The memory crunch, Supreme Court rulings, 'inheritourism' and more in Morning Squawk

• Apple fell over 6% in its worst day since September after announcing price increases, while Microsoft dropped 3.5% on Xbox price hikes, both citing rising memory costs from AI-driven chip demand
• The Supreme Court ruled 7-2 that Bayer cannot be sued over state-level failure-to-warn claims regarding Roundup's cancer risks, and separately allowed Trump to end Temporary Protected Status for Haitian and Syrian immigrants
• JPMorgan promoted Douglas Petno and Troy Rohrbaugh to co-presidents as part of succession planning, with Petno taking sole control of investment banking and Rohrbaugh leading consumer banking

Market Summary: Memory Chip Costs Impact Tech, Fed Signals, and Supreme Court Decisions

Key Market Movements:

The Nasdaq extended its losing streak to its longest since February, pacing for a weekly decline of over 4%. U.S. markets traded lower overall despite some positive earnings reports.

Tech Sector Under Pressure:

Apple plunged over 6% in its worst single-day performance after announcing iPad and MacBook price increases. Microsoft dropped 3.5% following news of Xbox console price hikes. Both companies cited surging memory chip costs driven by AI demand as the primary reason. Micron, a memory chip manufacturer, initially rallied on strong earnings but retreated after reports emerged that OpenAI may delay its IPO.

Federal Reserve Inflation Concerns:

Fed officials expressed mixed views on inflation. Chicago Fed President Austan Goolsbee indicated "the problem's on the inflation side" of the central bank's mandate, while New York Fed President John Williams expects inflation to trend downward. Core PCE inflation reached 3.4% in May year-over-year, the highest level since late 2023.

Supreme Court Decisions:

The Court ruled 7-2 that Bayer cannot be sued over state-level failure-to-warn claims regarding Roundup's cancer risks, marking a significant victory for the company. Separately, a 6-3 ruling allowed the Trump administration to end Temporary Protected Status for hundreds of thousands of Haitian and Syrian immigrants.

Corporate Developments:

JPMorgan Chase promoted Douglas Petno and Troy Rohrbaugh to co-presidents as part of CEO Jamie Dimon's succession planning. Marianne Lake, previously considered a potential successor, is retiring after 25 years.

Luxury Market Outlook:

Luxury experience spending is projected to grow 3-7% in 2026, driven by "inheritourism" and wealthy families traveling together, while luxury goods sales face slower 1-4% growth.