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.