Please see below the daily update article from Brooks Macdonald, received this morning – 30/06/2026
What has happened?
Markets enjoyed a broad risk-on move yesterday, led by a rebound in mega-cap tech. The Mag 7 rose +2.58%, helping the S&P 500 gain +1.18% and snap a five-day losing streak. The index remains on course for its strongest quarterly return since the post-pandemic rebound in 2020. Tesla (+8.46%), Alphabet (+4.79%) and Amazon (+3.20%) were among the standout performers. Market leadership was not confined entirely to mega-cap technology either, with both the equal-weighted S&P 500 (+0.18%) and the Russell 2000 (+0.01%) edging higher to fresh record highs. In Europe, performance was far more subdued, with the STOXX 600 finishing broadly unchanged (+0.04%).
Fed independence in focus
In a 5-4 decision, the US Supreme Court ruled that Fed Governor Lisa Cook can remain in her role while challenging President Trump’s attempt to remove her, reaffirming that Fed officials cannot be dismissed without evidence of wrongdoing. The ruling was made more notable by a separate decision allowing presidents greater freedom to remove senior officials at other independent agencies, effectively strengthening executive authority across much of the regulatory system. Taken together, the decisions reinforce the Fed’s unique status, while also highlighting a broader shift in the balance of institutional power.
What does Brooks Macdonald think?
Today’s focus shifts back to Euro area inflation, with flash June CPI readings due from Germany, France and Italy. The releases will be closely watched after Spain’s data surprised to the upside yesterday, with inflation holding at 3.6% against expectations of 3.4%. For the ECB, the recent decline in energy prices has generally supported the case for fewer rate hikes, but upside surprises in inflation data could complicate that narrative.
Bloomberg as at 30/06/2026.
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Alexander James Roberts
30/06/2026