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Daily US Equity Report 2026-07-01 (Wed)

US 07/01: Semis extend their lead, closing the strongest quarter in nearly six years — SNDK +10.89% tops gainers; on 6/30 all three indexes closed green, S&P +0.79% at a record 7,499.36, SMH +3.78% carried the tape; equipment & memory took the second leg.

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US DAILY REPORT

Other markets →TW StocksA-SharesMemory / AI

US 07/01　[Semis extend their lead, closing out the strongest quarter in nearly six years; SNDK +10.89% tops the gainers: on 6/30 all three major indexes closed green, S&P +0.79% at 7,499.36 (record high) (Nasdaq Composite +1.52% / Dow +0.26% at 52,319.20 / SMH +3.78% / NDX +1.68% semis carried the indexes); equipment & memory took the second leg of the baton — SNDK +10.89% / KLAC +8.38% / AMD +7.68% / MRVL +7.25% / INTC +6.01% / ASML +5.65% / LRCX +5.46%, MU +0.79%, turning positive across all three timeframes and stabilizing; however T -5.13% / SYK -4.49% / VZ -3.99% / TMUS -3.59% — telecom, healthcare and defensives dumped again; VIX crushed to 16.45, breadth narrowed to 102:96, and Q2 closed as the strongest quarter in nearly 6 years]

Data as of: 2026-06-30 (Tue) actual US close　·　Generated: Taipei 7/1 07:00

🎯 Today's (7/1) Key Watchpoints

One-line summary

6/30 (Tue)Semis extend their lead; Q2 closes as the strongest quarter in nearly six years — after the 6/29 V-bounce in equipment & memory, the second leg took over, with memory / equipment / CPU / packaging & testing extending gains: all three major indexes closed green — S&P +0.79% at 7,499.36 (record closing high), Nasdaq Composite +1.52% at 26,213.72, Dow +0.26% at 52,319.20, SMH +3.78% / NDX +1.68%, semis carrying the indexes. SNDK +10.89% (top gainer) / KLAC +8.38% / AMD +7.68% / MRVL +7.25% led the way, T -5.13% / SYK -4.49% / VZ -3.99% / TMUS -3.59% telecom, healthcare and defensives were dumped again. VIX crushed to 16.45, 10Y up to 4.42%, oil soft -0.6%.

Dominant themes

▲ Semis/memory / equipment / CPU / packaging & test / power extend gains　SNDK +10.89%, VRT +9.07%, KLAC +8.38%, AMD +7.68%, MRVL +7.25%, ASX +7.10%, GEV +6.56%, INTC +6.01%, APH +5.95%, ASML +5.65%, LRCX +5.46%, TSM +4.94%

▼ Telecom / healthcare / defensives dumped　T -5.13%, SYK -4.49%, UBER -4.42%, VZ -3.99%, EQIX -3.94%, TMUS -3.59%, MDT -3.34%, NFLX -3.23%, MO -2.84%, LLY -2.48%

↳ “Semis extend, defensives dumped again”: after the 6/29 V-bounce in equipment & memory, semis extended into a second leg on 6/30 (memory SNDK / equipment KLAC / CPU AMD / packaging ASX), with capital continuing to rotate out of telecom & healthcare defensives back into AI hardware; semis controlled the Q2 close, though breadth narrowed and gains stayed concentrated.

Policy & liquidity

Strongest quarterly close (Q2)　6/30 was the last trading day of H1, S&P / Nasdaq closed Q2 as the strongest quarter in nearly 6 years, S&P +0.79% at 7,499.36 record high; quarter-end rebalancing kept flowing into semiconductor growth

Memory's second leg + leaders stabilize　SNDK +10.89% topped gainers, 20D +29.08%; MU +0.79%, 5D/10D/20D (9.8/6.1/11.5) all three turned positive, Fwd just 7.7x; the memory leader's momentum turned positive and re-entered the momentum screen

Telecom defensives dumped again　Risk appetite kept rising, telecom (T -5.13% / VZ -3.99% / TMUS -3.59%) dumped for a second straight day, healthcare (SYK -4.49% / LLY -2.48% / MDT -3.34%) weakened, with capital clearly rotating back into growth

🔍 3 Focus Points to Watch

• Can memory's second leg broaden out ⭐⭐⭐ — equipment (AMAT 20D +57.8 / KLAC +55.5) stays atop the 20D leaderboard; memory SNDK (+10.89%) topped gainers, MU turned positive across all three timeframes and stabilized, though WDC (5D -4.78%) / STX (5D -7.02%) HDD names still lag. Whether the memory catch-up rally spreads to HDDs is the key this week.

