US stocks: Nasdaq slips before PCE, June 26, 2026
June 26, 2026
Wall Street is inching forward with the brakes on before a major inflation test. The Nasdaq booked a fourth straight decline on Thursday while the dollar climbed to a 13-month high. Traders are holding their breath ahead of the May PCE price index, due at 8:30 a.m. Eastern.
A two-speed tech sector
The drop came from the market's heavyweights. Apple lost close to 6% after raising prices on its MacBook and iPad, and Microsoft shed 3.23% following a price increase on the Xbox. Both blamed the jump in memory-chip costs. Those increases reflect both supply-chain strain and pricier semiconductors, pressures the tech giants are now passing on to customers. The Nasdaq Composite fell 0.46% to 25,358.60, its first four-day losing streak since February. The S&P 500 was flat at 7,357.49, and only the Dow Jones held up, rising 0.14% to 51,920.62. In Europe, the DAX gained almost 1% toward 25,000, helped by Bayer, up 19% after a US court win over Roundup.
Micron reassures on AI
In the middle of the gloom, Micron stole the show. The memory maker jumped 17% after revenue of $41.46 billion, nearly four times last year's figure, and adjusted earnings of $25.11 per share, well above the $20.78 expected. "Micron's earnings have provided fresh reassurance that the AI investment cycle remains firmly intact," said Daniela Hathorn, senior market analyst at Capital.com, pointing to strong data-center demand. The same memory shortage that lifts Micron also makes Apple's devices more expensive, which captures the tension of the moment.
The dollar runs the show
In currencies, the greenback is crushing everything. The dollar index pushed above 100, its highest in 13 months, fueled by bets on Fed tightening. The Federal Reserve held rates at 3.50%-3.75% on June 17, but nine of its eighteen members now expect a hike before year-end. "Right now, the dollar is pricing in higher rates and is gaining on that," said Tommy von Bromsen, FX strategist at Handelsbanken. The euro is stuck near $1.15. Gold pays the price and slips back below $4,000 an ounce, an eight-month low, while oil recovers, with Brent up nearly 2% at $74.70.
Crypto underwater
The crypto market is extending its long slump. Bitcoin sinks below $60,000, its lowest in years, and ether drifts toward $1,600. Since the start of the month, money has been leaving exchange-traded funds for AI stocks, a move that strips bitcoin of its main source of buying. Steady ETF outflows and regulatory uncertainty add to the pressure. Ether has now erased much of its spring rebound.
Today's key levels
| Instrument | Level / Price | Change | Watch |
|---|---|---|---|
| S&P 500 | 7,357.49 | -0.01% | Reaction to PCE |
| Nasdaq Composite | 25,358.60 | -0.46% | Four-day losing streak |
| Dow Jones | 51,920.62 | +0.14% | Defensive rotation |
| DAX | 25,000 | +1.0% | European outperformance |
| Brent | $74.70 | +2.0% | Oil rebound |
| Bitcoin | $60,000 | -2.7% | Psychological line |
Economic calendar
At 8:30 a.m. Eastern, the May PCE price index sets the tone. The consensus looks for +3.4% year over year on the core measure and +4.1% on the headline, which would be a multi-month high. A hotter-than-expected print would harden the case for a Fed hike and could keep the dollar on the front foot. At 10:00 a.m. Eastern, the final University of Michigan consumer sentiment reading and its inflation expectations round out the day.
The bottom line
The dollar and inflation are driving the session. The May PCE will decide whether the pressure on gold, tech and crypto continues. Follow it on our daily market page.
This is not investment advice.