CNBC — 2026-06-29#
Lead Story#
Comcast is spinning off its cable networks and media assets—including NBCUniversal and Sky—into a separate publicly traded company, sending shares soaring 23%. This move is intended to unlock strategic flexibility and value in a media landscape increasingly challenged by streaming rivals and industry consolidation,.
Markets & Economics#
The Dow Jones Industrial Average closed at a fresh record above the 52,000 level, boosted by Alphabet’s 4% gain during its first trading session as a Dow component,. Meanwhile, U.S. Treasury yields remained relatively flat, with the 10-year yield hovering near 4.376%, as investors await key labor data including May’s JOLTS report and June nonfarm payrolls,. In a major ruling for the Federal Reserve, the Supreme Court temporarily blocked President Donald Trump from firing Fed Governor Lisa Cook, preserving central bank independence for the time being,. Oil prices ticked higher, with West Texas Intermediate briefly reclaiming the $70 mark, as the U.S. and Iran agreed to pause hostilities and resume peace talks regarding the Strait of Hormuz,,.
Business & Earnings#
Aerospace and defense companies grabbed the spotlight, with drone-maker AeroVironment surging 19% after crushing fiscal fourth-quarter expectations with $1.84 in adjusted EPS and $642 million in revenue,. Consolidation is also heating up across sectors, highlighted by Rocket Lab’s $8 billion cash-and-stock acquisition of satellite communications provider Iridium,. In building materials, Martin Marietta Materials announced a $13.5 billion cash-and-stock deal to acquire limestone supplier Lhoist North America,. Additionally, customer experience firm Concentrix plunged 22% after missing on top and bottom lines and lowering its full-year guidance,.
Investing & Commentary#
Despite a blistering first-half rally, Goldman Sachs is advising clients to stick with Asia’s structural winners, forecasting mid-teen returns for the MSCI Asia Pacific ex-Japan index in the second half of the year. CFRA’s Sam Stovall sees the S&P 500 reaching 7,730, citing a broadening of market leadership into financials and health care, as well as an earnings-driven rally rather than simple multiple expansion. However, RBC Capital Markets lifted its 12-month S&P 500 target to 8,150 while warning investors to expect a rocky ride with “garden variety” pullbacks of 5% to 10% along the way.
Also Worth Watching#
- Supreme Court lets presidents fire independent regulators, rules for Trump in FTC case: The Supreme Court ruled 6-3 that President Trump has the authority to fire FTC Commissioner Rebecca Slaughter, overturning the long-standing “Humphrey’s Executor” precedent,.
- Trump bought as much as $5 million in Axon stock before ICE sought $220 million Taser deal: President Trump purchased up to $5 million in Axon Enterprise shares weeks before ICE posted a notice seeking a massive $220 million Taser contract that aligns closely with Axon’s products,.
- Waymo and Uber end robotaxi pilot in Phoenix: Alphabet-owned Waymo and Uber have concluded their autonomous vehicle partnership in Phoenix, opting to keep the vehicles in use for DoorDash deliveries,.
- Samsung, SK Hynix shares fall as investors brace for reported $1.3 trillion spending plans: Shares of the two memory chip giants dropped after reports emerged that they plan to unveil a colossal $1.3 trillion investment program over the next decade,.