• June payrolls (early) + pre-holiday liquidity ⭐⭐⭐ — 7/1 (Wed) ISM Manufacturing + JOLTS; 7/2 (Thu) June payrolls released early (est. +115K, U/E 4.3%) + ADP + ISM Services; 7/2 US closes early at 13:00; 7/3 (Fri) closed for Independence Day; pre-holiday liquidity runs thin — watch for amplified volatility after the data.

• Will telecom defensives keep weakening ⭐⭐ — telecom dumped two days running (T -5.13% / VZ -3.99% / TMUS -3.59%), healthcare weakened (SYK -4.49% / LLY -2.48%). Watch whether the risk-on rotation back into growth continues, or pre-holiday rebalancing appears — it will set the tone for the back half of the week.

⚡ This week's rhythm: 6/29 (Mon) US-Iran de-escalation + equipment/memory V-bounce, Dow record high → 6/30 (Tue, done) semis' second leg extends, SNDK tops gainers, strongest Q2 close → 7/1 (Wed) ISM Manufacturing + JOLTS → 7/2 (Thu) June payrolls (released early, est. +115K) + ADP + ISM Services; US closes early at 13:00 → 7/3 (Fri) US market closed (Independence Day) → 7/6 (Mon) trading resumes

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🏛 Market Backdrop 6/30 close

SPY S&P 500

$746.77

Session +0.78%

Index 7,499.36 (+0.79%) record high

QQQ Nasdaq 100

$736.40

Session +1.70%

Composite 26,213.72 (+1.52%)

IWM Russell 2000

$300.45

Session +0.50%

small caps up slightly, still lagging big tech

SMH Semiconductor ETF

$655.89

Session +3.78%

equipment & memory extend strength, leading the market

🌡 Macro Risk Signals 6/30 close · Futu / CNN actuals

VIX / VXN volatility

VIX 16.45 -6.80%

VXN 27.11 -7.69%

VIX from 17.65 crushed to 16.45 (-6.80%), tech volatility VXN eased to 27.11 (-7.69%) — semis extending, risk appetite rising into the Q2 close; the fear gauges cooled for a second straight day, back to the low end.

10Y / 2Y Treasury yields

~4.42%

10Y up slightly (+0.05)

10Y yield from 4.37% up slightly to ~4.42%, risk appetite rising and haven bids receding; but with markets waiting on this week's payrolls / ISM, yields are consolidating at the upper end of the range and not yet pressuring growth-stock valuations meaningfully.

DXY dollar / WTI crude

101.17

the dollar on the day +0.06% flat

DXY 101.17 (+0.06%) broadly flat; USO crude ETF -0.60% pulled back to 106.44; crude gave back a little after the prior day's bounce, with energy / copper-miner momentum easing.

Fear & Greed Index

~58-64 Greed

risk appetite rising, VIX back to the low end

CNN F&G estimated to rise from the prior day's 52-58 to ~58-64 (Greed): semis extending + strongest Q2 close + VIX crushed to 16.45 lifted risk appetite; but breadth narrowed (102:96), with gains concentrated in semis.(not a live official value; estimated range)

S&P 500 valuation

PE ~25.1 (trailing)

Fwd PE ~21.7

the index +0.79% at 7,499.36 record high; Fwd P/E rose to ~21.7, still above the 10-year average of 18.9; the strongest Q2 close pushed valuations into elevated territory, needing continued earnings-growth confirmation.(not a live official value)

Nasdaq 100 valuation

PE ~32.6 (trailing)

Fwd PE ~25.3

NDX +1.68% / QQQ +1.70%, the multiple rose to ~32.6; semis (SMH +3.78%) keep leading, and the memory/equipment second leg lifted tech heavyweights, keeping tech internals bullish.(not a live official value)

📅 Earnings / Key Events — Next 2 Weeks 6/30 - 7/14

📌 Major Tech / Consumer Earnings

7/14 (Mon) ⭐⭐	Q2 earnings season kicks off · big banks JPMorgan and other big banks lead off the Q2 (Apr-Jun) earnings season; markets focus on net interest income, credit quality and consumer resilience.
Keep watching	Will memory's second leg broaden SNDK +10.89% took the top spot, MU turned positive across three timeframes and stabilized, equipment AMAT / KLAC extend strength; but WDC (5D -4.78%) / STX (5D -7.02%) HDDs still lag, awaiting a broadening catch-up.
AI narrative	OpenAI IPO concerns keep fading The AI hardware chain extended gains for a second day; but the capex-monetization narrative remains a medium-term variable, and ahead of Q2 earnings the focus is on how memory price hikes pass through to margins.
Early July	Earnings lull · macro in focus Early July is an earnings lull, focusing on jobs / ISM data and pre-holiday liquidity; early close 7/2, closed 7/3, and volatility can amplify after the data.

