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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.
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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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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.