Public Markets 24 Hours

Last updated: June 23, 2026, 8:30 PM ET

Global Markets & Equities

Asian stocks poised to extend losses as a bruising tech-led selloff on Wall Street deepened concerns that the artificial intelligence-driven equity rally may have run too far. The rout in U.S. stocks has brought the S&P 500 Index to a critical inflection point, with chart watchers scouring key technical thresholds for clues on whether the worst of the selloff is over. Technology stocks continued their retreat amid fears surrounding AI spending and valuations, with shares from companies like Sandisk and Micron trimming substantial 2026 gains. In a significant shift, Alphabet, Google's parent company, is set to replace Verizon in the Dow Jones Industrial Average, effective June 29.

Energy & Commodities

Oil futures declined 1.3% in early Asian trade, influenced by signs of easing supply disruptions in the Middle East. The United Arab Emirates' oil exports have surged to nearly 85% of pre-Iran war levels, rebounding even before a peace deal was inked. Tankers are openly crossing the Strait of Hormuz as the US and Iran make progress toward ending hostilities, contributing to oil holding its declines. Macquarie Group Ltd. has slashed its Brent crude forecast for 2026 and 2027, anticipating a swift return to normal oil flow from the Middle East. Russia is considering a ban on diesel exports as Ukraine intensifies attacks on its refineries, potentially exacerbating a domestic crunch. Meanwhile, the UK's grid operator issued a rare summer power supply warning due to soaring temperatures straining the energy system.

Precious Metals & Currencies

Gold extended its decline, falling below $4,100 as a tech-led selloff prompted investors to liquidate bullion holdings to cover losses in other portfolios. Comex gold settled 1.24% lower at $4129.90, marking a third consecutive session of declines for both gold and silver, which fell nearly.4%. The dollar jumped to its highest level since November as traders cemented views on the Federal Reserve hiking interest rates this year. Treasuries rose as the selloff in U.S. stocks and further declines in oil prices curbed wagers on Federal Reserve interest-rate increases. Options traders are building up bets that the broader market overreacted to the Federal Reserve’s hawkish pivot, pricing in a series of interest-rate hikes starting later this year.

Corporate & Dealmaking

SpaceX is pitching investors high yields in a $25 billion bond deal, with bankers upsizing the offering due to attractive borrowing costs. The space exploration company's stock price has slumped, briefly falling below its IPO trading price of $150 a share. Walmart is acquiring advertising technology firm Vibe.co for $1.4 billion, its largest deal in two years, to bolster its connected TV advertising capabilities. EG Group, the gas station and convenience store operator, has confidentially filed for a U.S. initial public offering that could raise approximately $1 billion. Ari Emanuel is in talks to acquire the West End and Broadway theater giant ATG for $6 billion, with hopes the deal can be concluded soon. Morgan Stanley's $7 billion private credit fund is capping investor withdrawals at 5%, allowing less than half of the redemptions requested in the second quarter.

Technology & AI

The U.S. is pressing Meta to agree to AI safety reviews, urging the tech company to allow government evaluations. The National Security Agency lost access to a powerful AI model amid a dispute with Anthropic, underscoring the administration's reliance on advanced AI systems for cybersecurity. Chip maker Cerebras reported nearly doubling its revenue but projects full-year negative margins, highlighting the substantial costs of the AI buildout. South Korea's AI-fueled selloff has brought renewed scrutiny to the rapid growth of leveraged exchange-traded funds. Japanese equities, traditionally viewed as a value market, are increasingly attracting growth funds as AI-linked firms ascend to the top of market-cap rankings.

Geopolitics & International Relations

China is choking shipments of critical minerals to Japan, impacting companies and prompting calls for Prime Minister Sanae Takaichi to seek a diplomatic resolution with Beijing. Germany is reportedly set to abandon plans for its largest warship since World War II due to cost overruns and delays. The U.S. Senate voted to curb President Trump's war powers, with some Republicans joining Democrats in a measure to halt military operations against Iran or seek congressional authorization. Iran and Oman are set to begin work on an agreement regarding the administration and transit costs of the Strait of Hormuz. President Trump reiterated that funds from any unfrozen Iranian assets would partially support grain shipments, offering cautious hope for American farmers.

Regulatory & Legal

The U.S. Supreme Court has limited the scope of foreign human rights claims, refusing to consider a complaint alleging Cisco Systems enabled Chinese surveillance of a banned religious group. This decision could have broader implications for corporate liability in aiding international human rights abuses. Alibaba is suing the U.S. Department of Defense over its inclusion on a Chinese military blacklist, claiming the decision was arbitrary and lacked evidence. The Supreme Court sided with Exxon Mobil in a lawsuit concerning assets seized by Cuba in 1960. The European Union's methane rules are expected to trigger a gas supply crunch, according to the U.S. and Qatar, though industry experts dispute this.

Economy & Policy

Congress cleared a housing bill, marking a rare bipartisan achievement, with a lopsided House vote sending it to President Trump's desk. Argentina's economy grew more than expected in the first quarter, surpassing projections despite rising unemployment and wages trailing inflation. Bank of Canada Governor Tiff Macklem stated that looser bank capital rules alone will not stimulate economic activity, echoing concerns about their immediate impact. MSCI Inc. reclassified Bulgaria as a frontier market, while maintaining Argentina's and Vietnam's emerging market status. MSCI also postponed its review of Indonesian equities until November, seeking more time to assess transparency reforms.

Real Estate & Construction

KB Home reported lower revenue, with the home builder citing a persistent difficult housing market and narrowing its full-year outlook. The company's revenue fell to $1.11 billion from $1.53 billion a year prior.