Micron Eases Tech Selloff as Markets Await PCE Data for Inflation Signals

While Micron’s and Qualcomm are helping to cool the recent sell-off in the U.S. technology sector, financial markets continue to provide consistent signals that inflation expectations are being significantly revised downward. For this reason as well, the U.S. May 2026 PCE inflation report is expected to be the day’s primary market mover.

Investors, maintaining a moderately risk-on sentiment, are awaiting confirmation or contradiction of the ongoing reduction in inflationary pressures within the U.S. economy. Meanwhile, both gold and oil continue to weaken, while the U.S. dollar remains strong. Futures indicate a positive opening for U.S. markets and a slightly negative start for Europe.

Financial markets sentiment

Financial markets currently exhibit a neutral sentiment. Intermarket analysis shows a Market Health Score of 37/100, indicating a moderately negative environment.

Looking at our intermarket dashboards, the most noteworthy development is the Commodities/Bonds ratio. For the first time since last November, the ratio has fallen below its 200-day moving average. If this support breakdown is confirmed, there would be room for a complete reversal of the spike triggered by the Gulf conflict, providing one of the earliest signals of a normalization in inflation expectations.

At the same time, the Oil/Gold ratio’s attempt to reclaim its 200-day moving average has been rejected. The Dollar/Gold ratio is approaching a potential bullish crossover between its medium- and long-term moving averages, while the Dow/Gold ratio remains at its highest level since last September and has already completed a bullish crossover between its 50-day and 200-day moving averages.

Asset classes are signaling a short-term consolidation phase for both global equities and fixed income, while the sharp decline in oil prices and continued dollar strength are pushing commodities increasingly closer to their long-term moving average.

Our Health Scores (“weather map”) confirm this picture, with equities hovering around the 50-point mark, the U.S. dollar remaining above 60 points, and oil trading well below 40 points. Looking at the most significant changes, two developments stand out: over the past seven days, long-term U.S. government bonds, emerging-market fixed income, and global real estate have all shown meaningful strengthening. In contrast, energy- and commodity-related assets are posting the largest negative momentum readings.

These are further indications of the ongoing repricing of inflation expectations, making today’s PCE data even more important—and, in some respects, critical.

Global Futures – Pre-Market Sentiment

Pre-Market Futures. Global futures are signaling a mildly risk-off sentiment (average -0.00%), with U.S. futures positive (+0.56%), European futures slightly negative (-0.35%), and Asian futures modestly positive (+0.31%).

Macroeconomic calendar

After several days with limited U.S. macroeconomic releases, this Thursday offers a particularly interesting economic calendar. The focus begins with the May U.S. PCE inflation report, followed by May 2026 data on U.S. personal income and spending, durable goods orders, weekly jobless claims, and the June update of the Chicago Fed National Activity Index (CFNAI). Elsewhere, investors should closely monitor Australian employment data, as well as consumer confidence figures from Germany and France.

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NOTES AND WARNINGS

Data compiled by kbmeter.com. Analysis date: 25 June 2026 - 7:47 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.