June 25, 2026
Daily Market Report

Morning Preview: June 25, 2026

Early Look

Thursday, June 25, 2026

Futures

Up/Down

%

Last

Dow

129.00

0.25%

52,408

S&P 500

58.25

0.78%

7,486

Nasdaq

661.50

2.24%

30,175

 

 

U.S. stock futures surge overnight as earnings and guidance from memory chip maker Micron (MU) revive the AI trade, with shares surging over 15% this morning, boosting memory names (SNDK, WDC) and other semiconductors (SOX) after two days of selling pressure in the Nasdaq and chip names on capex spending fears and debt. Nasdaq futures jump over 2% or 630 points to 30,146 and the S&P 500 futures rise 0.75% in what looks to be a big catchup trade in tech after two days of selling on higher rate hike fears and capex spending impacts for tech companies. In Asian markets, The Nikkei Index surged 3,191 points or 4.61% behind the jump in technology shares to 72,366, the Shanghai Index rose 9 points to 4,120, and the Hang Seng Index dropped -335 points to 23,076. The South Korea Kospi, jumped 84 points or 6.17% to 1,454 helped by memory chip maker SK Hynix and Samsung. In Europe, the German DAX is up 180 points to 24,920, while the FTSE 100 rises 33 points to 10,494. Next up is the monthly PCE inflation reading at 8:30 am et this morning, along with GDP data. Oil prices drop further, now below the pre US/Iran war, with WTI crude under $70 per barrel, gold prices fall further as the US dollar remains above 52-week highs. Global markets higher on revived tech trade, will the PCE inflation report add to gains? Or take wind out of the sails with a hotter reading and raising interest rate hike prospects? Stay tuned!

 

Market Closing Prices Yesterday

  • The S&P 500 Index slipped -6.74 points, or 0.09%, to 7,358.72
  • The Dow Jones Industrial Average rose 188.07 points, or 0.36%, to 51,854.91
  • The Nasdaq Composite dropped -110.40 points, or 0.43%, to 25,476.64
  • The Russell 2000 Index advanced 12.06 points, or 0.41% to 2,987.54

Economic Calendar for Today

  • 8:30 AM ET                  Weekly Jobless Claims…est. 225K
  • 8:30 AM ET                  Continuing Claims…est. 1.8M
  • 8:30 AM ET                  Gross Domestic Product (GDP) Q1 final…est. +1.6%
  • 8:30 AM ET GDP Price Deflator for Q1-final…est. +3.5%
  • 8:30 AM ET GDP Consumer Spending for Q1-final…prior +1.4%
  • 8:30 AM ET PCE Prices Q1-final…est. +4.5%
  • 8:30 AM ET                  Core PCE Prices Q1-final…est. +4.4%
  • 8:30 AM ET                  Personal Income M/M for May…est. +0.4%
  • 8:30 AM ET                  Personal Spending M/M for May…prior +0.1%
  • 8:30 AM ET PCE Price Index M/M for May…est. +0.5% (prior +0.4%)
  • 8:30 AM ET PCE Price Index Y/Y for May…est. +4.1% (prior +3.8%)
  • 8:30 AM ET                  Core PCE Price Index M/M for May…est. +0.3% (prior +0.2%)
  • 8:30 AM ET                  Core PCE Price Index Y/Y for May…est. +3.4% (prior +3.3%
  • 8:30 AM ET                  Durable Goods Orders for May…est. (-4.5%)
  • 8:30 AM ET                  Durable Goods Orders Ex-Transports for May…est. +0.6%
  • 10:00 AM ET                Dallas Fed PCE for May
  • 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
  • 11:00 AM ET                Kansas City Fed Manufacturing for June…prior 9
  • 1:00 PM ET US Treasury to sell $44B in 7-year notes

Earnings Calendar:

  • Earnings Before the Open: AYI CMC DRI MKC NNOX SNX WGO
  • Earnings After the Close: AOUT CGEH FDXF

Other Key Events:

  • Truist Government Services Bus Tour, 6/25

 

 

Macro

Up/Down

Last

Nymex

-0.82

69.51

Brent

-1.05

72.69

Gold

-10.40

3,998.40

EUR/USD

-0.006

1.1351

JPY/USD

0.06

161.84

10-Year Note

+0.02

4.41%

 

World News

  • The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was +8.8% vs -2.8% last week. Bulls rise to 44.9% from 36.6%, Neutrals fall to 18.9% from 24.1%, Bears fall to 36.1% from 39.4%
  • President Donald Trump’s administration has sent to the U.S. Congress an $87.6 billion supplemental budget request, a congressional source familiar with the matter said on Wednesday.

