. UNH -2.4% and PANW -2.3% were notable large-cap laggards. The split suggests rotation within tech rather than a uniform move.

Rates, FX & CryptoTreasury yields rose at the front end, with 3-month and 2-year yields each up 7bp, while the 30-year slipped 2bp. The 2s10s spread stands at 33bp. In FX, EUR/USD fell 0.21% and USD/SGD rose 0.12%, while USD/CNY was little changed at +0.03%, indicating a slightly firmer dollar on the day.

Earnings & AnnouncementsKroger reported Q2 FY2026 with modest profit growth and nearly flat same-store sales. Among announcements, Corning signed a $2B at-the-market equity offering, Wynn Resorts issued $900M of 2035 senior notes, Sandisk entered a $1.5B revolving credit facility, and News Corp disclosed progress on its $1B buyback. Gen Digital shareholders rejected the executive compensation plan while electing nine directors.