Nasdaq slips as Micron earnings revive memory rally, Apple falls

The Nasdaq Composite fell 0.4% on June 24, snapping a brief rally in memory stocks after Micron’s strong earnings, while Apple shares tumbled and the 10‑year Treasury yield slipped to 4.41% following the May PCE inflation report [1].

Market reaction to earnings and inflation data

Micron’s quarterly results posted after the bell on June 23 showed adjusted earnings of $25.11 per share on revenue of $41.46 billion, far exceeding analysts’ expectations of $21.05 EPS on $36.28 billion revenue [1]. The surprise lift sparked a 13% after‑hours jump in Micron shares and revived buying in other memory makers, with SanDisk and Western Digital each falling 2%–4% on the day as investors priced in the earnings beat. Despite the memory‑stock bounce, the broader tech‑heavy Nasdaq slipped 0.4%, marking a third consecutive daily decline.

At the same time, Apple’s stock slid about 2%, pulling down the “Magnificent Seven” cohort that otherwise held most of the index’s weight. The drop in the Nasdaq was compounded by a modest rise in the dollar index to 101.60 and a 5% fall in oil prices, which pushed WTI crude to $69.80 per barrel—the lowest level since the Iran war began [1].

Inflation numbers and bond market response

The 10‑year Treasury yield fell to 4.41% after the May Personal Consumption Expenditures (PCE) price index showed inflation rising 4.1% year‑over‑year, up from 3.8% in April, according to the latest government data [1]. The higher headline inflation was offset by a decline in the yield, reflecting market expectations that the Federal Reserve may keep rates steady despite the uptick. The 2‑year yield, a proxy for near‑term rate expectations, remained near its yearly high at 4.16% [1].

What to watch

• The upcoming PCE report for June, which will indicate whether the inflation trend is moderating or accelerating.
• Guidance from major memory‑chip makers in their Q4 earnings releases, especially any revisions to revenue or margin forecasts.
• Federal Reserve commentary on policy stance at the next FOMC meeting, slated for later this month.

The juxtaposition of Micron’s earnings surprise with a falling Treasury yield underscores a market caught between strong sector‑specific news and broader macro‑economic uncertainty, leaving investors to watch whether memory stocks can sustain momentum amid lingering inflation concerns.