Public Markets 24 Hours

Last updated: June 24, 2026, 2:30 PM ET

Global Markets & Macroeconomic Trends

The global market experienced a volatile session, with a tech-led selloff prompting liquidation across various asset classes. Gold extended its decline below $4,100 as investors liquidated bullion holdings to cover losses elsewhere, while Asian stocks looked poised to extend losses following a bruising Wall Street session that deepened concerns about the sustainability of the artificial intelligence rally. South Korean stocks, however, rebounded from a 10% rout, with investors refocusing on chipmakers’ earnings after a selloff many attributed to technical factors. Bitcoin also suffered a selloff, exposing market fragility as its retail trading base retreated. The euro sank to a one-year low as falling oil prices eased pressure on the European Central Bank, prompting traders to pare back bets on further interest rate hikes amid slowing economic growth.

Energy & Commodities

Oil markets are suddenly awash in supply, with key parts of the market experiencing a surge following a US-Iran agreement that accelerated cargoes out of the Strait of Hormuz. This influx has caused a closely watched oil market indicator to flip into a bearish contango structure for the first time since February. U.S. crude oil inventories fell by 6.1 million barrels for a ninth consecutive decline, though gasoline and distillate fuel stocks posted increases. Meanwhile, natural gas prices saw a record string of negative values in the largest US shale field, with one shale CEO arguing this underscores the need for energy permit reform. China's independent oil refiners have slashed operating rates to a nine-year low, reflecting the lingering impact of the US-Iran conflict on the nation's crude imports. The UAE's oil exports have recovered significantly, reaching nearly 85% of pre-Iran war levels.

Artificial Intelligence & Technology

The artificial intelligence boom continues to drive significant investment and market activity, though jitters persist. Investors are maxing out the AI trade, setting the stock market up for a volatile summer. Qualcomm Inc. has agreed to acquire AI software firm Modular for approximately $3.9 billion in stock, a move aimed at making AI faster and cheaper for its customers, particularly in data centers. Sunrun Inc.'s stock jumped as much as 31% following an announcement of a partnership with Tesla Inc. and Renew Home to power data centers and utilities. SK Hynix Inc. is seeking to raise $29.4 billion in a US listing, capitalizing on investor demand for memory-chip stocks amid the AI frenzy. SoftBank Group Corp. is reportedly looking to invest in Japan's largest power utility to secure electricity for its AI expansion. Meanwhile, two of the world's largest technology companies have raised C$22.5 billion in the Canadian debt market to support their AI spending plans.

Banking & Financial Regulation

Federal Reserve Vice Chair for Supervision Michelle Bowman has completed a shakeup of the bank-oversight unit, prioritizing what she views as core financial risks. In Europe, the EU's competition chief has warned nations against stymieing bank deals through tactics like citing security risks. UK banks, however, are well-positioned to extend their rally against EU peers due to strong profitability growth and capital generation. A Blackstone Inc. loan on a Chicago office tower has gone into default, signaling ongoing challenges for commercial real estate landlords. In a legal battle, UK banks defeated a watchdog in a case concerning historic loan complaints, with the High Court ruling that the Financial Ombudsman Service unlawfully allowed consumers to challenge terms beyond the six-year limit.

Corporate & Deal Activity

Amazon’s autonomous vehicle unit, Zoox, has redesigned its robotaxi for large-scale production, with availability to riders expected later this year. Doncasters Group’s US initial public offering has seen robust demand, attracting bids for more than 30 times the available shares ahead of pricing. Stonepeak has sold roughly $2.5 billion of private bonds to refinance a loan linked to its investment in a liquefied natural gas export terminal in Louisiana Stonepeak Refinances LNG Plant. In the automotive sector, Hertz Global Holdings Inc. shares tumbled the most in two years after issuing a profit warning due to weakness in the used car market. Airbus has been ordered to inspect 16 A380 jets after cracks were discovered in wing components.

Economic Indicators & Outlook

The Bank of Canada has rejected the notion of a recession for the country's economy, despite acknowledging weak growth and labor market slack. In Russia, fuel prices have jumped again, bolstering the case for central bank caution due to reduced refinery output following Ukrainian strikes. India's benchmark bond yields and swap rates fell to three-month lows as the central bank governor suggested talk of rate hikes was premature. The European Central Bank may need to increase borrowing costs further to control inflation, according to Executive Board member Isabel Schnabel. Treasury yields slipped amid a lull in Middle East conflict, influenced by ongoing US-Iran peace talks. JPMorgan Chase & Co. has lifted its S&P 500 target to 7,800, citing stronger-than-expected earnings growth and potential peace in the Iran war as key drivers.

Defense & Aerospace

SpaceX's Starship rocket, with its "rapid reusability," is seen by investor David George as pivotal for Elon Musk’s orbital data ambitions. Tankmaker KNDS NV has initiated the process for an IPO in Frankfurt and Paris, marking a step towards becoming a pan-European defense entity. German defense company Rheinmetall's shares slumped significantly following reports that Germany may abandon its largest warship project. US defense groups are set to meet with President Trump as the administration seeks to rebuild conventional weapons stockpiles.

Real Estate & Infrastructure

A loan from Blackstone Inc. on a Chicago office tower has defaulted, reflecting ongoing challenges in the commercial real estate sector. Bipartisan legislation designed to boost housing supply and curb institutional investors' role in the property market has been scrapped by President Trump. The first housing package in decades, aiming to address high prices, will take time to implement.

Global Politics & Geopolitics

Treasury Secretary Scott Bessent indicated that US talks with Iran include the adversary's potential entry into the dollar system for invoicing oil sales. China is reportedly detaining two Japanese nationals over alleged rare earth smuggling, escalating a dispute with Tokyo. Qatar's Prime Minister stated that a US-Iran hotline is essential for reopening the Strait of Hormuz. Secretary of State Marco Rubio was scheduled to meet with Persian Gulf allies to reassure them on the Iran deal.

Other Markets

The meme-stock crowd has rallied behind Wendy's Co., with the fast-food chain's stock soaring 42% following a viral Reddit post. In the commodities fund space, a new vehicle is being created to hedge against El Niño crop risks.