Market Report, 2026-06-24

For today’s unusual circumstances, we will place a heavier emphasis on events after the market close. The spotlight today is on Micron Technology, one of the “memory triumvirate,” with the other two being SK Hynix and Samsung, both of which are South Korean companies.

The market waited patiently throughout the day, with only minor fluctuations. There were some signs of investor concern, as the NASDAQ and the S&P 500 closed in the red, down 0.43% and 0.1%, respectively. The Dow gained slightly, rising 182 points, due to its relatively low exposure to chip stocks. Nevertheless, after Micron reported another stellar quarterly result and issued strong guidance for the fourth quarter, the market rallied after the close.

Notably, the South Korean ETF surged by more than 6% as concerns surrounding AI investment demand eased. Micron itself traded as much as 13% above its closing price at one point. These rallies highlight how ongoing AI infrastructure buildouts have transformed market leadership. As firms rush to secure High Bandwidth Memory (HBM) supplies, we have seen the earnings of these memory chipmakers increase by an order of magnitude.

The bond market rallied throughout the day as oil prices plummeted amid optimism surrounding the reopening of the Strait of Hormuz. The 5-year Treasury yield fell 8 basis points to 4.18%, while the 10-year Treasury yield declined 10 basis points to 4.39%.

Today’s new home sales data showed a continued decline in residential real estate activity. However, because this data series is highly volatile, we cannot yet conclude that a sustained trend exists—only that sales were significantly lower than during the same period in prior years.

With the Personal Consumption Expenditures (PCE) inflation gauge set to be released tomorrow, the market will be able to further recalibrate its expectations for future interest rates. Adams Wealth Advisors will continue to provide you with updates.