Public Markets 24 Hours

Last updated: June 25, 2026, 11:30 PM ET

Global Markets Overview

Asian stocks opened mixed following a volatile session on Wall Street, as renewed selling in megacap technology shares countered gains spurred by bullish chipmaker reports. South Korean stocks slumped 6%, with chipmakers at the forefront of the selloff, reflecting heightened sensitivity to global artificial-intelligence sentiment swings. The Hong Kong dollar hit a 10-month low against the US dollar, pressured by a stronger greenback and expectations of further Federal Reserve rate hikes, a trend that also weighed on other Asian currencies which consolidated against the dollar but may find support from diminished Fed rate-hike prospects. Japanese government bonds edged lower in morning trade due to potential investor position adjustments, following modest price gains the prior day.

Technology & AI

The global technology sector rebounded after Micron Technology Inc. delivered stronger-than-expected quarterly results, reassuring investors who had been worried about artificial intelligence demand. Micron's forecast crushed estimates, easing AI fears and lifting its stock, which in turn boosted semiconductor-heavy markets. This positive sentiment also benefited copper prices, which edged higher as a weakening dollar and the AI rally countered concerns over interest rates, marking a recovery from a seven-week low. OpenAI is reportedly leaning toward delaying its IPO until 2027, citing competition from open-source models and a desire to solidify its position ahead of a public offering. In a move to bolster domestic chip production, the US is investing $250 million in I-Pulse Inc., a venture co-founded by Robert Friedland, to support semiconductor and pulsed-power development. IBM has also unveiled a new method for creating smaller computer chip parts, addressing concerns about the limits of chip miniaturization.

Energy & Commodities

Oil futures fell on a likely technical correction after solid overnight gains, though prices later held their gains as traders weighed the impact of an attack on a cargo ship in the Strait of Hormuz, renewing concerns about safe passage. The incident prompted a UN agency to pause an evacuation of ships from the Persian Gulf. Palm oil futures posted the biggest drop in over a month, tracking declines in crude and soy oil prices, with a strengthening ringgit further pressuring demand. Iron ore is set for its seventh consecutive weekly loss, its worst performance since 2022, as seasonal demand weakens and mill margins narrow. Iraq has walked back a threat to leave OPEC over output limits, clarifying that leaving the organization is not under consideration.

M&A and Corporate Finance

German drugmaker Merck is set to acquire Bio-Techne for $11.3 billion, marking its largest acquisition in over a decade and a significant move in the medical tools sector. ON Semiconductor will purchase Synaptics in an all-stock transaction valued at $7 billion enterprise value, integrating Synaptics’s AI compute platform and connectivity solutions. Volkswagen is selling a 51% stake in its engine subsidiary Everllence to Bain Capital as part of its efforts to streamline its investment portfolio. Permira-backed womenswear retailer Reformation has filed for a US IPO, disclosing growing sales. Lingyi iTech Guangdong Co., a Chinese maker of electronic devices, is set to debut in Hong Kong after raising HK$8.3 billion ($1.06 in a share sale.

Financial Services & Banking

JPMorgan Chase is seeing changes in its succession race as Marianne Lake, a former CEO contender, departs the bank. Longtime lieutenants Doug Petno and Troy Rohrbaugh have been handed leadership of two of the bank's largest divisions. Cathay United Bank Co. Chairman Kuo Ming-jian has resigned following a regulatory breach at an affiliate linked to his outside positions. In the Swiss banking sector, the International Monetary Fund wholeheartedly backed the Swiss government’s plan to increase capital requirements for UBS Group AG. The IMF also advised the Swiss National Bank to remain nimble in its monetary policy decisions, prepared for either rate hikes or cuts.

Legal & Regulatory

The US Treasury, commerce department, and other government offices have requested OpenAI stagger the release of its new model to allow for user vetting. The legal sector is exploring how AI can power new law firm structures and how to overcome the fear of adopting new technologies. Lawyers are also at the forefront of debates surrounding the ethical implications of AI, potentially leading to a wave of litigation. Wall Street law firms are grappling with new era of insider trading risks following alleged misuse of private deal information. In New York City, Mayor Zohran Mamdani’s pledge to freeze rents for rent-stabilized apartments was approved by a city panel, though thousands of apartments under a separate city program face increases.

US Politics & Policy

The Supreme Court has handed Trump double victories on immigration enforcement and expanded his power to block asylum seekers at the border. The court also allowed the Trump administration to end humanitarian protections for Haitians and Syrians, potentially rendering 1.3 million people from more than a dozen countries vulnerable to deportation. A federal judge struck key parts of a Trump order that restricted mail voting. California is set to vote on a billionaire tax, a measure that has drawn opposition from the wealthy and is being fought through ballot issues. The Trump administration is also pushing to establish domestic supply chains for vital industrial inputs, with the Army planning to lease land on bases for critical mineral production.

Global Developments

The Strait of Hormuz remains a focal point of geopolitical tension, with a cargo ship attacked near Oman, prompting a UN agency to pause ship evacuations. Naval Group reported a vessel was hit by an unknown projectile, complicating efforts to revive use of the waterway. Europe is battling a severe heatwave, with record June temperatures causing electricity prices to soar and disrupting daily life, leading to hospitals cancelling operations due to a lack of air conditioning. In Venezuela, two earthquakes have left residents frantically trying to locate friends and relatives. China's oilseed crushers are inquiring about Australian canola, anticipating a trade pact that could end a years-long freeze on supplies.