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South Korea's KOSPI crashed nearly 10% on June 23, with memory chip giants leading the rout. The selloff spread to Wall Street by the close — the SOX fell 7.9%, while Micron, Western Digital, and SanDisk all dropped double digits intraday.
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Jefferies nudged its Tesla price target up to $375 while flagging a structural risk from SpaceX merger speculation. BofA held firm on Apple with a $380 target, calling a redesigned Siri an underappreciated AI asset.
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A 14-point US-Iran memorandum of understanding reopened the Strait of Hormuz, sending Brent below $80 and WTI to ~$76. Meanwhile, the 10-year Treasury yield hit ~4.5% and markets are pricing a ~50% chance of a September Fed rate hike.
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FedEx (FDX) reports Q4 FY2026 results Tuesday after market close — its first earnings since spinning off FedEx Freight on June 1. Consensus calls for EPS of ~$5.91 and revenue of ~$24.18B, with 21 analysts averaging a $412.45 price target.
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SpaceX (SPCX) surged 67% above its $135 IPO price within days of its historic debut — then gave most of it back. The stock fell roughly 16% on June 22, marking its third consecutive losing session.
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Alphabet shed roughly $250 billion in market cap on June 22 after Gemini co-lead Noam Shazeer defected to OpenAI and Nobel laureate John Jumper announced he was heading to Anthropic — all within seven days. The selloff, compounded by capex jitters, was GOOGL's worst single-day…
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Micron (MU) reports fiscal Q3 results after the bell on June 24. Needham lifted its target to $1,550 and Bernstein to $1,300, as the stock hit a fresh 52-week high of ~$1,192 intraday — with options markets pricing in a ~17% post-earnings swing.
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AbbVie is acquiring clinical-stage biotech Apogee Therapeutics for $135.11 per share in cash — a 49% premium — betting big on its anti-IL-13 antibody zumilokibart for atopic dermatitis and asthma. Apogee shares surged ~48% premarket Monday.
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Markets return from a long weekend with a packed schedule: FedEx reports Tuesday after the close, Micron follows Wednesday, and Friday's May PCE reading lands as the Fed's hawkish lean keeps rate expectations in focus.
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Micron (MU) reports fiscal Q3 2026 earnings after the close on June 24, with Wall Street expecting EPS of ~$19.72 and revenue of ~$34.52B. All eyes are on HBM demand and whether gross margin can hold above 80%.
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FedEx reports Q4 FY2026 results after the bell on June 23, its first earnings since spinning off FedEx Freight. Wall Street is watching for the new reporting structure, FY2027 guidance, and Network 2.0 progress.
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Software outperformed last week as IGV was led by Microsoft, Oracle, Palantir, Salesforce, and Palo Alto Networks. Markets tied the move to AI application-layer narratives and shifting rate expectations.