Wall Street closed a turbulent last week of June with sharp divergences across major indices. The S&P 500 logged five consecutive daily declines, its longest losing streak since August, shedding about 2% on the week. The Nasdaq Composite fared worse, falling 4.6% in its longest losing streak since January. The Dow Jones Industrial Average bucked the trend with a modest 0.6% gain.

The week was defined by a sharp rotation out of technology and AI-related names into defensive and value sectors. Chip stocks and megacap tech names including Apple and Microsoft came under pressure as concerns mounted over the sustainability of AI infrastructure spending.

Micron Technology: Record Quarter

Micron (MU) delivered the standout earnings report of the week. The company reported fiscal Q3 2026 results (period ended May 28) on June 24, posting record figures:

  • Revenue of $41.46 billion, well above estimates of ~$35.84 billion
  • Adjusted EPS of $25.11, beating the ~$20.78 consensus
  • GAAP net income of $28.24 billion

The stock surged over 15% in after-hours trading before seeing volatility through the rest of the week. Guidance for Q4 revenue of approximately $50 billion reinforced the narrative that AI-driven memory demand remains robust.

IPOs: Two Notable Debuts

Sinda Ltd. (SIND), The Mexico-based exploration-stage silver mining company priced its IPO at $12 per share (near the low end of the $11.25–$13.25 range), raising approximately $213 million. Shares began trading on the NYSE on June 26 and fell on their first day. Market capitalization at pricing stood at roughly $1.88 billion.

DPC Holdings (Doncasters Group), Upsized its IPO at $33 per share, above the original range, raising about $919 million. The oversubscribed deal signaled strong institutional demand.

Looking Ahead

The coming week will be relatively quiet on the earnings front, though Nike (NKE) is expected to report around June 30. The IPO pipeline remains active, with reports that OpenAI may delay its highly anticipated IPO to 2027 amid market volatility.

The Bottom Line

The week on Wall Street reflected a clear rotation out of overextended tech valuations, while Micron's record results served as a reminder that the AI-driven demand cycle remains intact. The IPO market remains active, though increasingly sensitive to broader market conditions.