Daily US Equity Report 2026-06-25 (Thu)
US 06/25 — Micron's earnings blowout (+14.9% after-hours to $1,205) reignites the memory rally; on 6/24 cash equities stabilized with rotation into defensive consumer (Dow +0.35% / S&P -0.10% / Nasdaq -0.43% / SMH -0.50%). Tonight: 6/25 PCE.
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US 06/25 [MU earnings blowout, +14.9% after-hours reignites the memory rally: on 6/24 cash equities consolidated in a tight range and stabilized, with rotation into defensive consumer (Dow +0.35% at 51,848 / S&P -0.10% / Nasdaq -0.43% / SMH -0.50%); after the close Micron's FY26 Q3 revenue $41.5B +346%, EPS 25.11, Q4 guidance $50.0Bboth blew past expectations; +14.9% after-hours to $1,205. In the cash session BKNG +7.29% / GLW +6.06% / SHOP +6.03% / UBER +6.00% / HD +5.67% led with travel, consumer and healthcare, while ORCL -4.62% / STX -4.30% / WDC -4.01% storage and software stayed weak; oil crashed -4.5%, VIX fell -4.41% to 18.63, breadth 85:108; tonight 6/25 PCE ⭐⭐]
Data as of: 2026-06-24 (Wed) actual U.S. closing prints · Generated: Taipei 6/25 07:00
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🎯 Today's (6/25) Key Watch Points
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One-line summary
The day after 6/24's (Wed) bloodbath, cash equities consolidated in a tight range and stabilized ahead of MU: the three major indices diverged — Dow +0.35% at 51,848.90(led by defensive consumer), S&P -0.10% at 7,358.22, Nasdaq -0.43% at 25,476.63, SMH -0.50% as semis dipped slightly on a wait-and-see tone; oil crashed -4.5%, the 10Y eased to 4.40%, VIX cooled -4.41% to 18.63.After the close, Micron's FY26 Q3 revenue $41.5B (+346%), EPS 25.11 and Q4 guidance of $50.0B both blew past expectations, MU spiked +14.9% after-hours to $1,205, reigniting the AI memory rally.
Main themes
▲ Travel / Consumer / Healthcare / Materials rebound BKNG +7.29%, GLW +6.06%, SHOP +6.03%, UBER +6.00%, HD +5.67%, DHR +5.53%, TMO +4.87%, ASX +3.95%
▼ Storage / Software / Energy / Copper stay weak ORCL -4.62%, STX -4.30%, WDC -4.01%, NEM -3.88%, SCCO -3.77%, BP -3.74%, PLTR -2.74%
↳ “Stabilizing the day after the bloodbath, rotating into consumer and healthcare” + after-hours MU blowout +14.9% → a last-ditch comeback for the memory bulls, breathing new life into the AI trade.
Policy & Liquidity
MU earnings blowout After-hours Q3 revenue $41.5B (+346% YoY) vs $35.6B expected, adj EPS 25.11 vs 20.60, Q4 guidance $50.0B ±$1.0B vs $42.9B; shares after-hours +14.9% to $1,205, HBM capacity fully sold out — the price-hike cycle gets its ultimate confirmation
Oil & Rates pull back WTI / Brent both crashed over -4%, USO -4.47%the 10Y yield eased to about 4.40%; geopolitics cooling + the oil crash easing inflation pressure, IWM +0.46% small caps perked up
Risk & Breadth VIX fell -4.41% to 18.63, VXN -6.77% to 30.18, panic fading; breadth 85 up vs 108 down still slightly negative, but narrower than the prior day's 87:112
🔍 3 Focus Points to Watch
• Can the memory chain fully ignite after MU's blowout ⭐⭐⭐ — Micron's Q3 / Q4 both blew past expectations, after-hours +14.9% to $1,205, HBM fully sold out, Q4 guidance of $50.0B a record all-time high.Tonight (6/25) SNDK / WDC / STX / the equipment chain may follow higher, watch whether the open extends a ‘buy-the-fact’ advance or turns into ‘sell-the-news’ profit-taking — it will set the tone for how long the memory bulls can run.
• 6/25 PCE inflation data ⭐⭐ — May core PCE consensus estimate +3.3% YoY, headline PCE +4.1%(April 3.8%); economists broadly expect inflation to peak this month. A hot print could weigh on the just-recovering high-multiple tech and dilute the rebound from MU's good news; the same day also brings the final Q1 GDP reading.
• Can the oil crash + falling rates support the rebound ⭐⭐ — cooling geopolitics drove oil down -4.5% and the 10Y to 4.40%, helping valuation repair and a recovery in IWM small caps. However ORCL -4.62% / software & AI cloud stayed weak, and the rebound's breadth is still narrow (85:108); watch whether MU's good news can broaden to the whole market.
