Daily US Equity Report 2026-06-24 (Wed)
6/23 (Tue): a global tech rout and semiconductor slaughter — KOSPI down nearly -10% dragged the Asian chain; the three major indices closed at one-week lows, money rotated into defensives, VIX spiked to 19.49. Micron reports tonight 6/24.
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US Stocks 06/24 [Global tech rout, semiconductors slaughtered: Nasdaq -2.21% at 25,587 / S&P -1.44% / SMH -7.01%; Korea's KOSPI down nearly -10% adding pressure, SNDK -13.64% / MU -13.18% sliding ahead of earnings, ARM -10.14% / MRVL -9.36%, equipment LRCX -9.33% / KLAC -9.17% / AMAT -8.48% all collapsed; money rotated into defensives IBM +5.04% / JNJ +3.37% / tobacco-pharma-telecom; VIX spiked +12.79% to 19.49, breadth 87:112; 6/24 MU earnings ⭐⭐⭐ + 6/25 PCE imminent]
Data as of：2026-06-23 (Tue) actual U.S. close · Generated：Taipei 6/24 07:00
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🎯 Today's (6/24) Focus
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One-line summary
6/23 (Tue) global tech rout, semiconductors slaughtered: Korea's KOSPI down nearly -10% dragged the Asian supply chain; U.S. stocks extended AI capex anxiety + BofA rate-hike warning, and the three major indices all closed at one-week lows:Dow -0.09% at 51,666.84, S&P -1.44% at 7,365.46, Nasdaq -2.21% at 25,587.04; SMH -7.01% Semiconductors collapsed across the board, MU -13.18% / SNDK -13.64% slumped ahead of earnings; money rotated into defensives (IBM / JNJ / tobacco-pharma-telecom); VIX spiked +12.79% to 19.49, breadth turned negative 87:112.
Key themes
▲ Defensives / Healthcare / Tobacco-Telecom rose against the trend IBM +5.04%, PGR +4.01%, MRK +3.57%, JNJ +3.37%, NVO +3.36%, T +3.21%, PM +3.19%, NOW +3.15%, ABT +3.07%, VZ +3.02%
▼ Memory / Semiconductors / Equipment / Power slaughtered SNDK -13.64%, MU -13.18%, VRT -11.07%, ARM -10.14%, MRVL -9.36%, LRCX -9.33%, KLAC -9.17%, ADI -8.58%, AMAT -8.48%, WDC -8.45%, TXN -8.40%, GEV -8.21%, QCOM -8.01%, ASML -7.82%, GLW -7.51%, INTC -6.14%, NVDA -4.13%
↳ “Semiconductor slaughter, flight to defensives” — a broad risk-off move; yesterday's lone leaders in memory / equipment led the decline today, with money rotating into low-beta defensives.
Policy & liquidity
Global tech sell-off Korea's KOSPI plunged nearly -10% in a single day; the Asian chip-chain collapse spilled over, the market kept questioning the returns on “debt-financed AI capex,” and semiconductors became the hardest-hit source of redemptions
Rate-hike warning & rates BofA flagged the possibility of a rate hike and the market braced for a more hawkish Fed; the 10Y yield rose to about 4.49% (+4bp), DXY 101.39 (+0.37%) strengthened, pressuring high-multiple growth stocks
Risk & breadth VIX spiked +12.79% to 19.49, VXN spiked +16.99% to 32.37, breadth turned negative (of the top 200, 87 advancers vs 112 decliners); fear is rising but not yet out of control
🔍 3 Focus Points to Watch
• Tonight 6/24 MU FY26 Q3 earnings ⭐⭐⭐ — Micron was slaughtered the day before its earnings, MU -13.18% at $1,051, SNDK -13.64%; the entire memory / equipment chain collapsed as the market de-risked on a “sell first, ask later” basis.Tonight's (6/24) after-hours Micron earningsare the ultimate test of the HBM/DRAM price-hike cycle: consensus revenue is about $34.5B and EPS about 19.95, with options pricing a ±17% single-day move; Fwd P/E is just 8.7x, and whether the numbers and next-quarter guidance can stop the bleeding is a make-or-break battle for the memory bulls.
