United States
The S&P 500 (^GSPC) finished at $7,383.74, down 2.85% for the week, as technology stocks bore the brunt of selling pressure. The Nasdaq (^IXIC) declined 5.09% to $25,709.43, extending losses across semiconductors and large-cap software. The Dow Jones (^DJI) proved more resilient, edging down just 0.42% to $50,866.78, while the Russell 2000 (^RUT) fell 2.49% to $2,833.50.
Semiconductor names suffered their worst day in six years on Friday. Marvell Technology (MRVL) and Micron Technology (MU) led declines in the sector, though both stocks will now join the S&P 500 index, replacing Pool and Campbell Soup. Among the week's largest losers, Coinbase (COIN) dropped 16.54% to $152.40; Broadcom (AVGO) fell 16.14% to $385.73; Microsoft (MSFT) shed 9.52% to $416.67; Nvidia (NVDA) declined 8.58% to $205.10; and Advanced Micro Devices (AMD) retreated 8.58% to $466.38.
Bitcoin tumbled below $60,000, marking its lowest level since October 2024, as momentum traders rotated away from digital assets. Space stocks sold off on Friday following Starfighters Space's entry into the Russell 3000 index. Separately, Google announced it will pay SpaceX $920 million monthly for compute capacity at xAI data centers. Boeing (BA) signaled production momentum, with the company set to resume 737 Max assembly on a new line beginning July 6. Meta and Google face potential equity issuances to fund an estimated $820 billion artificial intelligence investment boom.
Italy
The FTSE MIB (FTSEMIB.MI) edged up 0.24% to €49,893.00, with modest moves across the benchmark. Among notable movers, STMicroelectronics (STMMI.MI) gained 5.92% to €62.81, bucking the broader semiconductor weakness evident in US peers. Eni (ENI.MI) rose 2.30% to €23.55. Stellantis (STLAM.MI) declined 6.84% to €6.22, and Moncler (MONC.MI) fell 1.17% to €54.18.
Week ahead
Earnings season continues with select corporate results; macroeconomic releases are expected mid-week. Market focus remains on technology sector momentum and Federal Reserve communications.