The Prime Daily: 25 June 2026

Chips Stocks Rebound, Dollar’s Rise Upends Commodities

Major US stock indexes experienced mixed trading yesterday, with the Dow Jones rising 0.35% while the Nasdaq and S&P 500 indexes trended lower. Market performance was weighed down by a significant downturn in the technology and energy sectors, though a strong after-hours earnings report from Micron Technology provided some late-session optimism for chipmakers.

Shares of Micron surged 15% in Wednesday’s extended trading after the chipmaker reported fiscal third-quarter results that topped analysts’ expectations. Micron also guided for current-quarter revenue of $50 billion, up from $11.3 billion a year earlier and above the $43.58 billion forecast.

Fellow semiconductor stock Qualcomm also gained 14% after raising guidance for its non-handset revenue in fiscal 2029, calling for $40 billion. That’s up from an earlier forecast of $22 billion.

The Federal Reserve announced that all 32 of the US’s largest financial institutions passed their annual stress tests, demonstrating resilience against a hypothetical severe recession. Following the results, major institutions like JPMorgan Chase announced intentions to increase quarterly dividends and expand share repurchase programs, reflecting confidence in their capital positions.

Investors will be watching for May’s personal consumption expenditures price index reading, the Federal Reserve’s preferred inflation gauge. Economists polled by Dow Jones expect the headline index to rise 0.5% on a monthly basis, slightly higher than April’s 0.4% gain, and 4.1% on a yearly basis, again larger than April’s rise of 3.8%.

The Dollar Index climbed to 101.80, its highest level since May 2025, as markets priced in roughly a 32% chance of a Fed rate hike in July and 66% probability by September following a hawkish dot plot. The greenback’s reassertion is acting as a headwind for commodities and cryptos.

Gold tumbled more than 2.7% to around $3,998/oz, breaching the psychologically significant $4,000 level for the first time since November 2025, pressured by a surging dollar and rising Fed tightening expectations. Silver suffered an even steeper decline of roughly 7%, falling to a six-month low near $57/oz, dragging shares of miners like Hochschild and Fresnillo sharply lower.

Crude Oil prices extended their decline, edging closer to pre-war levels as stranded tankers exited the Strait of Hormuz following an initial accord to end the U.S.-Israeli war with Iran, easing supply concerns.

The rupee appreciated by 7 paise to close at 94.67, supported by a decline in crude oil prices and sustained capital inflows following recent government and RBI measures

Nifty staged a strong recovery, gaining 197 points to close at 24,021 yesterday. The index continues to find buying interest within the gap zone of 23,645–23,817 formed on June 15, 2026, highlighting demand at lower levels. On the higher side, 24,190 remains an immediate resistance level, while on the downside, support has now shifted higher to around 23,800. The broader tone remains constructive as long as Nifty holds above this support band.

Our markets will remain closed tomorrow for Muharram. Key US data releases, including the PCE that are due during Thursday and Friday’s U.S. sessions, and over two days of market moves will be discounted on Monday.

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