Name: Stocks Rise Ahead of Micron Earnings; US, Iran Offer Conflicting Claims | Bloomberg Brief 6/24/2026
Uploaded: 2026-06-24T11:21:57+00:00
Duration: 2607 s

Speakers

Max Kettner — Chief Multi-Asset Strategist, HSBC

Tom Mackenzie — Anchor, Bloomberg

Chloe Meley — Reporter, Bloomberg

Vonnie Quinn — Anchor, Bloomberg

Summary

US equity futures rebounded from a tech-led selloff ahead of Micron earnings, while conflicting US-Iran accounts clouded the Strait of Hormuz deal. SK Hynix announced a $29 billion US listing to fund memory chip capacity. Max Kettner of HSBC recommended rotating from semiconductors into hyperscalers and European banks, seeing an upcoming expiry date for US exceptionalism. Europe grappled with a record heat wave straining power grids, and oil continued to decline.

US stock futures edge higher after Nasdaq 100 fell 3%, with Micron earnings after the bell as the next AI trade indicator.
SK Hynix plans a $29 billion US listing to raise capital for memory chip capacity, one of the largest listings ever.
Washington and Tehran offer conflicting claims on nuclear inspections and Strait of Hormuz tolls, while oil extends its decline.
Max Kettner advises buying hyperscalers and European banks, citing cheap valuations and broadening US market rotation.
European heat wave forces nuclear plant curtailments and raises power prices, with warnings of supply shortfalls.
US diesel falls below $5/gallon, and the DoJ investigates gasoline prices ahead of midterms.
Fed releases bank stress tests later today, adding to market focus alongside Micron.

Ideas

Max Kettner Chief Multi-Asset Strategist, HSBC 24:49

Buy hyperscalers on cheap valuation

Hyperscalers have underperformed semiconductors, are down 20% relative to 5-year averages, and now look attractive. Lower token prices make ROI assumptions easier to achieve, so he is buying hyperscalers instead of selling them.

Max Kettner Chief Multi-Asset Strategist, HSBC 26:39

European banks poised for outperformance

European banks have been overlooked, earnings revisions are holding up, steepening bund curve boosts them, and the worst case was merely in-line performance. Lower oil and re-acceleration narrative aid further outperformance.

Max Kettner Chief Multi-Asset Strategist, HSBC 28:21

US consumer stocks extend broadening trade

Broadening trade in the US equity market should continue, with consumer stocks likely beneficiaries as the rotation within US equities persists.

Stocks Rise Ahead of Micron Earnings; US, Iran Offer Conflicting Claims | Bloomberg Brief 6/24/2026

Summary

Ideas

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