Public Markets 24 Hours

Last updated: June 25, 2026, 8:30 PM ET

Geopolitics & Commodities

Oil prices retreated toward pre-war levels as shipping through the Strait of Hormuz resumed, with Brent crude dropping below $72.48 a barrel. This followed an attack on a cargo ship near Oman which had initially renewed concerns about safe passage and prompted a UN agency to pause evacuations. However, insurer premiums for vessels in the Strait have since slashed by more than half as a ceasefire deal holds. Iraq is pushing OPEC to allow it to pump more oil, as its crude sales were significantly reduced when the Strait was blocked during the Iran conflict and its new leader faces resistance from militias operating outside state control. The U.S. military's weapons shortage shows few signs of easing, with President Trump and Pentagon officials seeking additional funding from Congress to reassure manufacturers amid ongoing shortages. India's indigenous drone makers are seeing orders surge for weaponized UAVs, with conflict in Iran pushing New Delhi to focus on domestic defense supply chains for its armed forces.

US Markets & Corporate News

The dollar is wrapping up one of its best months in a year, with a raft of Wall Street banks anticipating a turnaround for the U.S. currency as Fed policy shifts. U.S. stocks showed mixed performance, with the Dow Jones Industrial Average rising 0.14% while the Nasdaq Composite fell 0.46% and the S&P 500 edged down slightly, influenced by a surge in Micron shares and a slump in Apple amidst tech volatility. Micron's stock soared, demonstrating that there is still life left in the chip sector, contrasting with the broader "debasement trade" which is on its last legs according to market analysts. Apple Inc. has raised prices on Macs, iPads, and other devices by more than $200 on some models, citing soaring costs of memory and storage chips exacerbated by an "unprecedented shortage" and the AI boom.

In corporate filings, Reformation Inc., a sustainable womenswear brand backed by private equity firm Permira, has filed for a U.S. initial public offering, disclosing growing sales as it seeks a public listing. Similarly, Lingyi iTech Guangdong Co., a Chinese maker of electronic devices and an Apple supplier, is set to begin trading in Hong Kong after raising approximately $1.06 billion in a share sale, marking one of the city's busiest initial public offerings. ON Semiconductor is set to acquire Synaptics in an all-stock deal valued at $7 billion, with Synaptics' AI compute platform and human-machine interface technology expected to enhance ON Semiconductor's offerings for increasingly capable AI solutions for the market. Germany's Merck KGaA is acquiring Bio-Techne for $11 billion, offering $73 per share in cash, a 24% premium to the U.S. lab-tools supplier's closing price, as part of its expansion in the biotechnology sector and growth strategy.

FedEx Freight is guiding for growth following its spinoff from FedEx, expecting revenue to increase 4% to 6% between June 1 and December 31, reflecting confidence in the business's underlying strength post-separation. Winnebago Industries cut its outlook amid declining sales, posting a fiscal third-quarter profit of $14.5 million, or 51 cents a share, down from $17.6 million, or 62 cents a share, in the same quarter last year due to market conditions. Hertz Global Holdings Inc. is on track for a record weekly stock drop for a second consecutive day, following concerns about its funding plan and profit guidance and investor sentiment.

Asia Markets & Tech

Stocks in Asia were poised for a mixed start, following a volatile session on Wall Street where renewed selling in megacap technology shares offset gains fueled by positive reports from chipmakers indicating market uncertainty. Chinese hardware technology stocks have been on a significant rally, with their next challenge being to demonstrate earnings growth that can sustain this momentum and validate valuations. South Korea's retail investors, numbering around 14 million, are heavily investing in two major tech giants, though concerns are mounting about the potential fallout if chip demand falters and market conditions shift. Chinese AI models are gaining ground on U.S. competitors like Anthropic and OpenAI, with one company, Z.ai, offering comparable performance at a significantly lower cost, attracting Silicon Valley engineers with its affordability.

