US Market Set-up: Overnight action, key events and stocks to watch on June 30

The US stock market ended sharply higher on Monday, June 29, with the Dow Jones Industrial Average hitting a record closing high as investors bet that tensions between the US and Iran would ease despite an exchange of missile strikes over the weekend.

Iranian and US negotiating teams were due in Doha this week, but Iran said no meeting had been scheduled as weekend missile fire from both sides tested the interim ceasefire to end the four-month-old war.

The Dow ‌Jones rose 306.63 points, or 0.59%, to 52,182.74, the S&P 500 gained 86.41 points, or 1.18%, to 7,440.43 and the Nasdaq Composite gained 522.53 points, or 2.07%, to 25,820.14.

The US and Iran on June 17 signed a memorandum of understanding (MoU) aimed at ending the conflict. Under the document, both sides agreed to cease hostilities and reopen the Strait of Hormuz.

“The fact that we had hostilities between the US and Iran over the weekend really didn’t have a negative effect on the market,” said Peter Cardillo, Chief Market Economist at Spartan Capital Securities in New York.

“The market is looking forward and preparing for earnings season, which is not that far away,” Cardillo added.

Investors are now shifting their focus to the second-quarter earnings season, with most S&P 500 companies expected to begin reporting results from mid-July onward.

Top movers

Communication services led gains among the S&P 500 sectors. Comcast shares jumped 4.5% after the company unveiled plans to separate NBCUniversal and Sky into two independently listed businesses through a tax-free spinoff.

SpaceX surged 7.15% after Nasdaq announced that the recently listed company will be added to the Nasdaq-100 Index from July 7.

Alphabet, Google’s parent company, rose 4.96% as it marked its first trading session as a component of the Dow Jones Industrial Average.

Meanwhile, according to reports, RBC Capital Markets has raised its 12-month target for the S&P 500 to 8,150 from 7,900, citing resilient corporate earnings and a supportive macroeconomic environment.

Investors are also turning their attention to the US nonfarm payrolls report, scheduled for release on Thursday, for fresh clues on the health of the economy and the Federal Reserve’s interest rate outlook.

This time the US Nonfarm Payrolls (NFP) report will be released on Thursday instead of its usual first Friday of the month because US markets will be closed on Friday (July 3) in observance of the Independence Day holiday.

Key economic events on June 30, 2026

Other key developments to track

Investors will track remarks from Fed Chair Kevin Warsh for fresh signals on the Federal Reserve's policy outlook. The ECB Forum on Central Banking – the Sintra Forum – is an annual event organised by the European Central Bank and is held in Sintra, Portugal.

The theme of the 2026 ECB Forum on Central Banking will be “Shaping Europe’s future: innovation, growth and stability”. The Forum takes place from 29 June to 1 July 2026 in Sintra.

Global market update

Global equities were on track to post their strongest second-quarter performance in six years on Tuesday, while a stronger US dollar pushed the Japanese yen to a four-decade low, putting the greenback on course for a fourth consecutive quarterly gain.

The MSCI All Country World Index has rallied nearly 14% over the past three months to record highs, marking its best second-quarter performance since 2020.

US stock futures were marginally higher early on Tuesday.

Stocks to watch

Nike and Constellation Brands will be among the key stocks to watch on Wall Street on June 30 as investors assess major earnings reports. Technology stocks are also likely to remain in focus, amid the buzz around AI and the semiconductor sector.