📊 Macro / Policy Events

7/1 (Wed) ⭐	June ISM Manufacturing PMI + JOLTS Early-month activity and jobs leading indicators; JOLTS openings and the ISM prices-paid subindex are the inflation focus, signaling H2 activity direction.
7/2 (Thu) ⭐⭐	June payrolls (early) + ADP + ISM Services with Friday closed, June payrolls are moved up to Thursday 8:30, market est. +115K, unemployment 4.3%; ADP and the ISM Services prices subindex are also in focus.US market early close at 13:00.
7/3-7/4 ⭐	US market closed (Independence Day) Independence Day falls on 7/4 (Sat), so the market closes 7/3 (Fri); pre-holiday liquidity runs thin, watch for amplified volatility.
7/8 (Wed)	FOMC minutes Minutes of the 6/16-17 meeting released at 14:00; focus on members' discussion of the rate-cut path and the inflation / employment trade-off.
7/14 (Mon) ⭐	June CPI + Q2 bank earnings season June CPI released at 8:30, same day as big-bank earnings; inflation data + the start of earnings season can amplify market volatility.

💡 Key Takeaways

📈 Top Gainers of the Day (Top 200 · 1D)

SNDK +10.89%, VRT +9.07%, KLAC +8.38%, AMD +7.68%, MRVL +7.25%, ASX +7.10%, GEV +6.56%, INTC +6.01%, APH +5.95%, ASML +5.65%.
Semis/memory / equipment / CPU / packaging & test / power extend gains, with capital continuing to flow into the AI hardware chain.

📉 Top Losers of the Day (Top 200 · 1D)

T -5.13%, SYK -4.49%, UBER -4.42%, VZ -3.99%, EQIX -3.94%, TMUS -3.59%, MDT -3.34%, NFLX -3.23%, MO -2.84%, LLY -2.48%.
Telecom / healthcare / defensive consumer dumped for a second day, with capital rotating back into growth.

🔎 Key Story 1: Strongest Q2 close, semis in control

6/30 was the last trading day of H1, S&P / Nasdaq closed Q2 as the strongest quarter in nearly 6 years. S&P +0.79% at 7,499.36 record high, SMH +3.78% / NDX +1.68% semis extending; equipment & memory carried the second leg, and quarter-end rebalancing kept flowing into growth; but breadth narrowed (102:96) with gains concentrated in semis — the index made a new high while internals diverged.

🔎 Key Story 2: SNDK +10.89% takes the top spot, memory's second leg

SanDisk (SNDK), on the NAND supercycle + price-hike pass-through, , +10.89% topped the day's gainers, 20D +29.08%, Fwd just 12.2x; memory leader MU +0.79%, 5D/10D/20D (9.8/6.1/11.5) all three turned positive, Fwd 7.7x; momentum turned positive and re-entered the momentum screen. But WDC (5D -4.78%) / STX (5D -7.02%) HDDs are still negative, awaiting a broadening catch-up.

🔎 Focus Stocks: SNDK / AMAT / KLAC / MU Equipment & memory's second leg leads vs HDD laggards

SNDK SanDisk — $2,273.73 (6/30 +10.89%)top gainer of the day

• Momentum: 5D +15.79%, 10D +7.87%, 20D +29.08%, YTD +857.84%, mkt cap $336.7B

• surged +10.89%: NAND supercycle + price-hike pass-through; topped the day's gainers, aligned across all three timeframes, ranked #6 on the 20D list.

• Fwd P/E 12.2 (cheap NAND band), TTM net income $4.5B; a pure-play NAND maker with cheap valuation and momentum turning positive, entering the momentum screen.

AMAT Applied Materials — $723.00 (6/30 +4.08%)equipment momentum king

• Momentum: 5D +23.40%, 10D +23.43%, 20D +57.80%, YTD +182.03%, mkt cap $574.0B

• +4.08%: 20D +57.80% tops the 20D list, all three timeframes above +20%, the strongest equipment momentum extending.

