Stock Market
As of Jun 26, U.S. stock index futures performed as follows: Dow Jones contracts inched lower by 0.07%, S&P 500 futures slipped 0.47%, and Nasdaq 100 futures declined 1.20%, indicating a cautious tone after several sessions of heightened volatility in technology shares.
Notable Stock Movers: Micron Technology (MU) fell 4.91% at $1,154.00 after a sharp pull-back in memory-chip names. Large-cap semis were weak, with Advanced Micro Devices (AMD) down 3.95% at $511.55 and NVIDIA (NVDA) down 1.18% at $193.44. Foundry giant Taiwan Semiconductor Manufacturing (TSM) fell 2.08% at $425.94, mirroring pressure across the chip supply chain.
Conversely, select megacaps showed resilience: Microsoft (MSFT) up 1.04% at $356.60 on pricing news, while Apple (AAPL) rose 0.59% at $276.77. In leveraged products, bearish positioning intensified as Direxion Daily Semiconductors Bear 3x Shares (SOXS) jumped 10.20% at $4.00, whereas its bullish counterpart SOXL fell 9.54% at $228.50, underscoring a swing toward caution in semiconductor bets.
Beyond chips, broad-based technology ETFs also weakened: ProShares UltraPro QQQ (TQQQ) fell 3.86% at $72.06, while the inverse SQQQ rose 4.10% at $41.09, signaling defensive positioning ahead of the cash session. Overall, the pre-market landscape suggests investors are recalibrating exposure to high-growth names amid profit-taking and heightened policy uncertainty.
Other Markets
• 10-year U.S. Treasury yield fell 0.13%, to 4.39%.
• U.S. Dollar Index fell 0.17% to 101.25.
• WTI crude oil futures fell 2.61% to 70.04 USD/barrel; COMEX gold futures rose 0.29% to 4,059.20 USD/ounce.
Key News
1. Microsoft will raise Xbox console prices worldwide and drew fresh interest from investor Michael Burry. The software giant plans up to a $150 increase for Xbox devices starting early August, its second hike in less than a year, aiming to offset higher component costs; meanwhile, filings show Burry purchased long-dated Microsoft call options, signalling confidence in long-term valuation upside.
2. Apple lifted iPad and MacBook prices to counter surging chip costs. The adjustments mark the first broad hardware price rise since the AI-driven boom in memory and storage demand began, highlighting margin pressure for consumer-electronics leaders and prompting renewed scrutiny of downstream tech profitability.
3. Micron’s latest earnings call projected record-high gross margins amid ongoing memory shortages. Management cited unprecedented demand from AI data centers alongside constrained industry capacity, forecasting mid-80% gross margins for the current quarter and signalling limited supply relief before 2028.
4. Triller Group agreed to acquire SAC1 for $411 million to obtain 3.9 million SpaceX shares. The deal, financed by a secured credit facility against the SpaceX stake, gives Triller discounted exposure to the private aerospace leader and sent its pre-market shares surging.
5. SpaceX is weighing a consumer Starlink mobile network to compete with major U.S. carriers. President Gwynne Shotwell told investors the company could launch a retail cellular service, leveraging spectrum bought from EchoStar and T-Mobile partnerships, potentially reshaping the $1.6 trillion telecom landscape.
6. Saudi Arabia is poised to cut August crude official selling prices to Asia to four-month lows. A Refinitiv survey indicates reductions of $6.5–$8 per barrel versus July amid softer regional spot benchmarks and expanded Middle East supply, pressuring global oil prices in pre-market trade.
7. Cathie Wood’s Ark Invest reshuffled holdings, trimming Alibaba and adding Palantir and Cerebras stakes. The firm sold over 176,000 Alibaba shares while purchasing Palantir and Cerebras, reflecting a pivot toward U.S. AI software and semiconductor plays amid regulatory and competitive pressures on Chinese tech.
8. OpenAI is inclined to delay its initial public offering until at least next year to preserve a $1 trillion valuation goal. Advisers proposed either a later listing or a lower valuation for a quicker debut; CEO Sam Altman reportedly insisted on maintaining the trillion-dollar target, highlighting high expectations for future growth.
9. Meituan signalled a share-repurchase plan to bolster investor confidence. At its annual meeting, executives emphasized disciplined competition and long-term value creation, noting board approval to use cash reserves for buybacks as the firm confronts recent stock weakness.
10. Invesco filed with U.S. regulators to launch an on-chain fund targeting stablecoin reserves. The proposed vehicle would invest in cash and short-term Treasuries, aiming to attract digital-asset issuers seeking compliant reserve management solutions and underscoring the growing convergence of traditional finance with blockchain.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