Sector News Breakdown

Consumer

  • Cal-Maine Foods (CALM) and other egg suppliers are close to resolving an investigation by the US Justice Department and a bipartisan group of states into alleged illegal price coordination, Bloomberg News reported. The Justice Department and the states are also close to settling with Hickmans’s Egg Ranch Inc. and Versova, the report said.
  • Hertz Global (HTZ) prices 37M share offering at $2.70.
  • MillerKnoll Inc. (MLKN) Q4 Adj. EPS $0.55 vs. est. $0.52 (beat); rev $1.004B (+4.4% YoY, +3.7% organic, vs. est. $973.9Mm, beat); Q4 adj. EBIT $69.1Mm vs est $63.36Mm (6.9% margin, vs. 7.5% YoY); gross margin 39.4% (+20bps YoY); Q1 sales $928-$968Mm vs. est. $948.3Mm, adj. EPS $0.33-$0.39 vs. est. $0.37, gross margin 38.7%-39.7%; FY27 full year: sales $3.93B-$4.13B vs est $3.958B, adj. EPS $1.85-$2.15 vs est $2.00.
  • Trip.com (TCOM) Q1 adj. EPS $0.83 vs est $0.79; Q1 sales $2.350B vs est $2.330B and sees Q2 Sales $2.137B-$2.241B vs $2.5B Est.; for the Q226, the Company expects year-over-year total net revenue growth to decelerate to approximately 3%–8%, with a corresponding impact on margins and bottom-line results.
  • Volkswagen (VWAGY) announced the sale of a majority stake in its engine unit Everllence in a deal set to generate €7.4 billion ($8.41 billion) for the carmaker as it forges ahead with restructuring.

Energy, Industrials and Materials

  • Acuity (AYI) Q3 EPS $5.31 vs. est. $5.19; Q1 sales rose 2% y/y to $1.19B vs. est. $1.17B; did not provide specific financial guidance for the current quarter or full year in the press release; Strong sales and profit growth in Acuity Intelligent Spaces offset declines in the lighting segment.
  • Aerospace parts maker Doncasters (DPC) raises $919.3 million in US IPO; the company sold 27.9 million shares in the IPO at $33 apiece, above the marketed range of $28 and $32 apiece. The listing comes over six years after Doncasters’ debt restructuring, when lenders took control from now-defunct buyout firm Dubai International Capital.
  • Cardinal Infrastructure (CDNL) priced 4M shares of Class A common stock priced to the public at $73.00 per share.
  • Commercial Metals (CMC) Q3 adj EPS $1.73 vs. est. $1.77; Q3 adj EBITDA margin 14.2%; Q3 revs $394.6M vs. est. $2.411B; Q3 adj Net Income $193M vs. est. $208.8M and Q3 adj EBITDA $353.6M vs. est. $361.6M.
  • Granite Construction Inc (GVA) awarded West Davis corridor (sr-177) expansion project by Utah department of transportation; contract, valued at approximately $116.9M, will be included in granite’s Q2 2026 cap.
  • HB Fuller (FUL) Q2 Adj. EPS $1.41 vs. est. $1.40 (beat); rev $950.3Mm (+5.8% YoY, +2.6% organic, vs. est. $924.8Mm, beat); adj. EBITDA $181Mm vs est $180.89Mm (+9% YoY, 19.1% margin, +70bps YoY); adj. gross margin 34.2% (+200bps YoY); FY26 guidance (midpoints below est.): adj. EPS $4.60-$4.90 vs. est. $4.84, adj. EBITDA $650-$675Mm vs. est. $667.1Mm, rev up mid-single digits / organic up low-single digits.
  • Methode Electronics (MEI) Q4 Adj. EPS -$0.30 vs. est. -$0.21 (miss); rev $298.1Mm (+15.9% YoY, vs. est. $238.5Mm, beat); EBIT $10.9Mm (vs. loss $23.6Mm YoY); adj. EBITDA $26.9Mm vs est $17.27Mm (9.0% margin, vs. loss $7.1Mm YoY); FY27 guidance: sales $1.025B-$1.075B (vs. est. $951.9Mm, well above), adj. EBITDA $72-$82Mm vs est $79.85Mm.
  • PJM, the largest U.S. electricity grid operator will add a new emergency warning for approaching capacity shortfalls to maintain reliability amid surging AI data center demand. PJM Interconnection, which serves 67M people across 13 states, said it will issue a new capacity advisory up to five days in advance to warn customers of when electricity supply is projected to approach the demand requirement.
  • Widepoint (WYY) shares jump after named single awardee of the 10-year $3.1B DHS CWMS 3.0 contract.
  • Worthington Steel (WS) Q4 sales rose 12% y/y to $929.2M vs. est. $992M; Q4 operating loss (-$57.6M), swinging from profit; loss per diluted share was $0.98; Q4 Adjusted EBIT fell to $54M from $70.1M q/q; results reflected $94.5M of non-cash impairments in the Electrical Steel unit.

