Closing Bell: Tech Leads as Cloud Lingers Over Banks, Crypto
A tech-led rally on Wall Street closed out a volatile second quarter for 2026.
The Nasdaq-100 (NDX) gained 1.68% Tuesday to 30,276.35, adding to its strong rally on Monday. The S&P 500 (SPX) gained 0.79% and closed at 7,499.00, while the Dow Jones Industrial Average ($DJI) closed 0.26% higher at 52,317.81.
The U.S. dollar index ($DXY), meanwhile, hovers near 52-week highs at $101.134, reflecting the Fed’s hawkish tilt on interest rates. Cautious monetary policy and low rates, in contrast, sent the Japanese yen to 40-year lows against the dollar Tuesday.
Here are three things to watch from Tuesday’s market activity:
Analysts Point to More Upside in AI Chipmakers Despite Stellar Rallies
Advanced Micro Devices (AMD) rallied 7.7% to $580.91 Tuesday after Wells Fargo raised its price target on AMD to $615 from $505. The firm maintained an outperform rating, with a bullish narrative on AI semiconductors.
Wells Fargo does not expect demand for AMD’s CPU business to slow down and is bullish on GPU revenue. It increased its 2027 and 2028 EPS estimates to $13.40 and $18.75, respectively.
AMD shares have surged 309.4% within the last 12 months.
That year-over-year rally pales in comparison to SanDisk (SNDK) and its 4,913.74% surge over the same time. The stock gained 10.9% Tuesday to $2,273.73 after Bernstein raised its price target to $3,000 from $1,700 on expectations that the memory chipmaker will benefit from new long-term agreements with fixed or range-bound pricing.
Crypto & Traditional Finance Take Hit
Bitcoin continued to struggle and dragged crypto-tied stocks down with it. The cryptocurrency futures (/BTC) slid 2.7% to $58,890 by the end of Tuesday’s session.
Shares of Strategy (MSTR) fell 6.2% while Coinbase Global (COIN) moved 3.6% lower. Both closed the day just above their 52-week lows; Strategy said it will hike the dividend on its preferred shares (STRC) or “Stretch,” and announced plans to buy back $1 billion in common stock.
Sentiment for some traditional banking stocks also soured. Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), and Morgan Stanley (MS) all saw pressure from an Oppenheimer downgrade citing valuations. The firm lowered its rating on Goldman Sachs and Morgan Stanely to underperform from perform. It also lowered its rating on Bank of America and Citigroup to perform from outperform.
Nike Steps Down to 12-Year Lows Ahead of Earnings
Investors are looking for a “just do it” moment in Nike (NKE) as shares stumble to levels not seen in over a decade. The stock still struggled to find its footing once investors got a hold on the earnings report.
Nike’s fiscal 2026 fourth quarter EPS of $0.72 vastly beat Wall Street estimates of $0.11 per share, though diluted earnings were $0.20 per share excluding a 52-cent benefit related to expected recovery of tariffs, according to Zacks and Nike’s earnings press release. Revenue came in at $10.97 billion, which also beat expectations of $10.85 billion. Analysts have been focused on Nike’s turnaround, with continued weakness in China and Europe.
Shares were mixed in postmarket trading.
Justin Yavorski contributed to this article.
Economic Events for Wednesday (ET)
- 05:30 AM: Challenger Job-Cut Report (Jun)
- 07:00 AM: MBA Weekly Mortgage Applications Survey
- 08:15 AM: ADP Nonfarm Employment Change (Jun)
- 08:30 AM: Jobless Claims
- 09:00 AM: Fed Chair Kevin Warsh Speaks
- 09:45 AM: S&P Global Manufacturing PMI (Jun)
- 10:00 AM: ISM Manufacturing Index (Jun)
- 10:00 AM: Construction Spending (May)
- 10:30 AM: EIA Petroleum Status Report
Earnings Calendar
- Premarket (Wednesday): General Mills (GIS), FactSet (FDS)
- Postmarket (Wednesday): n/a
- Before Market Open (Thursday): n/a
- After Market Close (Thursday): n/a
Featured Clips
Tuesday's Final Takeaways: Strong First Half for Stocks & Consumer Confidence.
Market On Close
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