• Fwd P/E 44.1 (mid of the 25-55 equipment band), TTM net income $8.5B; the equipment leader's momentum × valuation ranks first in the momentum screen.

KLAC KLA — $301.71 (6/30 +8.38%)second-strongest equipment

• Momentum: 5D +23.40%, 10D +17.66%, 20D +55.52%, YTD +148.94%, mkt cap $394.1B

• bounced strongly +8.38%: 20D +55.52% ranks #2 on the list, aligned across three timeframes; together with AMAT / LRCX it forms the equipment-strength trio.

• Fwd P/E 59.5 (upper edge of the 25-55 equipment band, a touch pricey), TTM net income $4.7B; valuation is slightly high, but strong momentum earns it a place in the momentum screen.

MU Micron — $1,154.29 (6/30 +0.79%)memory leader stabilizes

• Momentum: 5D +9.75%, 10D +6.09%, 20D +11.47%, YTD +304.60%, mkt cap $1.3T

• +0.79%: 5D/10D/20D all three turned positive, the memory leader's momentum recovering; 20D +11.47% still <20%, not yet in the main 20D list.

• Fwd P/E just 7.7 (lowest on the whole list), TTM net income $50.5B; deep-low valuation + all three timeframes turning positive, re-entering the momentum screen.

🚀 Momentum Screen — Top 5Screening logic: a two-factor model of momentum × relative valuation — 5D/10D/20D strong in sync across all three windows, with Fwd P/E inside the sector's reasonable range (a valuation gate filters out the overpriced), ranked overall by “momentum strength × valuation cheapness”; ignores revenue / earnings / narrative.

1AMAT Applied MaterialsSemiconductor equipment

5D +23.40%10D +23.43%20D +57.80%Fwd P/E 44.1 reasonableMkt cap $574.0B

Hottest 20D + aligned across three timeframes: 5D/10D/20D (23.4/23.4/57.8), the strongest 20D on the whole list with all three above +20%; 6/30 +4.08% extending its lead in equipment, Fwd 44.1x sits mid of the equipment band (25-55) — ranks first overall on momentum × valuation.

2SNDK SanDiskNAND

5D +15.79%10D +7.87%20D +29.08%Fwd P/E 12.2 ★cheapMkt cap $336.7B

Aligned across three timeframes + cheapest valuation: 5D/10D/20D (15.8/7.9/29.1) all positive; 6/30 +10.89% topped the day's gainers, Fwd just 12.2x (cheap NAND band) — a pure-play NAND maker ranking second on momentum × valuation.

3KLAC KLASemiconductor equipment

5D +23.40%10D +17.66%20D +55.52%Fwd P/E 59.5 upper edgeMkt cap $394.1B

Aligned across three timeframes + second-strongest 20D: 5D/10D/20D (23.4/17.7/55.5) all positive; 6/30 +8.38% strong equipment bounce, Fwd 59.5x at the upper edge of the equipment band (25-55) — strong momentum but slightly pricey, ranks third.

4MU MicronDRAM/HBM/NAND

5D +9.75%10D +6.09%20D +11.47%Fwd P/E 7.7 ★cheapestMkt cap $1.3T

All three turned positive + lowest valuation on the list: 5D/10D/20D (9.8/6.1/11.5) flipped from negative to all positive, the memory leader's momentum recovering, Fwd just 7.7x (lowest on the list), TTM net income $50.5B — deep value × stabilizing momentum, ranks fourth.

5ASX ASE TechnologySemiconductor OSAT (packaging & test)

5D +13.45%10D +17.19%20D +18.21%Fwd P/E 22.7 cheapMkt cap $100.6B

Aligned across three timeframes + cheap valuation: 5D/10D/20D (13.5/17.2/18.2) balanced and aligned; 6/30 +7.10% OSAT catch-up, Fwd 22.7x (cheap OSAT band) — ranks fifth on momentum × valuation.

