Public Markets 24 Hours

Last updated: June 23, 2026, 5:30 PM ET

Global Markets & Macroeconomic Trends

Global equities experienced a significant downturn, with technology stocks leading the decline across Asia, Europe, and the US. The S&P 500 futures fell 1.3% in early New York trading, mirroring losses in Asian markets where South Korea's main index plunged 10% driven by a selloff in chipmakers due to AI spending concerns and valuation worries. European markets also saw declines, with the tech sector bearing the brunt of the selloff as investors focused on risks associated with artificial intelligence and potential interest rate hikes. This global tech retreat saw SpaceX shares reverse an earlier rally, and the company's stock briefly dipped below its IPO price.

The US dollar climbed to its highest level since November as traders increased their bets on the Federal Reserve implementing interest rate hikes this year, a move that previously pressured Treasuries. However, Treasuries later gained as a selloff in US stocks and declining oil prices tempered expectations for aggressive rate increases. The euro also weakened, falling to its lowest point since August against the dollar as weak economic data and dovish remarks from European Central Bank President Christine Lagarde prompted traders to scale back interest rate hike bets. In contrast, the Thai baht hit a one-year low due to expectations of a wider interest rate gap between the US and Thailand, coupled with domestic demand headwinds.

Corporate Earnings & Dealmaking

FedEx Corp. reported higher revenue in its latest fiscal quarter, driven by increased package yields and volume. However, profits were impacted by costs associated with its freight spinoff and ongoing business optimization efforts . In the retail sector, Walmart Inc. announced its largest acquisition in two years, agreeing to pay $1.4 billion for Vibe.co, an advertising technology firm specializing in connected TV. Meanwhile, Nike Inc. appointed David Denton of Pfizer as its new Chief Financial Officer, a move that comes as the athletic wear giant navigates a turnaround strategy.

The private credit market saw Morgan Stanley cap investor withdrawals from a $7 billion fund at 5%, allowing less than half of the requested redemptions in the second quarter. This comes as the direct lending industry faces elevated redemption requests . In contrast, JPMorgan Chase & Co. secured SEC approval for monthly redemptions on a new interval fund focused on private and public credit. In the energy sector, EG Group, a UK-based gas station and convenience store operator, confidentially filed for a US IPO, aiming to raise approximately $1 billion and potentially valuing the company at over $9 billion.

Technology & Innovation

The artificial intelligence boom continued to influence markets, but also sparked concerns over valuations and spending, contributing to the broader tech selloff. Despite the broader market jitters, IBM is preparing to scale its quantum computing business, laying the groundwork to transform the technology from an expensive scientific endeavor into a commercially viable enterprise. Chicago is aiming to leverage quantum computing for a second chance at a tech boom, despite the technology being commercially unproven. In China, the Shenzhen supercomputer Sunway Taihu Light claimed the top spot globally, marking the first time since 2017 that a Chinese machine has held the title, utilizing standard microprocessors instead of specialized graphics processing units.

Energy & Commodities

Oil prices experienced a decline, with North Sea crude showing weakness as Middle Eastern oil flooded back into the market, raising concerns of a supply glut following the reopening of the Strait of Hormuz. Russia is considering a ban on diesel exports to prevent domestic shortages, following intensified Ukrainian drone attacks on its refineries. US natural gas futures also fell, influenced by cooler weather forecasts and reduced LNG flows, although production levels and inventories provided some support. In Latin America, Mexico's Pemex and Brazil's Petrobras agreed to collaborate on oil and refining projects, aiming to expand their reserves and production capabilities.

Geopolitical & Regulatory Developments

The US Senate voted to direct an end to military operations against Iran, rebuking President Trump on his war powers. Meanwhile, Iran and Oman are working on a pact for Hormuz transit costs, as shipowners navigate mixed signals regarding the safest route through the Strait of Hormuz. The US Treasury market is facing increased scrutiny, with calls for reforms to bolster its stability. In Europe, lawmakers have cleared a key hurdle for the rollout of the digital euro, a project considered vital for the bloc's monetary independence. The US Supreme Court has limited the scope of foreign human rights claims, ruling against a complaint that alleged Cisco Systems enabled Chinese surveillance.

Other Market Movers

Gold prices settled lower, extending a losing streak as macroeconomic challenges persist in the near term. Deutsche Bank AG reduced its gold price forecasts by up to 22%, citing increased investor wariness regarding US monetary policy and declining investment demand. In the airline industry, Carnival Corp. reported that bookings were disrupted by the Iran conflict, particularly in Europe and the Mediterranean, leading the cruise line to issue a soft outlook. Edgewell Personal Care Co., the maker of Schick razors, saw its shares jump nearly 18% after rejecting an unsolicited takeover offer from private equity firm Yellow Wood Partners.