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Precious metals posted their steepest single-day loss since June 10 on Wednesday: spot silver fell ~5.4% to ~$61.6/oz and gold dropped ~1.7% to ~$4,040/oz, as markets priced in three Fed rate hikes before year-end and the dollar hit a one-year high.
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Oil prices sold off sharply on June 24: WTI crude settled at $70.34/bbl (−3.92%), briefly dipping below $70 for the first time since March 2, while Brent fell 4.3% to $73.74 — its lowest close since before the February Middle East escalation. Improving tanker transit through the Strait…
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The Dow surged 182 points on June 24 while the Nasdaq and S&P 500 retreated, as energy, tech, and communication shares dragged on markets and investors waited on Micron's after-hours earnings.
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Micron (MU) delivered a record Q3 with $41.46B in revenue and non-GAAP EPS of $25.11 — both well above estimates — while gross margin hit ~85%. Q4 guidance of ~$50B crushed the $43.2B consensus, sending shares up ~14% after hours.
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AMC Entertainment priced a $200 million registered direct offering at $2.10 per share — a 24% discount to the prior close — to fund redemption of its 6.125% Senior Subordinated Notes due 2027. The ~18% dilution sent shares crashing as much as 27% intraday on June 23.
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IBM jumped more than 5% on June 23 even as the Nasdaq slid and chip stocks cratered. Two Wall Street upgrades — Morgan Stanley lifting its target to $267 and JPMorgan moving to Overweight at $291 — set the company apart from the semiconductor wreckage.
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SpaceX (SPCX) bounced 0.98% on Tuesday to snap a three-day, ~24% slide — but not before briefly breaking below its $150 debut-day first trade price and fleetingly losing its $2 trillion market cap. Reports of a planned $20 billion bond offering have rattled the newly listed stock.
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On June 23, a sharp tech selloff led by memory chip stocks sent investors rotating into consumer staples and healthcare names. Walmart, J&J, and P&G all gained, while Accenture surged on a $2B buyback boost.
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FedEx posted a clean Q4 beat — $6.31 adjusted EPS and $25B in revenue — but still fell 3.63% on the day and dropped another 6% after hours, with investors fixated on cautious CY2026 guidance and the cost overhang from the Freight spinoff.
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The Philadelphia Semiconductor Index plunged 7.9% on Tuesday — NVDA off 4.1%, INTC/AMD/MRVL down 5.8%–9.4%, QCOM shed ~8% on AI deal rumors, and memory stocks MU and SNDK fell as much as 10%–11% intraday as Korea's KOSPI cratered ~10%.
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Bank of America reversed course in a June 22 note, calling for three Fed rate hikes in 2026 — September, October, and December, each 25bp — pushing rates to 4.25%–4.50%. Sticky inflation, resilient jobs, and rising energy prices drove the pivot.
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The five biggest cloud players are on track to spend roughly $520 billion on AI infrastructure in 2026 — increasingly funded by debt. On June 23, Wall Street's patience with the tab ran out, at least for a day.