Market Update
Micron's Blockbuster Earnings Lift Nasdaq Composite and S&P 500
Barry Adams
25 Jun, 2026
New York City
Stocks in New York advanced, reversing losses from the previous session amid a renewed demand for memory chip makers.
The S&P 500 Index increased 0.5%, and the tech-focused Nasdaq Composite advanced 2.2% following a surge in semiconductor stocks.
Micron Technology reported solid results in the fiscal third quarter and guided a strong sales outlook in the current quarter.
The fellow chipmakers—SanDisk, Western Digital, Lam Research, and Applied Materials—rose in sympathy after Micron's latest earnings results.
Market sentiment was also bolstered after crude oil prices eased for the fourth consecutive session and fell below the pre-wartime levels.
West Texas Intermediate crude oil prices decreased 1.1% to $69.56 a barrel, nearly wiping all gains made since the start of the Middle East conflict.
Investors held out for a rising flow of crude oil to global markets through the Strait of Hormuz as progress in U.S.-Iran talks improved the supply outlook.
On the economic front, investors reviewed May's personal consumption expenditures price index, and the alternative measure of inflation held steady.
The headline index held steady at a monthly 0.4% and accelerated to an annual 4.1% from 3.8% in the previous month, respectively, according to the latest report released by the Bureau of Economic Analysis.
Core PCE, which excludes volatile food and energy prices, advanced monthly by 0.3% and annually by 3.4%.
U.S. Movers
Micron Technology soared 17.7% to $1,234.52 after the computer memory maker reported solid results in the fiscal third quarter ending in May.
Revenue soared to $41.5 billion from $9.3 billion, net income advanced to $28.2 billion from $1.9 billion, and diluted earnings per share rose to $24.67 from $1.68 a year ago.
The company estimated revenue in the fiscal fourth quarter to jump to $50 billion from $11.3 billion a year ago.
Revenue in the cloud memory unit soared fourfold to $13.7 billion from $3.3 billion; the core data center business unit advanced sevenfold to $11.5 billion from $1.5 billion; the mobile and client business unit jumped nearly fourfold to $11.5 billion from $3.2 billion; and the automotive and embedded business unit increased fourfold to $4.6 billion from $1.1 billion a year ago.
Gross margin as a percentage of revenue jumped to 84.6% from 74.4% in the previous quarter and 37.7% in the period a year ago.
Micron's Blockbuster Earnings Lift Nasdaq Composite and S&P 500
Barry Adams
25 Jun, 2026
New York City
Stocks in New York advanced, reversing losses from the previous session amid a renewed demand for memory chip makers.
The S&P 500 Index increased 0.5%, and the tech-focused Nasdaq Composite advanced 2.2% following a surge in semiconductor stocks.
Micron Technology reported solid results in the fiscal third quarter and guided a strong sales outlook in the current quarter.
The fellow chipmakers—SanDisk, Western Digital, Lam Research, and Applied Materials—rose in sympathy after Micron's latest earnings results.
Market sentiment was also bolstered after crude oil prices eased for the fourth consecutive session and fell below the pre-wartime levels.
West Texas Intermediate crude oil prices decreased 1.1% to $69.56 a barrel, nearly wiping all gains made since the start of the Middle East conflict.
Investors held out for a rising flow of crude oil to global markets through the Strait of Hormuz as progress in U.S.-Iran talks improved the supply outlook.
On the economic front investors are awaiting the release of May's personal consumption expenditures price index, and the alternative measure of inflation is expected to accelerate.
The headline index is estimated to rise monthly by 0.5% and accelerate to an annual 4.1% from 3.8% in the previous month, respectively.
Core PCE, which excludes volatile food and energy prices, is estimated to advance monthly by 0.3% and annually by 3.4%.
U.S. Movers
Micron Technology soared 17.7% to $1,234.52 after the computer memory maker reported solid results in the fiscal third quarter ending in May.
Revenue soared to $41.5 billion from $9.3 billion, net income advanced to $28.2 billion from $1.9 billion, and diluted earnings per share rose to $24.67 from $1.68 a year ago.