• Whether the semiconductor sell-off finds a bottom ⭐⭐⭐ — Korea's KOSPI down nearly -10% set off a global chip-stock domino, SMH -7.01% on the day, and the market questioned the returns on “debt-financed AI capex”; the 20D main list shrank from 15 to 11 names (ARM / AMD / ASML / ASX dropped out). Watch whether tonight's MU earnings can reverse the sell-off and whether semis stage a technical rebound — it will determine Nasdaq's near-term structure.
• 6/25 PCE inflation data ⭐⭐ — BofA's rate-hike warning + the yield rising to ~4.49% have the market bracing for a more hawkish Fed; April core PCE already climbed to 3.30% (prior 3.20%), and inflation stickiness remains unresolved.This Thursday 6/25's May PCE is the key test of rate-hike expectations; a hot print could again pressure high-multiple tech and intensify selling in semiconductors.
⚡ This week's cadence：6/22 (Mon) AI-capex doubts hit mega-cap tech while memory bucked the trend → 6/23 (Tue, done) global tech rout, semiconductors slaughtered, flight to defensives → 6/24 (Wed) MU earnings ⭐⭐⭐ (tonight after-hours) → 6/25 (Thu) May PCE ⭐⭐ + Q1 GDP final → 6/26 (Fri) NKE earnings + final UMich consumer sentiment
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🌡 Macro Risk Signals 6/23 close · Futu / CNN actuals
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📅 Earnings / Major Events — Next 2 Weeks 6/24 - 7/4
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💡 Key Observations
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🔎 Focus Stocks: MU / SNDK / WDC / NVDA Memory group slaughtered ahead of earnings
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| 🚀 Momentum Picks — 5 StocksSelection logic: a momentum × relative-valuation two-factor screen — strong across all three windows (5D/10D/20D) and with a Fwd P/E inside the industry's reasonable range (a valuation gate removes the overly expensive), ranked by a combined “momentum strength × valuation cheapness”; revenue / earnings / narratives are not considered |
1DELL DellAI servers 5D +4.57%10D +6.74%20D +44.92%Fwd P/E 20.0Market cap $277.3B The only name aligned across all three windows and rising against the trend during the rout: +2.17% green amid the 6/23 broad collapse, with 5D/10D/20D all positive (4.6/6.7/44.9) and 20D atop the list; Fwd just 20x, AI-server valuation reasonable — ranks first on the combined momentum × cheapness score. |
2AMAT Applied MaterialsSemiconductor equipment 5D +0.02%10D +19.04%20D +35.57%Fwd P/E 36.0Market cap $465.2B The only equipment name turning positive across all three windows: though -8.48% with the chain on 6/23, 5D held positive and 10D/20D were strong (0/19/36); Fwd 36x sits mid-band for equipment (25–55) and is reasonable — ranks second on momentum. |
3APH AmphenolConnectors 5D +0.22%10D +10.52%20D +20.35%Fwd P/E 27.9Market cap $195.2B Connector name aligned across three windows: -4.23% on 6/23, relatively resilient, 5D/10D/20D all positive (0.2/10.5/20.4); Fwd 27.9x reasonable, AI-server connectivity / cabling demand steady — ranks third on moderate momentum. |
4GE GE AerospaceAerospace engines 5D +4.15%10D +10.69%20D +17.71%Fwd P/E 41.0Market cap $371.9B A non-semiconductor safe harbor: +0.38% against the trend on 6/23, 5D/10D/20D all positive (4.2/10.7/17.7); aerospace-engine demand is independent of the chip cycle, Fwd 41x is a bit high but momentum is steady and it holds up well. |