Financials

  • The Federal Reserve announced that 32 of the nation’s largest banks are well positioned to weather a severe economic downturn and continue lending, as firms could absorb over $700 billion in hypothetical losses and remain above minimum capital requirements. The results of the central bank’s annual “stress test” found large banks saw their capital levels fall 1.6%, but their levels remained in excess of the minimum requirements. Under the test, banks saw roughly $200 billion in credit card losses, $160 billion in losses from commercial and industrial loans, and $75 billion in losses from commercial real estate. Under the exam, capital fell due to higher loan losses, as well as lower projected unrealized gains, but capital increased in the test due to higher interest income due to smaller hypothetical declines in interest rates.
  • Jefferies (JEF) Q2 EPS $1.02 vs est $1.16 on revs $2.206B vs est $2.299B; increases share repurchase authorization to total of $250Mm; Q2 Advisory revenue surged 47% to a record $674.1M in the quarter, while investment banking net revenues jumped 57.5% y/y to a record $1.21B; Revenue from equity underwriting more than tripled to $370.7 million in the quarter, buoyed by strong activity across sectors; Q2 capital markets business, which houses its trading desks, posted $799.3M in revenue, up 13.5% y/y.
  • JPMorgan (JPM) plans dividend increases to $1.65 per share and announces new common share repurchase program of $50B.
  • Morgan Stanley (MS) announces a dividend increase of 15 cents to $1.15 per share and the reauthorization of a $20B multi-year common equity share repurchase program.

Healthcare

  • Antares Therapeutics said it entered a collaboration with Novartis (NVS) that could be worth up to $1.9 billion, aiming to develop therapies for historically hard-to-drug cancer targets. Antares Therapeutics said it will receive $105M upfront under the agreement with Novartis and is eligible for up to $1.8B in additional payments across programs, inclusive of option exercise, development, regulatory, and commercial milestones.
  • ARS Pharmaceuticals (SPRY) shares plunged 23% after the company said its Neffy nasal spray failed to secure commercial insurance coverage. The company said no new commercial formulary additions or coverage decisions were issued for neffy— its epinephrine nasal spray for the emergency treatment of severe allergic reactions—in the July 1, 2026 cycle.
  • AtaiBeckley (ATAI) is set to join the Russell 2000 Index and the broad-market Russell 3000 Index as part of the first 2026 Russell indexes reconstitution.
  • Bio-Techne (TECH) shares jump over 21% after Merck KGaA said it will buy Bio-Techne for $73 per share in cash, representing a total enterprise value of about $11.3 billion. The offer price represents a 24% premium on TECH’s last close. The acquisition will be funded through a combination of existing cash and proceeds from new debt.
  • Eli Lilly (LLY) Foundayo or Zepbound available to Medicare Part D Patients for $50/Month Starting July 1; GLP-1 bridge program lets eligible Medicare part D patients access co’s obesity medicines from July 1, 2026 – Dec 31, 2027; estimates about 20 million Medicare patients may qualify for obesity medicine coverage.
  • Taysha Gene Therapies (TSHA) priced 32.5M shares of common stock priced to the public at $6.00 per share.

Technology, Media & Telecom

  • Micron Technology (MU) shares jump over 15% after a blowout quarter/guide as Q3 adj. EPS $25.11 vs. est. $20.86 and revs $41.46B (+345% YoY, +74% QoQ, vs. est. $35.9B); dj. gross margin 84.9%; Cloud Memory $13.77B (83% GM); Core Data Center $11.52B (87% GM); Mobile and Client $11.52B (87% GM); Automotive and Embedded $4.63B (79% GM); HBM4 in high-volume production, HBM4E (1-gamma) in development for 2027; Q4 revs $49B-$51B (midpoint $50B, vs. est. $43.6B), adj. EPS $30-$32 vs. est. $25.72, and Q4 adj. gross margin ~86%; CAPEX $7.1B; project operating expenses to increase by approximately $1B in fiscal 2027 (SNDK, WDC and other chip names surge in sympathy).
  • IBM (IBM) shares rise after unveiling a major semiconductor breakthrough with the introduction of the world’s first sub-1 nanometer (nm) chip technology, featuring a revolutionary transistor architecture at the 0.7 nm, or 7 angstrom nodes. IBM’s new sub-1 nm chip packs nearly 100 billion transistors onto a chip the size of a fingernail, nearly twice the density of IBM’s 2 nm chip, unveiled in 2021.
  • Alibaba (BABA) shares fall to more than 1-year lows after Anthropic reportedly accused the Chinese technology giant of “illicitly” accessing its artificial intelligence model. Anthropic sent a letter to the White House officials and several U.S. senators this week alleging that Alibaba was waging an industrial-sized effort to illicitly access its Claude models, according to Bloomberg.
  • Amazon (AMZN) said it will invest an additional $13 billion by 2030 in India to expand its AI and cloud infrastructure. The new investment is in addition to its planned $35 billion funding announced last year. The announcement follows a meeting between Amazon CEO Andy Jassy and Indian Prime Minister Narendra Modi on Thursday in New Delhi.
  • Amazon’s (AMZN) AWS and Microsoft’s (MSFT) Azure, the two largest cloud computing services, should be designated gatekeepers under EU rules aimed at reining in the power of Big Tech, EU antitrust regulators said on Thursday.
  • Identiv (INVE) announces agreement to sell its IOT assets to tractotomy, creating a global physical Ai and Intelligent supply chain leader; announces $40M stock repurchase program, with intention to repurchase shares after transaction close.
  • Qualcomm’s (QCOM) raises fiscal 2029 non-handset revenue target to $40B; targets IOT revenue in excess of $14B for FY 2029; Qualcomm expands Automotive Design-win pipeline to $65B; Qualcomm targets adjusted EPS of more than $18 in fiscal 2029.

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Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.

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