Nasdaq slips 0.5% on Jun 25 as Apple falls, oil up

What happened in US markets on Thursday

US stocks ended mixed on Thursday, June 25, as chip-led gains were offset by renewed weakness in mega-cap technology shares. The Dow Jones Industrial Average finished slightly higher, while the S&P 500 ended roughly flat. The Nasdaq Composite fell about half a percent, extending a losing streak in some reports and underscoring how quickly sentiment has turned fragile in Big Tech. Trading was uneven through the session, with early optimism fading as investors reassessed the cost of the AI buildout. A separate driver in the background was energy markets, where oil prices moved higher after a reported incident in the Strait of Hormuz.

Nasdaq extends decline as Big Tech weakens

The Nasdaq fell for a fourth straight session in one account, weighed down by declines in Apple and other large technology names. Reuters reported that technology shares reversed early gains, pulling the index lower as investors worried about hyperscaler spending on artificial intelligence and who ultimately bears the cost. Reuters also noted the Nasdaq was on track for its biggest monthly decline since March 2025. Other mega-cap names were also in the red, with Reuters citing Nvidia, Microsoft and Alphabet down between 1% and 4%. The session highlighted a split tape: investors rewarded clear earnings beats in semiconductors, but continued to reduce exposure to crowded mega-cap trades.

Apple drops after announcing product price hikes

Apple shares fell sharply after the company announced price hikes for Macs, iPads and other products. The company cited rising memory and storage costs linked to the surge in AI-related demand. Different reports pegged the day’s decline at about 4.7% (Reuters) to around 6.1%-6.2% (other market coverage). One account described it as Apple’s steepest single-day drop since April 2025. The move mattered because Apple’s weighting can meaningfully sway broader indices, particularly the Nasdaq.

Micron’s blowout results lift the chip trade

Micron’s results and outlook were the standout positive catalyst, helping drive a rotation back into semiconductors. Micron jumped roughly 16% in some reports and as much as 17.8% in Reuters’ account after beating Wall Street estimates on earnings and forecasts. Other AI-linked names also rallied, including Qualcomm, Western Digital and SanDisk, with one report citing SanDisk up 22%. A separate market wrap also highlighted strength in chip-related benchmarks, noting the “SOX” chip index up 3.5% and a memory stocks ETF up 10%. Even so, the broader Nasdaq failed to hold early gains because weakness in mega-cap tech outweighed the chip surge.

Index levels and intraday snapshot

Reuters provided an intraday update at 2:25 p.m. ET showing a modestly positive tone outside tech. At that time, the Dow was up 210.07 points (0.41%) to 52,058.97, the S&P 500 was up 17.23 points (0.23%) to 7,375.77, and the Nasdaq Composite was down 47.33 points (0.19%) to 25,429.31. Other coverage described the close as the Dow up about a tenth of a percent, the S&P 500 flat, and the Nasdaq down nearly half a percent. The variations reflect different points in time and market summaries, but the narrative was consistent: chips surged, Big Tech dragged, and the headline indices split.

Oil rises after Strait of Hormuz incident

Oil prices moved higher after a cargo ship was attacked in the Strait of Hormuz, according to the market reports provided. The ship was damaged by an unknown projectile off the Omani coast, and the International Maritime Organisation halted an evacuation of crews trapped by the US-Iran war. Front-month crude futures rose 2.1% to $15.26 a barrel in one report, and another noted oil up about 2% on the day. The jump came after oil had been retreating following a US-Iran peace deal announcement, showing how quickly geopolitical risk can reprice energy.

Oil had also slipped back toward pre-war levels earlier

Despite Thursday’s rebound, several updates pointed out that crude had fallen back toward pre-war levels earlier in the week. One summary cited West Texas Intermediate down 1.24% to $19.47 per barrel and Brent down 1.52% to $12.62 per barrel, alongside a note that shipping traffic through Hormuz was gradually resuming. Another report said Brent was around $12 per barrel, down from a high near $15, and that flows through the strait were increasing but still not near pre-war levels. It also stated that since the US and Iran ceased hostilities, about 4.8 million barrels per day were moving through, and at least 20 tankers had made it out since a “memorandum of understanding” was signed.

Inflation data adds another layer for investors

Macro signals were also in focus ahead of the Federal Reserve’s preferred inflation gauge. One report said US Department of Commerce data showed the annual inflation rate through May rose above 4% for the first time in three years. Another noted that the May Personal Consumption Expenditures (PCE) Price Index matched market expectations, easing concerns about an unexpected inflation spike. With oil moving sharply intraday and rate expectations sensitive to inflation prints, investors appeared to keep risk-taking contained outside clear earnings-driven stories.

Key numbers investors tracked

Why this session mattered

Thursday’s session captured a market wrestling with two competing narratives. On one side, Micron’s results reinforced that AI-related demand is strong enough to lift parts of the semiconductor complex. On the other, investors showed fresh sensitivity to the cost of AI infrastructure, especially among hyperscalers, and to the knock-on effects of component inflation for consumer hardware pricing. Add the day’s oil spike and mixed inflation messaging, and the result was a cautious, split close: chips up, Big Tech down, and index performance dependent on sector mix.

What to watch next

Investors were also looking ahead to key inflation readings and their implications for the Fed’s policy stance. With oil and geopolitics back in the frame via the Strait of Hormuz, markets may remain reactive to shipping and supply headlines. And within equities, the next set of earnings and guidance from major AI spenders is likely to influence whether the recent pressure on mega-cap tech persists.