GDP and PCE Data Take Center Stage 25/06/2026

 HOT stories for today

Market wrap:

• Stocks ended mixed on Wednesday as technology continued to lag, while the Dow found support from strength outside the megacap growth trade. The S&P 500 slipped 0.1%, and the Nasdaq Composite fell 0.4%. The Dow Jones Industrial Average bucked the weakness, rising 182 points, or 0.4%. Recent rotation out of technology may actually be constructive for the broader market, according to Carson Group strategist Ryan Detrick, as leadership broadens beyond the year’s biggest AI winners.
•  In Washington, the White House requested $87.6 billion in supplemental spending to help fund the Iran war and other expenses. Congressional Democrats quickly pushed back on the proposal. Investors now turn to Thursday’s PCE inflation report, the Fed’s preferred price gauge. Economists expect headline PCE to rise 0.5% month over month and 4.1% year over year, both hotter than April’s readings. Thursday’s calendar also includes final first-quarter GDP, personal income, durable goods orders, and weekly jobless claims, alongside earnings from McCormick, Commercial Metals, Darden Restaurants, and Winnebago.

Micron surges as AI memory boom accelerates

• Micron (MU) jumped 15% after hours, following fiscal third-quarter revenue that more than quadrupled, driven by explosive demand for memory and storage tied to the AI infrastructure boom. Revenue rose to $41.46 billion, beating estimates of $35.84 billion, while adjusted earnings came in at $25.11 per share, above the $20.78 expected by analysts. The company also issued a stronger-than-expected outlook, forecasting current-quarter revenue of about $50 billion versus Wall Street expectations of $43.58 billion. Micron said memory shortages are likely to take years to fully ease, with supply expected to improve gradually only in 2028. That pricing power helped gross margin jump to 84.9%, far above last year’s 39%. 
• Data center demand remained the key driver, with revenue in that business rising more than sevenfold to $11.5 billion. Cloud memory sales jumped more than 300%, while mobile, client, automotive and embedded revenue also saw massive growth. The company also signed 16 long-term customer agreements worth roughly $22 billion, locking in future demand from data center operators, automakers and other major buyers. For now, Micron has become one of the clearest winners of the AI buildout, as memory shortages, long-term supply deals and rising data center demand continue to support the stock.

Stocks on the move:

• Expedia Group (EXPE), Booking Holdings (BKNG), Carnival (CCL), Royal Caribbean (RCL), Delta Air Lines (DAL), United Airlines (UAL): Travel stocks rallied as falling oil prices improved sentiment, with Expedia up 9%, Booking gaining 8%, Carnival rising 2%, Royal Caribbean adding 5%, Delta climbing 4% and United advancing 6%.
• Alphabet (GOOGL): Shares gained 1% after S&P Dow Jones Indices said Alphabet will replace Verizon in the Dow Jones Industrial Average before trading opens on June 29.
• Verizon (VZ): Shares fell 2% after news that the company will be removed from the Dow.
• Cerebras (CBRS): Shares dropped 16% after its first earnings report as a public company showed a quarterly loss and weaker expected core gross margins.
• Wendy’s (WEN): Shares surged 26% as the stock gained attention on Reddit’s WallStreetBets, with elevated short interest raising short-squeeze speculation.

Watchlist: SPCX, MU, WEN, QCOM, CBRS, MRVL, DRI, MKC, CMC

Key Economic Events Today:

EST time
08:30 am: USD Core PCE Price Index
08:30 am: USD Final GDP
08:30 am: USD Unemployment Claims
08:30 am: USD Durable Goods Orders


Earnings

BMC (Before Market Open): Daren Restaurantes (DRI), TD SYNNEX (SNX), McCormick (MKC), Acuity Inc. (AYI), Commercial Metals (CMC), Blackberry Limited (BB)

AMC (After Market Close): FedEx Freight (FDFX)



The TEFS Analyst team wishes you a successful day!