June 22, 2026

Markets:

U.S. equity futures were little changed Monday as Wall Street assessed the latest developments in the Iran war negotiations and awaits the release of inflation data closely watched by the Federal Reserve.

Micron was one of the early outperformers, rising more than 4%. The move comes ahead of the chipmaker’s quarterly report, due Wednesday after the bell. SpaceX, however, fell nearly 5%, putting it on pace for its third straight daily decline.

Brent oil futures turned negative on Monday after mediators Qatar and Pakistan said that U.S. and Iranian officials had agreed on a roadmap to reach a final deal within 60 days.

The three leading U.S. indexes staged a comeback Thursday after a sell-off on Wednesday, with the declines fueled by investor uncertainty about the trajectory of monetary policy. Thursday’s comeback – led by a rise in chip stocks – helped the indexes finish the trading week higher.

A key test for the market this week will be the release on Thursday of May’s reading on the personal consumption expenditures price index, the Fed’s preferred inflation gauge. Even excluding volatile food and energy prices, core PCE is expected to increase from April, according to economists polled by FactSet.

Following last week’s hawkish Fed meeting, expectations of an interest rate increase were pulled forward to as soon as October. Investors are now laser-focused on any inflation reading that could signal the U.S. central bank may soon begin hiking rates.

Portfolio:

We enter the week holding setups in RXT and AMPG.

The headline event this week is without question MU earnings Wednesday after the closing bell. The Street is looking for approximately $19.72 EPS on $34.5 billion in revenue, representing roughly 900% year-over-year EPS growth. The stock has already surged nearly 300% in 2026 heading into the report, but the bigger question remains: can expectations continue to be exceeded as the memory cycle accelerates?

Make sure you are watching the expected move heading into earnings:

mtoptions.com/expected-move-calculator/?ticker=MU

The market continues to digest headlines surrounding Iran and the U.S., but as we have continued to say, uncertainty eventually turns into clarity. Reports indicate both sides made progress during talks in Switzerland toward a potential framework, including additional discussions around reducing hostilities and establishing a path forward.

Beyond geopolitics, the AI infrastructure buildout continues to expand. Chevron and Microsoft announced a 20-year agreement to supply natural gas power for a planned West Texas data center project that could become one of the largest in the United States. This is another example of the enormous amount of infrastructure investment required to support the next generation of AI.

Lets get ready to trade this week. 

Locked in and summer of all summers brewing!