Major indices are rebounding ahead of Micron's (MU) heavily anticipated earnings, due after the bell.

Consumer Discretionary (XLY) is in the lead and getting a notable boost from homebuilders and travel names as rates and oil prices decline. The move lower in oil prices is also pushing Industrials (XLI) into 2^nd place and Energy (XLE) into last place.

Trump took to Truth to highlight that shipping traffic through the strait has surged and that ships navigating the waterway are paying no tolls or charges. This comes as oil tests the $70 level.

The move in oil is also contributing to rates moving lower, with the Ten Year Treasury Yield (TNX) falling 8.7 basis points.

In other news, Trump canceled the signing ceremony for the new housing bill and reiterated his call to pass the Save America Act first. The bill, known as the 21st Century ROAD to Housing Act, aims to lower housing costs by boosting supply, easing building regulations, and barring large institutional investors from buying more single-family homes.

Economic Data

New home sales for May were also released and showed a 7.3% M/M decline, accelerating the 5.7% decline in April.

Meanwhile, building permits for May were revised lower to a 0.9% decline from a 0.7% decline.

Micron on Deck

Micron (MU) is set to report after the bell. Investors will focus on high-bandwidth memory (HBM) demand and capacity commitments into 2027 given Micron's role supplying memory for AI accelerators, plus pricing trends across DRAM and NAND for signs the upcycle is extending. In addition, the Street wants to see whether gross margin can hold near the guided mark and whether forward guidance supports continued growth into fiscal 2027. 

Comments

Option traders 'own' the MU price action. As last quarter, my comment on Stocktwits: MU DON'T BE SURPRISED IF THE OPTION GUYS 'HOLD' THE PRICE DOWN JUST LIKE THEY DID LAST TIME. THEY HAVE ENOUGH AMMUNITION. May need to wait until next week until the 'REAL' price appears. Fleming Cook Hobbs on 6/24/2026 2:24:28 PM

Tweet

 

Home | Products & Services | Education | In The Media | Help | About Us | Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.