US equities were mostly lower on Tuesday (6/23).
Below are highlights from the NDW Morning Update Video for the morning of 6/24. Access the the video on the NDW Morning Update Video page.
- US equities were mostly lower on Tuesday (6/23). Technology stocks, specifically semiconductors, were among the largest decliners as the iShares Semiconductor ETF (SOXX) was down almost 8%.
- Tuesday’s action dropped SOXX out of heavily extended territory but even with the pullback, the fund still sits more than 10% from its most recent support at $530.
- Micron (MU) was largest decliner in the SOXX portfolio as it lost more than 13%. While ON Semiconductor (ON), ARM Holdings (ARM) and Credo Technology (CRDO) were all down more than 10%. MU will report earnings today after the close.
- The Dow (.DJIA) was the best performing among the major US indices as it was down only nine bps for the day. Small caps also outperformed large caps as the Russell 2000 (RUT) fell 96 bps, outperforming the S&P 500 (SPX) by about ½ percent.
- International equities saw significant declines. Developed markets held up better than their emerging counterpart as the iShares MSCI EAFE ETF (EFA) lost about 2% while the iShares MSCI Emerging Markets ETF (EEM) fell more than 5.5%. South Korea was among the biggest losers internationally as the iShares MSCI South Korea ETF (EWY) fell more than 12%.
- Precious metals – which are often viewed as a safe haven – were also down. Gold (GC/) was down about 1.25% while silver (SI/) fell more than 5%. Silver now sits at $61.50 on its P&F chart, matching its 2026 low.
- Long-term yields were down slightly which lifted US bonds – the iShares US Core Bond ETF (AGG) and the iShares Barclays 20+ Year Treasury Bond ETF (TLT) both notched small gains.
