NEW YORK, June 25, 2026, 11:04 EDT
- ETF trackers for the S&P 500 and Nasdaq 100 each edged up around 0.3% as of 10:47 a.m. ET. Dow and Russell 2000 funds moved higher, adding just over 1%.
- Apple Inc (NASDAQ:AAPL), NVIDIA Corp (NASDAQ:NVDA), Microsoft Corp (NASDAQ:MSFT), Alphabet Inc (NASDAQ:GOOGL) and Meta Platforms Inc (NASDAQ:META) all traded down, wiping around $416 billion off their total market value by live quote data.
- Micron Technology Inc (NASDAQ:MU) jumped 10.4% while Qualcomm Inc (NASDAQ:QCOM) was up 3.6%. Both stocks moved higher after new AI data-center updates.
- May PCE inflation came in at 4.1%. The Bureau of Economic Analysis also revised first-quarter GDP higher, now at 2.1%.
Stocks edged up in mixed trading Thursday. Dow and small caps caught a bid, but heavy selling hit some of the biggest tech names as the latest AI supply-chain headlines split the market. Fresh news on AI hardware and components turned up new winners and losers, dividing the day’s action.
SPDR S&P 500 ETF Trust (NYSEARCA:SPY) traded up 0.3% at 10:47 a.m. ET. Invesco QQQ Trust (NASDAQ:QQQ) also added 0.3%. SPDR Dow Jones Industrial Average ETF Trust (NYSEARCA:DIA) was ahead 1.3%. The iShares Russell 2000 ETF (NYSEARCA:IWM) gained 1.1%.
Breadth told the story, not the main index. Reuters data earlier had eight of 11 S&P 500 sectors in the green. Industrials gained 2%, while the Philadelphia semiconductor index rose 0.7%, but the broader tech sector fell 1%. On the NYSE, advancers beat decliners 1.86 to 1.
Why it matters: The market is pushing higher, but the main AI stocks aren’t helping. Apple, Nvidia, Microsoft, Alphabet and Meta were all showing losses on live quotes. The combined drop wiped out around $416 billion in market value using the latest price moves and market caps.
Apple was the biggest drag. The company bumped MacBook and iPad prices due to higher memory and storage costs, according to Reuters. “The memory environment is tough,” said Ben Bajarin, CEO of Creative Strategies, adding that he’s concerned other device makers might have to impose even steeper hikes than Apple. Reuters
Micron shares were up after the company posted fiscal Q3 revenue of $41.456 billion with adjusted EPS of $25.11. Adjusted free cash flow hit $18.3 billion. Micron is guiding for Q4 revenue of $50.0 billion, give or take $1.0 billion.
Micron’s latest news went beyond beating earnings. The company has locked up $22 billion in customer commitments for memory, with deals that include take-or-pay clauses, deposits and price floors. CEO Sanjay Mehrotra said he sees “tight conditions to persist beyond calendar 2027.” Reuters
Qualcomm lifted the chip sector again. The company now targets $40 billion in fiscal 2029 non-handset revenue and aims for data-center revenue topping $15 billion. By fiscal 2029, handsets are projected to make up about a third of QCT revenue.
Qualcomm CFO Akash Palkhiwala told investors the chipmaker “will be truly diversified.” Data-center head Tony Pialis said large customers are “pulling us in.” Custom-chip revenue from two hyperscale customers is on track to start before year-end, Pialis said. Reuters
The macro setup stopped the rally from going further. The PCE price index ran up 4.1% in the year to May, the first number over 4.0% since April 2023. First-quarter GDP was lifted to 2.1% from 1.6%. But consumer spending got revised down to 0.5% from the earlier 1.4%.
Michele Morganti, senior equity strategist at Generali Investments, said inflation “remains elevated for now” and called a Fed rate hike later this year still a risk. Michael Monaghan, partner and portfolio manager at Founder ETFs, said the market keeps rewarding AI suppliers and is “punishing those doing the spending.” Reuters
