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June 24, 2026 - 11:09
5 minutes
(Bloomberg) — A measure of calm returned to equity markets after a selloff in top-performing technology names, with Micron Technology Inc.’s earnings taking on added significance as a test for the artificial intelligence trade.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 Asia’s key benchmark. Europe’s Stoxx 600 was little changed.The volatile backdrop in equities is sharpening the focus on Micron, one of the biggest beneficiaries of roaring demand for companies that stand to gain from the billions of dollars being plowed into AI infrastructure. The stock is up more than 250% in 2026 even after dropping 13% on Tuesday.Fears that the rally in Micron and its chipmaking peers has run too hard could trigger further volatility if the firm’s earnings and outlook fail to meet sky-high expectations. On the other hand, strong demand and pricing guidance would help dispel concerns that the AI trade is a bubble that’s set to burst.“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.”Despite the steadier session in equity markets, the dollar continued to benefit from haven demand as risk sentiment remained fragile. The greenback extended its advance by 0.2%, recording its longest stretch of gains in more than a month and cementing its highest level of the year. Gold slipped as the stronger dollar made bullion priced in the US currency more expensive.Oil, meanwhile, extended declines as more tankers openly crossed the Strait of Hormuz, with Brent crude falling 1.8% to below $76 a barrel. Vessels are transiting the waterway with their satellite signals switched on, indicating growing confidence among shipowners.The lower cost of crude saw the cost of diesel in the US fall below $5 a gallon for the first time since mid-March. Treasuries rose modestly as the outlook for inflation improved, with the 10-year yield falling two basis points to 4.48%.Evidence of the vast amounts of capital flowing into the buildout of AI infrastructure and its supply chain was again on display as South Korea’s SK Hynix Inc. announced it was looking to raise nearly $30 billion in a historic US listing.The offering would add to the recent wave of AI-related funding secured through stock issuances, after SpaceX held the largest initial public offering in history earlier this month and Alphabet Inc. planned $85 billion capital raise.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. 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. Some of the main moves on markets:StocksThe Stoxx Europe 600 was little changed as of 10:05 a.m. London time S&P 500 futures were little changed 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 0.3% to $1.1348 The Japanese yen fell 0.1% to 161.76 per dollar The offshore yuan fell 0.3% to 6.8128 per dollar The British pound fell 0.1% to $1.3188 CryptocurrenciesBitcoin rose 0.4% to $62,660.66 Ether rose 0.3% to $1,667.8 BondsThe yield on 10-year Treasuries declined two basis points to 4.48% Germany’s 10-year yield declined two basis points to 2.90% Britain’s 10-year yield declined two basis points to 4.73% CommoditiesBrent crude fell 1.8% to $75.70 a barrel Spot gold fell 1% to $4,074.36 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Neil Campling and Subrat Patnaik.©2026 Bloomberg L.P.
