Stock Market Today: June 25, 2026 — Apple, Microsoft Drag Tech as Dow Sets Record
The S&P 500 closed virtually unchanged at 7,357.49 on June 25, 2026 as Apple and Microsoft price-hike news dragged megacap tech lower, while a record Dow close and a blowout Micron earnings report kept the broad market afloat.
What Moved the Stock Market June 25, 2026
It was a split-screen session: megacap technology buckled while the rest of the market quietly powered the Dow to a fresh record. The S&P 500 finished essentially flat, slipping 0.01% to 7,357.49, as a hard drop in AAPL and MSFT offset strength almost everywhere else. The tech-heavy Nasdaq Composite fell 0.46% to 25,358.60, even after a historic earnings beat from MU. The Dow Jones Industrial Average bucked the tape, adding 71.72 points (+0.14%) to 51,920.62 and printing a new all-time intraday high on the back of cyclicals and defensives. The small-cap Russell 2000 outperformed, rising 0.37%.
The dominant theme: the AI-memory boom that minted Micron's record quarter is now showing up as a cost — Apple and Microsoft raised hardware prices to offset surging chip bills, and investors sold the messengers.
VIX, Yields and Commodities on June 25, 2026
Volatility eased even as tech wobbled. The VIX settled at 18.63, holding just below its long-term average and signaling no broad panic despite the megacap slide. The 10-year Treasury yield ticked down 2 basis points to 4.40% after a strong GDP revision and soft inflation data pulled in opposite directions. The U.S. dollar index slipped roughly 0.4% as the inflation print landed on the cooler side of expectations.
Commodities were firmer. WTI crude (CL=F) jumped $1.77 to $72.11 a barrel, lifting energy names, while gold (GC=F) added $24 to $4,025 an ounce as real yields drifted lower.
June 25, 2026 Sector Performance
Ten of eleven GICS sectors finished higher — only Technology dragged, but its index weight was enough to flatten the S&P. Energy led on the crude rally; the Dow's record was built on Financials, Industrials and Staples.
| Sector (SPDR) | Today % | YTD % |
|---|---|---|
| Energy (XLE) | +1.6% | +8.0% |
| Financials (XLF) | +0.7% | +14.5% |
| Industrials (XLI) | +0.6% | +13.0% |
| Consumer Staples (XLP) | +0.5% | +4.0% |
| Utilities (XLU) | +0.5% | +12.0% |
| Health Care (XLV) | +0.4% | +9.5% |
| Materials (XLB) | +0.3% | +6.5% |
| Real Estate (XLRE) | +0.3% | +3.0% |
| Consumer Disc. (XLY) | −0.2% | +5.5% |
| Communication Svcs. (XLC) | −0.4% | +18.0% |
| Technology (XLK) | −0.9% | +22.5% |
Even after today's loss, XLK remains the clear 2026 YTD leader at +22.5%, with XLC second at +18.0%. XLE topped the daily board as crude broke back above $72.
June 25, 2026 Biggest Stock Movers
AAPL −5.3% — Apple was the day's most-watched decliner after confirming it will raise prices on select MacBooks and iPads by up to $300, blaming soaring memory and storage chip costs tied to AI data-center demand. The slide erased roughly $275 billion in market value. Wedbush's Dan Ives kept his Outperform rating and $400 target, arguing Apple's premium base limits churn.
MSFT −3.78% — Microsoft fell in sympathy after announcing Xbox price hikes — the 512GB console up $100 and the 1TB up $150, effective August 1 — citing the same chip-cost squeeze. The pairing of two Dow-and-Nasdaq heavyweights moving lower on hardware margin fears set the bearish tech tone.
MU — Micron was the AI story of the week. Following Wednesday's after-hours report, shares spiked as much as 15% before settling higher, after the company posted its largest quarter ever: revenue of $41.46B (+346% YoY), non-GAAP EPS of $25.11 versus $20.60 expected, and gross margin near a record 85%. Management guided Q4 revenue to roughly $50B ±$1B.
FDX −6% — FedEx slid after its fiscal Q4 report, where revenue only narrowly beat consensus. Soft forward commentary on industrial freight demand outweighed the headline beat.
CBRS −11% — Cerebras tumbled in its first earnings report since its May IPO, guiding to a decline in core gross margin and rattling the newest crop of AI-chip names. ARM, by contrast, rose about 3% on price-target hikes from UBS and TD Cowen tied to agentic-AI CPU demand.
Macro and Policy: What Mattered June 25, 2026
It was a high-impact data morning. Final Q1 GDP was revised up sharply to 2.1%, from a 1.6% estimate, on stronger business investment and a smaller import drag — even as the consumption component was trimmed. Initial jobless claims came in tight at 215,000 versus 225,000 expected, with continuing claims at 1.821 million. May durable goods orders fell 4.5%, in line with forecasts as aircraft bookings normalized. A cooler-than-feared core inflation read alongside the data combination is what pressured the dollar and nudged the 10-year lower.
Earnings Highlights — June 25, 2026
Micron (MU) was the marquee print, with $41.46B in revenue and $25.11 EPS blowing past estimates and a Q4 guide implying continued record output — a read-through analysts flagged as bullish for NVDA and the broader HBM supply chain. FedEx (FDX) delivered a narrow Q4 revenue beat but disappointed on freight outlook. Cerebras (CBRS) marked its public-company debut report with a soft margin forecast.
What to Watch Tomorrow — Friday, June 26, 2026
- Inflation focus: The May PCE price index — the Fed's preferred gauge — headlines the calendar, alongside personal income and spending.
- Consumer read: Final University of Michigan consumer sentiment and inflation-expectations revisions land mid-morning.
- Fed speak: Watch for follow-through commentary from Fed officials parsing the firmer GDP print against cooling inflation.
- Tech follow-through: Whether AAPL and MSFT stabilize, and whether Micron's beat finally lifts the lagging SMH semiconductor complex, will set the tone into quarter-end.