S&P 500 – 7,365.46 (-1.44%)

Dow Jones – 51,666.84 (-0.09%)

NASDAQ – 25,587.04 (-2.21%)

• Geopolitics / Energy: US–Iran peace and nuclear talks showed progress: Brent and WTI fell after a 60-day US oil sanctions waiver and data showing increased Strait of Hormuz traffic.
• FX / Rates: U.S. dollar index hit a fresh 2026 high above 101, signaling continued dollar strength amid a risk-off tone.
• Energy Policy: US DOE announced more than $15B in loans to utilities and energy firms to accelerate deployment of advanced nuclear reactors across the US.
• Macro Data: June US manufacturing PMI rose to 55.7 (vs. 54.6 est.), a more than four-year high, pointing to stronger-than-expected economic activity.
• Retail / Consumer: Amazon (AMZN) extended losses after Monday’s ~5% drop as Prime Day kicked off, with BofA estimating roughly $21.6B in gross merchandise value.
• Travel / Leisure: Carnival (CCL) fell on an earnings miss and outlook cut, while Viking (VIK) hit record highs and Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) posted modest gains.
• Semiconductors / AI Trade: Chip stocks weakened overnight after a 10% drop in South Korea; Micron (MU) briefly fell 9% (trimming to ~6%), SanDisk (SNDK) ~-8%, and Western Digital (WDC) ~-6%, weighing on AI sentiment.
• Space / Capital Markets: SpaceX fell as much as 16% Monday, briefly dropping below $150, erasing over $300B from Elon Musk’s net worth in a week; the company is raising ~$25B in debt with ~$90B in demand and confirmed its first bond issuance.
• Tech / AI Infrastructure: IBM (IBM) rose after a JPMorgan upgrade to overweight, citing stronger AI infrastructure exposure and software growth potential.
• Specialty Tech: Super Micro Computer (SMCI) surged +16% Monday on an upgrade and Nvidia-linked product news, but reversed lower thereafter.
• Consumer Discretionary: Nike (NKE) fell after Evercore downgraded the stock to in line from outperform.
• Markets / Equities: U.S. stocks slid Tuesday as a sharp selloff in memory chipmakers raised fresh doubts about the sustainability of the AI trade ahead of Micron earnings.
• Government / Policy: The Senate narrowly passed a largely symbolic war powers resolution 
• Apps / Platforms: Meta’s reported “Arena” prediction markets app pressured DraftKings (DKNG) and Robinhood (HOOD) as investors weighed increased competition in event-based trading markets.
• Sports / Structure: The PGA Tour announced a major overhaul beginning in 2028, introducing a two-tier competition system with promotion and relegation, higher purses, and expanded match play formats.

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“Congress is so strange. A man gets up to speak and says nothing. Nobody listens—and then everybody disagrees.”  — Will Rogers

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Notable Stocks

• Nvidia (NVDA)
• SpaceX (SPCX)
• Fedex (FDX)
• Meta Platforms (META)
• Micron (MU)

Weekly Notables

Walmart Enters Nuclear Energy Market with First-Ever Power Deal with Constellation Energy

Walmart (WMT) has signed its first nuclear energy purchase agreement, teaming up with Constellation Energy (CEG) to secure emissions-free power, the companies announced Tuesday. Under the deal, Constellation—America’s largest nuclear power provider—will supply 176 megawatts from its Dresden nuclear plant in Illinois, including 30 MW of new capacity. The energy will be delivered under two 15-year contracts beginning in 2029 and 2030.

FedEx Tops Earnings Estimates as Freight Spin-Off Marks Strategic Shift

FedEx (FDX) reported stronger-than-expected fiscal fourth-quarter results Tuesday, closing out a period that included its freight division before the business was spun off into a separate public company earlier this month. The logistics giant posted adjusted earnings of $6.31 per share on revenue of $25.01 billion, both ahead of Wall Street estimates. Results were supported by a 3% year-over-year increase in domestic volume and strength in its FedEx Express segment, which also beat expectations.

Earnings Spotlight: Micron (MU)

Micron Technology is reporting Q3 earnings on June 24 after market close.  Analysts expect MU to nearly quadruple its third-quarter revenue to roughly $35 billion on a more than 10x increase in adjusted per-share earnings to $20.81. 

What's Ahead

A sharp tech selloff has put added attention on Micron (MU) ahead of its earnings release today, as investors look for signals on the durability of memory demand. Shares in the memory chipmaker fell more than 13% after hitting a record closing high on Monday.

June 24: May new home sales, Fed bank stress test results, and expected earnings from Micron (MU), Paychex (PAYX), and Jefferies Financial (JEF).
June 25: May PCE prices, Q1 GDP final estimate, May durable orders, and expected earnings from Darden Restaurants (DRI).
June 26: University of Michigan final June consumer sentiment.
June 29: No major earnings or data expected.
June 30: June consumer confidence and expected earnings from Nike (NKE) and Constellation Brands (STZ).