The Prime Daily: 24 June 2026

Authored By Prime Research | Published at: Jun 24, 2026 09:07 AM IST

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Semiconductor Rout and Hawkish Fed Bets Drive Risk-Off Across Asset Classes

The Nasdaq and S&P 500 closed significantly lower on Tuesday as a global tech selloff, led by heavy losses in the semiconductor sector, intensified for a second consecutive day.

Micron closed at $ 1051, down 13%, as a South Korea-led memory-chip selloff hammered SK Hynix and Samsung and spilt into U.S. memory names just one day before Micron’s fiscal third-quarter earnings on June 24. Qualcomm shares tumbled roughly 10% to $200, caught in the same sweeping AI and semiconductor selloff that engulfed global tech markets.

NVIDIA also fell 4%, trading near a key $200 support level as investors reassessed stretched valuations across the chip sector.

Walmart shares rose 2% after the retail giant announced plans to acquire Vibe.co, a French connected-television advertising technology firm, its biggest deal in two years, valued at approximately $1.4 billion. The move comes as Amazon launched its 12th annual Prime Day, with Walmart and Target running competing promotional events through June 26.

Bitcoin fell nearly 4% on Tuesday, dropping toward the $62,000 level as the broader risk-off mood in equity markets spilled over into digital assets.

Gold futures settled lower for a third consecutive session, with the front-month contract closing down 1% at $4129/oz now 23% below the record high of $5354/oz set in late January. A surging U.S. dollar, which climbed to a more than one-year high on hawkish Fed expectations, weighed heavily on dollar-priced commodities, including silver.

WTI Crude oil futures remained steady near $73 per barrel after the United States granted a 60-day sanctions waiver to Iran, allowing for legal international oil sales during ongoing peace talks. While geopolitical risks persist, the potential for a durable resolution regarding navigation in the Strait of Hormuz has provided some relief to energy markets.

The U.S. Dollar Index rose to 101.37, its highest level in over a year, as traders sharply repriced the Federal Reserve’s rate path following last week’s hawkish policy meeting under new Chairman Kevin Warsh. The probability of a rate hike at the September meeting surged to 69.5%, up from just 29.1% the prior week, while the euro fell to its lowest level since August 2025 amid contracting Eurozone private-sector activity.

Asia’s technology stocks rebounded after global equities posted steep losses in the previous session. South Korea’s Kospi jumped more than 3% after plunging roughly 10% on Tuesday. Semiconductor heavyweights led Wednesday’s bounce during early Asian hours. Shares of Samsung Electronics rose over 9% after falling 12% in the previous session.

The rupee depreciated by 5 paise to close at 94.73, weighed down by strong corporate dollar demand, weak regional currencies, and prevailing risk-off sentiment. However, it outperformed its Asian peers, supported by capital inflows driven by recent government and RBI measures, as well as month-end rebalancing.

Nifty resumed its corrective phase, declining 278 points to close at 23,824. Nifty closed near its 50 DEMA at 23,825, indicating a crucial test of support. The index has reached the gap zone of 23,645–23,817 formed on June 15, 2026. A decisive breach below 23,645 could accelerate the decline towards a key retracement level near 23,500.

On the upside, the 23,900–24,000 zone is likely to act as an immediate resistance band

Indian markets are set to open on a mildly positive note amid encouraging global cues.

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