5PANW Palo AltoNetwork cybersecurity 5D +2.24%10D +9.23%20D +11.64%Fwd P/E 70.7Market cap $237.1B Cybersecurity was today's safe harbor: +1.58% against the trend on 6/23, the group all green (CRWD +0.81% / FTNT +1.80% rose together), 5D/10D/20D all positive (2.2/9.2/11.6); Fwd 70.7x is pricey — a valuation flag — but its defensive profile and three-window momentum earn it a spot. |
*This “momentum picks” uses a momentum + relative-valuation two-factor ranking: the universe is the top 200 by market cap, requiring 5D/10D/20D positive across all three windows, and uses each industry's reasonable Fwd P/E range as a valuation gate.The 6/23 semiconductor slaughter pushed most memory / equipment leaders' 5D negative, knocking them out(MU 5D -3.33% / SNDK -6.84% / KLAC -4.65% / LRCX -4.46% fail the three-window alignment; INTC 85x, HOOD 36x exceed the financials band, STX · WDC 37x+ exceed the upper edge (25) of the memory/storage band — flagged on valuation); the passing list shrank markedly this period, and PANW, though pricey at 70.7x, still made the list for its cybersecurity safe-haven profile and is valuation-flagged. Each % is the Futu 6/23 close, 10D is computed by Yahoo, and Fwd P/E is Yahoo's same-day value. High-momentum names also pull back fast — be sure to set stop-losses and position limits. This information is for reference only and does not constitute investment advice.
📋 Full ListTop 200 by market cap · 20D gain > 20% · sorted by 20D
Memory / CPU
Logic / ASIC / Hardware
Software / Cybersecurity
Non-tech ｜
Green=up on 6/23
Red=down on 6/23
| Ticker / Name | Price | Gain (20D) | 1D (6/23) | 5D | 20D | YTD | Fwd P/E | Net income ($100M) | Market cap ($100M) | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| DELL DellAI servers | 427.78 | +2.17% | +4.57% | +44.92% | +242.37% | 20.0 | 84 as of 5/1 | 2,773 | |||
| MRVL MarvellASIC / networking chips | 279.04 | -9.36% | -9.66% | +42.13% | +228.76% | 45.2 | 25 as of 5/2 | 2,441 | |||
| HOOD RobinhoodBrokerage / Financials | 103.25 | -2.33% | +5.23% | +40.21% | -8.71% | 35.7 | 19 as of 3/31 | 930 | |||
| MU MicronDRAM/HBM/NAND | 1,051.77 | -13.18% | -3.33% | +40.05% | +268.67% | 8.7 | 241 as of 2/26 | 11,900 | |||
| WDC Western DigitalHDD storage | 670.75 | -8.45% | +2.63% | +38.54% | +289.65% | 37.2 | 64 as of 4/3 | 2,312 | |||
| AMAT Applied MaterialsSemiconductor equipment | 585.88 | -8.48% | +0.02% | +35.57% | +128.55% | 36.0 | 85 as of 4/26 | 4,652 | |||
| SNDK SanDiskNAND | 1,963.60 | -13.64% | -6.84% | +32.79% | +727.20% | 10.7 | 45 as of 4/3 | 2,908 | |||
| KLAC KLASemiconductor equipment | 244.49 | -9.17% | -4.65% | +29.47% | +101.73% | 48.3 | 47 as of 3/31 | 3,194 | |||
| STX SeagateHDD storage | 1,038.59 | -5.07% | +1.94% | +27.79% | +277.79% | 38.3 | 24 as of 4/3 | 2,329 | |||
| LRCX Lam ResearchSemiconductor equipment | 371.33 | -9.33% | -4.46% | +21.69% | +117.34% | 46.4 | 67 as of 3/29 | 4,644 | |||
| APH AmphenolConnectors | 158.70 | -4.23% | +0.22% | +20.35% | +17.84% | 27.9 | 45 as of 3/31 | 1,952 |
*List (20D gain > 20%): this period totals 11 names(15 the prior trading day; after the 6/23 slaughter ARM / AMD / ASML / ASX fell out of the 20% threshold).DELL tops the list at 20D +44.92%, MRVL +42.13% in 2nd, HOOD +40.21% in 3rd, though all except DELL fell sharply in the single 6/23 session. The gain bar chart uses DELL's 20D +44.92% as the 100% baseline, with bar color = industry category. Net income = sum of the last four quarters (TTM), in units of $100M (each stock's “as of M/D” is its latest reported quarter-end); needs updating after the next quarter's release.
