Please see below the daily update article from Brooks Macdonald, received this morning – 25/06/2026
What has happened?
Equity markets showed signs of stabilisation after losses earlier in the week, supported by easing oil prices and improved sentiment around tech. The S&P 500 (-0.10%) was largely unchanged. Beneath the surface, nearly two-thirds of constituents rose, lifting the equal-weighted S&P 500 by +0.71%. In contrast, the Mag 7 (-0.82%) continued to lag, leaving the group -11.6% below its late-May peak and in correction territory. In Europe, the STOXX 600 (+0.08%) edged modestly higher.
Falling oil and upbeat tech earnings lift sentiment
Two developments underpinned sentiment. First, Brent crude has retraced to pre-conflict levels, falling to $72.49/bbl, broadly in line with where it stood before the late-February escalation. This reflects improving supply conditions, with vessel flows through the Strait of Hormuz now at their highest since the disruption began. Second, Micron’s results provided a positive signal for the tech sector. Its $50bn revenue outlook for the fiscal fourth quarter exceeded the $43.2bn consensus, reinforcing confidence in AI-driven demand. The stock rose nearly 16% in after-hours trading, helping to offset concerns about a broader unwind in mega-cap tech.
What does Brooks Macdonald think?
Easing geopolitical pressure, combined with continued earnings support in parts of the technology sector, is helping to steady markets. However, the shift in market leadership remains notable. The underperformance of mega-cap stocks alongside improving breadth suggests a transition may be happening. Looking ahead, today’s US May PCE inflation release and the latest revision to US Q1 GDP should provide further clarity on the balance between growth resilience and disinflation.
Bloomberg as at 25/06/2026.
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Cherise Lancaster
25/06/2026