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Semiconductor stocks just had their best quarter ever

Philadelphia Stock Exchange Semiconductor index 

Data: FactSet; Chart: Matt Phillips/Axios

Yen hits a new 40-year low

A line chart that shows the dollar value of 100 Japanese yen in monthly data from January 1986 to June 2026. The series ranges from $0.5191 at the January 1986 low to $1.3115 at its peak. It ends at $0.6156 in June 2026, below $0.9508 in February 1996.

Yen's dollar value

Closer

Axios Closer

Strong earnings, easing oil prices drive Q2 stock rally

How the Mag 7 became the Lag 7

A line chart that tracks year-to-date percentage returns for the Magnificent Seven average and median, the S&P 500 equal-weight index and the S&P 500 from Dec. 31, 2025, to June 26, 2026. Mag 7 average ranged from minus 15.97% to 8.13%, ending at minus 5.55%, while equal weight rose to 11.04%.

Year-to-date percentage change 

Data: FactSet; Note: Mag 7 is the "original" cohort:  Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta; Chart: Matt Phillips/Axios

Why U.S. corporate profits are surging

A line chart that tracks corporate profits as a share of U.S. gross domestic income quarterly from Q1 1947 to Q1 2026. The share ranges from a low of 5.08% in Q4 2008 to a high of 12.65% in Q4 1950. It rises to 12.13% in Q1 2026.

Corporate profits as a share of U.S. gross domestic income

Data: U.S. Bureau of Economic Analysis ; Note: U.S. corporate profits with inventory valuation and capital consumption adjustments, domestic industries; Chart: Matt Phillips/Axios

Dow set to add Alphabet and drop Verizon

A bar chart that shows share prices for the top and bottom five Dow components by weight as of June 25, 2026. Goldman Sachs leads at $1,065.09, followed by Caterpillar at $1,057.01. Nike is lowest at $40.90. Top-five prices far exceed the bottom five, which range from $46.07 to $115.78.

Share price of Dow Jones Industrial Average component stocks, top and bottom five by weight

Data: S&P Capital IQ; Chart: Emily Peck/Axios

CEO: SoftBank is a golden-egg-laying goose

Tech stocks slump as AI bubble fears loom

Stocks make the rich richer. Everyone else, not so much

A line chart that shows quarterly equity holdings for the bottom 80% and top 20% by income from Q1 2024 to Q2 2026. The bottom 80% rises from $5.83 trillion to $8.18 trillion. The top 20% increases from $38.2 trillion to $55 trillion, with both dipping in Q1 2025 and Q1 2026.

Stock held by income group in U.S.

Data: RSM, Fed DFA by income percentile; Note: Includes stocks and mutual fund shares; Chart: Emily Peck/Axios

After $86 billion IPO, SpaceX to borrow $20 billion

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