Public Markets 24 Hours

Last updated: June 26, 2026, 2:30 PM ET

Technology & AI

OpenAI is launching a limited preview of its latest models, GPT-5.6, to select users vetted by the U.S. government. These new iterations are reported to possess powerful cybersecurity capabilities. However, the artificial intelligence sector is experiencing turbulence, with investor enthusiasm rebalancing and concerns mounting over high valuations. Apple Inc. has raised prices for its products, sparking a sell-off in Asian tech stocks due to worries about rising component costs that could slow the memory chip rally. This trend is further amplified by Chinese hedge fund managers warning that the AI "super bubble" is poised to burst, and Goldman Sachs strategists suggest that big tech stocks may become more attractive as chipmakers face continued volatility. OpenAI is reportedly considering an initial public offering as early as 2027, a timeline that would potentially place it after Anthropic’s public debut. This news has weighed on shares of Morgan Stanley and Goldman Sachs, as the AI giant is said to be weighing a delay of its IPO until next year amid technology stock volatility. The broader tech sell-off is evident in U.S. stock futures resuming declines and Nasdaq futures slipping, with the AI boom facing increased skepticism.

Markets & Investments

Investors are pulling money from U.S. equities for the first time in three months, with record withdrawals from tech funds indicating a cooling of the artificial intelligence trade. This comes as Bitcoin's ETF boom faces a reality check, with investors who were expected to bring stability heading for the exits. Bitcoin's collapse is forcing crypto veterans to confront the question of when mass panic might create a buying opportunity, with many investors suggesting further pain is ahead. A blank-check company associated with Cantor Fitzgerald is allowing investors to commit less capital as crypto slides, signaling a shift in strategy to attract support for an upcoming crypto deal. In fixed income, SpaceX’s blockbuster bond sale is weakening rapidly in the secondary market, with traders remarking on the sharpest widening for a recent deal. Meanwhile, Hong Kong’s dollar hit a 10-month low against the U.S. dollar, as a stronger greenback and expectations for further Federal Reserve rate hikes pressured Asian currencies. Asian currencies are consolidating but may find support from diminished prospects of Fed rate hikes, though U.S. stock futures fell as weakness in chip stocks resumed.

Energy & Commodities

Oil tanker earnings have plunged by $200,000 as more vessels are willing to transit the Strait of Hormuz, capping a volatile week for crude carrier costs. Saudi Arabia is ramping up oil exports, reopening Persian Gulf ports that were shuttered and increasing loadings at Red Sea outlets. Despite this, oil futures fell on a likely technical correction after overnight gains. European natural gas prices edged higher as traders monitor risks in the Strait of Hormuz following an attack on a cargo ship. U.S. natural gas futures extended gains amid forecasts of above-normal temperatures, with the July contract seeing increased activity. Kazakhstan’s Karachaganak oil and gas field cut crude output by over a quarter after a drone attack forced the shutdown of a Russian processing plant. Aluminum is heading for its fourth weekly decline, pressured by a stronger U.S. dollar and returning Middle East supply. Iron ore is set for its seventh straight weekly loss, as demand weakens seasonally and mill margins narrow.

International Affairs & Geopolitics

China has stripped six military lawmakers of their seats in the national parliament, a move signaling President Xi Jinping’s continued purge of key defense establishment personnel. In Europe, Volkswagen is planning mass layoffs, potentially cutting up to 100,000 jobs as part of a sweeping cost-cutting drive. This move is expected to increase pressure on European policymakers to implement restrictions and trade barriers against China. The U.S. has imposed sanctions on Rwanda for alleged gold smuggling from the Democratic Republic of Congo. Meanwhile, Ukraine's intense strikes in Crimea have led to a state of emergency declaration, disrupting daily life to an extent not seen since Russia's annexation. The Strait of Hormuz remains a point of tension, with Iran asserting its authority over traffic after firing on a container ship, though oil tanker earnings have fallen as more ships transit the waterway. Gulf Arab countries are reshaping defense strategies and trade routes amid an emerging U.S.-Iran deal that leaves them vulnerable.

Corporate & Financial News

JPMorgan Chase's CEO succession race has seen female contenders fall out of the running, though the bank remains a leader in promoting women. Leon Black has decried "vicious narratives" regarding his relationship with Jeffrey Epstein, stating in prepared testimony that he never sexually abused women and defending fees paid for financial advice. The co-founder of Apollo denied participating in Epstein’s sex-trafficking scheme but declined to discuss NDAs. New York-based Stonepeak Partners will pay $2.5 billion to acquire the remainder of a lease for Chicago’s parking meters. Babcock International, Telecom Plus, and Moonpig are among companies discussed by experts for potential investment. Dr. Martens is broadening its footwear offering to reduce reliance on boots, as its CEO backs a new strategy. In a significant deal, Morgan Stanley is leading a group to sell Chicago’s parking meters for $2.5 billion. Blackstone is battling over the future of Golden Peaks, an energy company facing collapse after borrowing $1.5 billion for European solar projects. Canadian product testing company CSA Group is exploring a sale that could value the business at approximately C$2 billion ($1.4 .

Economy & Inflation

Euro zone inflation may show its first slowdown since the Iran war began, with data next week expected to reflect subsiding energy costs. U.S. consumer sentiment rose in June, providing some relief as gasoline prices eased, though it remains near record lows. However, consumer sentiment is up but still close to record lows, indicating persistent economic pressures. The U.S. merchandise-trade deficit widened in May to its largest in over a year, as exports fell and imports increased. Hungary aims to meet Euro entry criteria by 2030, according to Prime Minister Peter Magyar, outlining a clear path toward adopting the common currency. Nigeria has accessed the first tranche of a $5 billion derivatives deal with a UAE bank, proceeding with a scrutinized transaction. The U.K. is tightening investment trust rules to close loopholes exposed by Saba Capital, potentially making it harder for activist investors to control listed closed-end companies.