Chipping In. The Nasdaq Composite fell again today, but blockbuster earnings from Micron Technology could offer a boost tomorrow.

The tech-heavy index slipped 0.4%. The S&P 500 dipped 0.1%. The Dow Jones Industrial Average rose 182 points, or 0.4%.

It was a fairly quiet afternoon in markets. A majority of stocks closed higher as oil prices and bond yields continued to retreat. Yesterday’s big chip stock selloff hit the brakes, but struggles among some larger key players in the AI space washed out any chances for a solid day of gains.

The iShares Semiconductor exchange-traded fund, or SOXX, rallied about 2.5% off its intraday low to finish the day down just 0.1%.

The best news for markets happened after the closing bell rang. Micron reported adjusted earnings of $25.11 a share and revenue of $41.5 billion. The memory chip maker smashed the consensus expectations for earnings of $20.86 a share and revenue of $35.9 billion, reports Barron’s Adam Levine. He writes:

Micron’s closely-watched adjusted gross margin was 85%, again beating Wall Street’s consensus. Adjusted operating margin was 81%. The metrics all set records.

Guidance for the fiscal fourth quarter was similarly strong, suggesting Micron’s memory sales are set to reach yet more highs in the current quarter.

Micron shares surged 13% in after-hours trading, and the SOXX ETF rallied 3.7%. Mizuho’s Daniel O’Regan wrote this afternoon that many now see Micron as “one of the most important stocks in the world.”

This earnings report could be just what the stalled-out Nasdaq rally needs this month. Unless, of course, tomorrow morning’s personal consumption expenditures price index rains on Wall Street’s party.

-	Last	Chg%
↑ Dow Jones Industrial Average	51,848.90	+0.35%
↓ S&P 500 Index	7,358.22	-0.10%
↓ NASDAQ Composite Index	25,476.64	-0.43%

6/24/2026, 8:00:31 PM ET

The Hot Stock: Builders FirstSource +11.3%
The Biggest Loser: Apollo Global Management -6.1%

Best Sector: Industrials +1.2%
Worst Sector: Energy -1.7%

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Google This: The Dow Is Chopped

Alphabet is finally joining the Dow, but you still shouldn’t use the blue-chip index as a market benchmark.

Google’s parent company will replace Verizon in the Dow before the market opens on June 29. The move could go a long way toward helping bring the second-oldest U.S. market index into the 21st century. Nvidia joined in 2024; Amazon.com, Microsoft and Apple are also members.

But adding Alphabet won’t save the Dow from its other shortcomings, and the blue-chip index’s enduring popularity continues to confound me. Call me a Dow hater, if you must.

I understand the appeal in the 19th century. But these days, there are so many other better options out there. The S&P 500 offers a broader range of stocks, while the Nasdaq 100 gives a better idea of the largest tech stocks. Other smaller indexes and ETFs can give investors a sense of what’s happening in any given part of the market.

The Dow only includes 30 blue-chip stocks and weighs its members by share price, rather than market cap. That strategy has a lot of downsides. A company’s stock price is meaningless compared to its market cap, and it’s a metric that can’t be compared between companies. In practice, that means that the Dow is heavily swayed by members with higher prices, like Goldman Sachs and Caterpillar. While larger stocks overwhelm the S&P 500, at least companies like Nvidia and Apple have the market value to back up that status.

Of course, not everyone agrees with me. Frank Cappelleri, founder of technical analysis firm CappThesis, gave me a compelling case for the Dow. He says:

While the DJIA holds just 30 stocks and uses a price-weighted methodology, it is still a good gauge of the broader market because its “blue-chip” makeup keeps sector exposure relatively balanced. Technology, Healthcare, and Industrials each account for roughly 15–20%, with Financials currently being the heaviest at around 28%. (It also has ZERO exposure to Materials, Real Estate or Utilities.) While it’s not perfect, the biggest advantage is that a single sector rarely dominates the index.

Cappelleri also pointed out that despite their different constructions, the RSP ETF and the Dow often arrive at very similar results. If you’re looking to filter out the worst of Big Tech influences, the Dow does accomplish that.

For me, it’s hard to look past the influence Caterpillar has on this index though. So at the risk of embarrassing myself with Gen-Z slang, I’ll stand my ground: The Dow is chopped!

The Calendar

Darden Restaurants, FedEx Freight, and McCormick report earnings tomorrow.

The Bureau of Economic Analysis releases the personal consumption expenditures price index for May. The headline PCE rose at a 3.8% annual rate in April. The core PCE, which excludes volatile food and energy prices, is expected to rise at a 0.4% monthly rate, compared to 0.2% in April.

The Census Bureau releases the durable goods report for May. Consensus estimate is for an 0.8% month-over-month rise in new orders for manufactured durable goods.

What We’re Reading Today

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