On June 25, 2026 (You Analysis / Industry Data Center Report) — U.S. stocks closed mixed on Wednesday, with the Nasdaq index and S&P 500 index both closing lower under continued selling pressure in technology stocks, while the Dow Jones Industrial Average rose against the trend due to strength in industrial and travel stocks. The market continues to digest concerns over high valuations brought about by the AI investment boom, while falling oil prices led to a significant rebound in the airline and travel sectors.

The Dow Jones Industrial Average rose by 182.06 points, or 0.35%, closing at 51,848.90 points; the S&P 500 index fell by 7.24 points, or 0.10%, closing at 7,358.22 points; the Nasdaq Composite Index fell by 110.40 points, or 0.43%, closing at 25,476.64 points.

Market risk sentiment was supported by the drop in oil prices. With more oil tankers expected to resume passage through the Strait of Hormuz, U.S. President Trump stated that Iran has indicated to Washington that it will not impose tolls on passing vessels, causing international crude oil prices to drop to their lowest level since the outbreak of the Iran war, leading to a broad rise in airline and travel stocks.

The S&P 500 passenger airline index surged by 5.2%, with travel companies Expedia Group and Booking Holdings both rising, benefiting from improved profit expectations due to lower fuel costs.

However, technology stocks remain under heavy pressure, with market focus on Micron Technology (MU-US) as it announced its earnings report after hours. The company's stock price has risen over 200% this year, but closed down 0.3% on Wednesday. However, as quarterly revenue and fiscal fourth-quarter guidance both exceeded Wall Street expectations, the stock price quickly rose after hours Chip design company Cerebras Systems (CBRS-US) plummeted 19.6%. This was the company's first earnings report since going public, and it estimated that the annual profit margin would be lower than the first quarter level, disappointing the market. Additionally, OpenAI announced the launch of its self-developed AI inference chip "Jalapeño," which also put pressure on market sentiment.

Recently, major cloud service providers (Hyperscalers) have continued to expand AI capital expenditures, but the market has begun to worry that these investments are heavily reliant on debt financing. Coupled with investor concerns that the Federal Reserve may adopt a more hawkish monetary policy, technology stocks have continued to be sold off this week, with the market capitalization of the NASDAQ 100 index evaporating by over 1 trillion.

Michael Monaghan, partner and portfolio manager at Founder ETFs, stated that the situation in the Middle East is gradually cooling, and energy prices are starting to retreat. However, the market still has doubts about AI capital expenditures, leading investors to prefer companies benefiting from AI investments while continuing to sell off companies that require significant capital expenditures.

Among the eleven sectors of the S&P 500, six sectors rose, with the industrial sector performing the best, up 1.2%; the consumer discretionary sector rose 0.8%, partially offsetting the declines in technology and energy sectors.

The housing construction sector became another highlight. After Trump canceled a bipartisan bill aimed at accelerating affordable housing supply, the market interpreted that related regulatory pressures might decrease, driving Hovnanian Enterprises up 11.3%, PulteGroup up 7.2%, and Toll Brothers up 6.7%.

In individual stocks, rental car company Hertz plummeted 40.7%. The company stated that its adjusted core earnings for the second quarter are expected to fall near the lower end of its previous guidance range, and it simultaneously announced plans to issue $100 million worth of common stock, leading to a sharp decline in its stock price.

Regarding interest rates, according to the CME FedWatch Tool, traders have increased their bets on a second rate hike by the Federal Reserve before the end of the year. Compared to previous market expectations of only one rate hike of 25 basis points, expectations for a more conservative monetary policy are continuing to heat up.

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