*This “momentum screen” uses a momentum + relative-valuation two-factor model to rank: the universe is the top 200 by market cap, requiring 5D/10D/20D positive in sync across all three windows, and using each sector's reasonable Fwd P/E range as a valuation gate. 6/30 semis extended into a second leg, with the momentum board centered on equipment & memory(AMAT 20D +57.8 the hottest; SNDK Fwd 12.2x, the day's top gainer; KLAC second in equipment; MU Fwd 7.7x, all three turned positive, lowest valuation on the list; ASX a cheap OSAT catch-up); GLW, though strongest across three timeframes (5D +31.6 / 10D +36.0 / 20D +44.6) and the list's top gainer, is filtered out by the valuation gate as Fwd 60.2x far exceeds the upper edge of the materials band (20-45); MRVL (10D -3.56) fails the three-timeframe alignment and is not selected. All %s are Futu 6/30 closes; Fwd P/E are Yahoo same-day values. High-momentum names also pull back fast — always set stop-losses and position caps. This information is for reference only and does not constitute investment advice.

📋 Full ListTop 200 by mkt cap · 20D gain > 20% · sorted by 20D

Memory / CPU Logic / ASIC / Hardware Software / Security Non-tech ｜ Green= up on 6/30 Red= down on 6/30

Ticker / Name

Price

Gain (20D)

1D (6/30)

20D

YTD

Fwd P/E

Net income ($100M)

Mkt cap ($100M)

AMAT Applied MaterialsSemiconductor equipment

723.00

+4.08%

+23.40%

+57.80%

+182.03%

44.1

85 as of 4/26

5,740

KLAC KLASemiconductor equipment

301.71

+8.38%

+23.40%

+55.52%

+148.94%

59.5

47 as of 3/31

3,941

GLW CorningGlass / Fiber

255.43

-0.10%

+31.62%

+44.56%

+192.71%

60.2

18 as of 3/31

2,198

LRCX Lam ResearchSemiconductor equipment

433.33

+5.46%

+16.70%

+36.74%

+153.62%

54.0

67 as of 3/29

5,419

MRVL MarvellASIC / networking chips

297.89

+7.25%

+6.76%

+35.76%

+250.97%

48.2

25 as of 5/2

2,606

SNDK SanDiskNAND

2,273.73

+10.89%

+15.79%

+29.08%

+857.84%

12.2

45 as of 4/3

3,367

INTC IntelCPU / foundry

139.63

+6.01%

+5.56%

+27.71%

+278.40%

89.8

-32 as of 3/28

7,018

SPCX SpaceXSpace / Satellite

170.86

+4.06%

+9.45%

+26.56%

—

22,500

GEV GE VernovaNuclear / AI power

1,174.86

+6.56%

+13.52%

+23.66%

+80.09%

47.9

94 as of 3/31

3,157

CAT CaterpillarIndustrial machinery

1,064.90

+3.07%

+8.20%

+23.06%

+86.68%

35.4

94 as of 3/31

4,905

ASML ASMLEUV equipment

1,989.44

+5.65%

+11.86%

+22.16%

+86.61%

40.6

100 as of 3/29

7,668

APH AmphenolConnectors

176.32

+5.95%

+11.10%

+20.67%

+30.93%

30.8

45 as of 3/31

2,169

*List (20D gain > 20%): this round has 12 names(8 the prior session; on 6/30 semis extended and GEV / CAT / ASML / APH etc. climbed back above the 20% threshold).AMAT stays on top at 20D +57.80%, KLAC +55.52% at #2, GLW +44.56% at #3.The equipment trio (AMAT/KLAC/LRCX) leads on three-timeframe momentum, memory SNDK +29.08% at #6 (6/30 +10.89%, top gainer). The gain bar chart uses AMAT's 20D +57.80% as the 100% baseline, with bar color = sector.Net income= trailing four quarters (TTM), in USD $100M (each stock's “as of M/D” is its latest fiscal-quarter end; INTC net income -$3.2B is a loss, shown in red); to be updated after next quarter's results. SPCX (SpaceX) has no Fwd P/E / net income data yet, shown as —.

📋 Full List (5D momentum)Top 200 by mkt cap · 5D gain > 10% · sorted by 5D

Ticker / Name

Price

Gain (5D)

20D

1D (6/30)

YTD

Fwd P/E

Net income ($100M)

Mkt cap ($100M)

