US Close 25 June 2026: Dow Sets a Record as Apple and Microsoft Slide on Higher Memory Prices
US indexes finished Thursday pointing in different directions. The Dow Jones Industrial Average rose 0.14% to 51,920.62 after touching an all-time intraday high of 52,655.66. The S&P 500 ended all but unchanged at 7,357.49, down 0.73 points, or 0.01%. The Nasdaq Composite fell 0.46% to 25,358.60. The Russell 2000 added 0.71% to 3,007.86, a sign that money moved toward smaller and more domestically focused companies.
What moved the index
The S&P 500 opened up 0.64% and the Nasdaq opened up almost 1%, both lifted by Micron's (MU.US) record memory quarter reported the prior evening. Both gave those gains back through the session. Apple fell 6.13% and Microsoft fell 3.23% after each said it would raise prices on consumer hardware, the iPhone and the Xbox, to cover higher memory and component costs. As the two heaviest stocks in the S&P 500, that pair alone subtracted roughly 0.6 percentage points from the index. Offsetting almost all of it, Micron rose 15.78%, the chip and memory group rallied with it, and buyers moved into industrials, financials and health care. The two forces nearly cancelled, which is how the S&P 500 finished flat while the Dow set a record and the Nasdaq closed red. Before the open, the May reading of the Federal Reserve's preferred inflation gauge came in at 4.10% from a year earlier, up from 3.80% in April; the 10-year Treasury yield still eased about one basis point to 4.39%.
Session highlights
Higher memory prices lifted the makers, with Micron up 15.78% and SanDisk (SNDK.US) up 21.5% as the day's biggest gainer among large stocks, while raising the bill for the companies that build hardware around those chips. Apple (AAPL.US) and Microsoft (MSFT.US) chose to pass that cost to customers, and their shares fell. Qualcomm (QCOM.US), which rose 9% in the prior session after lifting its 2029 non-handset revenue target to $40 billion, held most of that gain.
Sector scorecard
Health care, financials and industrials led the advance and carried the Dow to its record. Caterpillar (CAT.US) rose about 6% and Johnson & Johnson (JNJ.US) added about 1%. Apple and Microsoft pulled technology down, even as the chipmakers inside the sector rose. Energy and other value groups stayed firm, extending a pattern that has run through June as buyers look past the largest technology stocks.
Top movers
Among gainers, Bio-Techne (TECH.US) rose 20.1% after Germany's Merck KGaA offered $73 a share in cash, a deal worth about $11.3 billion. BlackBerry (BB.US) gained 19.9% after fiscal first-quarter revenue rose 26% to $152.9 million, ahead of the $138.2 million analysts expected, on strength in its QNX automotive software and secure-communications units. Acuity (AYI.US) added 17.6% on a forecast-beating quarterly report, and Kymera Therapeutics (KYMR.US) rose 16.6% after a $20 million Sanofi milestone payment and news that it finished enrolling its mid-stage eczema trial six months early.
On the downside, Trip.com (TCOM.US) fell 12.6% after quarterly results showed slowing revenue growth and the risk of a regulatory fine. Nuvation Bio (NUVB.US) fell 10.1% after proposing a $200 million convertible-note sale that investors treated as dilutive. Figma (FIG.US) fell 9.7%, extending a multi-week slide on questions about competition in design software. EquipmentShare (EQPT.US) and Innodata (INOD.US) each fell more than 10% without company news, moving with the broader pullback in higher-growth stocks.
After-hours and earnings
Thursday's after-the-close calendar was light. The week's defining reports, Micron and Qualcomm, both landed Wednesday evening and set the tone for Thursday's trading. With those reactions now in the price, attention shifts to next week.
Next session catalysts (ET)
Friday's calendar is lighter after this morning's inflation data. Month-end and quarter-end positioning runs into next Tuesday's half-year close, and Nike (NKE.US) reports after the bell on 30 June, a test of how much consumers are still spending. The next reading of the Fed's preferred inflation gauge is not due until 30 July.
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