NEW YORK, June 27, 2026, 07:56 (EDT)
- U.S. cash markets are closed over the weekend. Nasdaq lists its normal hours as Monday to Friday, 9:30 a.m. to 4 p.m. ET. Markets will also be shut on July 3 for Independence Day.
- The Nasdaq fell 4.6% this week and the S&P 500 dropped 2%. The Dow finished up 0.6% and the Russell 2000 rose 1%.
- Investors pulled almost $20 billion from technology sector funds in the week ended June 24. That followed $21.46 billion of inflows the week before.
- Micron Technology NASDAQ:MU said it has $22 billion in customer deals for memory chips, but investors were focused again on buyer costs by Friday.
AI stocks finished the week mixed. Demand numbers were solid, but share prices lagged.
Tech funds lost almost $20 billion in outflows for the week ending June 24, reversing $21.46 billion in inflows the previous week, according to LSEG Lipper data via Reuters. That’s a swing of about $41 billion in just one week, before Friday’s big drop in chip stocks.
Tech led the drop this week, with the Nasdaq off 4.6% and the S&P 500 down 2%. The Dow was up 0.6% and small caps gained. The split shows investors sold off AI and tech, but most of the rest of the market stayed steady.
Chip stocks hit hard as the Philadelphia semiconductor index closed down 5.3% Friday, bringing its loss for the week to 7.9%. That’s the steepest weekly drop since early April. David Stubbs, chief investment strategist at AlphaCore Wealth Advisory, told Reuters that concerns over “profitability and the capex story” are still a problem. Reuters
Micron Technology NASDAQ:MU broke out the Q3 numbers for the bulls. Cloud memory and data center revenue came in at $25.29 billion, accounting for 61% of total sales, up from $4.92 billion last year, according to the company. Micron forecasted Q4 revenue at $50 billion, plus or minus $1 billion. CEO Sanjay Mehrotra called memory a “strategic value” in the AI era and said Micron continues to invest at “record levels.” Micron Technology
Investors care because what a supplier books as revenue can end up as a cost for someone else. Reuters said Apple NASDAQ:AAPL bumped up iPad and MacBook prices after paying more for memory and storage. “Micron’s gains were ‘coming out of somebody else’s hide,’” said Carol Schleif, chief investment officer at BMO Family Office. Reuters
Funding was the second pressure point. Oracle NYSE:ORCL, CoreWeave NASDAQ:CRWV and SoftBank Group TYO:9984 slipped after The New York Times reported OpenAI may not go public until 2027, Barron’s said. OpenAI hasn’t set a timeline, the company said in a June 9 statement cited by The Straits Times, adding “it may be a while.” Barron’s
Kioxia Holdings TYO:285A dropped 12% in Tokyo on Friday, part of a wider hit to AI-linked stocks after the OpenAI news. CFO Yoshihiko Kawamura told reporters the chipmaker wants to list American depositary shares “around that time” early next financial year. Smartkarma’s Douglas Kim said that points to “highly confident” guidance for the next 9 to 12 months. Reuters
The upcoming week is packed with macro events and shortened by the holiday. The Bureau of Labor Statistics will publish the June jobs report July 2 at 8:30 a.m. ET. U.S. markets shut down July 3 for Independence Day. Economists in a Reuters poll predicted 110,000 jobs for June.
AI-linked stocks are catching rate risk. Julia Hermann, global market strategist at New York Life Investment Management, told Reuters recent tech gains were mostly in “memory-related equities.” She questioned if higher rates could put that in danger. Reuters
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