Daily Market Report – June 26, 2026

The S&P 500 (SPX) lost 0.05 percent on Friday, the Nasdaq Composite (IXIC) 0.24 percent, and the Dow Jones 0.09 percent. The correction was more pronounced in the semiconductor sector: The PHLX Semiconductor Index fell by 5.3 percent. The yield on the ten-year US Treasury bond (US10Y) remained at 4.38 percent, the dollar index strengthened, while Brent fell back to the level before the recent Middle East escalation. Lower oil prices could contribute to more moderate inflation expectations.

Company

Micron Technology (MU) delivered figures that are rarely seen in cyclical industries: $41.46 billion in revenue, $28.24 billion in net profit, and $25.11 in adjusted earnings per share. The original documents are available in the SEC earnings release, the IR announcement, and the earnings call document.

But it was precisely the strength of the numbers that made the market nervous. What means pricing power for Micron, SK Hynix, Samsung Electronics, Western Digital, Seagate, and Sandisk will become a cost issue for Nvidia (NVDA) and Apple.

Aside from semiconductors, it became clear how selective the market has become. Moderna gained significantly after an investor day, while ON Semiconductor came under pressure following the announced acquisition of Synaptics.

Macroeconomics

Personal income and consumer spending rose by 0.7 percent in May. The PCE price index was 4.1 percent above last year, while the Core PCE was 3.4 percent. The original publication comes from the Bureau of Economic Analysis. It will be crucial whether the upcoming labor market report confirms the impression of a robust but inflationary US economy.