Micron Reignites AI While PCE Stays Firm and Oil Cools - Market Pulse for Thursday, June 25, 2026

> Micron earnings and guidance revived the AI trade before the open, but May PCE still printed 4.1% year over year. Today’s edge is knowing whether futures are accepting above the daily map or simply reacting inside it.

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What You Need To Know Right Now

Micron is the catalyst, and the catalyst matters because it is specific.

This is not just another broad “tech is green” headline. Micron's earnings beat and forward guidance revived the AI memory and infrastructure trade before the bell, which is why Nasdaq futures are leading by such a wide margin. At the same time, the macro tape did not suddenly get easy. The U.S. Bureau of Economic Analysis released the May Personal Income and Outlays report at 8:30 a.m. ET on Thursday, June 25, 2026, showing headline PCE up 0.4% month over month and 4.1% year over year, while core PCE rose 0.3% month over month and 3.4% year over year. That is firm enough to keep the Fed conversation alive.

The result is a split morning: AI leadership is trying to pull the tape higher, while inflation is still too sticky for traders to treat the macro side as solved.

Here is the opening read:

| 10-year yield | Around 4.42% | Rates are still firm enough to keep valuation pressure in