GLW CorningGlass / Fiber

255.43

+31.62%

+44.56%

-0.10%

+192.71%

60.2

18 as of 3/31

2,198

AMAT Applied MaterialsSemiconductor equipment

723.00

+23.40%

+57.80%

+4.08%

+182.03%

44.1

85 as of 4/26

5,740

KLAC KLASemiconductor equipment

301.71

+23.40%

+55.52%

+8.38%

+148.94%

59.5

47 as of 3/31

3,941

DDOG DatadogObservability software

260.36

+18.04%

-6.17%

+4.74%

+91.46%

91.1

1 as of 3/31

927

PANW Palo Alto NetworksNetwork security

341.02

+17.22%

+13.49%

+2.72%

+85.14%

82.8

8 as of 4/30

2,779

LRCX Lam ResearchSemiconductor equipment

433.33

+16.70%

+36.74%

+5.46%

+153.62%

54.0

67 as of 3/29

5,419

SNDK SanDiskNAND

2,273.73

+15.79%

+29.08%

+10.89%

+857.84%

12.2

45 as of 4/3

3,367

GEV GE VernovaNuclear / AI power

1,174.86

+13.52%

+23.66%

+6.56%

+80.09%

47.9

94 as of 3/31

3,157

ASX ASE TechnologySemiconductor OSAT (packaging & test)

45.12

+13.45%

+18.21%

+7.10%

+180.25%

22.7

— TWD

1,006

CRWD CrowdStrikeEndpoint security

763.14

+12.07%

-2.43%

+2.72%

+62.80%

122.3

0 as of 4/30

1,943

ASML ASMLEUV equipment

1,989.44

+11.86%

+22.16%

+5.65%

+86.61%

40.6

100 as of 3/29

7,668

AMD AMDCPU/GPU

580.91

+11.75%

+13.87%

+7.68%

+171.25%

44.1

49 as of 3/28

9,472

APH AmphenolConnectors

176.32

+11.10%

+20.67%

+5.95%

+30.93%

30.8

45 as of 3/31

2,169

APP AppLovinAdvertising software

515.23

+10.32%

-16.05%

+3.30%

-23.54%

23.5

39 as of 3/31

1,731

TSLA TeslaEV

420.60

+10.22%

+1.13%

+2.13%

-6.48%

168.1

39 as of 3/31

15,800

*List (5D gain > 10%): this round has 15 names, GLW +31.62% tops the 5D board(fiber AI + index reclassification); AMAT / KLAC +23.40% tied at #2 (equipment). Semiconductor equipment / memory / OSAT (AMAT / KLAC / LRCX / SNDK / ASML / AMD / APH / ASX) dominate, with software & security (DDOG / PANW / CRWD / APP) filling back in, reflecting broad momentum from extending semis. The gain bar chart uses GLW's 5D +31.62% as the 100% baseline, with bar color = sector.Net income= trailing four quarters (TTM), in USD $100M, “as of M/D” is the latest fiscal-quarter end; updated after next quarter's results. ASX (ASE Technology) is a Taiwan ADR with net income in TWD that can't be directly converted to USD, shown as —.

🤖 AI Sub-sector Breakdown after 6/30 close · 20D average

⚙ Semiconductor equipment　20D +43.1%

AMAT +57.80%, KLAC +55.52%, LRCX +36.74%, ASML +22.16%. Tops the sub-sectors on 20D and widening; 6/30 extended (KLAC +8.38% / ASML +5.65% / LRCX +5.46% / AMAT +4.08%, avg +5.9%), leading on three-timeframe momentum.

🧠 Memory / HDD　20D +15.6%

SNDK +29.08%, WDC +16.97%, MU +11.47%, STX +4.82%. On 6/30 memory led (SNDK +10.89% / MU +0.79%, though WDC -2.02% / STX -0.36%, avg +2.3%) — SNDK top gainer, MU turned positive across three timeframes, HDDs lagging.

⚡ AI power infrastructure　20D +13.6%

GEV +23.66%, VRT +3.56%. Strong on 6/30 (GEV +6.56% / VRT +9.07%, avg +7.8%); power equipment led, the hottest 1D bounce among sub-sectors, extending the AI-power-demand theme.

💻 CPU / mobile chips　20D +10.5%

INTC +27.71%, AMD +13.87%, TXN +1.66%, ADI -1.10%. Broad bounce on 6/30 (AMD +7.68% / INTC +6.01% / TXN +4.41% / ADI +1.38%, avg +4.9%); CPU momentum turned positive, bullish across three timeframes.

🖥 AI servers / networking　20D +8.4%

GLW +44.56%, ANET -0.47%, CSCO -3.19%, DELL -7.40%. GLW (fiber) alone props up the sub-sector; mixed on 6/30 (DELL +4.06% / ANET +3.52%, GLW -0.10% / CSCO -0.20%, avg +1.8%).

