U.S. markets enter Thursday, June 25, 2026, with conditions set by the Wednesday, June 24 close. Stocks finished mixed. The Dow moved higher. Small caps gained. The S&P 500 slipped. The Nasdaq fell again. Technology remained the main pressure point. Oil dropped sharply. Treasury yields declined. The dollar strengthened.

Gold fell below $4,000.
The S&P 500 closed at 7,358.22.
The Nasdaq closed at 25,476.64.
The Dow closed at 51,848.90.
The Russell 2000 closed at 2,986.63.

The surface was mixed. The internal structure improved at the margin as more stocks rose than fell, but mega-cap technology still held back the major growth indexes.

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Wednesday’s session showed a split across the major indexes.

The Russell 2000 rose +0.4%.
The Dow gained +0.4%.
The S&P 500 fell -0.1%.
The Nasdaq dropped -0.4%.

That ranked the major indexes from strongest to weakest as: Russell 2000, Dow, S&P 500, Nasdaq.

The Russell 2000 gained 11.15 points.
The Dow gained 182.06 points.
The S&P 500 lost 7.24 points.
The Nasdaq lost 110.40 points.

The strongest signal came from small caps. The Russell 2000 gained even as the Nasdaq fell, which showed better participation outside the largest technology names. The Dow also held firm. It gained 182.06 points and finished as the strongest large-cap index on the day. The weakest signal came from the Nasdaq. It fell for another session as large technology names continued to weigh on the tape.

Technology remained the main drag. Microsoft and other major tech stocks pressured the market, while AI-linked valuation concerns stayed in focus. Breadth was not as weak as the index level suggested. More stocks rose than fell inside the S&P 500. Six of the 11 major S&P 500 sectors finished higher. Industrials led with a gain of 1.2%. Consumer discretionary rose 0.8%. Airlines were a major bright spot. The S&P 500 passenger airlines index gained 5.2% as oil prices fell.

The Nasdaq still showed stress. The Nasdaq Composite recorded 206 new highs and 177 new lows, but declining names outnumbered advancers. U.S. exchange volume was 25.84 billion shares. That was above the 22.92 billion-share average over the prior 20 sessions.

Treasury yields declined as oil prices fell.

The 2-year yield moved near 4.15%.
The 10-year yield moved near 4.42%.
The 30-year yield moved near 4.86%.

The drop in yields helped small caps and rate-sensitive groups.

The 10-year yield moved farther below 4.5%. That reduced pressure on long-duration assets, but it did not fully stabilize technology.
The 2-year yield stayed above 4%. That kept the front end elevated and left policy risk in the market.

The long end also eased. The 30-year yield moved below 4.9%, giving some relief to housing and other rate-sensitive areas. The bond market improved, but not enough to erase the equity split. Lower yields helped the broad tape, while technology still lagged.

The dollar strengthened through Wednesday’s session.

The U.S. Dollar Index rose to 101.58.
The dollar reached 101.80 intraday.
The euro traded near $1.1357.
The dollar-yen pair traded near 161.78.

The dollar reached its strongest level since May 2025. That mattered because the move kept global financial conditions tight even as oil and yields moved lower. A stronger dollar also added pressure to commodities. Gold weakened sharply, and crude stayed under pressure as supply concerns eased. The yen remained close to multi-decade lows. A break above 161.96 in dollar-yen would leave the yen at its weakest level since 1986.

The currency backdrop stayed firm. That kept Thursday’s open from looking fully loose, despite the decline in oil and Treasury yields.

Commodity markets were led by another sharp drop in oil and gold.

WTI crude settled at $70.34.
Brent crude settled near $73.74.
Spot gold traded near $3,973.79.
Gold futures settled at $4,008.80.
WTI briefly fell below $70.
It traded as low as $69.63 before settling at $70.34.

That was a major change in the energy backdrop. Oil moved closer to levels seen before the Iran war began. Brent also fell sharply. It dropped below $74 as more tanker movement through the Strait of Hormuz reduced immediate supply fears. The oil move helped ease inflation pressure. It also supported airlines, travel, and other fuel-sensitive groups.

Gold weakened hard. Spot gold fell 3.3% and traded below $4,000. U.S. gold futures settled down 3.4%. The pressure came from the stronger dollar and rising expectations for tighter Fed policy. The commodity backdrop is now split. Oil is easing the inflation signal, while gold is showing the pressure from a firmer dollar and higher-rate expectations.

The Thursday setup is defined by a clear rotation in pressure. Energy stress eased.

WTI fell near $70.
Brent moved below $74.

Treasury yields declined. Small caps and the Dow moved higher. That improved the broader market backdrop. But technology remained weak.

The Nasdaq fell 0.4%.
The S&P 500 slipped 0.1%.

Large-cap technology continued to weigh on the tape. The main macro event ahead is inflation. Markets are waiting for the Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation gauge. That data matters because rate expectations remain tight. Markets are still pricing higher odds of another Fed hike later this year. The setup is cleaner on oil, but still tight on policy. Markets enter Thursday with lower energy pressure, lower yields, a stronger dollar, and weaker technology leadership.

Key reference levels:

Markets enter Thursday after a mixed Wednesday close. The Dow moved higher. Small caps gained. The S&P 500 slipped. The Nasdaq fell again. Yields declined. Oil dropped sharply. The dollar strengthened. Gold broke below $4,000.

The key backdrop: energy pressure has eased sharply, but technology pressure has not. Oil is moving back toward prewar levels and yields are lower, yet the stronger dollar and continued Nasdaq weakness keep the market from looking fully loose heading into Thursday’s open.