S&P 500 Halts Four-Day Drop To End Jittery Week | The Close 6/26/2026

Summary

The S&P 500 snapped a four-day losing streak but ended a jittery week lower, driven by a sharp rotation out of semiconductor stocks despite strong Micron earnings. Guests discussed macro resilience, commodity setups including an overdone oil sell-off and bullish copper/gold, selective AI hardware plays, and consumer stock ideas like Casey's. Korea and Taiwan were contrasted as investable regions, while memory chips were flagged as having more upside.

• S&P 500 posts fifth straight decline, closing below 50-day moving average for the first time since late March
• Philadelphia Semiconductor Index down ~5% on the day and ~8% on the week, with record tech fund outflows
• Afsaneh Beschloss sees Korea as a longer-term AI and nuclear beneficiary, but warns on Taiwan debt dynamics
• Kathy Kriskey views the oil sell-off as overdone due to low inventories, flags long-term copper deficit and bullish gold
• Casey's General Stores CEO Darren Rebelez projects 8-10% EBITDA growth with Texas expansion as key driver
• Rashad Bilal argues memory chip trade (Micron, SanDisk) still has runway from AI-related memory demand
• Crude oil plunged ~4.7% on the day despite Iran ceasefire violation, with Brent tracking >20% lower for the month
• Earnings preview: Nike reports next week amid turnaround doubts, while Moderna rallied on flu vaccine hopes