Daily Market Report – June 23, 2026

Markets

The sell-off in technology shaped trading: Nasdaq 100 (NDX) and S&P 500 (SPX) (SPX) fell, weighed down by semiconductors, higher Fed interest rate expectations, and doubts about debt-financed AI investments. The Philadelphia Semiconductor Index (SOX) lost significantly.

Brent (UKOIL) and WTI (USOIL) remained under pressure after the easing in the Middle East; Gold (XAUUSD) declined, the US Dollar Index (DXY) benefited from higher interest rate expectations.

Companies

At the center were storage stocks: Micron (MU), SK hynix (000660), and Samsung Electronics (005930) were sharply sold off. The market fears overcapacity starting in 2027 and doubts whether hyperscalers will continue their AI spending at the previous pace.

Nvidia (NVDA), Alphabet (GOOGL), and Amazon (AMZN) were also under pressure. The logic of the market is shifting: investors are increasingly distinguishing between beneficiaries of AI infrastructure and companies that finance these investments.

Macroeconomics

The S&P Global Flash Germany Composite PMI fell to 48.0 in June. Germany's private sector contracted as strongly as it had in 18 months; the weakness primarily came from the services sector.

The S&P Global US Flash Manufacturing PMI rose in June to 55.7. At the same time, employment in the US manufacturing sector fell to its lowest level since 2020.