Wednesday, June 24, 2026

U.S. equities saw a mixed finish on Wednesday as tech valuations faced mounting scrutiny, pushing the Nasdaq down 0.43% to 25,476.635 and the S&P 500 0.10% lower to 7,358.22. Meanwhile, the Dow Jones Industrial Average bucked the broader trend, gaining 0.35% to 51,848.9, while small-caps struggled as the Russell 2000 shed 0.59% to 2,986.629. Volatility crept higher, with the VIX jumping 7.81% to 18.63 as investors digested late-day Federal Reserve bank stress test results confirming the sector remains well-capitalized despite $708B in hypothetical loan losses.

Sectors in focus:

• Commodities & Energy Plunge: WTI Crude tumbled 4.59% to 69.85—hitting pre-war levels—as the Strait of Hormuz reopened under an Iran peace agreement, dragging Drilling Oil & Gas Wells down 5.60%. Similarly, Gold plunged 3.27% to 4,013.6 on a stronger dollar and hawkish sentiment from new Fed Chair Kevin Warsh, crushing Gold and Silver Ores by 6.13%.
• Research & Transportation Lead: Lower fuel costs provided a tailwind for Scheduled Air Transportation (+4.64%), while Services-Commercial Physical & Biological Research surged 12.97% amid a defensive rotation.
• Tech & AI Pressured: AI valuations took a hit for a third straight day ahead of critical tech earnings, though Alphabet's 0.8% gain helped prop up the Dow ahead of its inclusion into the index next week.

On the radar:

• Jun 24: Micron (MU) reports Q3 earnings post-market, serving as a critical bellwether for the ongoing AI investment cycle.
• Jun 25: May Personal Consumption Expenditures (PCE) price index release, alongside earnings from Nike (NKE) and Jefferies (JEF).
• Jun 29: Alphabet (GOOGL) officially replaces Verizon in the Dow Jones Industrial Average.
• Jul 01 - Jul 02: EU MiCA full compliance deadline for crypto assets arrives, followed closely by an early June Non-Farm Payrolls (NFP) report ahead of the July 4th holiday.