The company estimated revenue in the fiscal fourth quarter to jump to $50 billion from $11.3 billion a year ago.
Revenue in the cloud memory unit soared fourfold to $13.7 billion from $3.3 billion; the core data center business unit advanced sevenfold to $11.5 billion from $1.5 billion; the mobile and client business unit jumped nearly fourfold to $11.5 billion from $3.2 billion; and the automotive and embedded business unit increased fourfold to $4.6 billion from $1.1 billion a year ago.
Gross margin as a percentage of revenue jumped to 84.6% from 74.4% in the previous quarter and 37.7% in the period a year ago.
Nikkei 225 Surged to Record High Driven By Rebound In AI-Related Stocks and Easing Oil Prices
Akira Ito
25 Jun, 2026
Tokyo
Stocks in Tokyo advanced, reversing losses in the previous two sessions, tracking gains in overnight trading in New York.
The Nikkei 225 Stock Average soared more than 4%, the broader TOPIX gained 1.6%, and the Japanese yen traded at 161.80 against the U.S. dollar.
The U.S.-based Micron Technology reported solid quarterly results and issued a better-than-expected sales outlook, driving semiconductor-related stocks higher in Tokyo.
Micron Technology's strong results reinforced optimism around the artificial intelligence sector, and Japanese equipment and component makers are well-positioned to benefit from the global expansion of AI infrastructure.
Market sentiment was further bolstered by the steady decline in crude oil prices for the fourth day in a row.
Brent crude prices decreased 1.5% to $72.44 a barrel, driven by optimism over the apparent progress in U.S.-Iran peace talks.
Commercial shipments in the Strait of Hormuz increased as more tankers successfully navigated the narrow passageway, delivering crude oil to global markets and alleviating concerns for Japan's import-dependent economy.
Japan Indexes and Stocks
The Nikkei 225 Stock Average surged 4.4% to 72,238.55, and the broader TOPIX also gained 1.6%, reaching 4,025.47.
SoftBank Group, Tokyo Electron, Kioxia Holdings, Advantest Corp., Taiyo Yuden, and Murata Manufacturing jumped between 5% and 9%.
Sumitomo Mitsui Financial Group advanced 0.4% to ¥6,378.0, Mitsubishi UFJ Financial gained 1.3% to ¥3,248.0, and Mizuho Financial inched higher 0.5% to ¥7,758.0.
Nikkei 225 Surged to Record High Driven By Rebound In AI-Related Stocks and Easing Oil Prices
Akira Ito
25 Jun, 2026
Tokyo
Stocks in Tokyo advanced, reversing losses in the previous two sessions, tracking gains in overnight trading in New York.
The Nikkei 225 Stock Average soared more than 4%, the broader TOPIX gained 1.6%, and the Japanese yen traded at 161.80 against the U.S. dollar.
The U.S.-based Micron Technology reported solid quarterly results and issued a better-than-expected sales outlook, driving semiconductor-related stocks higher in Tokyo.
Micron Technology's strong results reinforced optimism around the artificial intelligence sector, and Japanese equipment and component makers are well-positioned to benefit from the global expansion of AI infrastructure.
Market sentiment was further bolstered by the steady decline in crude oil prices for the fourth day in a row.
Brent crude prices decreased 1.5% to $72.44 a barrel, driven by optimism over the apparent progress in U.S.-Iran peace talks.
Commercial shipments in the Strait of Hormuz increased as more tankers successfully navigated the narrow passageway, delivering crude oil to global markets and alleviating concerns for Japan's import-dependent economy.
Japan Indexes and Stocks
The Nikkei 225 Stock Average surged 4.4% to 72,238.55, and the broader TOPIX also gained 1.6%, reaching 4,025.47.
SoftBank Group, Tokyo Electron, Kioxia Holdings, Advantest Corp., Taiyo Yuden, and Murata Manufacturing jumped between 5% and 9%.
Sumitomo Mitsui Financial Group advanced 0.4% to ¥6,378.0, Mitsubishi UFJ Financial gained 1.3% to ¥3,248.0, and Mizuho Financial inched higher 0.5% to ¥7,758.0.
