Wall Street closed Thursday in split fashion. The S&P 500 barely moved, slipping just 0.01% to 7,357, but underneath the flat surface, a seismic rotation was underway — memory chips screaming higher, hardware giants bleeding out. Friday promises more volatility, with key Fed speakers, a final consumer sentiment reading, and post-earnings drift in at least three major names still to play out. Let’s see the top stocks to watch tomorrow
Here is everything traders and investors need to know heading into Friday’s session.
📍 Market Snapshot: Where We Closed Thursday, June 25
| Index | Close | Change |
|---|---|---|
| S&P 500 | 7,357 | -0.01% |
| Nasdaq Composite | 25,359 | -0.46% |
| Microsoft (MSFT) | $352.83 | -3.46% |
| Alphabet (GOOGL) | $343.71 | -0.46% |
The Nasdaq underperformed thanks to Apple’s steep single-day drop, which dragged the broader tech complex. Meanwhile, semiconductor stocks and AI plays were largely in the green, benefiting from a blowout Micron print.
🔥 1. Micron Technology (MU) — The Trillion-Dollar AI Memory Machine
Closing Price (June 25): $1,213.56 | +$165.05 | +15.74% Post-Market: $1,197.00 (-1.36%)
No stock stole more headlines this week than Micron. After reporting fiscal Q3 2026 results Wednesday evening, MU surged nearly 16% in a single session — its biggest single-day gain in years — lifting its market cap past $1 trillion.
The Numbers That Blew the Street Away:
- Revenue: $41.46 billion vs. $35.84 billion estimated — a $5.6 billion beat (16.2% above consensus)
- Adjusted EPS: $25.11 vs. $20.49 estimated — a 24.3% beat
- Gross Margin: 84.9%, up from 74.9% the prior quarter and just 39% a year ago
- Net Income: $28.24 billion ($24.46 per share), vs. $1.89 billion a year earlier
- Data Center Revenue: $25 billion in the quarter, with enterprise SSD revenue hitting $5 billion (20% of data center mix)
- Q4 Revenue Guidance: ~$50 billion — analysts were expecting $43.58 billion
- FQ4 Free Cash Flow Guidance: Projected to exceed $30 billion
CEO Sanjay Mehrotra was emphatic: “Our customers are recognizing that supply shortages in memory and storage will take considerable time to improve, even as we expect industry supply to improve gradually in 2028.” Micron said HBM products remain fully booked, and it signed 16 long-term customer agreements — locking in half or more of company revenue for three-to-five years. Capital spending was raised to $27 billion for FY2026, with FY2027 capex guided above the mid-$40 billion range.
Why MU Matters on Friday:
Post-earnings drift is real. MU saw a slight pullback in after-hours trading (-1.36% to $1,197). With such an explosive single-day move, profit-taking on Friday is plausible — but dip-buyers will be watching closely. The company now expects next quarter EPS of $31.36 and the AI memory boom shows no sign of slowing. Watch for volume and whether MU holds above the $1,180–$1,200 support zone.
📉 2. Apple (AAPL) — Price Hike Panic and the China Headwind
Closing Price (June 25): $275.15 | -$18.00 | -6.12% Volume: 106.4 million shares — 119% above its 3-month average
Apple’s worst trading day since April 10, 2025. The catalyst: the company hiked prices across its Mac, iPad, home devices, and Vision Pro lineup globally, citing an “unprecedented shortage” of memory chips and storage driven by AI data center demand crowding out consumer-grade supply.
The Price Hikes That Rattled Markets:
- MacBook Air: $1,099 → $1,299 (+$200)
- MacBook Neo (entry): $599 → $699 (+$100)
- 14-inch MacBook Pro (entry): $1,699 → $1,999 (+$300)
- 11-inch iPad Pro: $999 → $1,199 (+$200)
- iPad Air: $599 → $749 (+$150)
- iPhones, Apple Watch, and AirPods were not included — yet. Apple hinted more adjustments could follow.
