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Nasdaq down 0.2% and S&P 500 off 0.1% on June 26, 2026, with weekly losses of 4.6% and 2% after OpenAI’s IPO postponement and a pullback in memory stocks.
The S&P 500 and Nasdaq each fell on Thursday, marking a fourth consecutive day of declines and pushing weekly losses to 2% and 4.6% respectively, after reports that OpenAI may postpone its IPO and memory‑chip stocks retreated [2].
| At a glance | |
|---|---|
| S&P 500 daily change | –0.1% |
| Nasdaq Composite daily change | –0.2% |
| Weekly loss (Nasdaq) | –4.6% |
| 10‑year Treasury yield | 4.40% (down 0.02 pts) |
Mega‑cap technology names continued to tumble, with Nvidia and Alphabet each slipping about 2% while Microsoft rose 6% to become the day’s top gainer [2]. Apple recovered 3% after a price‑hike shock the previous day, but overall big‑tech pressure outweighed the modest gains. The broader chip sector also weakened; Micron, which had sparked a memory‑stock rally after a blockbuster quarter, fell 7% and other memory makers such as Western Digital, Seagate and Sandisk dropped double‑digit percentages [2]. The Nasdaq’s weekly decline was its second‑largest in the past year, eclipsed only by a 4.7% fall three weeks earlier [2].
The New York Times reported that OpenAI is considering postponing its highly anticipated IPO until next year, citing market volatility and the poor post‑IPO performance of Elon Musk’s newly listed SpaceX [2]. The news amplified already negative sentiment toward AI‑related equities, contributing to the pullback in the memory‑chip rally that had briefly lifted the Nasdaq on the prior session [2]. SoftBank, a major backer of OpenAI, saw its shares plunge 12% on the same day, underscoring the broader market impact of the potential delay [2].
Inflation data released the day before showed the PCE price index up 0.4% in May, lifting the annual rate to 4.1%—well above the Fed’s 2% target—while core PCE rose 0.3% month‑over‑month and 3.4% year‑over‑year [1]. Despite the data, the 10‑year Treasury yield slipped to 4.40% from 4.42% earlier in the session, a modest move that kept borrowing costs relatively stable [1]. Oil prices retreated, with WTI falling 3% to $70 a barrel after a prior rise on Middle‑East tensions [2].
The twin pressures of a faltering AI rally and a retreat in memory‑chip gains left the tech‑heavy indexes flat to lower, highlighting how quickly sentiment can shift when a marquee IPO is delayed, even as broader macro indicators remain mixed.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jun 28, 2026 · How we report
The decline was driven by a global tech sell‑off, profit‑taking after strong AI‑related gains, and concerns about rising costs for AI data centers and potential Fed rate hikes.
Experts say gold can serve as a modest hedge within a diversified portfolio but advise against a reactive shift to gold solely because of the market dip.
Gold futures fell 2.43% for the week while daily gold prices rose about 1.1%; crude oil futures dropped over 8% for the week.