On June 24, 2026, most US stocks struggled to recover from early week losses, particularly in tech due to declining AI-focused shares. The Nasdaq Composite and S&P 500 dropped by 0.4% and 0.1%, while the Dow Jones Industrial gained 0.3%. Oil prices fell to their lowest since March, with Brent crude dropping 4% to $73 a barrel amid uncertainties in US-Iran negotiations regarding oil transit fees in the Strait of Hormuz. The upcoming earnings report from Micron, a significant player in the semiconductor market, is anticipated as investors gauge confidence in AI-related stocks, which have seen significant growth but are now facing profit-taking and valuation concerns.

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Stock market today: Dow rises, S&P 500 and Nasdaq slip as AI jitters return ahead of Micron earnings

Amalya Dubrovsky, Karen Friar and Jake Conley

Updated Wed, June 24, 2026 at 4:03 PM EDT1 min read

US stocks mostly failed to rebound from a bruising start to the week for tech stocks, as oil prices plunged to levels not seen since the beginning of the US-Iran war.

The tech-heavy Nasdaq Composite ( ^IXIC) and S&P 500 ( ^GSPC) fell by 0.4% and 0.1%, respectively, following steep losses for the indexes on Tuesday as AI-focused names took a hit. The Dow Jones Industrial Average ( ^DJI), which includes fewer tech stocks, gained 0.3%.

7,358.22 -7.24 (-0.10%)

At close: 4:41:33 PM EDT

^GSPC^DJI ^IXIC

Oil prices fell to their lowest levels since early March as oil tankers began navigating the Strait of Hormuz, though uncertainty persists over US-Iran talks and where key issues might ultimately land. Brent crude futures ( BZ=F), the international benchmark, tumbled 4% to $73 a barrel, while West Texas Intermediate crude futures ( CL=F) dropped to near $70 a barrel.

While President Trump had pledged that the Strait of Hormuz would remain free of tolls, Iran and Oman have begun discussing a system to charge fees for ships transiting the key waterway for global trade.

Meanwhile, selling pressure in tech stocks resumed as worries about lofty valuations, massive spending, and coming interest rate hikes prompted a wave of profit-taking in high-flying AI-linked stocks.

Micron's earnings are due after the bell on Wednesday, and the results will be closely watched as Wall Street assesses just how much faith to put in AI. Shares of the memory chipmaker have been on a tear this year, rallying more than 250%. However on Wednesday the stock extended losses from the prior session amid the tech rout.