China's Indexes Diverged In Cautious Trading, Oil Approached Pre-War Levels
Li Chen
25 Jun, 2026
Hong Kong
China's benchmark indexes diverged, and investors stayed on the sidelines in Hong Kong.
The Hang Seng Index decreased 1.4%, and the mainland-focused CSI 300 Index gained 1.6% as investors debated the outlook for AI infrastructure investing.
Semiconductor and electronic component makers surged following the release of the U.S.-based Micron Technology's financial results and sales outlook.
Micron's better-than-expected demand outlook supported another increase in semiconductor-related stocks and a 4% surge in benchmark indexes in Tokyo and Seoul.
The People's Bank of China announced plans to introduce an overnight reverse repo operation, following up remarks by Governor Pan Gongsheng at the Lujiazui Forum.
The central bank announced that it will roll out the new facility by the end of June, marking a step toward more flexible liquidity management.
China Indexes and Stocks
The Hang Seng Index decreased 1.4% to 23,090.27, and the mainland-focused CSI 300 Index added 1.6% to 5,022.46.
Brent crude oil prices dropped 1.6% to $72.59 a barrel, extending losses for the fourth consecutive day and nearly erasing all gains made since the start of the Middle East war, as the progress in US-Iran peace talks improved the supply outlook.
Financial services stocks came under pressure for the second week in a row.
The Industrial and Commercial Bank of China decreased 2.2%, the Agriculture Bank of China declined 2.9%, and the China Construction Bank fell 1.4%.
China's Indexes Diverged In Cautious Trading, Oil Approached Pre-War Levels
Li Chen
25 Jun, 2026
Hong Kong
China's benchmark indexes diverged, and investors stayed on the sidelines in Hong Kong.
The Hang Seng Index decreased 1.4%, and the mainland-focused CSI 300 Index gained 1.6% as investors debated the outlook for AI infrastructure investing.
Semiconductor and electronic component makers surged following the release of the U.S.-based Micron Technology's financial results and sales outlook.
Micron's better-than-expected demand outlook supported another increase in semiconductor-related stocks and a 4% surge in benchmark indexes in Tokyo and Seoul.
The People's Bank of China announced plans to introduce an overnight reverse repo operation, following up remarks by Governor Pan Gongsheng at the Lujiazui Forum.
The central bank announced that it will roll out the new facility by the end of June, marking a step toward more flexible liquidity management.
China Indexes and Stocks
The Hang Seng Index decreased 1.4% to 23,090.27, and the mainland-focused CSI 300 Index added 1.6% to 5,022.46.
Brent crude oil prices dropped 1.6% to $72.59 a barrel, extending losses for the fourth consecutive day and nearly erasing all gains made since the start of the Middle East war, as the progress in US-Iran peace talks improved the supply outlook.
Financial services stocks came under pressure for the second week in a row.
The Industrial and Commercial Bank of China decreased 2.2%, the Agriculture Bank of China declined 2.9%, and the China Construction Bank fell 1.4%.
U.S. Stocks Struggled After Chip Sell-Off and Oil Prices Extended 3-Day Decline
Barry Adams
24 Jun, 2026
New York City
U.S. stocks attempted to rebound from steep losses in the previous session, and investors awaited the release of quarterly results of key technology companies.
The S&P 500 Index increased 0.1%, and the tech-heavy Nasdaq Composite advanced 0.4% ahead of the quarterly results from Micron Technology.
U.S. West Texas Intermediate crude oil prices slipped 2.1% to $71.66 a barrel, and Brent crude oil prices fell 2.3% to $73.45 a barrel amid easing of tensions in the Strait of Hormuz.
Memory makers rebounded following sharp losses in Tuesday's selling, which set off a global rout in semiconductor- and AI-related stocks.
Markets in Japan declined 0.9% but rebounded 3.1% in South Korea and traded around the flatline in London and Paris.
Benchmark indexes in Germany dropped more than 1%, driven by sharp losses in defense-related stocks.
German lawmakers are looking to cancel a multi-billion euro project to build six F126 frigates, according to a report by the Financial Times.
