As of Monday, June 29, 2026 (4:00 PM ET close), the S&P 500 closed at 7,440.43, up +1.18% on the day versus Friday June 26's 7,354.02 close. Monday's tape was the textbook relief rally: technology (XLK +2.33%, QQQ +2.35%) and consumer discretionary (XLY +2.40%) led, communication services bounced (XLC +1.54%), while last week's defensive leaders gave back gains. The 1-month target of 7,500 is now -0.79% above current — back within reach. The bond market confirmed the disinflation bid (10Y ~4.35%), oil held near multi-month lows. The desk's preference is AI infrastructure, quality cyclicals, and rate-sensitive defensives on weakness. Next tests: Wednesday ISM Manufacturing; FOMC minutes arrive July 8.