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Thursday packs in May PCE, the Q1 GDP final revision, May durable goods orders, and Darden (DRI) Q4 earnings — a full slate as markets reprice Fed rate hike odds. Wells Fargo expects headline PCE at +0.5% MoM and +4.1% YoY, with core PCE at +0.3%.
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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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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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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.
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A semiconductor rout that started in South Korea swept Wall Street on June 23, sending the Nasdaq down 2.21% and the SOX cratering 7.9%. AI spending fears and rising rate-hike bets drove investors to dump chip stocks and pile into defensives.
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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.