U.S. Movers
FedEx decreased 6.7% to $295.25 after the parcel delivery company reported its results for the fiscal fourth quarter ending in May.
Revenue increased to $25.0 billion from $22.2 billion, net income edged lower to $1.60 billion from $1.65 billion, and diluted earnings per share eased to $6.60 from $6.88 a year ago.
The company completed the spinoff of FedEx Freight on June 1, and the freight company paid a cash dividend of $4.1 billion to FedEx Corporation.
During fiscal 2026, FedEx returned approximately $2.2 billion to stockholders through the combination of $776 million of stock repurchases and $1.4 billion of dividend payments.
As of the end of May, $1.3 billion remained available under the company's 2024 stock repurchase authorization.
FedEx estimated revenue to decline 11% and diluted earnings per share from continuing operations to range between $16.55 and $17.75 for the calendar year 2026.
KB Home increased 3.4% to $54.59 after the home builder released its fiscal second quarter results.
Revenue declined 27% to $1.1 billion from $1.5 billion, net income dropped to $27.4 million from $107.9 million, and diluted earnings per share eased to 43 cents from $1.50 a year ago.
In the period, the company delivered 2,395 homes, a decrease of 23%, and the average home selling price eased to $461,900 from $488,700 a year ago, respectively.
The company's net new orders in the quarter totaled 3,317, a decrease of 4%; backlog at the end of the quarter fell 5% to 4,526; and backlog value fell 7% to $2.2 billion.
The cancellation rate as a percentage of gross orders was 12%, compared to 16%.
For the fiscal third quarter, the company estimated total home deliveries to range between 2,600 and 2,800 and housing revenue to range between $1.20 billion and $1.35 billion.
U.S. Stocks Struggled After Chip Sell-Off and Oil Prices Extended 3-Day Decline
Barry Adams
24 Jun, 2026
New York City
U.S. stocks attempted to rebound from steep losses in the previous session, and investors awaited the release of quarterly results of key technology companies.
The S&P 500 Index increased 0.1%, and the tech-heavy Nasdaq Composite advanced 0.4% ahead of the quarterly results from Micron Technology.
U.S. West Texas Intermediate crude oil prices slipped 2.1% to $71.66 a barrel, and Brent crude oil prices fell 2.3% to $73.45 a barrel amid easing of tensions in the Strait of Hormuz.
Memory makers rebounded following sharp losses in Tuesday's selling, which set off a global rout in semiconductor- and AI-related stocks.
Markets in Japan declined 0.9% but rebounded 3.1% in South Korea and traded around the flatline in London and Paris.
Benchmark indexes in Germany dropped more than 1%, driven by sharp losses in defense-related stocks.
German lawmakers are looking to cancel a multi-billion euro project to build six F126 frigates, according to a report by the Financial Times.
U.S. Movers
FedEx decreased 6.7% to $295.25 after the parcel delivery company reported its results for the fiscal fourth quarter ending in May.
Revenue increased to $25.0 billion from $22.2 billion, net income edged lower to $1.60 billion from $1.65 billion, and diluted earnings per share eased to $6.60 from $6.88 a year ago.
The company completed the spinoff of FedEx Freight on June 1, and the freight company paid a cash dividend of $4.1 billion to FedEx Corporation.
During fiscal 2026, FedEx returned approximately $2.2 billion to stockholders through the combination of $776 million of stock repurchases and $1.4 billion of dividend payments.
As of the end of May, $1.3 billion remained available under the company's 2024 stock repurchase authorization.
FedEx estimated revenue to decline 11% and diluted earnings per share from continuing operations to range between $16.55 and $17.75 for the calendar year 2026.
KB Home increased 3.4% to $54.59 after the home builder released its fiscal second quarter results.
Revenue declined 27% to $1.1 billion from $1.5 billion, net income dropped to $27.4 million from $107.9 million, and diluted earnings per share eased to 43 cents from $1.50 a year ago.
In the period, the company delivered 2,395 homes, a decrease of 23%, and the average home selling price eased to $461,900 from $488,700 a year ago, respectively.
