<p>It’s been a week of stark contrast on Wall Street. Crude collapsed below $70 as the Strait of Hormuz reopened, yet the Fed’s preferred inflation gauge hit a three-year high, the Magnificent Seven kept bleeding, and <strong>Micron Technology Inc.</strong> (NASDAQ:MU) delivered what analysts called “a memorable beat.”</p>



<h2>Oil Tanks As Hormuz Reopens</h2>



<p>WTI crude has now fully wiped out its war premium. Oil is also down more than 20% on the month, on pace for its worst monthly performance since March 2020. </p>



<p>Saudi Arabia resumed loading tankers at Ras Tanura, and Persian Gulf exports recovered to roughly 75% of prewar levels, according to Goldman Sachs estimates. </p>



<p>On Friday, President <strong>Donald Trump</strong> said Iran had fired four “one-way attack drones” at ships transiting the Strait of Hormuz, calling it “a foolish violation of our ceasefire agreement.” Markets shrugged. Oil held onto its losses.</p>



<h2>Fed’s Favorite Inflation Gauge Hits 3-Year High</h2>



<p>Yet inflation is still catching up to the shock from the Iran war. Core Personal Consumption Expenditure (PCE) – the Fed’s favorite inflation gauge – rose to 3.4% year-over-year in May, the highest since October 2023.</p>



<p>Headline PCE jumped to 4.1%, the hottest since April 2023. At his first FOMC meeting on June 17, new Chair <strong>Kevin Warsh </strong>held rates steady at 3.50%–3.75% but signaled openness to a hike. </p>



<p>Markets now price an October hike as the base case.</p>



<h2>Hyperscalers Falter</h2>



<p><strong>Microsoft Corp.</strong> (NASDAQ:MSFT) is down about 18% on the month — its worst June since 2000, as investors keep dumping the stock over AI capex fears.</p>



<figure class="wp-block-image size-large"><img width="1024" height="737" src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/06/26142550/image-751-1024x737.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/06/26142550/image-751-1024x737.png"/></figure>



<p>Fellow hyperscaler <strong>Oracle Corp.</strong> (NYSE:ORCL) has fared even worse, plunging 30% in June and erasing more than $300 billion in market value after warning of $70 billion in fiscal 2027 capex.</p>



<p><strong>Apple Inc. </strong>(NASDAQ:AAPL) added a new twist to the narrative this week, raising prices across its product line to offset surging memory costs — a direct pass-through of the AI-driven memory boom into consumer wallets.</p>



<p>The <strong>Roundhill Magnificent Seven ETF</strong> (NYSE:MAGS) is heading for its worst month since inception, with over $1 billion in outflows.</p>



<h2>Micron’s Memorable Beat</h2>



<p>The flip side: a windfall for AI infrastructure suppliers.</p>



<p>Micron posted fiscal third-quarter revenue of $41.5 billion, up 346% on the year. Gross margin hit 84.6%. </p>



<p>Earnings per share came in at $24.67 versus $1.68 a year ago, nearly a 15-fold increase. </p>



<p>Shares jumped 15% on Thursday as the stock saw multiple price-target hikes.</p>



<h2>Michigan Sentiment Bounces</h2>



<p>After three monthly declines drove the index to its lowest reading ever, the University of Michigan’s final June Consumer Sentiment rose 9% to 48.9, yet sentiment is still 19% below a year ago. Long-run inflation expectations fell back from 3.9% to 3.4%.</p>



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<p><em>Photo: Matej Kastelic/Shutterstock</em></p>

MSFT

MSFO

<p>Wall Street saw stark contrasts: Microsoft suffered its worst June since 2000 due to AI capex fears, while Micron delivered a massive earnings beat with revenue up 346%. Oil prices collapsed as the Strait of Hormuz reopened, yet US inflation hit a three-year high. The Magnificent Seven ETF faced significant outflows, whereas Micron's shares surged on strong financial results.</p>

- Wall Street experienced significant fluctuations, with crude oil prices dropping below $70 following the reopening of the Strait of Hormuz, while Fed's preferred inflation measure reached a three-year high.  
- WTI crude experienced over a 20% monthly decline, and influential tech firms such as Microsoft and Oracle saw substantial stock price drops due to AI capital expenditure concerns.  
- Conversely, Micron Technology reported remarkable fiscal growth with a 346% revenue increase year-over-year, causing a significant jump in its stock price.

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Microsoft Has Worst Month Since 2000, Micron Delivers Memorable Beat: This Week On Wall Street