This week, which stocks led the S&P 500 higher? The Weekly Winners column tracks market-moving trends, highlighting the strongest sector momentum, top-performing stocks, and key thematic drivers behind price action.
Below are the top 10 S&P 500 gainers for the week ended July 3:
Axon Enterprise Drew Attention After Trump Reported $1 Million To $5 Million Buy
Axon Enterprise, Inc. jumped 28.44% this week.
President Trump disclosed a purchase of US$1 million to US$5 million in Axon Enterprise, Inc.. The filing shows the transaction occurred weeks before U.S. Immigration and Customs Enforcement issued a US$220 million Taser contract solicitation.
Moderna Shares Surged As Market Expectations For Flu Vaccine Approval Continued To Rise
Moderna, Inc. surged 18.57% this week.
Moderna hosted a Science Day event on June 25, where it first disclosed its in vivo CAR-T project mRNA-6007, targeting B-cell mediated autoimmune diseases with plans to enter clinical trials next year.
The company also showcased its tumor vaccine, cancer prevention vaccine, and AI-driven R&D platform pipelines, fueling market expectations for a valuation re-rating from a single-product vaccine maker to a platform biotechnology company.
Additionally, its seasonal flu vaccine candidate mRNA-1010 received unanimous 9-0 support from the FDA Vaccines and Related Biological Products Advisory Committee, with a final regulatory decision expected by August 5.
Encouraged by these developments, Piper Sandler raised its price target to $77 from $69 while maintaining an Overweight rating, and Jefferies lifted its target to $53 from $45 with a Hold rating.
Palantir Rallies on Nvidia Tie-Up and Analyst Upgrade
D.A. Davidson analyst Gil Luria has issued a bullish research note on Palantir, asserting that the company holds a distinct advantage over all its software peers in the artificial intelligence era. The upgrade comes as Palantir announces a new strategic partnership with Nvidia to jointly build AI models for the U.S. government.
Several Investment Banks Have Raised Their Target Price For Palo Alto Networks
On the news front, Wells Fargo raised its price target on Palo Alto Networks from $325 to $420, maintaining an Overweight rating. This follows Arete's dramatic target price increase from $185 to $433 on June 29, representing an over 130% upward revision that far exceeds the FactSet consensus target of $319.37. The consecutive upgrades from multiple investment banks have significantly bolstered market sentiment.
O’Reilly Automotive Inc. Submitted A Cash Bid For GPC’S Automotive Parts Unit, According To People Familiar With The Matter
As Bloomberg News reported on Thursday that O’Reilly Automotive Inc. (NASDAQ:ORLY) submitted a cash bid for GPC’s automotive parts unit, citing people familiar with the matter.
According to the report, the unit could be valued at $10 billion or more. A deal could be announced by the end of summer, though Genuine Parts may still keep the business or pursue a spinoff instead.
Robinhood Receives Target Price Upgrade From Investment Banks; European Business Expansion
Mizuho Bank has raised its price target on Robinhood to $130 from $115, while reaffirming its "Outperform" rating. The move makes Mizuho the latest major investment bank to hike its target, following similar upgrades from Goldman Sachs and Deutsche Bank, as institutional bullish consensus continues to strengthen.
Meanwhile, Robinhood announced the official launch of commodity, ETF, and forex perpetual futures products in the European market. The company also plans to roll out cryptocurrency services in the UK, signaling an accelerated pace in its global business expansion.
Air Products & Chemicals Inc. Is Making Business Adjustments
In late June 2026, Air Products and Chemicals said it would stop the Louisiana Clean Energy Complex, a zero-carbon liquid hydrogen facility in Arizona, and several smaller clean energy projects, taking up to US$2.90 billion in pre-tax charges mainly for asset write-downs and contract terminations, while also pursuing other portfolio adjustments.
At the same time, Air Products and Chemicals moved to finalize a global marketing and distribution agreement with Yara International ASA for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia, indicating a shift toward larger-scale opportunities where Yara’s global supply chain can help unlock demand.
Fox Corp Class A Secures Financing for Roku Acquisition
Fox disclosed it has entered into a $1 billion senior unsecured term loan credit agreement to fund a portion of the cash consideration for its $22 billion acquisition of Roku. The two-year facility will become available upon completion of the acquisition, with Fox retaining the option to borrow up to an additional $1 billion. The formal landing of this financing arrangement signals that the landmark deal is progressing on track toward its expected close in the first half of 2027.
Veeva Earnings Beat Estimates
On the news front, the company launched a new EHS (Environment, Health, and Safety) application on June 25, designed to restructure enterprise compliance and intelligent risk management capabilities for life sciences companies.
The move follows a strong fiscal Q1 report earlier in June, where the company posted adjusted EPS of $2.24, beating the $2.13 consensus estimate by over 5%, while revenue of $882.9 million surpassed the $857.7 million expectation. Full-year fiscal 2027 adjusted EPS guidance was raised to $9.05, well above the $8.86 analyst consensus. JPMorgan maintained its Overweight rating on June 25, with the stock carrying an average analyst rating of overweight and a mean price target of $241.43.
Market Theme: Market Concerns About High AI Stock Valuations Continue To Intensify
Bank of America noted in a report that US equities saw a combined outflow of $13.9 billion this week. Growing skepticism over artificial intelligence valuations has emerged as a key driver weighing on US stocks. The Philadelphia Semiconductor Index has tumbled 11% over the past two trading sessions, underscoring significant selling pressure on the chip sector.
Conclusion
JPMorgan strategists have pointed out that the extreme outperformance of US semiconductor stocks relative to AI hyperscalers has created an unsustainable valuation gap, which they expect to eventually revert. This assessment has further intensified market concerns over the valuation rationality of the broader technology sector.
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