Core Viewpoint - A rotation away from large technology stocks has negatively impacted major stock indexes, leading to declines across the board [1] Group 1: Market Performance - The Nasdaq Composite decreased by 1% [1] - The S&P 500 fell by 0.6% [1] - The Dow Jones Industrial Average dropped 66 points, equivalent to a 0.1% decline [1] Group 2: ETF Performance - The Invesco S&P 500 Equal Weight ETF significantly outperformed the market-cap weighted S&P 500 [1] - Mizuho's Daniel O'Regan noted this performance in a client note titled "Return of the S&P 493," implying the exclusion of seven specific stocks from the analysis [1]

Market Overview - The stock market experienced mixed results on the first trading day of July, with the S&P 500 and Nasdaq declining by -0.11% and -0.82% respectively, while the Dow and Russell 2000 increased by +0.91% and +0.94% respectively [1] - A rotation occurred in the market, with tech stocks lagging after a strong first half of 2025, while healthcare stocks led, exemplified by Amgen (AMGN) gaining +4% and Merck (MRK) up +3.4% [2] Economic Indicators - The Job Openings and Labor Turnover Survey (JOLTS) for May reported 7.8 million job openings, exceeding expectations of 7.3 million, with job quits at 3.3 million and layoffs/discharges at 1.6 million [4] - The highest job openings were in Accommodation/Food Service (+314K) and Finance/Insurance (+91K), while the Federal Government saw a decrease of -39K jobs [5] - Manufacturing data showed stronger than expected results, with S&P final Manufacturing PMI at 52.9 and ISM Manufacturing at 49.0%, while Construction Spending for May fell to -0.3% [6] Company Performance - Constellation Brands (STZ) reported Q1 earnings of $3.22 per share on revenues of $2.52 billion, missing estimates of $3.38 per share and $2.57 billion, attributed to softer consumer demand in wine and beer sales, with shares down -24% year to date [7]