⚡ This week's rhythm: 6/23 (Tue) global tech stocks hammered, semis bloodbath → 6/24 (Wed · done) cash equities stabilized and consolidated + after-hours MU blowout +14.9% → 6/25 (Thu) May PCE ⭐⭐ + final Q1 GDP(tonight) + memory-chain reaction after MU's results → 6/26 (Fri) NKE earnings + final UMich consumer sentiment
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🏛 Market Backdrop 6/24 close
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🌡 Macro Risk Signals 6/24 close · Futu / CNN actuals
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📅 Earnings / Key Events — Next 2 Weeks 6/25 - 7/5
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💡 Key Observations
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🔎 Focus Stocks: MU / SNDK / WDC / NVDA Memory group earnings blowout
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| 🚀 Momentum Picks — Top 5Selection logic: a momentum × relative-valuation two-factor screen — 5D/10D/20D strong across all three windows, with Fwd P/E within the industry's reasonable range (the valuation gate removes the overpriced), ranked by ‘momentum strength × valuation cheapness’; ignores revenue / earnings / narrative |
1DELL DellAI servers 5D +7.42%10D +13.69%20D +42.28%Fwd P/E 20.3market cap $281.3B Still strong the day after the bloodbath, leading across all three windows: 6/24 +1.47% closed green against the tide, 5D/10D/20D all positive (7.4/13.7/42.3) with 20D atop the board, Fwd just 20x — reasonable AI-server valuation, ranking 1st on momentum × cheapness. |
2MU MicronDRAM/HBM/NAND 5D +2.72%10D +12.03%20D +17.04%Fwd P/E 8.6 ★cheapestmarket cap $1.18T Three windows turned positive + cheapest valuation + earnings blowout: 5D flipped from negative to positive (5D/10D/20D 2.7/12.0/17.0), Fwd just 8.6x — lowest of all semis, after-hours Q3/Q4 both beat +14.9%; warming momentum plus rock-bottom valuation ranks it 2nd. |
3AMAT Applied MaterialsSemiconductor equipment 5D +3.65%10D +17.98%20D +29.48%Fwd P/E 36.1market cap $467.6B Strongest of the equipment group across all three windows: 6/24 +0.53% closed green against the tide, 5D/10D/20D all positive (3.7/18.0/29.5), Fwd 36x mid-range within the equipment band (25–55) — reasonable valuation, momentum ranks 3rd. |
4KLAC KLASemiconductor equipment 5D +1.33%10D +12.41%20D +19.56%Fwd P/E 47.5market cap $314.1B Equipment/metrology aligned across three windows: 6/24 -1.64% slight dip, 5D/10D/20D all positive (1.3/12.4/19.6), Fwd 47.5x at the upper edge of the equipment band — acceptable valuation; with AMAT it forms the equipment-momentum duo, ranking 4th. |
5APH AmphenolConnectors 5D +2.65%10D +5.81%20D +16.81%Fwd P/E 28.6market cap $200.3B Connectors aligned across three windows + closed green against the tide: 6/24 +2.57% rebound, 5D/10D/20D all positive (2.7/5.8/16.8), Fwd 28.6x reasonable valuation; steady AI-server connector / cable demand, mild momentum ranks 5th. |
*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 using each industry's reasonable Fwd P/E range as a valuation gate.On 6/24 cash equities stabilized and many memory / equipment leaders' 5D flipped positive, returning to the list(MU 5D +2.72% / DELL +7.42% / AMAT +3.65% aligned across three windows; MU Fwd 8.6x is the cheapest on the list, earning a big valuation-gate bonus); WDC / SNDK 5D still negative, KLAC joins the equipment duo. Each % is Futu's 6/24 close, 10D computed by Yahoo, Fwd P/E Yahoo's same-day value. High-momentum names also pull back fast — be sure to set stops 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=6/24 up Red=6/24 down
| Ticker / Name | Price | Gain (20D) | 1D (6/24) | 5D | 20D | YTD | Fwd P/E | Net income ($100M) | Market cap ($100M) | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| DELL DellAI servers | 434.06 | +1.47% | +7.42% | +42.28% | +247.40% | 20.3 | 84 as of 5/1 | 2,813 | |||
| MRVL MarvellASIC / networking chips | 276.70 | -0.84% | -0.71% | +32.86% | +226.00% | 44.8 | 25 as of 5/2 | 2,421 | |||
| AMAT Applied MaterialsSemiconductor equipment | 588.97 | +0.53% | +3.65% | +29.48% | +129.75% | 36.1 | 85 as of 4/26 | 4,676 | |||
| WDC Western DigitalHDD storage | 643.83 | -4.01% | -5.47% | +22.75% | +274.01% | 35.7 | 64 as of 4/3 | 2,219 | |||
| SNDK SanDiskNAND | 1,914.46 | -2.50% | -3.87% | +20.44% | +706.50% | 10.5 | 45 as of 4/3 | 2,835 |
*List (20D gain > 20%): this run has 5 names(11 the prior trading day; on 6/24 some memory / equipment names' 20D slipped below the 20% threshold, with KLAC / STX / LRCX / APH / HOOD dropping off).DELL tops the board with 20D +42.28%, MRVL +32.86% 2nd, AMAT +29.48% 3rd. The gain bar chart uses DELL's 20D +42.28% as the 100% baseline; bar color = industry category. Net income= trailing four quarters (TTM), in units of $100M (each stock's ‘as of M/D’ is its latest fiscal-quarter end); to be updated after the next quarter's results.