🛡 AI security　20D +5.2%

PANW +13.49%, FTNT +4.40%, CRWD -2.43%. Mixed on 6/30 (PANW +2.72% / CRWD +2.72% / FTNT -1.16%, avg +1.4%); PANW 5D +17.22% aligned across three timeframes, keeping positive momentum.

🔗 Logic / ASIC / networking　20D -3.6%

MRVL +35.76%, ARM -13.28%, AVGO -17.75%, QCOM -19.00%. MRVL ranks #5 on 20D; the ASIC chain bounced on 6/30 (MRVL +7.25% / ARM +3.20% / AVGO +1.42%, QCOM -2.08%, avg +2.4%), though MRVL's 10D -3.56% shows momentum divergence.

☁ Software / AI cloud　20D -23.9%

IBM -12.24%, APP -16.05%, MSFT -19.00%, SAP -21.42%, CRM -25.06%, NOW -26.92%, PLTR -27.38%, ORCL -40.94%. Stays at the bottom on 20D; mixed on 6/30 (APP +3.30% / MSFT +1.21% / IBM +1.15% / PLTR +0.84%, ORCL -0.82% / CRM -0.80% / NOW -0.69%, avg +0.6%) — the weakest bounce, lagging semis.

📊 Sub-sector strength ranking (20D average)

Equipment +43.1% > Memory/HDD +15.6% > Power +13.6% > CPU/mobile +10.5% > AI servers/networking +8.4% > Security +5.2% > Logic/ASIC/networking -3.6% > Software/AI cloud -23.9% at the bottom. On 6/30 “semis extend”: the 1D bounce was hottest in power (+7.8%) / equipment (+5.9%) / CPU (+4.9%), with software (+0.6%) relatively lagging.

📈 Breadth Snapshot Top 200 by mkt cap · 6/30 advancers vs decliners

Advancers

102

~51% (of top 200); semis leading

Decliners

~48%; telecom / healthcare / defensives leading down

Advance/decline ratio

1.06 : 1

stays tilted positive, narrowing from the prior day's 1.73:1

*6/30 breadthslightly positive 1.06:1 (102 up vs 96 down, 2 flat), markedly narrower than the prior day's 126:73 (1.73:1) — semis (equipment / memory / CPU / OSAT) extended and led, but dumped telecom / healthcare / defensives weighed on breadth, producing a “index at a new high but internals diverging, gains concentrated in semis” pattern. S&P +0.79% at 7,499.36 record high, SMH +3.78% leading, but advancers only just cleared half — reflecting how the Q2 close concentrated capital heavily in semiconductor growth without a matching broadening in breadth.

🔁 6/29 → 6/30 Change Tracker

Stock	6/29 close (back-calc)	6/30 close	6/30 change	Key change
SNDK SanDisk	$2,050.40	$2,273.73	+10.89%	top gainer of the day; NAND supercycle + price-hike pass-through, 20D +29.08%, Fwd 12.2x
KLAC KLA	$278.38	$301.71	+8.38%	equipment extends, 20D +55.52% at #2 on the list, aligned across three timeframes, enters the momentum screen
AMD AMD	$539.48	$580.91	+7.68%	CPU/GPU comeback, 5D +11.75% turned positive across three timeframes, joins the 5D momentum board
MRVL Marvell	$277.75	$297.89	+7.25%	ASIC chain bounce, 20D +35.76% at #5 on the list; but 10D -3.56% shows momentum divergence
INTC Intel	$131.71	$139.63	+6.01%	CPU bounce, 20D +27.71%; but TTM net income still a -$3.2B loss
MU Micron	$1,145.24	$1,154.29	+0.79%	the memory leader turned positive across three timeframes and stabilized, Fwd 7.7x; 20D +11.47% still <20%, not yet in the main list
T AT&T	$21.82	$20.70	-5.13%	among the day's biggest losers; telecom defensives dumped for a second day, capital rotating back into growth
SYK Stryker	$329.64	$314.84	-4.49%	medtech / healthcare defensives dumped, on the losers' board alongside LLY / MDT

*From 6/29 to 6/30 the theme shifted from the “equipment/memory V-bounce”into the “semis' extending second leg”: memory SNDK +10.89% took the top spot, equipment KLAC +8.38%, CPU AMD +7.68% / INTC +6.01%, ASIC MRVL +7.25%, memory leader MU +0.79% turned positive across three timeframes and stabilized; but telecom & healthcare defensives kept getting dumped (T -5.13% / SYK -4.49%).the main 20D list rebounded from 8 to 12 names(GEV / CAT / ASML / APH etc. back above the threshold), memory SNDK / MU momentum turned positive. Back-calculated prior-day close = 6/30 close ÷ (1 + 6/30 change%).