📋 Full List (5D momentum)Top 200 by market cap · 5D gain > 10% · sorted by 5D
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0 names qualify this period — the 6/23 broad sell-off wiped out 5D momentum
Among the top 200 by market capno stock has a 5D gain > 10%(18 the prior trading day). The semiconductor slaughter caused yesterday's 5D-strong groups (BE / WDC / MU / GEV / VRT / STX, etc.) to give back all their 5D momentum; the highest 5D in the whole market was just NVO +7.97%(pharma safe-haven), followed by WMB +6.01% / PGR +5.99% / ABBV +5.94% / GEV +5.76%, none reaching the 10% threshold. Near-term momentum has passed to defensives / healthcare, and semiconductor momentum must wait for the 6/24 MU earnings to reset.
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🤖 AI Sub-sector Breakdown After the 6/23 close · 20D average
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📈 Breadth Snapshot Top 200 by market cap · 6/23 advancers vs decliners
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*6/23 breadthturned negative (0.78:1, 87 advancers vs 112 decliners, 1 unchanged), presenting a “Semiconductor slaughter, flight to defensives” broad risk-off — semiconductors / memory / equipment / power groups nearly all collapsed (SMH -7.01%), money rotated into defensives / healthcare / tobacco / telecom (IBM / JNJ / MRK / PM / T), the Dow stayed nearly flat on defensives (-0.09%) while the Nasdaq plunged -2.21%. The global tech sell-off (KOSPI down nearly -10%) + BofA's rate-hike warning were the main drivers of the rout.
🔁 6/22 → 6/23 Change Tracker
| Stock | 6/22 close (back-calc.) | 6/23 close | 6/23 change | Key change |
|---|---|---|---|---|
| SNDK SanDisk | $2,273.97 | $1,963.60 | -13.64% | Biggest loser of the day; broke below $2,000, the pure-play NAND maker the hardest hit |
| MU Micron | $1,211.67 | $1,051.77 | -13.18% | Slaughtered the day before earnings; FY26 Q3 earnings tonight 6/24 after-hours |
| VRT Vertiv | $357.94 | $318.32 | -11.07% | Data-center power flipped from strong to weak, led the day's decline |
| ARM Arm | $407.73 | $366.39 | -10.14% | High-valuation pullback, 20D fell to +19.54%, dropping off the main list |
| MRVL Marvell | $307.86 | $279.04 | -9.36% | The design leader plunged, 20D still ranks 2nd on the list |
| KLAC KLA | $269.17 | $244.49 | -9.17% | Semiconductor equipment collapsed broadly, 20D +29.47% |
| AMAT Applied Materials | $640.17 | $585.88 | -8.48% | Equipment chain gave back, 20D still +35.57%, resilient |
| NVDA Nvidia | $208.66 | $200.04 | -4.13% | Slipped to the edge of $200, AI heavyweight relatively weak |
| IBM IBM | $252.23 | $264.94 | +5.04% | Defensive safe-havens led the gains; the day's top gainer |
| JNJ Johnson & Johnson | $231.29 | $239.08 | +3.37% | Healthcare defensive against the trend, a flagship safe-haven for capital |
*From 6/22→6/23 the main theme reversed from “memory strong against the trend” to “global tech rout, semiconductors slaughtered”: yesterday's leaders in memory / equipment / power led the decline today (SNDK -13.64% / MU -13.18% / VRT -11.07% / KLAC -9.17%), and money rotated into defensives (IBM +5.04% / JNJ +3.37%).The 20D main list shrank from 15 to 11 names: ARM, AMD, ASML, ASX dropped off as their 20D fell below the 20% threshold. The back-calculated prior-day close = 6/23 close ÷ (1 + 6/23 change%).