The company's net new orders in the quarter totaled 3,317, a decrease of 4%; backlog at the end of the quarter fell 5% to 4,526; and backlog value fell 7% to $2.2 billion.
The cancellation rate as a percentage of gross orders was 12%, compared to 16%.
For the fiscal third quarter, the company estimated total home deliveries to range between 2,600 and 2,800 and housing revenue to range between $1.20 billion and $1.35 billion.
Japan's Indexes Extended 3-Day Losses Tracking Global Weakness In AI Stocks
Akira Ito
24 Jun, 2026
Tokyo
Japan's benchmark indexes dropped for the second consecutive session amid growing concerns over heavy AI spending by hyperscalers.
The Nikkei 225 Stock Average decreased 0.5%, the TOPIX dropped 0.4%, and the Japanese yen weakened to 161.65 against the U.S. dollar.
Major market indexes faced additional headwinds following significant losses in overnight trading in New York.
Microsoft, Tesla, Alphabet, Meta Platforms, Apple, SanDisk, and Micron Technology declined between 2% and 13% amid lingering worries that the elevated level of spending for AI infrastructure is not sustainable.
Market sentiment was further dented amid growing questions about Alphabet, SpaceX, and Oracle seeking funding from bond investors, exhausting their annual income, and lukewarm interest from equity investors.
Moreover, Japan may have to seek alternative sources for rare-earth minerals, as shipments from China plunged to a one-year low in May.
In the immediate future, Japanese companies are facing difficulties in getting licenses to import rare earth magnets, raising supply chain disruption worries.
China's rare-earth magnet shipments to Japan totaled 123 metric tons, a sharp decline of 34.6% from April, according to a report by Japan's Yomiuri Shimbun quoting a Chinese customs agency.
China imposed dual export controls on shipments of rare-earth minerals—including terbium, yttrium, and dysprosium—amid worsening diplomatic relations between Beijing and Tokyo.
The persistent delay in Chinese export licenses is beginning to worry Japan's automakers, machine manufacturers, and electronics producers.
The customs data showed that China halted all shipments of tungsten carbide for the fourth month in a row in May, a critical material used in metalworking, precision machinery, and automobile components.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.5% to 69,456.36, and the TOPIX dropped 0.4% to 3,973.21.
AI- and semiconductor-linked stocks led the decliners in Tokyo on Wednesday.
Furukawa Electric, Fujikura, Sumitomo Electric, Disco Corp., and Tokyo Electron dropped between 2% and 4%.
Japan's Indexes Extended 3-Day Losses Tracking Global Weakness In AI Stocks
Akira Ito
24 Jun, 2026
Tokyo
Japan's benchmark indexes dropped for the second consecutive session amid growing concerns over heavy AI spending by hyperscalers.
The Nikkei 225 Stock Average decreased 0.5%, the TOPIX dropped 0.4%, and the Japanese yen weakened to 161.65 against the U.S. dollar.
Major market indexes faced additional headwinds following significant losses in overnight trading in New York.
Microsoft, Tesla, Alphabet, Meta Platforms, Apple, SanDisk, and Micron Technology declined between 2% and 13% amid lingering worries that the elevated level of spending for AI infrastructure is not sustainable.
Market sentiment was further dented amid growing questions about Alphabet, SpaceX, and Oracle seeking funding from bond investors, exhausting their annual income, and lukewarm interest from equity investors.
Moreover, Japan may have to seek alternative sources for rare-earth minerals, as shipments from China plunged to a one-year low in May.
In the immediate future, Japanese companies are facing difficulties in getting licenses to import rare earth magnets, raising supply chain disruption worries.
China's rare-earth magnet shipments to Japan totaled 123 metric tons, a sharp decline of 34.6% from April, according to a report by Japan's Yomiuri Shimbun quoting a Chinese customs agency.
China imposed dual export controls on shipments of rare-earth minerals—including terbium, yttrium, and dysprosium—amid worsening diplomatic relations between Beijing and Tokyo.
The persistent delay in Chinese export licenses is beginning to worry Japan's automakers, machine manufacturers, and electronics producers.
