U.S. Markets Edge Higher Ahead of Micron Earnings

The S&P 500 Index (SPX) (SPY) is up 0.12%, the Dow Jones Industrial Average (DJIA) (DIA) is up 0.21%, and the Nasdaq 100 Index (NDX) (QQQ) is up 0.06%. September E‑mini S&P futures (ESU26) are up 0.14%, and September E‑mini Nasdaq futures (NQU26) are up 0.10%.

Indexes are climbing as the market recovers from Tuesday’s sell‑off, with investors eyeing Micron Technology’s earnings after the close to assess whether artificial‑intelligence demand is meeting expectations. Micron, a major beneficiary of AI‑related spending, has risen more than 260% this year.

South Korea’s Kospi Index jumped over 3% after SK Hynix announced plans to raise 45.45 trillion won ($29 billion) in a U.S. listing to fund additional chip‑making capacity, underscoring the flow of capital into AI infrastructure.

Homebuilders and building‑material suppliers are gaining after Congress passed the 21st Century Road to Housing Act. Airlines and cruise operators also rose as crude oil fell to a 3½‑month low, reducing fuel costs.

Conversely, mining stocks slipped as gold, silver and copper prices dropped to multi‑month lows.

WTI crude extended its decline, pulling the 10‑year Treasury note yield down 7 basis points to 4.42%, which is supportive of equities. Crude prices are down more than 3%, reflecting increased tanker traffic through the Strait of Hormuz and broader supply confidence.

U.S. mortgage applications rose 1.0% in the week ended June 19. The average 30‑year fixed‑rate mortgage fell 1 basis point to 6.59%.

The U.S. Q1 current‑account deficit widened to $225.8 billion, versus expectations of $208.9 billion.

Markets are pricing a 34% probability of a 25‑basis‑point rate hike at the July 28‑29 FOMC meeting.

International markets were mixed: the Euro Stoxx 50 slipped 0.42% to a 1½‑week low, Shanghai Composite rose 0.11%, and Japan’s Nikkei‑225 fell 0.88% to a one‑week low.

Interest Rates

September 10‑year Treasury notes (ZNU6) are up 12 ticks, with yields down 7.5 bp to 4.422%. Lower crude prices are easing inflation expectations, pushing the 10‑year breakeven inflation rate to a 14‑month low of 2.176%.

European government yields fell: Germany’s 10‑year bund yield slipped to 2.877% (down 4.2 bp) and the UK’s 10‑year gilt fell to 4.704% (down 4.9 bp). The German June IFO business confidence index rose 0.6 points to 85.6.

Swaps imply a 7% chance of a 25‑bp ECB rate hike at the July 23 meeting.

U.S. Stock Movers

Homebuilders led gains after the housing‑act passage: KB Home rose over 16%, Builders FirstSource climbed more than 9%, and Lennar, D.R. Horton, Pulte Group and Toll Brothers each advanced over 6%. Home Depot added more than 3%.

Airlines and cruise lines benefited from lower fuel costs: United Airlines, American Airlines, Carnival, Royal Caribbean, Alaska Air, Norwegian Cruise, Delta Air Lines and Southwest all rose between 2% and 4%.

Mining stocks fell as base‑metal prices retreated: AngloGold Ashanti dropped over 5%, Freeport‑McMoRan more than 4%, and several other miners slipped between 2% and 5%.

FuelCell Energy surged over 5% after agreeing to supply 380 MW of clean on‑site power for data centers.

Twilio advanced more than 4% following Goldman Sachs initiating coverage with a buy rating and a $300 price target.

Honeywell Aerospace rose over 3% after being added to the S&P 500, replacing Conagra Brands.

Terex climbed more than 2% after D.A. Davidson initiated coverage with a buy rating and an $81 target.

Cerebras Systems fell more than 14% after missing its annual sales forecast.

Principal Financial Group dropped over 4% after a downgrade to underperform by BofA Global Research.

Flowserve fell over 4% after TD Cowen downgraded it to hold.

FedEx declined more than 2% on a weak first earnings report since spinning off its freight unit.

Earnings Reports (June 24 2026)

Daktronics Inc (DAKT), HB Fuller Co (FUL), Immersion Corp (IMMR), Jefferies Financial Group Inc (JEF), Methode Electronics Inc (MEI), Micron Technology Inc (MU), MillerKnoll Inc (MLKN), Novagold Resources Inc (NG), Paychex Inc (PAYX), Worthington Steel Inc (WS).

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