Finance

Micron Technology shares soared over 14% after reporting quarterly profits and revenue that significantly exceeded analyst expectations. While the blockbuster results initially boosted the broader AI and semiconductor complex, including peers like Qualcomm and Western Digital, megacap giants such as Apple and Microsoft faced declines due to pricing pressures and valuation concerns.

The Personal Consumption Expenditures (PCE) price index for May was released on June 25, showing an annual headline inflation rate of 4.1%, the highest in over three years. Core PCE, which excludes volatile food and energy costs, rose 3.4% year-over-year, matching market forecasts but reinforcing a hawkish stance for federal interest rate policy.

Crude oil benchmarks fell to their lowest points since the start of the Iran conflict in February, with WTI dropping toward $70 per barrel. The decline is attributed to reports that oil flows through the Strait of Hormuz have returned to normal levels, easing global supply fears and providing a relief valve for inflation concerns and travel-related stocks.