Mixed Market Close as Tech Weakness Dampens Broad Gains

The S&P 500 Index ($SPX) (SPY) finished down 0.10%, the Dow Jones Industrial Average ($DOWI) (DIA) rose 0.35%, and the Nasdaq 100 Index ($IUXX) (QQQ) slipped 0.43%. September E‑mini S&P futures (ESU26) fell 0.13% and September E‑mini Nasdaq futures (NQU26) dropped 0.45%.

After an early rally, U.S. equities ended the session mixed. The S&P 500 and Nasdaq 100 slipped to 1½‑week lows, driven by declines in chipmakers ahead of Micron Technology’s earnings, which will help gauge whether AI demand is meeting expectations. Micron, a major beneficiary of AI‑related capital spending, has surged more than 260% this year.

Stocks opened higher on Wednesday, buoyed by massive capital inflows into AI infrastructure and its supply chain. South Korea’s Kospi gained more than 3% after SK Hynix announced plans to raise 45.45 trillion won ($29 billion) in a U.S. listing, earmarked for expanding chip‑making capacity.

Falling crude prices supported equities by lowering inflation expectations and pushing bond yields down. WTI crude fell to a 3.5‑month low, triggering a bond rally that pulled the 10‑year Treasury yield to a six‑week low of 4.40%. The decline in yields and oil prices lifted homebuilders, building‑materials suppliers, airlines, and cruise operators.

On the downside, U.S. data showed May new‑home sales unexpectedly dropped to a four‑month low. Mining stocks fell as gold, silver and copper prices slid to multi‑month lows, and energy producers slipped alongside crude oil. Cryptocurrency‑linked stocks also retreated after Bitcoin fell to a 20‑month trough.

WTI crude (CLQ26) extended its decline, dropping more than 3% as increased tanker traffic through the Strait of Hormuz boosted global supply. Vessels are now transiting with satellite signals active, reflecting greater confidence among shipowners. The International Maritime Organization confirmed it has received guarantees allowing hundreds of ships to exit the Persian Gulf.

U.S. MBA mortgage applications rose 1.0% for the week ended June 19. The purchase‑mortgage sub‑index fell 0.6%, while the refinancing sub‑index rose 3.0%. The average 30‑year fixed‑rate mortgage slipped 1 bp to 6.59%.

The U.S. Q1 current‑account deficit widened to $225.8 billion, above the expected $208.9 billion.

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

Overseas markets were mixed. Europe’s Euro Stoxx 50 slipped to a 1.5‑week low, down 0.39%; China’s Shanghai Composite edged up 0.11%; Japan’s Nikkei‑225 fell to a one‑week low, down 0.88%.

Interest Rates

September 10‑year Treasury notes (ZNU6) closed up 20 ticks, with the yield down 9.7 bp at 4.400%. The 10‑year breakeven inflation rate fell to a 14‑month low of 2.176% after the crude‑oil decline eased inflation pressures. Treasury demand remained strong, with the recent $70 billion 5‑year note auction attracting a 2.35 bid‑to‑cover ratio.

European sovereign yields also fell. Germany’s 10‑year bund yield dropped to a 3.5‑month low of 2.859%, finishing down 5.5 bp at 2.865%; the UK 10‑year gilt fell to a three‑month low of 4.673%, ending down 7.0 bp at 4.684%.

Germany’s June IFO business confidence index rose 0.6 points to 85.6, modestly above forecasts.

ECB Executive Board member Isabel Schnabel said, “From today’s perspective, we will need to continue raising interest rates in order to bring inflation back to our target of 2% in the medium term.” Swaps are pricing a 9% chance of a 25‑bp ECB hike at the July 23 meeting.

U.S. Stock Movers

Chipmakers and AI‑related stocks pulled back. Seagate Technology (STX) and Western Digital (WDC) each fell more than 4%, Qualcomm (QCOM) dropped over 3%, and SanDisk (SNDK), ARM Holdings (ARM), NXP Semiconductors (NXPI), KLA Corp (KLAC) and ON Semiconductor (ON) all declined between 1% and 2%.

Cryptocurrency‑linked equities sold off as Bitcoin fell over 3% to a 20‑month low. MicroStrategy (MSTR) led Nasdaq‑100 losers, down more than 9%; Galaxy Digital (GLXY) dropped over 8%, Coinbase (COIN) fell more than 5%, and Marathon Digital (MARA) and Riot Platforms (RIOT) each slipped over 4%.

Mining stocks retreated on weaker metal prices. AngloGold Ashanti (AU) fell over 6%, Coeur Mining (CDE) more than 5%, Barrick (B) over 4%, and Freeport‑McMoRan (FCX), Southern Copper (SCCO), Hecla Mining (HL) and Newmont (NEM) each slid more than 3%.

Energy producers were pressured by the oil slump. Baker Hughes (BKR) and Halliburton (HAL) each dropped over 3%; APA Corp (APA), ConocoPhillips (COP), Schlumberger (SLB), Diamondback Energy (FANG), Exxon Mobil (XOM) and Occidental (OXY) fell more than 2%, while Chevron (CVX) led Dow losses, down over 2%.

Homebuilders rallied on strong earnings and lower mortgage rates. KB Home (KBH) surged more than 16%, Builders FirstSource (BLDR) rose over 11%, and Lennar (LEN), D.R. Horton (DHI), Pulte Group (PHM) and Toll Brothers (TOL) all posted gains above 6%. Home Depot (HD) added over 5%.

Airlines and cruise lines benefited from the 3% dip in crude, which reduced fuel costs. United Airlines (UAL) and American Airlines (AAL) each rose over 7%, Alaska Air (ALK) and Delta (DAL) climbed more than 4%, while Royal Caribbean (RCL), Norwegian Cruise Line (NCLH) and Southwest (LUV) each gained over 3%.

Travel‑booking platforms also jumped. MakeMyTrip (MMYT) advanced over 11%, Booking Holdings (BKNG) rose more than 7%, Expedia (EXPE) climbed over 6%, and Airbnb (ABNB) and TripAdvisor (TRIP) each rose above 4%.

Cerebras Systems (CBRS) fell more than 19% after missing its annual sales forecast. Flowserve (FLS) dropped over 8% following a downgrades to hold with a $70 target. Principal Financial Group (PFG) slid more than 4% after a downgrade to underperform with a $95 target. Terex Corp (TEX) rose over 3% on new coverage with a buy recommendation and an $81 target. Twilio (TWLO) gained over 2% after Goldman Sachs initiated coverage with a buy recommendation and a $300 target.

Earnings Reports (June 25 2026)

Acuity Inc. (AYI), Darden Restaurants (DRI), FedEx Freight Holding Co. (FDXF), McCormick & Co. (MKC) and TD SYNNEX Corp. (SNX) reported earnings.

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