Bespoke’s Morning Lineup – 6/25/26 – Memory Boost

See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“Nothing is invented, for it’s written in nature first.” – Antoni Gaudi

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Futures are higher across the board this morning, and bulls have Micron (MU) to thank after the company reported blowout earnings with strong margins. Gross margins in the quarter were over nearly 85%, and the company guided margins to 86% next quarter. For perspective, the peak quarter of margins for Nvidia (NVDA) during its run was 77.4% in Q1 2025!

In response to the report, Nasdaq futures are poised to open higher by more than 2% while the S&P 500 looks to gain 0.66%. The lift in futures after the close also led to a rally in Asian stocks overnight, which has flowed over to Europe. Despite the big gain in equities, treasury yields are slightly lower, which should help buoy equities. Crude oil prices are down over 1% and have now essentially erased all their Iran war gains. Gold prices are below $4,000, and crypto is attempting to bounce with a gain of 2.6% but is still below $62,000.

It’s been an incredibly busy day for economic data. The revision to Q1 GDP came in higher than expected. Initial Jobless Claims came in lower than expected, while PCE data was mostly inline, so there wasn’t much in the data to disrupt the rally in equities.

Last night’s earnings results from Micron (MU) have the Nasdaq poised to gap up by roughly 2% at the open, and it comes after another brief dip in which the Nasdaq 100 ETF (QQQ) came close to testing its 50-day moving average (DMA). After the last bounce failed to make a new high, traders will want to see this bounce make a higher high.

The chart below shows the performance of QQQ following upside gaps of at least 1.5% since 1999. In it, we have broken down returns by the day of the week.  On the 55 prior days when QQQ gapped up more than 1.5% on a Thursday, its average return from the open to close was +0.27%. One week from the opening gap, QQQ averaged a gain of 1.3%, which is better than any other day of the week. However, the average 0.20% gain in the month after the prior 1.5% upside Thursday gaps is the second-weakest, trailing only Monday upside gaps.

Looking at a long-term chart of QQQ since its inception in 1999, 1.5%+ upside gaps within 5% of an all-time high were frequent in the run-up to the dot-com peak. The frequency obviously dried up after the bubble burst when there wasn’t a new high for more than a decade. Since QQQ first returned to new highs in the last ten years, though, the frequency of these occurrences has been somewhat steady, although the frequency has picked up this month with three occurrences in just the last two weeks.

Start a two-week trial to Bespoke Premium to continue reading today’s full Morning Lineup.