Investors, traders and speculators observed the end of the second quarter and the first half of the year on Tuesday by extending a holiday-week risk-on rally. Technology took the lead, as chipmakers celebrated their best-ever three-month gain, and another survey suggested consumers are feeling better about the broader economy.The Philadelphia Semiconductor Index rose more than 80% from April through June on demand for chips, hardware and memory to sustain a revolutionary buildout for artificial intelligence (AI) infrastructure.The index of semiconductor stocks is up more than 90% so far in 2026, putting it on track for its best performance since the peak of the dot-com boom in the late 1990s and early 2000s.At the closing bell, the Nasdaq Composite was up 1.5% at 26,213. The tech-heavy index shed 2.8% in June, but it was higher by 21.4% for the second quarter and has added 12.8% so far in 2026.The S&P 500 added 0.8% to 7,499, leaving the broad-based index down 1.1% for the month, but up 14.9% for the quarter and 9.5% for the year.The Dow Jones Industrial Average inched up 0.3% to 52,317, a second straight all-time closing high. The blue-chip index was higher by 2.5% in June, also notching a new all-time monthly closing high.Papa Dow, 130 years old as of May 26, added 12.9% in the second quarter and 8.9% during the first six months of the year.The U.S. stock and bond markets will close at 1 pm and 2 pm Eastern Standard Time, respectively, on Thursday, July 2. And Friday, July 3, is a stock market holiday, with markets closed to observe the Fourth of July.An update on the confidence gameThe front-month West Texas Intermediate crude oil futures contract was down 0.9% to $70.09 per barrel on Tuesday, as the U.S. and Iran continue to negotiate a durable truce that will unclog the Strait of Hormuz.WTI traded at $67.02 on February 27, the day before the war in the Middle East began, and $101.38 on March 31. The North American oil benchmark has now declined by more than 40% from its wartime peak of $119.48 on March 9.Looking for more timely stock market news to help gauge the health of your portfolio? Sign up for Closing Bell, our free newsletter that’s delivered straight to your inbox at the close of each trading day.In a related development, The Conference Board Consumer Confidence Index printed at 91.2 this month vs 90.6 in May. The survey was conducted between June 1 and June 23.According to The Conference Board Chief Economist Dana Peterson, “Consumer confidence inched up in June as falling oil prices in recent weeks provided some relief to consumer inflation fears.”Good defense was the best way to play offense todayAeroVironment (AVAV, +18.8%) showed why it’s one of the best defense stocks to buy right now when the dronemaker reported better-than-expected quarterly results but lighter-than-forecast annual guidance after the closing bell on Monday.AVAV retraced much of a year-to-date decline of more than 40%, as markets recognized solid numbers in the aggregate amid management’s efforts to recover from the loss of a government contract and fix the impact of an accounting error that resulted in a goodwill-related impairment charge. Track all markets on TradingView AeroVironment posted fiscal fourth-quarter earnings of $1.84 per share on revenue of $642 million vs a Wall Street forecast for EPS of $1.46 on revenue of $556 million. Management guided to EPS of $3.02 to $3.34 on revenue of $2.1 billion to $2.2 billion for fiscal 2027, while analysts see EPS of $3.84 on revenue of $2.2 billion.“Fiscal 2026 marked a transformational year for AV,” CEO Wahid Nawabi said in a statement, noting that his company is “well-positioned to capture the rising global demand across lethal and non-lethal drones, counter-UAS, space and advanced technologies.”CNXC adjusts its targetsConcentrix (CNXC, -11.2%) seemed to confirm market concerns about the effects of AI-based tools on companies that provide software-based customer experience and business outsourcing services, as management cut its top- and bottom-line guidance for the coming quarter and the full fiscal year.Concentrix, an industrial stock that actually includes “scaling secure AI technologies” among its professional services capabilities, reported a narrow second-quarter miss: EPS of $2.63 on revenue of $2.46 billion against a consensus estimate of $2.64 on $2.47 billion. Track all markets on TradingView But markets, all forward-looking here, focused on third-quarter EPS guidance of $2.65 to $2.77 on revenue of $2.465 billion to $2.490 billion against a consensus EPS estimate of $3.08 on revenue of $2.53 billion. That’s short almost 14% at the midpoint for the bottom line, 2% at the top. And full-year EPS guidance is short about 7% at the midpoint vs Wall Street’s forecast, while revenue guidance shows a 1% expectations deficit.Related contentThe 5 Best Cheap Stocks (Under $10) to Buy NowThe Rule of Compounding: Why Time Is an Investor’s Best FriendRequiem for Maestro: 5 Lessons From Fed Chair Alan Greenspan
