Public Markets 24 Hours

Last updated: June 26, 2026, 11:30 PM ET

Public Markets Briefing

Technology & AI

The artificial intelligence trade faced renewed turbulence this week, with AI-themed stocks tanking again and exposing the speculative machinery that drove their rapid ascent. This downturn saw record withdrawals from tech funds, signaling a cooling of investor enthusiasm for AI valuations. OpenAI, a key player in the AI boom, is reportedly considering delaying its initial public offering until 2027 amid market volatility, a move that weighed on shares of Morgan Stanley and Goldman Sachs. Despite the broader AI pullback, Apple has raised product prices, stoking concerns about rising component costs and potentially slowing the memory chip rally. In a move that de-escalates a previous clash, the U.S. administration has loosened restrictions on Anthropic’s AI model, though unease persists regarding Washington's regulatory approach. Separately, Demant reported its best quarterly performance in 26 years, fueled by a new AI-equipped hearing aid.

Global Equities & Markets

Global stock markets experienced a volatile week, with the S&P 500 and Nasdaq Composite falling in every session. Tech stocks, in particular, were hit hard, with South Korean shares tumbling over 8% and triggering a trading halt. This selloff has rattled the previously best-performing market of the year, with Chinese hedge funds warning that the AI "super bubble" is poised to burst. The broader market sentiment was further dampened as U.S. stock futures resumed declines amid ongoing AI concerns, and the FTSE 100 futures slipped as tech weakness impacted sentiment. However, some pockets of strength emerged, with China’s industrial enterprises seeing an 18.8% year-on-year profit rise in January-May.

Deals & Corporate News

The M&A landscape saw significant activity. Magnolia Oil & Gas is reportedly leading the pack to acquire Wild Fire Energy for over $4 billion, which would be its largest acquisition to date. In the insurance sector, Hub International Holdings has confidentially filed for an IPO, with proceeds potentially earmarked for debt reduction. Biolife Solutions has attracted takeover interest from companies including Repligen Corp. Meanwhile, Saks Global has emerged from bankruptcy and rebranded as Exemplar Luxury Group, focusing on its core high-end department stores. In the automotive sector, Volkswagen is reportedly planning to cut up to 100,000 jobs as part of a sweeping cost-cutting drive. TPG and Leonard Green are exploring the sale of Troon Golf, a major U.S. golf course operator.

Commodities & Energy

Oil tanker earnings plunged by $200,000 as more vessels resumed passage through the Strait of Hormuz, concluding a week of significant price swings. European natural gas prices edged higher amid renewed concerns about safe passage through the Strait of Hormuz following an attack on a cargo ship. Saudi Arabia is ramping up crude exports, reopening Persian Gulf ports that had been closed due to the Iran war. In Kazakhstan, the giant Karachaganak oil and gas field reduced crude production by over a quarter after a drone attack disrupted a Russian processing plant. Natural gas futures in the U.S. extended gains on forecasts of hot weather.

Economic & Regulatory Watch

The U.S. Commodity Futures Trading Commission (CFTC is conducting a broad investigation into the prediction market Polymarket, with lawmakers also calling for a probe into its advertising practices. The U.S. administration has also loosened restrictions on Anthropic’s AI model, easing tensions with the AI lab. China's industrial enterprises reported an 18.8% rise in profits for the January-May period year-on-year. In a significant policy shift, Bolivia is moving to a flexible exchange-rate system after 15 years to bolster macroeconomic stability. The Philippines plans to increase its budget by 6% next year, reaching 7.2 trillion pesos ($117 . The WSJ Dollar Index edged lower for the second consecutive trading day.

International Affairs & Geopolitics

Tensions remain high in the Middle East, with Iran pressing its claim to authority over the Strait of Hormuz after firing on a container ship. U.S. forces have launched strikes on Iran following Iran's attack on a ship in the Strait of Hormuz. The International Monetary Fund's chief economist warned that "tit-for-tat" trade warfare threatens the global economy, calling attempts to gain small advantages "self-defeating." In Venezuela, aid groups have flocked to the country with rescue teams and medical aid following devastating earthquakes, compounding existing crises for the population. The Philippines plans to increase its budget by 6% next year. China has ousted six military lawmakers in the latest development in President Xi Jinping's ongoing purge.

Market Sentiment & Consumer Trends

Consumer sentiment in the U.S. rose in June, benefiting from lower gasoline prices, though it remains near record lows. However, the cost of live entertainment is testing household budgets, with fans dipping into savings and taking on debt. Retailers are rushing holiday imports early to avoid looming costs from new tariffs and fuel surcharges. The euro zone's consumer inflation expectations for the next year have fallen sharply, signaling potential respite from rising prices.

Financial Regulation & Oversight

The U.S. derivatives watchdog, the CFTC, is conducting a broad probe into the predictions market Polymarket, with U.S. senators also urging regulators to investigate its advertising. Germany's financial regulator has opened a probe into Zalando over a €1.1 billion deal disclosure, causing the fashion retailer's shares to slump. The EU is planning a 15% tax on aluminum scrap exports to protect domestic producers.

Crypto & Digital Assets

The crypto ETF boom has faced a reality check amid a brutal week, with investors who were expected to bring stability to Bitcoin heading for the exits. Bitcoin's collapse is forcing veterans to consider whether mass panic is creating a buying opportunity. A blank-check company associated with Cantor Fitzgerald is attempting to attract investors for an upcoming crypto deal by allowing them to commit less capital.