The Trading Post | 06.23.26

June 23, 2026

Good morning,

Nasdaq futures are getting hit as tech worries and Fed hike bets weigh on QQQ and SMH, megacap growth is still under pressure after yesterday’s soft close, rate fears are offsetting Iran-talk optimism, Asia shares and oil slipped overnight, and Micron’s upcoming results may decide whether chip bulls get a bounce…or another motivational seminar on risk management.

Let’s jump in.

Yesterday’s Post-Market Performance

As of 06.22.26 market close.

Market News

  • Nasdaq Futures Fall 2% As Tech Gets Smoked: Tech and semis are leading the downside as Fed hike bets creep back into the conversation like an unwanted group chat. Watch QQQ, SMH, NVDA, AMD, and other high-beta names for failed-bounce continuation setups. Reuters

  • Megacap Tech Dragged Stocks Lower Yesterday: The Nasdaq and S&P 500 ended mostly lower as traders rotated away from large-cap growth. If premarket weakness holds, look for downside continuation in the same names that led the prior rally, because leadership works both ways. Reuters

  • Rates Are Fighting Geopolitical Relief: Lower oil and improved Iran-talk optimism are helping sentiment, but higher-rate fears are keeping the broader market pinned. That creates a choppy tape where sector rotation may matter more than heroic index guessing. Reuters

  • Asia Shares And Oil Slip Overnight: Softer global risk appetite is bleeding into the U.S. setup, especially for cyclicals, semis, and crude-linked names. Watch whether oil weakness helps transports and consumers, or simply confirms a broader growth scare. Reuters

  • Micron Puts Chips On Catalyst Watch: MarketWatch is flagging another tech selloff ahead of Micron results, making MU a sentiment grenade for the entire semiconductor complex. Watch NVDA, AMD, MU, and SMH for sympathy moves after guidance. MarketWatch

Earnings We’re Watching

  • Sunbelt Rentals Holdings, Inc. (SUNB) - Tuesday (BMO) 

  • FedEx Corp. (FDX) - Tuesday (AMC) 

  • KB Home (KBH) - Tuesday (AMC) 

Trade Ideas

Automatic Data Processing, Inc (ADP), Amazon.com, Inc (AMZN), Broadcom, Inc (AVGO), Salesforce.com (CRM)

Corning Incorporated (GLW), Robinhood Markets, Inc (HOOD), iShares Russell 2000 Index Fun (IWM), Palantir Technologies Inc (PLTR)

Reddit, Inc. Class A Common (RDDT), Shopify, Inc. (SHOP), Snowflake, Inc. (SNOW),
United Airlines Holdings Inc (UAL)

Wayfair Inc (W), Zscaler, Inc (ZS), Automatic Data Processing (ADP), Amazon.com, Inc. (AMZN)

Want to learn how we trade these? Learn the setup we call the “High Volatility Switchback” trade.

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Daily Moment of Zen

❝

Markets are strongest when they are broad and weakest when they are narrow.

Bob Farrell

Why It Matters:

A market led by a handful of megacap tech names is like a table held up by one expensive, AI-branded leg. It looks futuristic until someone bumps into it.

Today’s tape is testing whether the weakness is just a semiconductor tantrum or something wider. If QQQ and SMH crack but small caps, volatility, and cyclicals stay calm, the market may simply be rotating. If everything starts leaking at once, that’s not rotation. That’s a group project where everyone forgot to do the assignment.

Trade the confirmation, not the headline panic. The market does not award bonus points for predicting chaos early. It only charges tuition.