The customs data showed that China halted all shipments of tungsten carbide for the fourth month in a row in May, a critical material used in metalworking, precision machinery, and automobile components.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.5% to 69,456.36, and the TOPIX dropped 0.4% to 3,973.21.
AI- and semiconductor-linked stocks led the decliners in Tokyo on Wednesday.
Furukawa Electric, Fujikura, Sumitomo Electric, Disco Corp., and Tokyo Electron dropped between 2% and 4%.
China's Rare-Earth Squeeze Raises Tensions with Japan
Li Chen
24 Jun, 2026
Hong Kong
Benchmark indexes in China hugged the flatline amid a lack of fresh market-moving news.
The Hang Seng Index traded around the flatline, and the mainland-focused CSI 300 Index inched higher 0.1%.
Investors remained on the sidelines following last week's mixed economic data, lack of corporate news, and another down day in AI- and semiconductor-linked stocks.
In overnight trading in New York, the S&P 500 index decreased 1.4%, and the tech-dominated Nasdaq Composite declined 2.2%, driven by sharp losses in Nvidia, Alphabet, Meta, Tesla, Microsoft, and Amazon.
In addition, rising tensions between Japan and China kept market enthusiasm in check.
China's shipments of rare-earth magnets in May fell to the lowest level since May 2025, when Beijing imposed its global export control regime.
The tighter export control has effectively halted shipments of certain tungsten products, terbium, yttrium, and dysprosium, triggered by diplomatic disputes over Taiwan.
The shipments of rare-earth minerals have dropped as much as 80% from a year ago, disrupting supply chains for automobile and technology product makers and prompting efforts to diversify sourcing.
China Indexes and Stocks
The Hang Seng Index increased a fraction to 23,344.67, and the mainland-focused CSI 300 Index added 0.1% to 4,925.42.
Knowledge Atlas Technology advanced 5.5% to HK$2,290.0, and the AI model maker rebounded from sharp losses in the previous session.
AI- and semiconductor-linked stocks struggled to advance amid a lack of market-moving news and weakness in tech stocks in overnight trading in New York.
NAURA Technology gained 3% to ¥769.94, SMIC jumped 8.4% to HK$84.40, and Foxconn Interconnect Technology advanced 1.7% to HK$7.66.
China's Rare-Earth Squeeze Raises Tensions with Japan
Li Chen
24 Jun, 2026
Hong Kong
Benchmark indexes in China hugged the flatline amid a lack of fresh market-moving news.
The Hang Seng Index traded around the flatline, and the mainland-focused CSI 300 Index inched higher 0.1%.
Investors remained on the sidelines following last week's mixed economic data, lack of corporate news, and another down day in AI- and semiconductor-linked stocks.
In overnight trading in New York, the S&P 500 index decreased 1.4%, and the tech-dominated Nasdaq Composite declined 2.2%, driven by sharp losses in Nvidia, Alphabet, Meta, Tesla, Microsoft, and Amazon.
In addition, rising tensions between Japan and China kept market enthusiasm in check.
China's shipments of rare-earth magnets in May fell to the lowest level since May 2025, when Beijing imposed its global export control regime.
The tighter export control has effectively halted shipments of certain tungsten products, terbium, yttrium, and dysprosium, triggered by diplomatic disputes over Taiwan.
The shipments of rare-earth minerals have dropped as much as 80% from a year ago, disrupting supply chains for automobile and technology product makers and prompting efforts to diversify sourcing.
China Indexes and Stocks
The Hang Seng Index increased a fraction to 23,344.67, and the mainland-focused CSI 300 Index added 0.1% to 4,925.42.
Knowledge Atlas Technology advanced 5.5% to HK$2,290.0, and the AI model maker rebounded from sharp losses in the previous session.
AI- and semiconductor-linked stocks struggled to advance amid a lack of market-moving news and weakness in tech stocks in overnight trading in New York.
NAURA Technology gained 3% to ¥769.94, SMIC jumped 8.4% to HK$84.40, and Foxconn Interconnect Technology advanced 1.7% to HK$7.66.