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June 24, 2026 - 12:59
5 minutes
(Bloomberg) — US stocks ticked higher as investors looked ahead to Micron Technology Inc.’s results for the next read on whether artificial intelligence spending is living up to expectations.S&P 500 contracts rose 0.1%. Nasdaq 100 futures rebounded 0.4% after worries about stretched valuations sent the main index down more than 3%. South Korea’s Kospi recovered 3.3%, helping to limit losses in Asia’s key benchmark. Europe’s Stoxx 600 barely budged.The recent swings are 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 260% in 2026 even after dropping 13% on Tuesday, and has been a leader of the rebound from the S&P 500’s war-driven lows.“The main problem for Micron is not Micron itself, but the expectations for its third-quarter earnings,” said Joachim Klement, head of strategy at Panmure Liberum. “Even if Micron has a stellar quarter and gives solid guidance, it may not be enough to fulfill lofty expectations.”The dollar continued to benefit from haven demand as risk sentiment remained fragile. Advancing 0.3%, the greenback headed for its longest winning streak in more than a month and cemented its highest level of the year. Gold slipped as the stronger dollar made bullion priced in the US currency more expensive.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 $29 billion in a 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 a $85 billion capital raise.Oil, meanwhile, extended declines as more tankers openly crossed the Strait of Hormuz, with Brent falling 2% to below $76 a barrel. Vessels are transiting the waterway with their satellite signals switched on, indicating growing confidence among shipowners.Lower crude prices pushed the cost of diesel in the US below $5 a gallon for the first time since mid-March. Treasuries rose modestly as inflation worries eased, with the 10-year yield falling two basis points to 4.48%.Traders warned of possible further swings in tech stocks if Micron’s earnings and outlook fail to meet sky-high expectations.“For high-performing companies that reflect the dynamics of a sector, market expectations naturally rise,” said Guillermo Hernández Sampere, head of trading at MPPM. “From a rational standpoint, these are difficult to meet, and disappointments become apparent in the stock’s price performance.”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:StocksS&P 500 futures rose 0.1% as of 6:56 a.m. New York time Nasdaq 100 futures rose 0.4% Futures on the Dow Jones Industrial Average were little changed The Stoxx Europe 600 was little changed The MSCI World Index fell 0.1% CurrenciesThe Bloomberg Dollar Spot Index rose 0.3% The euro fell 0.4% to $1.1340 The British pound fell 0.3% to $1.3158 The Japanese yen was little changed at 161.69 per dollar CryptocurrenciesBitcoin was little changed at $62,405.46 Ether was little changed at $1,662.8 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 two basis points to 4.74% CommoditiesWest Texas Intermediate crude fell 1.9% to $71.79 a barrel Spot gold fell 1.5% to $4,056.02 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Neil Campling and Subrat Patnaik.©2026 Bloomberg L.P.