What’s Compounding the Pain:
- China sell-in data: UBS flagged a 19% year-over-year decline in iPhone shipments to Chinese retailers in May, with Apple’s regional market share shrinking to roughly 11% from 16% a year ago
- AI strategy concerns: Post-WWDC 2026, investors remain uneasy about the lack of a committed consumer launch timeline for Siri’s next-generation upgrade
- Analyst moves: APAC Research and KGI Securities downgraded Apple to Hold; UBS maintained Neutral with a $296 price target; Evercore ISI flagged “demand friction” risk
- GF Value assessment: Current price ($275) vs. GF Value ($266.18) = modestly overvalued, GF Score 96/100
The broader takeaway from Evercore is precise: passing on $100–$300 cost increases to consumers in a “macroeconomically sensitive” environment could stifle volume growth even if it protects near-term margins.
Watch on Friday: Can AAPL stabilize and find a floor? Key technical support sits around $265–$268. A bounce attempt is possible given RSI showing oversold conditions (Williams %R at 81.013). But momentum is bearish, MACD at -3.459. Any further negative China data or analyst downgrades could extend the slide.
⚡ 3. Qualcomm (QCOM) — From Smartphone Chip to AI Data Center Powerhouse
Closing Price (June 25): ~$207 | +5.3% 52-Week High: $251.02 (May 2026) | YTD Gain: ~21.6%
Qualcomm’s Investor Day in New York may have been the most consequential strategic pivot by a chip company this year. The market loved it — mostly.
Key Announcements That Moved the Stock:
- FY2029 Non-Handset Revenue Target: Raised to $40 billion — nearly double the prior $22 billion target
- Data Center AI Revenue Target: Over $15 billion by FY2029
- Meta Partnership: Qualcomm will supply data center CPUs to Meta’s next-generation server fleet using its new Dragonfly C1000 processor, with production beginning H2 2028
- Microsoft Azure confirmed adoption of Qualcomm’s High-Bandwidth Compute technology from mid-2027
- Modular Acquisition: All-stock deal valued at ~$3.92 billion to build an open, hardware-agnostic AI software stack — a direct challenge to Nvidia’s CUDA ecosystem
- Non-GAAP EPS Target: >$18 by FY2029 | Handsets declining to just one-third of QCT revenue
Analyst Reaction — Broadly Cautious, Targets Lifted Sharply:
| Firm | Rating | New Target |
|---|---|---|
| Morgan Stanley | Equal Weight (upgrade from UW) | $231 |
| Barclays | Underweight | $245 (from $150) |
| Bernstein | Market Perform | $235 (from $140) |
| JPMorgan | Positive Catalyst Watch | $265 |
| BofA | Underperform | $220 (from $195) |
| Cantor Fitzgerald | Neutral | $220 |
| Wells Fargo | — | $230 |
Targets shot higher, but ratings reflect caution. The phrase “show-me story” appeared across multiple notes. Most firms want proof the Dragonfly C1000 ramp delivers before committing to Buy ratings.
Watch on Friday: QCOM surged 12% in pre-market, ended Thursday up just 5.3% around $207 — a notable pullback from the morning highs of $219. Support sits around $200. The key question: does momentum hold, or does the “show-me” skepticism cool the rally further?
🍽️ 4. Darden Restaurants (DRI) — A Mixed Plate
Closing Price (June 25): ~$207 | +1.36% P/E Ratio: 22.32 | FY2027 EPS Guidance (midpoint): $11.23
Darden kicked off the session with fiscal Q4 2026 results — a split verdict that left bulls encouraged but cautious.
