NEW YORK, June 24, 2026, 16:01 (EDT)
- Dow ended in the green as the S&P 500 and Nasdaq both slipped. Blue chips outperformed their tech-focused rivals.
- Travel and consumer stocks got a lift from lower oil prices, while chip and AI shares remained under pressure.
- Micron’s earnings and Thursday’s PCE inflation reading, the consumer price number tracked by the Fed, are the next near-term tests.
Dow climbs 184 points, S&P 500 inches lower, Nasdaq dropsThe Dow Jones Industrial Average added 184.03 points, or 0.36%, to finish at 51,850.87 on Wednesday. The S&P 500 slipped 6.97 points, or 0.09%, to 7,358.49. The Nasdaq Composite fell 110.40 points, or 0.43%, settling at 25,476.64.
The Dow outperformed other indexes with tech shares still under pressure. Because the Dow is price-weighted, stocks with bigger share prices move the average more. S&P Dow Jones Indices calls the Dow a gauge for 30 U.S. blue chips.
Oil prices slid, opening up some room for parts of the market. According to Reuters, crude hit its lowest since the Iran war began as the outlook for tanker traffic through the Strait of Hormuz improved. “The Middle East conversation is wrapping up … energy prices are coming off,” Michael Monaghan, partner and portfolio manager at Founder ETFs, said. Reuters
Airline stocks rose after fuel prices dropped. The S&P 500 passenger airlines index reached a record, Reuters said. Shares of U.S. airlines were up between 3% and 7%. “Sudden movements in fuel prices” can move airline profits quickly, said Morningstar analyst Nicolas Owens. Reuters
Tech stocks stayed weak. Micron Technology slipped again in afternoon trading after losing 13.2% on Tuesday; the company is set to report results after the bell. Cerebras Systems dropped after its margin outlook and after OpenAI said it will make its own inference chip, which handles AI model operations post-training.
Semiconductor stocks stayed under pressure after Tuesday’s wipeout, with the Philadelphia SE Semiconductor Index down 7.9%. Nvidia dropped 4.1%. Intel, Marvell Technology and Advanced Micro Devices gave up between 5.8% and 9.4%. “AI raises questions about all the spending,” Thomas Martin, senior portfolio manager at Globalt, said. Reuters
Alphabet is joining the Dow after AP said the Google owner will take Verizon’s spot on Monday. That puts Alphabet into the index with Apple, Amazon, Microsoft and Nvidia, making it the fifth “Magnificent 7” name in the benchmark. Magnificent 7 refers to a set of big U.S. tech stocks. AP News
J.P.Morgan lifted its 2026 S&P 500 target to 7,800 from 7,600, pointing to bigger earnings and more AI investment. The bank said the run won’t be smooth. “The path upwards will be non-linear,” its strategists said. Wall Street strategists mostly stayed constructive on the wider market. Reuters
But there’s a risk that inflation or earnings slows buyers down. Economists surveyed by AP expect the PCE price index out Thursday to show May prices up 4.1%. Worries about Fed rates have picked up after policymakers hinted they might raise rates before year-end. If Micron posts a weak report, the AI trade could take a hit and pressure both the Nasdaq and S&P 500 lower.
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