NEW YORK, June 24, 2026, 06:05 EDT
Nasdaq futures traded a bit higher but Dow futures dipped before the open.
Nasdaq 100 futures were up 0.41% early Wednesday at 05:40 a.m. EDT, bouncing after two days of tech losses. S&P 500 futures edged 0.09% higher. Dow futures fell 0.16%. All numbers are premarket, not the open. Source: Markets Insider.
NYSE scheduled a normal session, running from 9:30 a.m. to 4 p.m. ET. June 24 is not shown as a holiday on the exchange’s 2026 calendar.
Tech came off session lows Tuesday, but sellers still had control. The Philadelphia SE Semiconductor index dropped 7.9%. S&P 500 technology fell 3.7%. Nasdaq Composite was down 2.21%. Investors pulled money after fresh doubt over debt-driven AI spending. “Questions about all the spending” followed recent AI headlines, said Thomas Martin, senior portfolio manager at Globalt. Reuters
Micron Technology led premarket gains. Micron’s stock climbed 3.8% ahead of the bell, while Sandisk was up 3.5%. Both dropped about 13% last session. Micron is set to report earnings after markets close. Even with the recent drop, Micron is up 268% this year. “I think people are going to get the blowout quarter that they expect, but I don’t expect the stock to continue to rise,” said Jay Woods, chief market strategist at Freedom Capital Markets. Reuters
Micron matters on this move because it’s a direct read on AI. The Street isn’t just focused on demand now. There are fresh doubts about whether demand will stay strong enough to back the prices memory stocks have hit after the recent run.
Cerebras has lowered its margin forecast again. The AI chip company is guiding for full-year adjusted gross margins of 38% to 41%. That’s a step down from the 47% it posted in Q1. Nvidia is still in the mid-70% range. CFO Bob Komin said that relying on outside capacity “will depress core cloud and other services margin temporarily.” Reuters
FedEx shares fell 7% before the bell as the company’s Federal Express unit posted a 7.7% operating margin, down from 8.4% a year ago. FedEx has spun off its Freight business and faces calls to lift returns in its delivery operations. UPS remains the main comparison point for investors.
Fed stays front and center with new data coming. The Bureau of Economic Analysis will release the next personal consumption expenditures price index on June 25. The Fed tracks inflation with the PCE, which measures what people spend on goods and services. The latest April reading showed prices rising 3.8% from a year earlier.
Dollar stayed firm with investors sticking to safe-haven trades while U.S.-Iran talks are in focus. U.S. stock futures tacked on 0.1% to 0.4%, showing little movement in a quiet session worldwide. Oil lost over 1%. The dollar reached a one-year high against major currencies. “A sign of instability,” said Michael McCarthy at Moomoo Securities Australia of the recent swings. Reuters
Wednesday’s early gains may not last. Weak numbers from Micron, rising rate-hike odds, or fresh concern over the U.S.-Iran deal could push sellers back into crowded AI names. If PCE comes in strong on Thursday, it gets harder for investors to ignore.
Barclays and Stifel each boosted their S&P 500 year-end targets to 7,800 on Tuesday, citing solid earnings. Stifel’s Thomas Carroll noted “stock concentration sits at 40-year highs,” warning the rally needs participation beyond megacap tech if it’s going to spread out. Bullish positioning is still in place, but space is tighter. Reuters
