Big tech falls, defensives rise | Market movements

SHARESIES · MARKET MOVEMENTS · 30 JUNE 2026 With Laura Marwick and Jordan Cunningham, Sharesies Head of Data & Analytics Note: Recorded Monday 29 June ↑ WHAT'S UP — Money moved out of big tech and defensives and cyclicals outperformed, with healthcare up 7.9%, real estate up 4%, and utilities up nearly 4%. The Dow added 0.6%, the Russell 2000 rose 1%, and the equal-weight S&P beat the headline index by more than two points. ↓ WHAT'S DOWN — The NASDAQ fell 4.6% and the S&P 500 dropped 1.95%, with losses concentrated in AI; Nvidia at -8.6%, Google -8.3%, and Qualcomm -16.3%. The Philadelphia Semiconductor Index fell 8% for the week. ! BIGGEST SURPRISES — OpenAI may delay its IPO until after 2027, citing uncertain market conditions. Apple and Microsoft announced price increases with rising hardware and compute costs, while Micron beat Q3 expectations and forecast tight memory supply past 2027. ◎ WHAT TO WATCH — ADP payrolls land Wednesday and US non-farm payrolls drop Thursday. Australian housing data and RBA June meeting notes also land Wednesday. ◈ BIGGER PICTURE — A hawkish repricing of US rate expectations, with Bank of America and Deutsche Bank now forecasting more rate hikes, and AI hardware outstripping AI hype. Though oil fell towards pre-conflict levels, further US-Iran hostilities over the weekend show the situation remains fluid. Disclaimer: Sharesies Market Update is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. This video is general market commentary and educational in nature. It is not financial advice and does not take into account your personal objectives, financial situation or needs. Information is current at the time of recording and may be subject to change. We do not provide recommendations and nothing in this video should be taken as a recommendation to buy or sell any financial product. Investing involves risk. You might lose the money you start with. Past performance is not indicative of future performance. If you require personal financial advice, you should consider speaking with a qualified financial adviser. Our disclosure documents and terms and conditions, including a Target Market Determination and IDPS Guide for Sharesies Australian customers, are available on our relevant Australian or NZ website.See omnystudio.com/listener for privacy information.