This content was published on
June 24, 2026 - 09:31
4 minutes
(Bloomberg) — A measure of calm returned to stock markets after a selloff in top-performing technology names, with Micron Technology Inc.’s earnings taking on added significance as a test for this year’s artificial intelligence-driven rally.Nasdaq 100 futures rebounded 0.4% after worries about stretched valuations sent the index down more than 3% in the previous session. S&P 500 contracts rose 0.1%. South Korea’s Kospi recovered 3.3%, helping to limit losses in Asian shares. Europe’s Stoxx 600 was little changed.The volatile equities backdrop has sharpened the focus on Micron’s results, which may provide crucial cues on whether demand for AI infrastructure remains robust. The stock dropped 13% on Tuesday but is still up more than 250% this year.“It is really Micron earnings that will decide market direction in the short term,” said Marija Veitmane, head of equity research at State Street Global Markets. “We need to see strong earnings and guidance from Micron for the tech rally to resume.”A gauge of the dollar climbed to the highest level this year. Gold dropped below $4,100 an ounce amid pressure from a stronger greenback. Brent crude slipped toward $76 a barrel as tanker traffic through the Strait of Hormuz became more visible. Treasuries firmed across the curve.What Bloomberg Strategists Say:“This week’s main event for US stocks is Micron earnings after Wednesday’s market close and it will need an extremely optimistic outlook to trigger a major rebound for Nasdaq futures. The consistent failures of the contract near the 31,000 line recall previous peaks in October and January.”— Mark Cranfield, Markets Live strategist. Click here for the full analysis.Corporate Highlights:Tankmaker KNDS NV started the process to hold an initial public offering in Frankfurt and Paris on Wednesday, a step forward in its development as a pan-European defense company. Cerebras Systems Inc. shares fell about 10% in late trading after the newly public chipmaker gave an annual sales forecast that disappointed investors. SoftBank Group Corp.’s Masayoshi Son said he plans to hold onto the top spot at the technology group he founded for another decade or more, shredding his long-held plan to hand over the reins in his sixties. SpaceX sold $25 billion of investment-grade bonds on Tuesday, marking the final step to replace the costly debt that had helped finance Elon Musk’s 2022 acquisition of X as well as the expensive loans and bonds issued by xAI last year. Chinese artificial-intelligence model maker Zhipu is considering a share sale to raise several billion US dollars in Hong Kong, people familiar with the matter said. FedEx Corp. posted quarterly earnings that topped Wall Street expectations and said profit would grow this year, a boost for the courier’s effort to simplify its business. Some of the main moves on markets:StocksThe Stoxx Europe 600 was little changed as of 8:29 a.m. London time S&P 500 futures rose 0.1% Nasdaq 100 futures rose 0.4% Futures on the Dow Jones Industrial Average fell 0.1% The MSCI Asia Pacific Index fell 0.2% The MSCI Emerging Markets Index was little changed CurrenciesThe Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.2% to $1.1356 The Japanese yen was little changed at 161.69 per dollar The offshore yuan fell 0.2% to 6.8085 per dollar The British pound fell 0.1% to $1.3190 CryptocurrenciesBitcoin rose 0.3% to $62,604.02 Ether rose 0.5% to $1,671.39 BondsThe yield on 10-year Treasuries declined two basis points to 4.48% Germany’s 10-year yield declined one basis point to 2.91% Britain’s 10-year yield declined one basis point to 4.74% CommoditiesBrent crude fell 1.3% to $76.06 a barrel Spot gold fell 0.8% to $4,084.72 an ounce This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
