On June 23, Barclays strategists stated that although the macroeconomic backdrop for the U.S. stock market is complex, the overall risk balance remains favorable. As a result, they have raised their S&P 500 target from the previous 7650 points to 7800 points. The team also provided a target for 2027 of 8800 points, with an earnings per share target of $389. Barclays noted that the reasons for a bullish stock market still hold, but as the Federal Reserve's support diminishes, the market's ability to withstand disappointment decreases, and visibility into earnings and AI capital expenditures must play a greater role.
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Barclays Raises 2026 S&P 500 Target to 7800 Points
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U.S. Optical Communication Stocks Drop Pre-Market, Mavenir Technologies Falls Over 8%
On June 23, optical communication stocks in the U.S. market collectively declined in pre-market trading. Among them, Tower Semiconductor and AXT Inc fell over 10%, while MaxLinear, Mavenir Technologies, Coherent, and Credo Technology dropped over 8%. Astera Labs, Corning, Nokia, GlobalFoundries, and Lightwave Logic fell over 7%, and Lumentum decreased by more than 6%. -
US AI Chip Stocks Drop Pre-Market, Intel Falls Over 8%, Nvidia Down Over 3%
On June 23, US AI chip stocks collectively declined in pre-market trading. Intel fell over 8%, AMD dropped more than 6%, while Qualcomm, TSMC, and Lattice Semiconductor each fell over 5%. Baidu decreased by over 4%, and Broadcom, Tesla, Nvidia, Alphabet-A, NXP, and Alphabet-C all saw declines of over 3%. -
Lyons: Korean Stock Volatility Out of Control with Heavy Retail Participation
On June 23, the South Korean KOSPI index plummeted by 9.99% on Tuesday, marking its largest drop in three months, as overseas investors sold off stocks following signals from Korean regulators about overheating in the chip industry. Alexander Redman, Chief Equity Strategist at CLSA, stated that Tuesday's correction highlights the increasing volatility in the market, with critics concerned that the market has expanded excessively and risks are rising. 'Volatility has gotten out of control. This level of volatility cannot be explained without significant retail participation,' Redman said. 'What worries me is that retail investors have taken the lead, as they are using a lot of margin, even though their ratio to market capitalization is small. Even more concerning is that regulators are now allowing leveraged single security ETFs, which further exacerbates the issue.' On Monday, the head of South Korea's market regulator indicated that the government was too hasty in approving leveraged funds linked to some well-known Korean chip stocks, which were launched last month and have intensified market volatility. Recently, South Korean regulators warned retail investors against using leverage in the KOSPI market, as margin debt or the amount borrowed to purchase stocks had reached a historic high in June. -
TAO Falls Below $220
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BTC Falls Below $62,000
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U.S. Stock Market Storage Sector Plummets Pre-Market, SanDisk and Micron Drop Over 9%
On June 23, the South Korean market saw a significant decline in the storage sector, dragging down the U.S. stock market's storage sector pre-market. Among them, SanDisk and Micron fell over 9%, Western Digital and Silicon Motion dropped over 8%, Seagate Technology fell over 7%, and Rambus decreased by over 6%. -
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On June 23, the VIX, or volatility index, surged over 18% to reach 20.54. -
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On June 23, Hong Kong's storage concept stocks collectively suffered significant declines. As of now, the Southern Double Long Position in Samsung Electronics has dropped over 24%, while the Southern Double Long Position in SK Hynix has fallen over 23%. Additionally, Lanqi Technology has decreased by over 12%, and Zhiyu Innovation has dropped by over 10%. Investors have intensified their sell-off of leading chip stocks, raising concerns that the recent rally may have been overstretched. The South Korean stock market also experienced a sharp decline today, with the KOSPI closing down 9.99% at 8204.06 points, marking the largest single-day drop since March 4 of this year. Both Samsung Electronics and SK Hynix saw their shares fall by over 12%. -
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