The Nasdaq and S&P 500 closed slightly lower on June 24, with the S&P 500 down 0.08% to 7,358.72 and the Nasdaq down 0.41% to 25,482.46. The Dow Jones Industrial Average bucked the trend, rising 187.97 points, or 0.36%, to 51,854.81 as investors weighed mixed signals from tech stocks and energy markets [1].

This followed broad declines in tech shares on June 22 and 23. On June 22, megacap tech stocks including Alphabet, Meta, Amazon, and Microsoft led the S&P 500 and Nasdaq lower, while the Dow gained 148.01 points to 51,712.71 [2, 3]. SpaceX shares plunged 16.4%, their biggest single-day drop, after announcing a first-ever debt offering and reporting $100.8 billion in cash as of June 19 [2, 3, 4].

The selling pressure continued on June 23, when the Dow dipped 45.87 points (0.09%), S&P 500 fell 1.44% to 7,365.46, and Nasdaq lost 2.21% to 25,587.04 amid technology and AI valuation concerns [4]. Market participants remained cautious about possible Federal Reserve interest rate hikes, adding to recent risk aversion [1, 4].

Micron Technology, whose shares surged nearly 300% in 2026, retreated on June 24 ahead of its quarterly earnings report [2, 1, 3]. The fall in crude oil prices amid US-Iran nuclear talks provided some relief to airline and travel stocks, boosting the S&P 500 passenger airlines index [1]. US President Donald Trump said Iran told Washington no tolls would be sought on tankers in the Strait of Hormuz and confirmed Tehran’s willingness for high-level nuclear inspections, contributing to progress in diplomatic talks [1, 4]. He noted, "The Iranian side is fully and completely willing to accept high-level inspections of its nuclear program. Negotiations would be over if Iran did not agree to this" [4].

Bill Northey, senior investment director at US Bank, said, "This is a very sentiment-driven sector and the group tends to trade together on a day-to-day basis. But as we step back ... some of the strongest fundamentals are within the AI data centre buildout space. That includes both the hyperscalers as well as many of the components that go into that continued buildout." He also noted energy prices easing as a catalyst for consumers and businesses, counterbalanced by the Fed’s hawkish tone under Chair Kevin Warsh [2].

US manufacturing and services activity remained robust in June, with manufacturing PMI hitting 55.7, the highest in 49 months, and services PMI reaching 51.3, a four-month high [4].

Investors will focus on Micron Technology’s earnings report expected after the market close today, which could provide direction for tech shares and the broader market.