News Bulletin
Wednesday, June 24, 2026
Morning Edition
Economic Numbers:
|
Time |
Event |
Actual |
Forecast |
Previous |
|
Wednesday, June 24, 2026 |
||||
|
10:00 |
New Home Sales (May) |
|
638K |
622K |
|
10:00 |
New Home Sales (MoM)
(May) |
|
|
-6.20% |
|
10:30 |
Crude Oil Inventories |
|
-3.900M |
-8.263M |
|
10:30 |
Cushing Crude Oil Inventories |
|
|
-1.606M |
|
13:00 |
5-Year Note Auction |
|
|
4.18% |
Indices
|
|
CLOSE |
50 DMA |
200 DMA |
|
DJIA |
51,666.84 |
50,085.09 |
48,215.64 |
|
NASDAQ |
25,587.04 |
25,619.27 |
25,673.16 |
|
S&P 500 |
7,365.47 |
7,351.87 |
6,917.61 |
Earnings Calendar:
(EPS: Earning Per Share / Rev: Revenue / Mkt Cap: market Capital/ BMO: Before Market Opening /AMC:
After Market Close)
|
COMPANY |
EPS Act |
EPS
Fore |
Rev
Act |
Rev
Fore |
Mkt Cap |
Time |
|
Micron TechnologyMU:US |
|
10.81 |
|
22.51B |
$511.31B |
PM |
|
PaychexPAYX:US |
|
1.34 |
|
1.62B |
$33.59B |
AM |
|
MillerknollMLHR:US |
|
0.61 |
|
993.2M |
$1.09B |
PM |
|
Methode ElectronicsMEI:US |
|
-0.09 |
|
244.04M |
$496.20M |
PM |
Market News:
S&P and Nasdaq futures rose on Wednesday, after a bruising
selloff in technology and chipmaking shares over the
last two sessions.
Upcoming earnings from memory chip major
Micron are set to provide more cues on the artificial
intelligence trade.
S&P 500 Futures rose 0.16% to 7,377
points by 0551 ET (0951 GMT). Nadaq futures NQU26
rose 0.37% 29,771.50 points, while Dow YMU26 fell 0.19% to 52,054 points.
Micron tumbles, Q3 earnings on tap
Memory chip maker Micron Technology Inc
(NASDAQ:MU) slid 13.2%, tracking losses in its South Korean peers. The company
is among the largest memory chip makers in the world, along with Samsung and SK
Hynix.
Shares rose 3.5% in aftermarket trade.
Micron is set to report its fiscal
third-quarter earnings after the bell.
The print will be closely watched for more cues on AI-driven demand for
memory, which has provided a major windfall to Micron and its peers over the
past year.
But the earnings come amid investors
holding lofty expectations for Micron’s guidance.
Micron is expected to post earnings per
share of $19.92 on revenue of $34.66 billion for the three months ended May,
according to Investing.com data.
Wall St slammed by tech wipeout; Chips worst hit
A sharp two-day liquidation across Wall Street benchmarks
has exposed fractures in the artificial intelligence trade, as investors
aggressively unwind crowded positions amid stretched valuations and a
higher-for-longer Federal Reserve outlook.
The reversal marks a turning point for
the tech-heavy indexes, which had previously demonstrated remarkable
resilience, scaling record highs even as markets navigated the geopolitical
fallout of a three-month war with Iran.
However, that momentum has rapidly given
way to an multi-theater tech
rout as the market confronts a painful math problem: whether explosive
corporate growth can outpace the friction of sustained restrictive monetary
policy.
Tech mega-caps have seen their earnings
multiples balloon to historical extremes, leaving absolutely no margin for
error just as their capital expenditure bills come due.
With the Fed poised to keep borrowing
costs elevated - CME FedWatch data currently implies
50 basis points of further tightening by year-end, including a 40% probability
of a July hike - the financial burden of funding the AI arms race has grown
heavier.
For these cash-hungry tech giants, which
rely on issuing debt to bankroll their blowout infrastructure spending, rising
yields, in theory, could erode their long-term valuation models, and could promt an institutional scramble to de-risk before the next
corporate earnings cycle.
The Philadelphia Semiconductor Index
sliding nearly 8% on Tuesday. The tech-heavy NASDAQ Composite slid 2.2% on
Tuesday. The S&P 500 shed 1.4%, while the Dow Jones Industrial Average fell
0.1%.
Losses in the Dow were limited by
investors pivoting into non-tech sectors such as financials, utilities, and
healthcare.
PCE, GDP data waited for more cues on
rates
Focus this week also will be squarely on
upcoming PCE price index data for May, which is due on Thursday.
The print is the Federal Reserve’s
preferred reading and is widely expected to factor into the central bank’s
plans for interest rates.
A final reading on first quarter gross
domestic product is also due on Thursday and is expected to reflect some headwinds
from the U.S.-Iran war, which began in late-February.
For internal use only