Market
June 26, U.S. stocks opened lower as investors digested hotter-than-expected inflation data and cautious corporate guidance. The Dow Jones Industrial Average slipped 0.37%, the S&P 500 fell 0.66% and the Nasdaq Composite dropped 1.11%, with rising Treasury yields pressuring growth shares.
Direxion Daily Semiconductors Bull 3x Shares sank 11.6% as chip names sold off after Micron Technology’s downbeat outlook; Micron Technology tumbled 5.6%, Marvell Technology slid 4.7%, Advanced Micro Devices lost 3.8% and NVIDIA retreated 1.9%. Conversely, Direxion Daily Semiconductors Bear 3x Shares surged 11.9% on defensive positioning. NetEase climbed 3.8% on blockbuster game downloads, Palantir Technologies Inc. rose 1.5% after a fresh Pentagon contract, and Microsoft edged up 0.9% on favorable analyst commentary.
Broader tech hardware names remained under pressure, with Western Digital down 4.5%, ARM Holdings off 4.3%, Silicon Motion Technology lower by 5.3%, Taiwan Semiconductor Manufacturing weaker by 3.0% and United Microelectronics dropping 6.4%. ServiceNow bucked the trend, gaining 2.5% after lifting guidance, while Apple was little changed, up 0.1%.
News
Micron Technology cuts revenue outlook, shares tumble 5.6%. The memory maker cited soft PC and smartphone demand, prompting analysts to trim earnings estimates and pressuring the broader semiconductor complex.
Microsoft unveils new AI-powered Windows features, stock up 0.9%. Management said the tools could accelerate enterprise upgrade cycles, leading several brokers to lift price targets.
NVIDIA slips 1.9% on potential export-control tightening. Reports that Washington may restrict advanced GPU shipments to sensitive regions raised concerns about future data-center sales.
Apple steadies after detailing Vision Pro 2 rollout. Supply-chain improvements and a new services bundle helped offset worries about slowing hardware demand.
Tesla Motors faces fresh NHTSA probe, shares ease 1.1%. Regulators opened an investigation into a recent Autopilot-related crash, reviving safety debates as production scales.
Palantir Technologies Inc. secures $1.2 billion Pentagon deal, gains 1.5%. The multiyear contract expands the company’s defense analytics footprint and supports its growth trajectory.
ServiceNow hikes subscription revenue guidance, jumps 2.5%. At its investor day the workflow-software leader touted accelerating AI demand and announced a new $10 billion buyback.
Broadcom slides 2.6% on VMware deal delay. EU regulators extended their antitrust review, clouding the timeline for the $61 billion acquisition.
Advanced Micro Devices downgraded by Morgan Stanley, drops 3.8%. The firm warned of intensifying competition in AI accelerators and moderated its earnings outlook.
Core PCE inflation tops forecasts, spurring rate-hike concerns. The hotter reading bolstered expectations for prolonged tight monetary policy, pressuring rate-sensitive sectors.
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