The market's rally is broadening: The S&P 500 equal-weight ETF, $RSP, has outperformed the S&P 500 ETF, $SPY, by +5.0 percentage points so far in June, on track for its best monthly outperformance since 2009. That would also mark $RSP's 2nd-best month relative to $SPY in at least 23 years. This comes as $RSP is up +1.9% month-to-date while $SPY is down -3.1% over the same period. This week alone, the equal-weight ETF, $RSP, outperformed the S&P 500 ETF, $SPY, by +3.4 percentage points, the largest weekly outperformance since the 2020 pandemic. As a result, the 52-week correlation between the S&P 500 and the S&P 500 equal-weighted index is down to 0.90, from 0.97 in 2022, the lowest since 2003. Mega-cap tech leadership is taking a breather.

ZBT traded steadily in the $0.11–$0.13 zone throughout the week, supported by consistent liquidity and healthy trading volumes that helped maintain tight spreads amid broader market movements. Crypto markets displayed resilience over July 6-12 amid mixed macro signals and geopolitical developments. Total market capitalization held steady in the $2.20T–$2.30T range, with Bitcoin dominance remaining near 55-56% as capital rotated back into major assets following the sharp drawdown earlier in 2026. Bitcoin opened the week near $64,000 after strong early-July gains from the $57,748 low on July 1. Price pulled back mid-week toward the $61,300–$61,500 zone on July 8, then rebounded strongly to close the period near $63,900 while touching highs above $64,600. The move reflected a classic risk-on reaction to softening economic data offset by short-term external shocks. Ethereum tracked closely, starting around $1,800, dipping toward $1,770 before recovering to the $1,820 area by week-end.U.S. equities delivered a constructive week that reinforced broader risk appetite. S&P 500 advanced roughly 1.3% to finish near 7,575, staying within 1% of its early-June record. Nasdaq led gains on renewed strength in AI and semiconductor names, while Dow Jones Industrial Average notched multiple fresh records above 53,000. Tech leadership in equities aligned with crypto’s recovery, showing continued correlation between growth-sensitive assets. Macro conditions provided the main driver. Weak June jobs data released early in the period fueled expectations for Federal Reserve rate cuts later this year, pulling forward easing bets and supporting both stocks and crypto. At the same time, geopolitical tensions escalated around July 8 with reported U.S.-Iran developments, pushing oil prices higher and creating brief volatility that pressured Bitcoin back toward $62,000 before a swift rebound. Markets now turn attention to the June CPI release scheduled for July 14 and the July 28-29 FOMC meeting for clearer signals on policy direction. Crypto-specific flows turned notably positive. After eight straight weeks of net outflows exceeding $9 billion from U.S. spot Bitcoin ETFs, the complex recorded its first positive week in months with roughly $197 million in net inflows. ETH ETFs also saw meaningful inflows near $84 million. This reversal marked a clear shift from the heavy selling pressure seen through much of June and highlighted returning institutional conviction at lower price levels. Sentiment indicators remained cautious. Fear & Greed Index stayed firmly in fear territory, fluctuating in the low-to-mid 20s throughout the week and reflecting lingering caution after Bitcoin’s steep decline from the October 2025 all-time high near $126,000. Overall, July 6-12 produced a measured recovery across crypto and U.S. equities. Weak labor data and the ETF inflow turnaround supplied fundamental support, while geopolitical noise acted as a temporary headwind rather than a trend-changer. The market appears to be consolidating above recent lows with macro easing expectations serving as the primary tailwind. Sustained ETF momentum combined with continued equity strength, especially in tech, would help extend this base-building phase into the second half of July.