Tech Takes a Breather as Warsh Talks Tough, SpaceX Enters Nasdaq-100

June 27, 2026 · 61 sources

Markets Overview

The S&P 500 finished Thursday right on the edge of a critical support line; a break below this threshold could trigger broader market losses. Wall Street veteran Jim Paulsen also warned that current exuberance over corporate earnings may be setting the market up for a fall.
Tech stocks just suffered one of their worst weeks of the year as AI momentum faltered. Investors are beginning to aggressively question the actual returns on massive AI infrastructure spending.
Oil futures settled lower for a third consecutive weekly loss, but surged in after-hours trading following a U.S. military confirmation of a retaliatory strike on Iran.
The geopolitical tension is spilling into maritime logistics, with Iran’s recent ship attack testing the shipping-insurance market just as war-risk premiums had previously plunged.

Micron (MU) delivered a highly positive earnings report, beating Wall Street's expectations for both revenue and profits.
Qualcomm (QCOM) used its investor day to nearly double its most important growth target, cementing its strategic pivot beyond smartphone chips and into core AI hardware.
BlackBerry (BB) surged to a new 52-week high after posting Q1 earnings that featured a 26% year-over-year revenue jump.
Meta Platforms (META) is hoping its newly announced $300 smart glasses can turn around its stock, which has struggled with a 17% year-to-date decline despite posting strong Q1 growth.
Nvidia (NVDA) saw its massive market capitalization temporarily fall below the $5 trillion mark, though many analysts view the pullback as a prime buying opportunity rather than the end of its AI run.

In a hawkish pivot, Minneapolis Fed President Neel Kashkari now projects one interest-rate hike this year. He cited doubts over the U.S.-Iran peace deal and inflationary pressures from the AI buildup as key factors.
New Federal Reserve Chair Kevin Warsh is talking tough on inflation. His hardline rhetoric is helping coax Treasury yields lower, even as actual inflation ticks upward.
The probability of a near-term Fed rate hike is soaring, presenting a serious macroeconomic headwind for an extended Wall Street rally.
JPMorgan Chase (JPM) cleared the Fed’s 2026 annual stress tests alongside 31 other financial institutions. Following the victory, JPM announced a 10% dividend hike paired with a fresh $50 billion stock buyback program.

The tech sector took a hit Friday following reports that OpenAI may delay its highly anticipated IPO until next year. The news triggered a slump in SoftBank shares and complicated the broader tech-listing pipeline.
Gold mining stocks took a sharp dive over the trailing week. Harmony Gold Mining (HMY) plummeted nearly 12%, and Eldorado Gold (EGO) took heavy losses as precious metal prices declined across the board.
IT consulting and outsourcing firms are losing their premium tech valuations. Stocks like Accenture (ACN), Cognizant (CTSH), EPAM, Globant (GLOB), and Infosys (INFY) are rapidly trending toward price-to-sales multiples of 0.3 to 0.6, resembling staffing agencies rather than high-tech partners.

Space Exploration Technologies (SPCX) continues to dominate headlines ahead of its addition to the Nasdaq-100 on July 7. The company has landed data center deals with Anthropic, Google, and Reflection potentially worth over $76 billion through 2029.
However, SpaceX FOMO may be officially cooling. The stock is down roughly 30% since its stellar debut, dragging the broader space sector down with it.
Morningstar places SpaceX's fair value at a mere $62, a stark contrast to its current trading price of $157—a staggering $1.2 trillion discrepancy that highlights extreme valuation debate in the newly public name.
Conagra (CAG) is currently the highest-yielding stock in the S&P 500 with a 10.2% dividend yield, serving as a key signal for investors navigating the defensive consumer staples sector.
In the evolving nuclear energy space, analyst attention is shifting toward Oklo (OKLO) as a potentially superior play compared to NuScale Power (SMR) to capitalize on a projected $10 trillion market opportunity.

Wall Street is at an inflection point, grappling with the harsh reality that surging AI hardware costs—driven by players like Nvidia and Micron—may need to moderate to prevent broader margin compression across the tech ecosystem.
The market is actively pricing a complex geopolitical and macroeconomic landscape, balancing an unexpectedly hawkish Federal Reserve under Kevin Warsh with escalating Middle East tensions that threaten global shipping and energy supplies.
Looking ahead, investors will closely monitor Nike's (NKE) upcoming June 30 earnings report for insights into the consumer environment and tariff impacts, while keeping a close eye on small-cap rotations, such as dLocal (DLO) joining the Russell 2000. Interestingly, contrarian investor Michael Burry recently initiated a position in Microsoft (MSFT), betting on a turnaround for the out-of-favor mega-cap.