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Thursday, June 25

Noteworthy macro moves today: Nikkei 225 Index (Japan) +4.4%. Hang Seng 50 Index (China) -1.8%. US 2Y Treasury Bond Index +0.1%. Noteworthy US mega-cap moves today: Space Exploration Technologies Corp. Class A Common Stock (SPCX) +2.7%. Broadcom Inc (AVGO) +2.0%. Walmart Inc (WMT) -1.5%.

Global equity indices are trading higher today, with notable gains in the Nikkei 225 Index in Japan, which surged by 4.4%. This positive sentiment follows strong earnings reports from major technology firms like Micron and Qualcomm, which have bolstered investor confidence in the tech sector amid ongoing discussions about inflation and interest rates.

In the U.S., initial jobless claims fell to 215k for the week ending June 20, below market expectations of 225k, indicating a resilient labor market despite a rise in continuing claims to 1.821m, the highest in three months. Additionally, GDP growth for Q1 was revised up to an annualized rate of 2.1%, reflecting stronger economic activity than previously estimated.

The PCE price index data released today showed a month-over-month increase of 0.4% for May, slightly below expectations of a 0.5% rise, while year-over-year inflation accelerated to 4.1%. These figures suggest persistent inflationary pressures that could influence future Federal Reserve policy decisions regarding interest rates.

In Europe, consumer confidence indicators showed mixed results; France's index rose to 84 from a previous low of 82, exceeding expectations and suggesting potential economic recovery, while Germany's GfK index improved slightly but remained negative at -29.2 against forecasts of -27.6.

iShares MSCI South Korea ETF (EWY) [+5.9%]
The South Korean KOSPI Index opened significantly higher today, rising by 489 points to reach 8,960, reflecting positive investor sentiment that may benefit the iShares MSCI South Korea ETF. Concurrently, the U.S. GDP growth rate for Q1 was revised upward to an annualized 2.1%, indicating stronger economic activity that could also positively influence global market conditions relevant to the ETF's performance. In pre-market trading, the iShares MSCI South Korea ETF is sharply higher since Wednesday's close, with notable performance attributed to a call option with a strike price of 210, which saw nearly 7,000 contracts traded. The ETF has outperformed peers, increasing by 5.4% compared to gains of 0.1% to 4.5% in other ETFs such as SMH and QQQ.

VanEck Semiconductor ETF (SMH) [+4.8%]
Micron Technology's robust fiscal Q3 results, released recently, significantly impacted the semiconductor sector, contributing to a higher performance for the VanEck Semiconductor ETF. Micron reported strong demand for AI-related memory chips, resulting in a nearly 16% increase in its share price during after-hours trading. This momentum is expected to benefit semiconductor-focused ETFs, as noted by industry analysts. Additionally, Qualcomm's optimistic forecasts regarding growth in artificial intelligence applications further support positive investor sentiment towards technology stocks. In pre-market trading, the VanEck Semiconductor ETF is gaining, reflecting this favorable sector outlook and strong contributions from its holdings, including Micron and Qualcomm.

Vanguard Information Technology ETF (VGT) [+3.0%]
Micron Technology reported strong Q3 results, driving its stock up approximately 17% in pre-market trading, which is likely contributing to the positive performance of the Vanguard Information Technology ETF. The semiconductor company cited high demand for AI-related memory products and provided an optimistic outlook, bolstering investor sentiment in the technology sector. Significant contributors to VGT's performance include Qualcomm, which gained nearly 11%, and Micron itself, which rose nearly 17%. Overall, VGT is trading higher in pre-market hours, reflecting this favorable backdrop and strong upward momentum.

MU | +17.0% | +231.5B
Micron Technology Inc | Information Technology
Micron Technology Inc. experienced a notable stock surge following its announcement of record financial results for the third quarter of fiscal 2026. The company reported revenue of $41.46 billion, a substantial increase from $9.30 billion year-over-year, and net income of $28.24 billion, significantly exceeding analyst expectations. Analysts attributed Micron's strong performance to robust demand for AI-related memory products, with fourth-quarter guidance projecting revenues between $49 billion and $51 billion. Additionally, the company declared a quarterly dividend of $0.15 per share, further enhancing investor confidence. Following the earnings report, multiple analysts raised their price targets, reflecting increased optimism about Micron's growth trajectory in the AI sector. Despite a pullback earlier in the session, shares are trading higher since Wednesday's close, indicating positive market sentiment around the earnings release.

WDC | +13.0% | +31.0B
Western Digital Corp | Information Technology
Shares of Western Digital Corp surged in pre-market trading, driven by a significant rally in the memory sector following Micron Technology's strong fiscal third-quarter results. Micron reported a 346% revenue increase to $41.46 billion, leading to a 9% rise in both Western Digital and SanDisk shares in after-hours trading. This positive sentiment reflects strong investor confidence amid sustained demand for memory products, despite ongoing supply constraints. Earlier in the session, Western Digital shares pulled back from a session high but remained notably higher since Wednesday's close, aligning with broader gains in the semiconductor sector. Discussions on social media also highlighted Western Digital's price movements, indicating a rotation of investment into semiconductor stocks following Micron's earnings report.

QCOM | +9.5% | +22.9B
Qualcomm Inc | Information Technology
Qualcomm Inc's stock surged in pre-market trading following the announcement of ambitious fiscal 2029 revenue targets during its Investor Day. The company aims to double its non-handset revenue goal to $40 billion and set a $15 billion target for data center revenue. Additionally, Qualcomm secured a strategic multi-generation agreement with Meta to supply data center CPUs, with production slated to start in 2028. This partnership signifies Qualcomm's shift toward AI infrastructure, supported by its acquisition of Modular to enhance software capabilities for AI applications. Retail sentiment on Stocktwits has turned bullish, with message volume increasing significantly. The stock's upward movement is also buoyed by a notable price increase in Micron Technology Inc, which may reflect broader positive dynamics in the semiconductor sector.

TCOM | -11.7% | -3.1B
Trip.com Group Ltd | Consumer Discretionary
Trip.com Group Ltd's stock is sharply lower in pre-market trading following disappointing first-quarter earnings results. The company reported a significant decline in net income to RMB2.5 billion from RMB4.3 billion a year earlier, with earnings per share of RMB3.67, missing the consensus estimate of RMB6.15. This has raised concerns about its financial performance. Additionally, Trip.com lowered its guidance for second-quarter revenue growth to a range of 3% to 8%, which is below market expectations. As a result, analysts at Mizuho and Benchmark have reduced their price targets for the company, further contributing to the negative market reaction.

TECH | +19.2% | +2.1B
Bio-Techne Corp | Health Care
Merck KGaA announced an agreement to acquire Bio-Techne Corp for $73 per share in cash, valuing the transaction at approximately $11.3 billion. This acquisition represents a 36% premium over Bio-Techne's one-month volume weighted average trading price and aims to bolster Merck's capabilities in high-growth life sciences sectors, including multi-omics and precision diagnostics. The deal is projected to close by late 2026 or early 2027, pending regulatory approvals and shareholder consent. Following the announcement, Bio-Techne shares are sharply higher in pre-market trading, reflecting strong investor response to the acquisition news.

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