Wall Street and its financial media arm have done such a number on us that we are made to fear the known monster demand for all things artificial intelligence (AI). If we show any optimism, we label it irrational. The good news is that while the Fear & Greed Index slipped into “extreme fear,” investors were rotating into other areas of the market that are de facto AI-created opportunities.

Investors made profits in Technology (XLK) and Communication Services (XLC) (with losses on software (IGV) names), but didn’t head for the sidelines; advancers outpaced decliners in other market niches.

• S&P 500 64%
• S&P 400 66%
• S&P 600 74%

I like to see opportunities expand across the factor quilt.

The S&P 600 Small Cap Index (SML) closed at an all-time high.

Micron

Micron Technology (MU) did it! The company posted what is arguably the best year-to-year quarter in corporate history. The numbers are beyond remarkable; yet guidance suggests this party is just getting started.

The stock soared in after-hours trading.

More Metrics and Commentary

Today’s Session

Personal income and spending climbed last month more than expected.  While I have spent a fair amount of time pointing to the outsized spending of the top 10-20% of households, there is no doubt that spending is an American pastime that is tough to derail, especially when the unemployment rate is low.

With crude oil plummeting and gasoline prices sure to decline, I'm confident consumers will have a strong summer.

Core PCE came in at 0.4, the Street was looking for 0.5.

The Federal Reserve is not going to hike rates.  Higher rates would not help with financial services, health care, or gasoline.

Comments

Thank you Charles for this extremely well timed article. I wrote my text my buddy last night that the talking heads should be sh-t for the negative nonsense that they have been spewing recently about Micron and semiconductor/memory chip industries. They can shake any investors logical conviction to be (heavily) invested in these industries. GLENN TEED on 6/25/2026 7:36:15 AM

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