Q4 FY2026 Results vs. Estimates:
- Revenue: $3.72 billion (in line with $3.73 billion estimate) — +13.7% YoY (boosted by a 53rd fiscal week)
- Adjusted EPS: $3.66 vs. $3.64 estimated — slight beat
- GAAP EPS: $3.51 vs. $3.64 expected — 3.6% miss
- Blended Same-Store Sales: +4.6% (above the 4.1% estimate)
Brand Breakdown:
| Brand | Same-Store Sales Growth | vs. Estimate |
|---|---|---|
| LongHorn Steakhouse | +9.5% | Beat (est. 7.1%) |
| Other Business (incl. Yard House) | +4.6% | Beat (est. 3%) |
| Olive Garden | +2.4% | Miss (est. 3.2%) |
| Fine Dining | +1.9% | Below expectations |
CEO Rick Cardenas noted that “consumer spending remains pretty resilient overall.” The company also authorized a new $1.5 billion share repurchase program, raised its quarterly dividend, and guided FY2027 EBITDA at the midpoint of $2.28 billion — in line with estimates.
Seeking Alpha upgraded DRI to Buy with a $230 fair value target, citing resilient consumer demand and buyback capacity. However, the Olive Garden miss and slightly below-consensus FY2027 EPS guidance at $11.23 tempered enthusiasm.
Watch on Friday: Darden may see modest post-earnings drift. With the stock 9.8% below its 52-week high of $228.27, and a solid dividend yield of 2.8%, value-oriented buyers could step in — but the Olive Garden underperformance remains a sticking point.
📊 Friday’s Macro Catalysts — What Could Move Everything
Friday’s calendar is light but potentially market-moving:
7:30 AM ET — Goods Trade Balance
- Forecast: -$85.00B | Previous: -$83.01B
- A widening deficit could weigh on the U.S. dollar and raise broader concerns about trade dynamics
9:00 AM ET — University of Michigan Final June Consumer Sentiment
- Preliminary June reading: 48.9 (up from May’s record low of 44.8)
- Forecasts: Michigan Consumer Expectations at 49.3 (vs. previous 44.1)
- Year-ahead inflation expectations forecast: 4.6% (previous: 4.8%)
- 5-year inflation expectations: 3.4% (flat)
- Context: Sentiment is still 13% below January 2026 levels and 19% below a year ago — if Friday’s final print disappoints the preliminary, risk-off selling could accelerate across consumer discretionary names
9:30 AM ET — Fed’s Williams Speaks | 10:30 AM ET — Fed’s Kashkari Speaks
- Markets are currently pricing in a 50% probability of at least one Fed rate hike before year-end, down from 66% last week but up sharply from near-zero in early April
- Any hawkish commentary from either official could spook rate-sensitive sectors (tech, REITs, utilities)
- Watch for any reference to the hot PCE data: May PCE came in at 4.1% annually (up from 3.8% in April); Core PCE rose to 3.4% (from 3.3%) — both moving in the wrong direction
12:00 PM ET — Baker Hughes U.S. Rig Count
- Previous: 433 active rigs | Total rigs: 563
- Directional signal for crude oil positioning and energy sector stocks
🧭 Bottom Line for Friday, June 26
The theme heading into the close of the week is AI divergence — companies feeding the AI boom (Micron, Qualcomm) are printing record numbers, while companies paying the price of the AI chip shortage (Apple, Microsoft) are absorbing costs that compress margins and unsettle investors. Friday may see:
- MU consolidation after its historic single-day rally — watch the $1,180–$1,200 zone
- AAPL technical bounce attempt — but bearish sentiment is dominant
- QCOM follow-through or fade — hinges on whether the $200 support level holds
- DRI grinding higher on the buyback and dividend catalyst
- Macro pressure if Michigan sentiment disappoints or Fed officials turn hawkish on rate hike probability
The broader market remains in a state of creative tension: AI spending is booming, inflation is creeping back up, consumer confidence is near historic lows, and the Fed is no longer firmly in hold mode. Every data point on Friday matters.
Disclaimer: This publication is entirely for informational and journalistic purposes and does not constitute formal financial, investment, or legal advice. All market investments carry inherent risks of capital loss. Always complete independent due diligence prior to executing equity trades. Prices and data referenced reflect conditions as of the close of trading on June 25, 2026, and may change materially by the time you read this. Past performance is not indicative of future results.
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