U.S. markets enter Wednesday, July 1, 2026, with conditions set by the Tuesday, June 30 close. Stocks rose to finish the quarter. The Nasdaq led. AI-linked stocks strengthened. The S&P 500 gained again. The Dow closed at another record. The Russell 2000 held above 3,000. Treasury yields moved higher. The dollar stayed firm. Oil eased. Gold edged higher, but finished a weak quarter.

The S&P 500 closed at 7,499.36.
The Nasdaq closed at 26,213.72.
The Dow closed at 52,319.20.
The Russell 2000 closed at 3,024.37.

The surface strengthened. The internal structure improved as technology led again, while small caps stayed above the key 3,000 level.

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Tuesday’s session showed gains across all major indexes.

The Nasdaq rose +1.5%.
The S&P 500 rose +0.8%.
The Russell 2000 rose +0.5%.
The Dow gained +0.3%.

That ranked the major indexes from strongest to weakest as: Nasdaq, S&P 500, Russell 2000, Dow.

The Nasdaq gained 393.58 points.
The S&P 500 gained 58.93 points.
The Russell 2000 gained 13.95 points.
The Dow gained 136.46 points.

The strongest signal came from the Nasdaq. It gained 1.5% and extended Monday’s rebound. That mattered because the Nasdaq had been under pressure for much of the prior week.

A second strong session showed that AI and large-cap growth were no longer dragging the tape the way they did into Friday. The S&P 500 gained 0.8% and moved back near the 7,500 level. That helped trim its June losses after a rocky month. The Dow closed at 52,319.20. That marked another record close and kept blue-chip strength intact.

The Russell 2000 rose 0.5% and closed at 3,024.37. That kept small caps above 3,000 and preserved the better breadth signal from the prior week.

For the week, the S&P 500 is up 2.0%.
The Nasdaq is up 3.6%.
The Dow is up 0.9%.
The Russell 2000 is up 0.5%.

For the year, the Russell 2000 is up 21.9%.
The Nasdaq is up 12.8%.
The S&P 500 is up 9.6%.
The Dow is up 8.9%.

The year-to-date structure still shows small caps first, even as the Nasdaq led the final two sessions of June.

Treasury yields moved higher Tuesday.

The 2-year yield moved near 4.131%.
The 10-year yield moved near 4.4%.
The 30-year yield moved near 4.89%.

The move followed stronger labor-market and confidence data.

Job openings were unchanged at 7.6 million in May.
That was above expectations for 7.3 million.

The Conference Board Consumer Confidence Index rose to 91.2 in June. That was up from a revised 90.6 in May. The data kept the rate backdrop firm. A steady labor market gives the Federal Reserve less pressure to loosen policy. The 10-year yield moved back near 4.4%. That kept long-duration assets sensitive to rate risk, even as technology stocks rallied.

The 2-year yield stayed above 4%. That kept policy expectations anchored in the front end. The bond market did not stop the equity rebound. But it did keep the macro setup from turning fully loose.

The dollar stayed firm through the quarter-end close.

The U.S. Dollar Index traded near 101.
The yen traded near 162.57 per dollar.

The euro remained under pressure against the dollar. The yen weakened to a 40-year low area. That kept currency markets active and left intervention risk in focus. The dollar also finished the quarter stronger against a basket of peers. That reflected expectations for a firmer Federal Reserve path. A firm dollar matters because it keeps global financial conditions tighter.
It also weighs on commodities and foreign earnings translation. The dollar did not prevent the equity rebound, but it kept the global backdrop from looking fully easy.

Currency markets enter July with the same split as equities. Risk appetite improved, but the dollar stayed firm.

Commodity markets stayed focused on lower oil and weak gold.

Brent crude settled at $72.92.
WTI crude traded near $70.
Spot gold traded near $4,027.03.
Gold futures settled at $4,038.50.

Oil eased on Tuesday. Brent fell 0.3% on the day. The larger signal was the quarter. Brent fell nearly 40% over the past three months. WTI fell about 30% over the quarter. That was one of the clearest macro changes from spring to summer. The move reflected lower immediate supply stress as the Strait of Hormuz reopened gradually and hostilities between the U.S. and Iran moved into a fragile ceasefire. Energy pressure is far lower than it was earlier in June.

Brent is back near the low $70s.
WTI is near $70.

Gold edged higher Tuesday, but the broader trend stayed weak. Spot gold rose 0.3%. Gold futures settled largely unchanged at $4,038.50. Gold still posted its steepest quarterly decline since 2013. The main pressure points were higher rate expectations and a stronger dollar. The commodity backdrop is cleaner on energy, but still tight through rates and the dollar.

The Wednesday setup is defined by a strong quarter-end equity finish and a firm rate backdrop. Stocks rose. The Nasdaq led. The S&P 500 moved back near 7,500. The Dow closed at another record. The Russell 2000 held above 3,000. That gave the equity tape a stronger finish to June. But the macro backdrop did not fully loosen. Treasury yields rose after stronger labor and confidence data.

The 2-year yield moved near 4.131%.
The 10-year yield moved near 4.4%.

The dollar stayed firm. The yen weakened near a 40-year low. Gold remained under pressure for the quarter. Oil was the main offset. Brent settled near $72.92 and finished the quarter down nearly 40%. That reduced the immediate inflation-pressure signal from energy. Markets enter July with stronger equity momentum, lower energy pressure, and a still-firm rate and dollar backdrop. The setup improved, but it is not fully loose.

Key reference levels:

Markets enter Wednesday after a strong Tuesday close and a powerful quarter-end finish. The Nasdaq led. The S&P 500 moved higher. The Dow closed at another record. The Russell 2000 held above 3,000. Treasury yields rose. The dollar stayed firm. Oil eased. Gold edged higher, but finished a weak quarter.

The key takeaway: Tuesday’s close strengthened the equity tape and put AI leadership back in control, but the macro backdrop stayed firm. Stocks enter July with better momentum and lower oil pressure, while higher yields, a strong dollar, and a weak yen keep financial conditions from looking fully loose.