HSBC
July 2, 2026
US Equity Wrap
Monthly UpdateCommoditiesEquitiesRates Govt BondsConsumer StaplesHealth Care
The S&P 500 retreated 1% in June as investors rotated out of technology and into defensive sectors. Despite this, market breadth improved and fundamental earnings revisions for technology remain robust.
Key Takeaways
- 1.The S&P 500 fell 1% in June, primarily driven by a pullback in the technology sector.
- 2.Market breadth showed signs of improvement as the Equal Weight Index outperformed the market-cap weighted index for the first time in four months.
- 3.Despite recent price declines, the fundamental backdrop for technology remains constructive with forward earnings revisions staying supportive.
Table of Contents
- S&P 500 retreats in June, market breadth improves
- Tech witnesses a pullback in June but fundamental keep improving
- Defensive sectors posted positive for the month of June while tech saw pullback
- Headline inflation peaks, short-end yields move higher
- Performance
- Sentiment
- Valuations
- Earnings
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Authors
Nicole InuiPreethkar R
Securities
S&P 500SPXEWMicron
Themes
AI-linked capital goodsMarket breadth improvementRotation to defensive sectorsTech valuation reset
Regions
North AmericaUnited States