Public Markets 24 Hours

Last updated: June 23, 2026, 11:30 PM ET

Global Markets & Macroeconomics

Global equities faced headwinds as fears surrounding the sustainability of the artificial intelligence boom intensified. Technology stocks led a broad market retreat, with South Korean chipmakers driving a 10% plunge in the main index. Asian markets broadly extended losses from the previous session, mirroring a bruising Wall Street tech selloff that deepened concerns the AI-driven rally might have overextended. In Europe, stocks also traded lower, with S&P 500 futures pointing to a sharp fall at the open. The dollar advanced, prompting China’s central bank to set the yuan’s daily guidance rate weaker for a fourth consecutive session, signaling currency management flexibility. Meanwhile, Asian currencies consolidated against the dollar, but remained vulnerable to risk-off sentiment.

Technology & AI

The AI boom faced renewed scrutiny as investors focused on risks and potential interest rate hikes, contributing to a global tech selloff. Nvidia's banned AI chips have reportedly doubled in price on China's black market due to U.S. export restrictions. Chipmaker Cerebras nearly doubled its revenue but projects negative full-year margins, highlighting the substantial costs associated with the AI buildout. In a move that could reshape the tech landscape, Google-parent Alphabet will replace Verizon in the Dow Jones Industrial Average before the market opens on June 29. The U.S. government is also pressing Meta to agree to AI safety evaluations, with federal officials urging the company to allow government safety assessments.

Energy & Commodities

Oil futures declined on signs of easing supply disruptions in the Middle East, with Macquarie Group Ltd. slashing its projected oil prices for 2026 and 2027 in anticipation of a rapid recovery in Middle Eastern oil flows. More tankers openly crossed the Strait of Hormuz as the U.S. and Iran made progress toward ending their conflict, contributing to oil holding its declines. Ship insurers, however, face significant claims for vessels damaged during the Iran war, according to Allianz SE. The UAE's oil exports recovered to 85% of pre-war levels by early June, even before an interim peace deal was inked. U.S. natural gas futures declined on cooler weather forecasts and smaller LNG flows, while Colombia's natural gas reserves remained near an 18-year low.

Fixed Income & Currencies

Japanese government bond futures edged higher, tracking mild gains in the U.S. Treasury market. Options traders are building bets that the market overreacted to the Federal Reserve’s hawkish pivot by pricing in a series of interest-rate hikes starting later this year. The euro fell to its August low after weak economic data and dovish comments from European Central Bank President Christine Lagarde led traders to pare back bets on rate increases. India's central bank has allowed lenders to extend loans against foreign-currency deposits under its special program to attract overseas funds, potentially boosting participation.

Corporate & Investment

Elon Musk's SpaceX is adding billions in debt while simultaneously cutting its annual interest burden through financial alchemy. The company is also pitching investors juicy yields in a $25 billion bond deal, with bankers upsizing the offering due to high borrowing costs. Air Pods maker Luxshare Precision Industry Co. has begun gauging interest for a Hong Kong listing that could raise approximately $3 billion. Walmart is acquiring Vibe.co for $1.4 billion, its largest deal in two years, to gain advertising capabilities through connected TVs. Cybersecurity firm Varonis Systems Inc. is exploring strategic options, including a potential sale, after receiving takeover interest.

Real Estate & Housing

KB Home reported lower revenue, citing a persistent challenging housing market, with revenue falling to $1.11 billion from $1.53 billion a year prior. In Massachusetts, the Supreme Judicial Court struck down a ballot proposal that would have imposed the strictest statewide rent control in the U.S.

Financial Regulation & Policy

The U.S. Justice Department has withdrawn grand jury subpoenas issued to The Wall Street Journal and The Washington Post after the news organizations contested them. A federal judge has barred ICE from making arrests in immigration courts nationwide. The U.S. Supreme Court has limited the scope of foreign human rights claims, refusing to consider a complaint alleging Cisco enabled Chinese surveillance of a banned religious group.

Geopolitics & International Relations

A rare summer power supply warning was issued in the UK as soaring temperatures strained the energy system. The "unprecedented" blockade of the Strait of Hormuz has stranded nearly 1,200 cargo ships, carrying goods valued at $125 billion, raising concerns about global maritime trade, according to insurer Allianz. China is throttling shipments of certain critical minerals to Japan, impacting companies and prompting calls for Prime Minister Sanae Takaichi to seek a diplomatic resolution with Beijing. Germany is set to scrap plans for its largest warship since World War II due to cost overruns and delays.

Asia Markets

South Korean stocks rebounded from a significant rout, with investors shifting their focus back to chipmakers’ earnings after what was widely perceived as a selloff driven by technical factors. MSCI Inc. maintained Korea’s emerging market status in its latest review, refraining from initiating a formal process that could lead to its elevation to developed-market status. Separately, MSCI delayed Indonesia's market status review until November, citing the need for further evaluation of reforms announced by regulators. Japanese equities are increasingly attracting growth funds, as AI-linked firms power to the top of market-cap rankings.

Other Notable Developments

Sanrio Co. shares briefly jumped after the Hello Kitty owner forecast full-year operating profit above analyst estimates, though the stock later seesawed. The U.S. is preparing welcome bags for white South African refugees, which include a children’s book on "reverse racism" and a document defending the country's founding principles. The number of ultrawealthy individuals, those with over $30 million, jumped by 14.4% in 2025.