📝 Summary core conclusions after the 6/30 close

① Market structure: semis extend, all three major indexes closed green: S&P +0.79% at 7,499.36 (record closing high), Nasdaq Composite +1.52% at 26,213.72, Dow +0.26% at 52,319.20, SMH +3.78% / NDX +1.68%, semis carrying the indexes, IWM +0.50% small caps up slightly. VIX crushed -6.80% to 16.45, VXN 27.11, 10Y up to 4.42%, oil soft -0.6%. Breadth narrowed to 102 up vs 96 down (1.06:1) — the index made a new high but internals diverged, with gains highly concentrated in semis.

② Theme 1: Q2 closes as the strongest quarter in nearly six years: 6/30 was the last trading day of H1, S&P / Nasdaq closed Q2 as the strongest quarter in nearly 6 years, S&P +0.79% at 7,499.36 record high; quarter-end rebalancing kept flowing into semiconductor growth, but breadth narrowed (102:96) with advancers only just past half — reflecting capital highly concentrated in semis without a matching broadening in breadth.

③ Theme 2: semis' extending second leg, memory leader stabilizes: after the 6/29 equipment/memory V-bounce, 6/30 brought semis' extending second leg — SNDK +10.89% (top gainer) / KLAC +8.38% / AMD +7.68% / MRVL +7.25% / INTC +6.01% / ASML +5.65%, the equipment sub-sector 20D +43.1% tops the group; memory leader MU +0.79%, 5D/10D/20D (9.8/6.1/11.5) turned positive across three timeframes and stabilized, Fwd 7.7x, re-entering the momentum screen; but WDC / STX HDDs still lag.

④ Theme 3: telecom & healthcare defensives dumped again, capital rotating back into growth: risk appetite kept rising, Telecom / healthcare / defensive consumerprofit-taking for a second straight day — T -5.13% / SYK -4.49% / VZ -3.99% / TMUS -3.59% / MDT -3.34% / LLY -2.48%, software / AI cloud (20D -23.9%) had the weakest bounce and stays at the bottom, extending the “risk-on rotation back into AI hardware” pattern.

⑤ List changes: the main 20D list rebounded from 8 to 12 names(GEV / CAT / ASML / APH etc. back above the 20% threshold): AMAT +57.80% on top, KLAC +55.52% at #2, GLW +44.56% at #3. The 5D momentum board expanded to 15 names: GLW +31.62% out front, AMAT / KLAC +23.40% tied, with equipment/memory/OSAT dominating. Sub-sectors: equipment +43.1% > Memory/HDD +15.6% > Power +13.6% > CPU +10.5% > AI servers +8.4% > Security +5.2% > Logic/ASIC -3.6% > Software/AI cloud -23.9% at the bottom.

⑥ Conclusion & this week's strategy: strongest Q2 close, semis' extending second leg, S&P at a record — producing an “AI hardware in control, defensives kept dumped” setup. On positioning: semiconductor equipment (AMAT / KLAC / LRCX)leads on three-timeframe momentum, 20D back to +37-58%, the main line of the momentum screen; but valuations are elevated (KLAC Fwd 59.5x) — scale in and don't chase; memory (SNDK Fwd 12.2x / MU Fwd 7.7x)momentum turned positive, valuations cheap, back in the momentum screen; but WDC / STX HDDs still lag, awaiting a broadening catch-up; breadth narrowed (102:96)beware the risk of gains being overly concentrated in semis. Key events this week: 7/1 (Wed) ISM Manufacturing + JOLTS; 7/2 (Thu) June payrolls (released early, est. +115K) + ADP + ISM Services; US early close at 13:00, 7/3 (Fri) closed; pre-holiday liquidity runs thin, watch for amplified volatility after the data.

Sources: Futu US top-200-by-market-cap list (6/30 close), Yahoo Finance (indexes / ETFs / risk gauges / Fwd P/E / net income), CNN Fear & Greed Index (estimated), company news and macro (strongest Q2 close, NAND price-hike pass-through, June payrolls released early / ISM / Independence Day closure notice).
This report is for reference only and does not constitute investment advice. All percentages are Futu / Yahoo actuals; F&G and S&P / NDX P/E are non-live official estimates.
DAILY US EQUITY · 2026-07-01 (6/30 US close)

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