Real Estate & Consumer

New York City's rent-stabilized apartment rents are facing a freeze, a key campaign pledge of Mayor Zohran Mamdani, as a city panel approved the measure six months into his first term and amid policy shifts. However, thousands of apartments under a separate city program face rent increases, creating an awkward contrast with the mayor's promise of relief for rent-stabilized tenants and housing affordability concerns. In the UK, profits at The Crown Estate, which generates income for King Charles III, declined last year as the temporary boost from offshore wind farm licensing began to fade and revenue streams adjusted. In England, market gloom has reduced the number of homes facing a "mansion tax," with receipts projected to be nearly £30 million lower than initially forecast, according to estate agency data reflecting market conditions. Geneva School of Manhattan, a "classical Christian school," is acquiring a former private school campus on the Upper West Side for $33.2 million in a real estate transaction.

Legal & Regulatory

Wall Street law firms are contemplating a new era of insider trading risks, following allegations of illegal misuse of private deal information at elite firms that have unsettled the industry and raised ethical questions. The legal sector is exploring how artificial intelligence is powering new firm structures, with a model separating legal casework from other operations seeing increased interest alongside advancements in AI technology and operational efficiency. Law firms are looking for clear gains from AI despite increased spending on legal tech, though barriers to its full adoption remain and implementation challenges persist. In-house legal teams are aiming to streamline operations using AI to handle repetitive tasks, opening up opportunities for more strategic work without necessarily reducing headcount and optimizing workflows. The ethical debates surrounding AI are paving the way for a wave of litigation, with lawyers at the forefront of discussions regarding the technology's lawful and responsible use and potential liabilities. The Financial Times has released its inaugural FT Law 50 listing, recognizing influential individuals shaping the future of the legal sector amidst significant transition and industry upheaval.

The Supreme Court has handed President Trump two victories on immigration enforcement, expanding his power in this area and impacting deportations. This ruling on Temporary Protected Status (TPS) potentially renders 1.3 million people from over a dozen countries vulnerable to deportation, many of whom have resided in the U.S. for decades creating uncertainty for immigrants. A federal judge has struck down key parts of a Trump order that restricted mail-in voting, rejecting the administration's attempt to alter federal election procedures via executive order and impacting election processes.

Chemours will pay $450 million in the first federal settlement addressing the dumping of PFAS "forever chemicals," which have been linked to cancer and other health risks, by the company in several states and environmental concerns. The UK has modified proposed steel import safeguards following industry complaints, as businesses using the alloy warned that curbs intended to support the domestic steel industry could harm their own production and supply chains. The UK arm of Crédit Agricole will pay £32 million to clients of Wealth Tek, with CACEIS UK, the sub-custodian bank for the collapsed wealth manager, reaching an agreement with the Financial Conduct Authority and client restitution.

Global Markets & Economy

The European Central Bank's rate-hike forecasts are being pared back as oil prices regain pre-war levels, with a sharp drop in oil prices amid progress in Middle East peace talks prompting some economists to scale back expectations for interest rate increases and influencing monetary policy. Hungary's bonds have rallied significantly, with yields approaching those in the UK, indicating that investors are backing the new government's economic reform plans and its potential future entry into the euro region and fiscal policy shifts. In Australia, the housing downturn has wiped A$185 billion ($128 off the value of the nation's top two markets this quarter, a result expected to weigh on consumer wealth effects and economic growth.

Other Notable Developments

In New York City, Mayor Zohran Mamdani's administration has ended a day care contract with Eric Adams's former romantic partner, Jasmine Ray, who had been accused of fiscal mismanagement and stated she was unfairly targeted due to her ties to the former mayor and administrative actions. The U.S. is investing $250 million in I-Pulse Inc., a startup co-founded by Robert Friedland, for semiconductor and pulsed-power development, as part of American efforts to reduce reliance on foreign chip manufacturing and bolster domestic capabilities. The French heatwave continues to shatter temperature records, disrupting daily life for millions, with officials in Spain suggesting it may have contributed to a spike in deaths and posing public health risks. Bitcoin is facing a massive options expiry that could exert further pressure on a market already contending with waning institutional demand and macroeconomic headwinds and market volatility.