US Stock Market Summary — June 25, 2026

On June 25 (local time), the US stock market diverged across major indexes as investors digested the PCE price index — the Fed's preferred inflation gauge. The Dow rose 0.14%, the S&P 500 finished roughly flat, and the Nasdaq fell 0.46%, posting its first four-session losing streak since February. May core PCE rose 3.4% year over year, the highest reading since 2023, but it matched market expectations, limiting the shock. The defining theme of the session was the two-edged nature of the memory-chip boom. Surging memory prices sparked by $MU's blowout results sent semiconductor stocks soaring, yet that same surge forced $AAPL to raise hardware prices, sending the stock down more than 6% and pulling the Nasdaq lower. The volatility index (VIX) eased modestly to 18.9.

Sector performance was sharply divided. Industrials ($XLI +2.17%) led the way, followed by Healthcare (+1.49%), Materials (+1.33%), and Energy (+0.97%). The Technology sector ($XLK +0.83%) was lifted by surging semiconductor names, though weakness in $AAPL and $MSFT capped its gains. On the downside, Consumer Discretionary ($XLY -1.49%), Communications (-0.9%), Consumer Staples (-0.59%), and Financials (-0.5%) all declined.

Bonds stayed little changed around flat as PCE matched expectations (long-end $TLT -0.06%). In commodities, oil ($USO) rebounded 2.84% on news that a cargo ship had been attacked in the Strait of Hormuz, halting transit, while gold ($GLD) gained 0.97% and silver ($SLV) added 1.12% on safe-haven demand. After three straight sessions of declines, oil reversed course as geopolitical risks resurfaced.

Gainers were concentrated in memory and semiconductors. $SNDK jumped 21.97%, $MU rose 15.74%, $AMAT climbed 13.44%, $GLW added 10.78%, and $KLAC surged 7.7%. $MU's blowout results validated AI memory demand, briefly pushing its market cap past {{MARKET_CAP}}, while $CAT gained 6.29%, supporting the broader strength in industrials (source).

On the other hand, $AAPL plunged 6.12%, posting its worst session in roughly a year. The company announced price hikes of up to $200 on MacBook and iPad models in response to surging memory costs, fueling concerns about demand destruction. $MSFT fell 3.46% on console price increases, while $TJX dropped 6.04% and $DELL lost 5.67%. The memory boom is a tailwind for semiconductor names but a cost burden for hardware makers, and that split drove the day's market action (source).

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> "$AAPL's 5% drop on news of roughly 17% weighted-average price increases across the Mac lineup looks like an overreaction driven by fear of demand destruction."

> — Gene Munster, Managing Partner, Deepwater Asset Management

> "Inflation is too high."

> — Austan Goolsbee, President of the Federal Reserve Bank of Chicago

Today's signals show an unusual split: memory and semiconductor names along with Financials and Industrials are overbought, while mega-cap tech names including $AAPL are oversold, reflecting extreme single-name dispersion. With PCE matching expectations, rate-path uncertainty has eased for now, but the impact of surging memory prices on hardware-company margins has emerged as a new variable. View the Technical Signals Report