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  • Companies

  • Indexes: Dow up 0.35%, S&P down 0.1%, Nasdaq down 0.43%

  • Airlines and travel stocks gain

  • Micron earnings land after the close

June 24 (Reuters) - The Nasdaq and S&P 500 closed lower on Wednesday, dragged by tech stocks on ​nagging concerns about high-flying valuations, but falling crude prices boosted airlines and other travel stocks and the Dow finished ‌higher.

Oil prices fell to their lowest since the start of the Iran war as more tankers were expected to move out of the Strait of Hormuz. U.S. President Donald Trump said Iran had told Washington that no tolls were being sought.

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The S&P 500 passenger airlines index (.SPLRCALI), opens new tab gained 5.2% while travel companies Expedia Group (EXPE.O), opens new tab and Booking ​Holdings (BKNG.O), opens new tab both rose.

Tech stocks slipped, intensifying the focus on chipmaker Micron Technology's (MU.O), opens new tab earnings that landed after the bell. The stock has surged more ​than 200% in 2026 but closed on Wednesday down 0.3%. It jumped in extended trading after quarterly revenue and fourth ⁠quarter forecasts beat Wall Street estimates.

Cerebras Systems (CBRS.O), opens new tab tumbled 19.6% after the chip designer forecast full-year profit margins would drop below first-quarter figures in its debut ​report after going public. Also weighing on the stock, OpenAI announced its own in-house inference chip called Jalapeño.

Concerns around debt-backed spending by hyperscalers and ​mounting fears of a more hawkish Federal Reserve have fueled the market downturn this week that has erased more than $1 trillion in market value from the Nasdaq 100.

"The Middle East conversation is wrapping up ... energy prices are coming off," said Michael Monaghan, partner and portfolio manager at Founder ETFs. "But you continue to have ​the AI CapEx buildout where, for some reason, people like the recipients of the spend and have been punishing those doing the spending."

Six ​of the 11 major S&P 500 sectors moved higher, with the industrials sector (.SPLRCI), opens new tab rising the most at 1.2%. Consumer discretionary stocks (.SPLRCD), opens new tab also rose 0.8%, helping to ‌offset the ⁠biggest losses in tech and energy stocks.

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 24, 2026. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab

The Dow Jones Industrial Average (.DJI), opens new tab rose 182.06 points, or 0.35%, to 51,848.90, the S&P 500 (.SPX), opens new tab lost 7.24 points, or 0.10%, to 7,358.22 and the Nasdaq Composite (.IXIC), opens new tab lost 110.40 points, or 0.43%, to 25,476.64.

Homebuilders soared after Trump canceled a planned signing of bipartisan legislation aimed at speeding up availability of affordable housing. Hovnanian Enterprises (HOV.N), opens new tab jumped 11.3%. PulteGroup (PHM.N), opens new tab surged 7.2% and Toll Brothers (TOL.N), opens new tab rose 6.7%.

Among other movers, Hertz (HTZ.O), opens new tab sank 40.7% after ​the car-rental firm said it expects ​second-quarter adjusted core earnings near ⁠the lower end of its forecast range and announced a proposed offering of $100 million of common stock.

Traders are adding to bets of a second rate hike from the Fed by the end of December, according ​to CME Group's FedWatch tool. Previously, the market expected a single 25-basis-point rise.

The closely watched Personal Consumption ​Expenditures Price Index, ⁠the Fed's preferred inflation gauge, could offer insight on the monetary policy path on Thursday.

Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE, which had 205 new highs and 226 new lows. On the Nasdaq, 2,323 stocks rose and 2,499 fell as declining issues outnumbered advancers by ⁠a 1.08-to-1 ​ratio.

The S&P 500 posted 25 new 52-week highs and four new lows while ​the Nasdaq Composite recorded 206 new highs and 177 new lows.

Volume on U.S. exchanges was 25.84 billion shares, compared with the 22.92 billion average for the full session ​over the last 20 trading days.

Reporting by Abigail Summerville in New York, and Twesha Dikshit and Joel Jose in Bengaluru; Editing by David Gregorio

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Abigail Summerville

Thomson Reuters

Abigail is on the M&A team and writes about consumer and retail deals. She joined Reuters in 2022 from Debtwire where she covered leveraged finance and the primary debt market for three years. Previously, her work has appeared in the Wall Street Journal, CNBC and the Boston Business Journal. She majored in business journalism at Washington and Lee University.

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