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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.
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US stocks bounced back June 18 with semiconductors in the lead, recovering from a Fed-hawkish selloff that had dragged the Dow down ~500 points days earlier. HBM supply and AI capex remain the dominant chip-sector narrative heading into Micron's earnings.
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WTI crude slid back to around $77 a barrel last week, posting an 8% weekly loss as Middle East tensions eased. The divergent playbook: lower oil typically pressures energy producers while offering relief on airline fuel costs.
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The Fed just turned hawkish — now all eyes are on Friday's May PCE print. With half the dot plot penciling in a 2026 rate hike, this inflation gauge could reset the market's entire rate-path outlook.
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The US and Iran signed a 60-day ceasefire on June 17 and Washington lifted its Strait of Hormuz blockade a day later, easing Middle East tensions and dragging crude oil down roughly 8% on the week. A Trump threat on June 21 sparked a brief intraday spike but didn't change the trend.
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The Fed held rates steady at Kevin Warsh's first meeting as chair — but the dot plot told a different story, with half of all officials penciling in at least one hike this year. Stocks sold off hard before chips led a partial recovery.
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U.S. markets reopen Monday after the Juneteenth long weekend, with traders digesting fresh Iran rhetoric from Trump and last week's chip-led rally. The week's marquee events: FedEx earnings Tuesday, Micron Wednesday, and May PCE on Friday.
Deep Dive
TSMC's Q1 FY2026 revenue surged 40.6% YoY with a 66.2% gross margin and net income up 58.3% — the eighth consecutive quarter of double-digit profit growth. The market isn't valuing a foundry; it's pricing the essential manufacturing backbone of the entire AI era.
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A week after its record-breaking IPO, SpaceX (SPCX) tumbled as much as 10% intraday on June 18 before closing down more than 3%, bringing the two-day loss to roughly 8.3%. Analysts point to stretched valuations, profit-taking, a razor-thin float, lock-up concerns, and a cautious macro…
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Accenture cratered 18% on a revenue miss and guidance cut; Kroger slid 8% premarket despite beating the top line; Smith & Wesson surged nearly 20% on a blowout Q4. One earnings window, three very different market verdicts.
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President Trump posted on social media June 18 that Apple has agreed to partner with Intel to design and manufacture chips in the United States. Intel surged to an all-time intraday high of $135.48, closed up ~10.5%, and dragged the Philadelphia Semiconductor Index to a record close —…
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Pakistan announced June 18 that the U.S.-Iran MOU means Tehran will reopen the Strait of Hormuz "as soon as possible" and the U.S. naval blockade of Iranian ports lifts immediately. WTI crude dropped ~4% to $72.99, dragging energy stocks lower even as the broader market rallied.