📋 Full List (5D Momentum)Top 200 by market cap · 5D gain > 10% · sorted by 5D
| Ticker / Name | Price | Gain (5D) | 5D | 20D | 1D (6/24) | YTD | Fwd P/E | Net income ($100M) | Market cap ($100M) | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| BE Bloom EnergyFuel cell | 326.19 | +16.13% | +7.87% | +1.31% | +275.41% | 74.8 | 0 as of 3/31 | 928 | |||
| GLW CorningGlass / fiber optics | 205.83 | +16.01% | +5.09% | +6.06% | +135.87% | 49.0 | 18 as of 3/31 | 1,772 | |||
| INTC IntelCPU / foundry | 131.65 | +12.47% | +6.58% | -0.48% | +256.78% | 85.1 | -32 as of 3/28 | 6,617 | |||
| ASX ASEOSAT | 41.34 | +12.21% | +6.14% | +3.95% | +156.77% | 20.8 | 15 as of 3/31 | 922 |
*List (5D gain > 10%): this run has 4 names(0 the prior trading day; after 6/24's stabilization, BE / GLW / INTC / ASX 5D momentum strengthened and returned to the board).BE +16.13% tops the board, GLW +16.01% close behind, INTC +12.47% 3rd. The gain bar chart uses BE's 5D +16.13% as the 100% baseline; bar color = industry category. ASX's net income is an approximate USD conversion from TWD (reporting currency TWD). Net income= trailing four quarters (TTM), in units of $100M (INTC is a loss, shown in red; each stock's ‘as of M/D’ is its latest fiscal-quarter end); to be updated after the next quarter's results.
🤖 AI Sub-sector Breakdown After 6/24 close · 20D average
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📈 Breadth Snapshot Top 200 by market cap · 6/24 advancers vs decliners
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*6/24 breadthslightly negative (0.79:1, 85 up vs 108 down), a bit narrower than the prior day's 87:112, showing a ‘stabilizing the day after the bloodbath, rotating into consumer & healthcare’ setup — travel / consumer / healthcare / OSAT (BKNG / SHOP / HD / TMO / ASX) rebounded, while software & AI cloud / storage / energy (ORCL / STX / WDC / SCCO) stayed weak; the Dow closed green on defensive consumer (+0.35%), Nasdaq -0.43% dipped awaiting MU. The after-hours MU blowout +14.9% sets up tonight's (6/25) counterattack.
🔁 6/23 → 6/24 Change Tracker
| Stock | 6/23 close (back-calculated) | 6/24 close | 6/24 change | Key change |
|---|---|---|---|---|
| MU Micron | $1,051.77 | $1,048.51 | -0.31% | Tight before earnings, after-hours +14.9% blowout to $1,205; Q3/Q4 both beat |
| BKNG Booking | $168.94 | $181.25 | +7.29% | Top gainer of the day; travel & cyclicals led the bounce |
| GLW Corning | $194.07 | $205.83 | +6.06% | Fiber-optic glass rebounded, 5D +16.01% back on the 5D board |
| SHOP Shopify | $107.68 | $114.17 | +6.03% | E-commerce & software rebounded, consumer themes bought back |
| HD Home Depot | $324.46 | $342.86 | +5.67% | Retail consumer rebounded, benefiting from falling rates |
| TMO Thermo Fisher | $469.34 | $492.20 | +4.87% | Medical instruments rebounded, defensive consumer still strong |
| ORCL Oracle | $165.16 | $157.53 | -4.62% | Top loser of the day; software & AI cloud still weak, 20D -18.40% |
| STX Seagate | $1,037.88 | $993.25 | -4.30% | HDD gave back with storage, 20D dropped off the 20% main list |
| WDC Western Digital | $670.73 | $643.83 | -4.01% | Storage consolidated, 20D +22.75% still 4th on the main list |
*The 6/23→6/24 theme shifted from ‘semis bloodbath’ to ‘cash equities stabilize, rotation into consumer & healthcare + after-hours MU blowout’: travel / consumer / healthcare led the bounce (BKNG +7.29% / GLW +6.06% / SHOP +6.03% / HD +5.67%), software / storage stayed weak (ORCL -4.62% / STX -4.30% / WDC -4.01%).After-hours Micron Q3/Q4 both beat, +14.9% to $1,205 — a last-ditch comeback signal for the memory bulls.The 20D main list shrank from 11 to 5 names: KLAC / STX / LRCX / APH / HOOD dropped off as their 20D fell below 20%. Back-calculated prior-day close = 6/24 close ÷ (1 + 6/24 change%).
