Tech treads water before Micron, then a blowout after the bell

Today's Market

US stocks closed mixed on June 24 (local time) ahead of Micron's results — Dow +0.4%, S&P 500 flat, Nasdaq -0.4% — then Micron surged after the close on an earnings beat

• Intraday, tech and communications lagged on pre-Micron caution while cyclicals and defensives led (consumer discretionary +1.2%, industrials +1.2%, utilities +1.0%) — sector rotation was the story

• Oil's 4.4% drop was concentrated in energy (-1.6%); the VIX fell 4.4%, risk appetite steady

• After the close, Micron's blowout print lifted chip names after-hours; tomorrow's GDP/PCE is the next signpost

Market Data

S&P 500

7,358.22

▼0.10%

NASDAQ

25,476.63

▼0.43%

DOW

51,848.90

▲0.35%

VIX

18.63

▼4.41%

Sector Heat Map

SPY benchmark + 11 GICS sectors · 1-day

S&P 500 SPY −0.05%	Technology XLK −0.62%	Comm. Svcs XLC −0.68%	Cons. Discr. XLY +1.15%
Cons. Staples XLP +0.86%	Energy XLE −1.63%	Financials XLF −0.30%	Health Care XLV +0.77%
Industrials XLI +1.16%	Materials XLB +0.57%	Real Estate XLRE −0.29%	Utilities XLU +1.04%

In Focus

Micron's blowout lifts chips after the bell 📈

Micron rallies on a record quarter and above-consensus guidance

• Beat on both EPS and revenue — a $4.62 surprise, record quarterly revenue

• Guidance well above Wall Street — reaffirming real AI-memory demand

• Micron's jump pulled chip peers higher after-hours

Political risk hits refiners and distributors

Trump calls for a gasoline price-gouging probe

• The probe demand pressures refiner and distributor margins

• Whether the political push forces prices lower is the key question

This Week

ALL TIMES EASTERN (ET)

• Wed 6/24 New Home Sales

• Thu 6/25 GDP

• Thu 6/25 Personal Income & Outlays (PCE)

• Fri 6/26 Michigan Consumer Sentiment

For informational purposes only. Not investment advice. All investment decisions are your own responsibility.

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