Public Markets 24 Hours

Last updated: June 24, 2026, 5:30 PM ET

Public Markets Briefing

Semiconductors & Tech

Shares of Micron Technology surged 12.7% as the chipmaker's revenue and profit soared amid robust memory demand, with projections suggesting the chip shortage could persist beyond 2027. This follows SK Hynix's announcement of a Nasdaq debut, aiming for a $29.4 billion listing to tap memory demand. Meanwhile, Cerebras Systems shares tumbled below their IPO price, and Asia's tech stocks swung wildly amid persistent artificial intelligence jitters, particularly impacting chipmakers like Samsung and SK Hynix which saw record volatility. Qualcomm agreed to acquire AI software firm Modular for $3.9 billion in stock to accelerate AI implementation for its customers and bolster its push into data centers. Sunrun Inc. jumped 31% after announcing a partnership with Tesla to supply power for AI data centers and utilities, a move that could see millions of homes power AI. The demand for AI is also driving growth for the US electricity sector, with Canada's AtkinsRealis seeking US approval for its nuclear technology. SoftBank Group is eyeing a stake in Japan's top utility to secure electricity for its AI expansion. However, India's software exporters are losing market sway on the nation's stock market due to AI disruption fears.

Banking & Finance

Major U.S. banks successfully cleared the Federal Reserve's annual stress tests, with JPMorgan Chase and Bank of America passing with flying colors and quickly moving to boost dividends and share buybacks. This follows a year where the Fed began releasing test details in advance, a change from previous years. JPMorgan Chase also lifted its S&P 500 target to 7,800, anticipating a "blue sky" scenario driven by strong earnings growth and a potential peace deal in the Iran conflict. Hedge funds' increased exposure to Treasuries is largely attributed to a revival of the cash-futures basis trade, according to the Federal Reserve. In the UK, UK banks are poised to extend their rally against European peers, with analysts forecasting above-par profitability growth. However, a Blackstone Inc. loan on a Chicago skyscraper has defaulted, reflecting ongoing challenges in the commercial real estate market. UK banks also defeated a watchdog in a legal battle over historic loan complaints, with the High Court ruling the Financial Ombudsman Service unlawfully allowed challenges beyond a six-year limit. The European Union's competition chief warned governments against using tactics like citing security risks to block bank deals.

Energy & Commodities

Oil futures declined as the Strait of Hormuz began to reopen following a U.S.-Iran agreement, with a key market indicator flipping to a bearish contango structure for the first time since February as supply from the Middle East climbs. China's independent oil refiners have slashed operating rates to a nine-year low, impacted by the U.S.-Iran conflict. President Trump called for a probe into U.S. gasoline prices, accusing oil companies of "gouging" customers as crude costs fell. US diesel prices dropped below $5 a gallon, offering some relief from inflationary pressures. In natural gas, U.S. futures traded in a tight range, though subzero prices in the shale field are prompting calls for energy permit reform. Cuban government announced a major economic restructuring, though its success is seen as dependent on the U.S. administration. President Trump channeled Biden's criticism of big oil over high gas prices, though some executives privately noted the complexity of fuel supply chains. European Central Bank's Governing Council member Ante Zigman stated that falling oil prices will help achieve price stability.

Cryptocurrencies & Digital Assets

Bitcoin fell below $60,000 again, hitting a 20-month low as market sentiment soured and retail investors shifted their focus to AI-related stock bets. This retreat exposed market fragility, raising concerns about the impact when major buyers face pressure. Leveraged Korea ETFs sold an estimated $6 billion of shares in a rout, underscoring the selling pressure on chipmakers.

Deals & IPOs

SK Hynix Inc. is seeking $29.4 billion in a U.S. listing, aiming to capitalize on investor demand for memory-chip stocks. Doncasters Group's U.S. IPO was more than 30 times oversubscribed, indicating strong investor appetite. Prosus led a €480 million investment in French health tech startup Alan, marking one of Europe's largest non-AI startup rounds this year. Stonepeak raised $2.5 billion in private bonds to refinance a liquefied natural gas export terminal investment. In the U.S., SPAC deals are seen as a key path to public markets for companies involved in the AI-data center build-out. SpaceX's IPO is facing ordinary behavior. Dubai Holding is exploring an investment in Bain's data center group Hscale.

Global Markets & Economy

U.S. investment-grade bond sales set another record in June, fueled by investor demand and borrowing for artificial intelligence spending. Treasury yields slipped as U.S.-Iran peace talks continued. Argentina's economy minister resisted calls to raise funds in international markets, securing dollars at a rate lower than 7%. India's benchmark bond yields and swap rates fell to three-month lows as the central bank governor dismissed talk of rate hikes as premature. The Bank of Canada rejected recession labels for its economy's weakness, though it acknowledged sluggish growth. In Europe, the euro sank to a one-year low as falling oil prices eased pressure on the ECB, which ECB's Isabel Schnabel indicated may need further rate hikes. France experienced its hottest June day ever, part of a record-breaking heatwave across Europe.

Corporate News

Airbus A380 aircraft are to undergo inspections after cracks were found in wing components, prompting the EU Aviation Safety Agency to order urgent checks on 16 jets and grounding five immediately. Hertz Global Holdings Inc. shares tumbled following a profit warning related to softness in the used-car market, with the company also announcing share offerings. Amazon's Zoox is redesigning its robotaxi for large-scale production, with availability expected later this year. Wendy's Co. soared 42% following a viral Reddit post, attracting the meme-stock crowd. The UK's Financial Ombudsman Service unlawfully allowed consumers to challenge loan terms, a ruling that saw UK banks defeat the watchdog in court. The BT pension fund lost £300 million on Thames Water, writing off its stake in the beleaguered utility. Dassault won an EU legal claim asserting that private jets can be environmentally sustainable.