U.S. markets enter Monday, June 29, 2026, with conditions set by the Friday, June 26 close. Stocks finished mostly lower. Small caps held up.

The Russell 2000 gained again.
The S&P 500 slipped slightly.

The Dow moved lower. The Nasdaq fell for a fifth straight session. AI and semiconductor stocks remained the main pressure point. Treasury yields eased. The dollar slipped.

Oil closed below $70.
Gold rose, but still finished the week lower.
The S&P 500 closed at 7,354.02.
The Nasdaq closed at 25,297.62.
The Dow closed at 51,876.11.
The Russell 2000 closed at 3,010.08.

The surface weakened. The internal structure was better than the headline indexes suggested, because small caps rose while the AI trade continued to weigh on the Nasdaq.

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Friday’s session showed another split across the major indexes.

The Russell 2000 rose +0.1%.
The S&P 500 fell less than 0.1%.
The Dow fell -0.1%.
The Nasdaq dropped -0.2%.

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

The Russell 2000 gained 2.23 points.
The S&P 500 lost 3.47 points.
The Dow lost 44.51 points.
The Nasdaq lost 60.99 points.

The strongest signal came from small caps. The Russell 2000 closed at 3,010.08, holding above the 3,000 level for a second straight session. That gave the market a better breadth signal than the S&P 500 and Nasdaq showed on the surface. The weakest signal came from the Nasdaq. It fell for a fifth straight day as AI and semiconductor stocks continued to drag on growth leadership. The chip tape stayed under pressure.

The PHLX Semiconductor Index posted its steepest weekly decline since spring 2025. That mattered because semiconductors had been one of the clearest leadership groups in 2026. When that group weakens, the market can look heavy even if smaller companies hold up. The S&P 500 slipped by less than 0.1% and logged only its second weekly loss in the last 13 weeks.

For the week, the S&P 500 lost 2.0%.
The Nasdaq lost 4.6%.
The Dow gained 0.6%.
The Russell 2000 gained 1.0%.

That weekly split was the main equity signal. Large-cap growth weakened, while small caps and the Dow held up better.

Treasury yields eased into the Friday close.

The 2-year yield moved near 4.09%.
The 10-year yield moved near 4.37%.
The 30-year yield moved near 4.87%.

The move gave the broader market some support.

The 10-year yield stayed below 4.5%. That reduced pressure on long-duration assets at the margin, even though the Nasdaq still finished lower.
The 2-year yield stayed above 4%. That kept the front end elevated and kept policy risk in the setup.

The long end was steadier. The 30-year yield held near 4.87%, keeping the yield curve elevated but no longer pressing higher. The bond market helped soften the macro backdrop. Lower yields and lower oil both eased the inflation-pressure signal. But the equity response remained split. Yields fell, yet AI-linked stocks still sold off. That left the rate backdrop improved, but not loose.

The dollar eased Friday, but stayed firm on the week.

The U.S. Dollar Index moved near 101.32.
The euro traded near $1.1389.
The yen remained under pressure near multi-decade lows.

The dollar declined for a second straight session. Even with the pullback, it remained on track for another weekly gain. That matters because the dollar is still elevated enough to keep global financial conditions tight. A softer dollar helped gold rebound. It also reduced one layer of pressure on commodities after several sessions of stronger dollar conditions. The yen remained the main stress point in currency markets. Dollar-yen stayed near levels last seen around the mid-1980s, keeping intervention risk in focus.

The currency backdrop improved at the margin, but did not turn fully supportive. The dollar eased, but it did not break down.

Commodity markets were led by another sharp move lower in oil.

WTI crude settled at $69.23.
Brent crude settled at $71.99.
Spot gold traded near $4,077.64.
Gold futures settled at $4,078.70.
WTI closed below $70 for the first time since the Iran war began.

That was the clearest macro shift in Friday’s close. Oil moved back toward prewar levels as crude flows through the Strait of Hormuz improved and immediate supply fears eased.

WTI fell 3.7% on Friday.
Brent fell 4.3%.

For the week, U.S. crude fell 8.7%, or $6.62 per barrel. That reduced the immediate inflation-pressure signal from energy. Gold moved higher Friday as the dollar weakened and rate-hike expectations eased slightly.

Spot gold rose 1.3%.
U.S. gold futures rose 1.2%.

Even with that rebound, gold still finished the week lower. Comex gold ended the week down 3.44% at $4,078.70. The commodity backdrop is cleaner on energy, but still not calm. Oil pressure eased sharply, while gold continued to reflect tension between lower yields and the broader rate path.

The Monday setup is defined by two opposing signals. Energy pressure improved.

WTI closed below $70.
Brent moved near $72.

Treasury yields eased. The dollar slipped. Small caps held above 3,000. That gave the market a cleaner macro backdrop than it had earlier in June. But technology pressure remained unresolved. The Nasdaq fell for a fifth straight session. AI-linked stocks weakened again. Semiconductors posted a difficult week.

The S&P 500 ended the week with a 2.0% loss. The macro data also stayed relevant. The University of Michigan Consumer Sentiment Index rose to 49.5 in June from 44.8 in May, but remained below the 50.0 estimate. That showed some improvement in sentiment, while still pointing to a cautious consumer backdrop.

Markets enter Monday with lower oil, lower yields, and better small-cap participation. But the market is still carrying pressure from AI leadership, semiconductor weakness, and an elevated front-end rate backdrop. The setup is cleaner than it was during the oil spike, but it is still split.

Key reference levels:

Markets enter Monday after a mixed Friday close and a split week. Small caps held above 3,000. The S&P 500 slipped slightly. The Dow edged lower. The Nasdaq fell for a fifth straight session. Treasury yields eased. The dollar slipped. Oil closed below $70. Gold rebounded, but still fell for the week.

The key takeaway: Friday’s close gave markets real macro relief through lower oil, lower yields, and a softer dollar, but it did not repair the main equity problem. Small caps held firm, while AI and semiconductor weakness kept the Nasdaq under pressure heading into Monday’s open.