As of Sunday, June 28, 2026, the S&P 500 sits at 7,354.02 — Friday's close — after a five-session week that delivered a -1.59% week-to-date decline. The week's defining events: Thursday's May Core PCE printed +0.3% MoM/+3.4% YoY (highest since October 2023), and Tuesday's global AI-led tech rout (KOSPI -10%, U.S. semis -6-9%) tested the AI multiple. Micron's record quarter ($41.46B revenue, +346% YoY) was read as confirmation that AI capex is large enough to compress hyperscaler free cash flow. Defensives led (XLV +6.85% WTD), tech lagged (XLK -5.75% WTD). The 1-month target (7,500) is +2.0% above current. The desk's preference is quality AI infrastructure on the multiple-compression pullback. Next catalyst: Thursday July 2 June Jobs Report.