📝 Summary Core takeaways after the 6/24 close
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① Market structure: the day after the bloodbath, cash equities consolidated in a tight range and stabilized ahead of MU; the three major indices diverged — Dow +0.35% at 51,848.90, S&P -0.10% at 7,358.22, Nasdaq -0.43% at 25,476.63, SMH -0.50% dipped on a wait-and-see tone, Russell (IWM) +0.46% perked up.VIX fell -4.41% to 18.63, VXN -6.77% to 30.18, 10Y ~4.40%, oil crashed -4.5%. Breadth 85 up vs 108 down (0.79:1, narrower than the prior day) — ‘stabilizing the day after the bloodbath, rotating into consumer & healthcare’.
② Theme 1: After-hours MU earnings blowout, memory's last-ditch comeback: Micron's FY26 Q3 revenue $41.5B (+346% YoY) far above the $35.6B estimate, adj EPS 25.11 crushing 20.60, Q4 guidance $50.0B ±$1.0B(vs $42.9B) a record high. HBM fully sold out, the price-hike cycle gets its ultimate confirmation, MU +14.9% after-hours to $1,205, reigniting the entire AI memory trade and setting up a reversal after the prior day's bloodbath.
③ Theme 2: Cash equities rotate into consumer & healthcare, cyclicals rebound: the day after the bloodbath, money rotated back into cyclicals and defensives: BKNG +7.29% / SHOP +6.03% / UBER +6.00% / HD +5.67% / TMO +4.87% / DHR +5.53%, travel, consumer and healthcare led, Dow +0.35% propped up the tape, IWM +0.46% small caps perked up. Oil's -4.5% crash + the 10Y easing to 4.40% help valuation repair.
④ Theme 3: Software & AI cloud / storage stay weak, rebound breadth still narrow: ORCL -4.62% led lower, software & AI cloud last on 20D at -9.0%(PLTR -2.74% / NOW -2.23% / CRM weak); STX / WDC storage consolidated as oil crashed and rates pulled back. Breadth 0.79:1 is still slightly negative, the rebound hasn't broadened fully, awaiting MU's good news to play out tonight.
⑤ List changes: the 20D main list shrank from 11 to 5 names(KLAC / STX / LRCX / APH / HOOD dropped below the 20% threshold): DELL +42.28% tops the board, MRVL +32.86% 2nd, AMAT +29.48% 3rd. The 5D momentum board recovered from 0 to 4 names(BE +16.13% / GLW +16.01% / INTC +12.47% / ASX +12.21%). Sub-sectors: Memory/HDD +19.4% > Equipment +18.3% > AI servers +16.6% > Logic/ASIC +8.2% > Cybersecurity +6.6% > Power +4.4% > CPU -3.0% > Software/AI cloud -9.0% last.
⑥ Conclusion & this week's strategy: the day after the bloodbath, cash equities stabilized and rotated into consumer & healthcare; after the close MU's earnings blowout +14.9% is a last-ditch comeback signal for the memory bulls. On positioning: the memory / equipment group (MU's Fwd 8.6x cheapest + earnings confirmation, DELL 20D +42% still strong against the tide) is the relatively strong main line; but watch the ‘sell-the-news’ risk — scale in rather than chase; software & AI cloud stays weak and shouldn't be bottom-fished.Tonight's 6/25 PCE(core estimate +3.3%) is the biggest variable; a hot print could weigh on the just-recovering high-multiple tech and sap the rebound momentum from MU's good news.
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Sources: Futu top-200 U.S. market-cap list (6/24 close), Yahoo Finance (indices / ETFs / risk metrics / Fwd P/E / net income / MU after-hours), CNN Fear & Greed Index (estimated), company filings and news (MU FY26 Q3).
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 · 2026-06-25 (6/24 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 · 2026-06-25 (6/24 U.S. close)
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