📝 Summary Core takeaways after the 6/23 close
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① Market structure: global tech rout, semiconductors slaughtered, and the three major indices all closed at one-week lows:Dow -0.09% at 51,666.84, S&P -1.44% at 7,365.46, Nasdaq -2.21% at 25,587.04, SMH -7.01% led the decline, Russell (IWM) -0.96% relatively resilient.VIX spiked +12.79% to 19.49, VXN spiked +16.99% to 32.37, 10Y ~4.49%, DXY 101.39. Breadth turned negative (87 advancers vs 112 decliners, 0.78:1) — a broad risk-off of “semiconductor slaughter, flight to defensives.”
② Theme 1: Global tech rout, semiconductors slaughtered: the selling began in Asia (Korea's KOSPI down nearly -10% in a single day), the market questioned the returns on “debt-financed AI capex” + BofA's rate-hike warning, triggering SMH -7.01%: SNDK -13.64% / MU -13.18% / ARM -10.14% / MRVL -9.36%, with even equipment names LRCX / KLAC / AMAT all collapsing (-8% to -9%). Yesterday's lone-strong memory / equipment became today's biggest ATM for redemptions.
③ Theme 2: Money rotates into defensives for safety: amid risk-aversion, money moved heavily into low-beta defensives: IBM +5.04% / JNJ +3.37% / MRK +3.57% / tobacco PM · MO · BTI +3% / telecom T · VZ +3%, and the Dow stayed nearly flat on defensives (-0.09%). AI cybersecurity was green against the trend (PANW +1.58% / FTNT +1.80% / CRWD +0.81%), one of tech's few safe harbors.
④ Theme 3: MU slaughtered on earnings eve, 5D momentum wiped out: memory leader MU was crushed -13.18% to $1,051 the day before its 6/24 after-hours earnings tonight, SNDK -13.64%; the market de-risked on a “sell first, ask later” basis. The broad semiconductor give-back left the 5D momentum list with 0 qualifiers(18 the prior trading day; no stock with 5D > 10%), and near-term momentum passed to defensives / healthcare.
⑤ List changes: the 20D main list shrank from 15 to 11 names(ARM / AMD / ASML / ASX fell out of the 20% threshold): DELL tops the list at +44.92%, MRVL +42.13% 2nd, HOOD +40.21% 3rd, though all except DELL fell sharply on the day. The 5D momentum list has 0 names(5D > 10%). Sub-sectors: Memory/HDD +34.8% > Equipment +23.9% > AI servers +21.8% > Logic/ASIC +10.0% > Cybersecurity +8.3% > CPU +3.8% > Power +1.6% > Software/AI cloud -6.2% at the bottom.
⑥ Conclusion & this week's strategy: the global tech sell-off + BofA's rate-hike warning triggered the semiconductor slaughter and flight to defensives, with the three major indices closing at one-week lows. On positioning: the semiconductor / memory groups' near-term momentum is wiped out and selling may persist; tonight's 6/24 MU earnings(options pricing ±17%) are make-or-break for whether the memory bulls can stop the bleeding; ahead of the print, set strict stop-losses and position limits and avoid catching the falling knife. DELL (20D +44.92%, green against the trend) and AI cybersecurity / defensives (IBM / JNJ / PANW) are the relatively resilient mainlines on the board. The next hurdle is 6/25 PCE, where a hot print could intensify the selling.
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Data sources: Futu top-200 U.S. stocks by market cap (6/23 close), Yahoo Finance (indices / ETFs / risk metrics / Fwd P/E / net income), CNN Fear & Greed Index (estimated).
This report is for reference only and does not constitute investment advice. All percentages are Futu / Yahoo actuals; F&G and S&P / NDX P/E are non-real-time estimated values.
DAILY US EQUITY · 2026-06-24 (6/23 U.S. close)
This report is for reference only and does not constitute investment advice. All percentages are Futu / Yahoo actuals; F&G and S&P / NDX P/E are non-real-time estimated values.
DAILY US EQUITY · 2026-06-24 (6/23 U.S. close)
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