Next week: Micron earnings and inflation data could make or break the tech rally

TLDR

• May’s PCE inflation index is due on Thursday and could surpass April’s 3.8% year-on-year rise.
• Micron Technology reported earnings on Wednesday, with its market cap now at $1 trillion and its shares up more than 800% this year.
• The S&P 500 rose 1.08%, the Nasdaq rose 2.48%, and the Dow Jones added 0.14% during the week.
• SpaceX has gone public in the largest initial public offering in history, raising $85.7 billion at a valuation of more than $2 trillion.
• Bitcoin rose 0.46% to $64,139, lagging the broader tech-led rally in stocks.

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Markets closed higher last week, driven by a combination of big technology moves, a historic IPO, and new hope about global trade. Here’s what happened and what to watch next week.

Stocks end the week in the green

All three major US indices closed higher. The S&P 500 rose 1.08% to close at 7,500.58. The Nasdaq index rose 2.48% to 30,406.19 points, thanks to strong demand for growth and technology stocks. The Dow Jones Industrial Average rose 0.14% to close at 51,564.70.

The initial peace agreement between the United States and Iran helped lift market sentiment. This raised the possibility of restoring shipping through the Strait of Hormuz, pushing oil prices lower and giving investors a reason to buy.

The US 10-year Treasury yield ended the week at 4.455%. This is important for growth stocks, which tend to decline when borrowing costs rise.

The Federal Reserve, under newly appointed Chairman Kevin Warsh, has kept interest rates steady. But officials noted that further increases could occur if inflation remains high. The Fed has not changed interest rates since December.

Bitcoin The stock gained 0.46% to close at $64,139.86. Gold fell 1.72 percent to $4,172.90. Cryptocurrencies tracked the broader rally, which was mostly driven by technology and large-cap growth names.

SpaceX makes history with record IPO

The biggest story of the week was SpaceX going public. Elon Musk’s space and satellite company raised $85.7 billion in its initial public offering, the largest in history. The list gave SpaceX a value of more than $2 trillion.

The debut shifted investor attention towards large companies associated with technology and innovation.

SpaceX It has also reportedly agreed to acquire AI startup Cursor for $60 billion, a move aimed at expanding its AI capabilities.

Nvidia announced plans to issue at least $20 billion in investment-grade bonds for general corporate purposes. It’s one of the largest debt moves the company has made since the AI ​​boom began.

Fox Corporation announced a $22 billion deal to acquire streaming platform Roku. The deal expands Fox’s digital reach as traditional media companies look to build stronger streaming and advertising platforms.

Yum! Brands sold Pizza Hut to LongRange Capital and Yum China Holdings for $2.7 billion. The company said the sale allows it to focus on its remaining core brands.

What to watch this week

Micron Technology reports third-quarter fiscal results on Wednesday. Its market capitalization has reached $1 trillion and its shares have risen more than 800% this year. The company reported gross margins of more than 68% in its latest update, raising questions about whether the memory chip cycle is nearing its peak.

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— Earnings Whispers (@eWhispers) June 18, 2026

The PCE price index for May will be released on Thursday. The April reading was 3.8% on an annual basis, the highest in three years. The May number could come even higher based on other recent cost of living data. The Fed closely monitors the Personal Consumption Expenditures Index as its preferred measure of inflation.

Other earnings this week include Carnival Corp, FedEx, BlackBerry and Darden Restaurants. BlackBerry shares more than doubled in 2026 on the back of its growing partnership with Nvidia and demand for its QNX software used in driver assistance systems.