Summary
Equities rallied sharply this week, with the Nasdaq leading at +2.74%, the S&P 500 gaining +1.52%, and the Dow advancing +1.41%, even as the 10-year Treasury yield edged down -1 basis point to 4.45%. Consumer data was encouraging, with University of Michigan sentiment rising to 48.9 from 44.8, inflation expectations easing, and Retail Sales advancing a strong +0.9% month over month, though Housing Starts collapsed -15.4% and import and export prices both ran hot. The week’s main event was the FOMC meeting, where the Fed held rates at 3.5% to 3.75% but struck a decidedly hawkish tone in Kevin Warsh’s first meeting as chairman; the statement was stripped of language signaling a bias toward cuts, with half of members now expecting to hike by year end. The 2-year yield jumped +13 basis points, and markets have fully priced in a +25 bps hike at the October meeting. On the corporate side, SpaceX (NYSE: SPCX) rose +19% in its debut to become the largest IPO in history, Roku (NYSE: ROKU) jumped +20% on a $22 billion acquisition by Fox (NYSE: FOX), Intel (NYSE: INTC) gained over +10% on a domestic semiconductor partnership with Apple, and Amazon (NYSE: AMZN) rose +2.5% on reports it may sell its custom AI chips to third parties to compete with Nvidia (NYSE: NVDA). Risk assets were broadly under pressure, with WTI Crude tumbling over -9% as the US and Iran agreed to a peace deal ending the nearly four month war, spot silver -3.1%, spot gold -0.1%, and Bitcoin -1%, while the dollar rallied +1.1% to cap off the week.
10-Year Treasury Yield
- Current Rate: 4.45% (as of June 18, 2026)
- Week-to-Date Movement: -1bps (from 4.46% on June 11, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 7,394.30 → 7,506.71 (+1.52% WTD)
- Dow Jones Industrial Avg: 50,848.75 → 51,564.70 (+1.41% WTD)
- Nasdaq Composite: 25,809.66 → 26,517.93 (+2.74% WTD)
Notable Market Events
Macroeconomic Data:
University of Michigan preliminary June sentiment rose to 48.9 from 44.8 the prior month, pointing to early signs of improvement among consumers. Inflation expectations also eased, with the 1-year measure dropping to 4.6% from 4.8% and the 5-to-10-year measure falling to 3.4% from 3.9%. Industrial Production rose just +0.1% month over month in May, missing the +0.3% estimate and decelerating from +0.9% the prior month. On the trade front, Import Prices jumped +1.9% month over month and +6.7% year over year, while Export Prices surged +1.3% month over month and +11.2% year over year. Housing data was mixed: Housing Starts collapsed -15.4% in May after an -8.5% decline the prior month, while Pending Home Sales rose +3.8% month over month and +2.1% year over year. Retail Sales came in strong, advancing +0.9% month over month, and Initial Jobless Claims edged lower to 226,000 from 230,000, offering some encouragement on the labor market front.
Economic Policy:
The Federal Open Market Committee voted unanimously to keep its benchmark Fed funds rate in a range of 3.5% to 3.75%. In Kevin Warsh’s first meeting as chairman, the Fed’s statement was revamped to be dramatically shorter and stripped of key language signaling a bias toward future cuts. Warsh also made clear that the central bank will not tolerate high inflation. The hawkish shift rippled through markets, with the 2-year Treasury yield jumping +13 basis points on Wednesday. With half of FOMC members now expecting to raise rates by year end, short-term rates pushed higher, and post-meeting, markets have fully priced in a +25 bps rate hike at the October meeting.
Business:
Shares of SpaceX (NYSE: SPCX) shined in its IPO debut on Friday, rising +19% and marking a historic milestone as the largest IPO in history. Roku (NYSE: ROKU) jumped +20% after Fox (NYSE: FOX) agreed to acquire the streaming device maker for $22 billion, or $160 a share, in a deal expected to close in the first half of 2027. Intel (NYSE: INTC) rose over +10%, sparking a broader rally in chip stocks after President Trump announced Thursday that the company will work alongside Apple to design and produce semiconductors domestically. Amazon (NYSE: AMZN) gained +2.5% on Thursday after reports that the company is exploring selling its custom AI chips for deployment in third-party data centers, a move that marks a broader push beyond internal cloud use and positions it to compete more directly with Nvidia (NYSE: NVDA) in the AI infrastructure market.
Markets:
Commodities broadly fell on the week. Precious metals pulled back on a hawkish Fed tone as spot gold and silver fell -0.1% and -3.1% respectively. WTI crude oil fell over -9% as the U.S. and Iran agreed to a peace deal and put an end to a nearly 4 month war. Bitcoin pulled back -1% and the dollar rallied +1.1% to cap off the week.
Stock Sector Performance
All performance figures and market events are sourced from Bloomberg as of market close 6/18/2026, using the prior Friday’s market open as the start date.
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