Public Markets 3 Days

Last updated: June 22, 2026, 2:30 PM ET

Global Markets & Geopolitics

Geopolitical tensions and evolving monetary policy expectations are driving market sentiment, with gold holding near $2,340 as traders assess the impact of ongoing U.S.-Iran talks and potential shifts in central bank actions. While U.S. oil futures advanced following President Donald Trump's threats concerning Iran and Hezbollah, the flow of oil through the Strait of Hormuz is running at its fastest pace since the Iran war began, despite official pronouncements. The progress in peace talks between the U.S. and Iran has eased inflation fears, contributing to a rise in copper prices, though caution remains among some shippers regarding the strait's reopening due to lingering concerns. The U.S. military reported fifty-five ships passing through the strait on Saturday, underscoring the complex and fluctuating nature of the situation.

Artificial Intelligence & Tech Sector

The technology sector is poised for continued gains, with AI infrastructure spending accelerating beyond the pace of the past two years, according to Columbia Threadneedle. SpaceX has struck a $6 billion deal with Reflection AI for data-center space to develop open-source models, signaling significant investment in AI capabilities. Elsewhere, Chevron is moving into power production with a data-center deal involving Microsoft, highlighting the energy sector's embrace of AI infrastructure. However, the sector is not without its challenges, as Alphabet shares tumbled following the departure of another AI leader to a rival, and Western governments and corporations are cautioned that their lead in AI might not last long, with AI-powered threats potentially succeeding "within months" according to Five Eyes intelligence. China's advancements in AI are also gaining attention, with cheaper, open-source models built in China increasingly being adopted by Silicon Valley and corporate America.

Corporate Dealmaking & Investment

A wave of significant merger and acquisition activity is shaping various industries. AbbVie is buying Apogee Therapeutics for $10.9 billion in cash, bolstering its immunology and inflammation portfolio, marking the drugmaker’s largest deal in over half a decade amidst a surge of M&A in the sector as reported by the Financial Times. In the building materials sector, CRH is acquiring rival Arcosa for $8.5 billion, a deal valued to include debt and representing a record transaction for the Irish provider according to Bloomberg. Morgan Stanley is weighing an expansion to Dallas with a $1.33 billion office-building deal, potentially joining a growing number of financial institutions establishing or expanding operations in Texas. In the energy sector, Germany's RWE plans a $4.75 billion capital raise to increase its stake in Amprion as detailed by the Wall Street Journal.

Energy Markets & Supply Chains

Iranian crude oil is flooding onto the global market ahead of a U.S. waiver on sanctions, permitting increased purchases by various countries. This development comes as Gulf oil flows through Hormuz at its fastest pace since the Iran war began, with an estimated over 400 ships waiting near Hormuz for the strait to reopen fully. Meanwhile, falling Rhine water levels due to a heat wave are straining fuel supply chains in western Europe, forcing barges to carry significantly reduced loads. U.S. natural gas futures gained on July weather outlooks, with hotter forecasts increasing expected cooling demand, though rising production is limiting gains. Centrica Plc, the UK's energy firm, is eyeing the U.S. for more LNG deals and trading expansion, recognizing natural gas's continued importance in the energy system despite geopolitical tensions.

Central Banking & Monetary Policy

Federal Reserve Chairman Kevin Warsh's approach to the chairmanship, which he has long modeled on Alan Greenspan, is drawing attention. Citadel Securities suggests Warsh could stabilize long U.S. bonds, attributing this to his commitment to lowering inflation, which bolsters the Fed's credibility. The passing of former Fed Chair Alan Greenspan, who died on Monday, marks the end of an era for central banking, with his legacy encompassing periods of both prosperity and crisis as noted by The New York Times. In Europe, ECB President Christine Lagarde stated that China should be part of any talks on FX imbalances, emphasizing the need for broader inclusion in discussions on currency valuations. Lagarde also sees no need for a more forceful ECB response to the Middle East conflict, projecting inflation to return to target over the medium term. Brazil is working to calm markets after a confusing rate decision, with the Treasury canceling a bond auction and the monetary authority injecting liquidity.

Political & Economic Developments

The political landscape is seeing shifts, with Keir Starmer resigning as UK Prime Minister, clearing a path for potentially Andy Burnham to succeed him. U.K. markets reacted calmly to Starmer's announcement, though economic uncertainties persist due to a lack of clarity on the next government. In Colombia, bonds rose as market favorite Espriella won the presidential vote, signaling a potential swing to market-friendly policies. Ukraine is escalating attacks in Crimea to pressure Moscow, aiming to isolate the peninsula. The U.S. Justice Department faced a judicial rebuke after a judge found overreach in subpoenas to Minnesota officials, deeming them designed to "harass and retaliate."

Other Market Movers

Psychedelic drugmaker Definium Therapeutics Inc. saw its shares surge up to 60% following positive late-stage trial data for its experimental depression treatment. In the automotive sector, Lucid is planning to cut 18% of its U.S. workforce as part of ongoing restructuring efforts, aiming to reduce costs by approximately $158 million annually. Meanwhile, U.S. companies are increasingly turning back to railroads due to rising trucking rates and fuel prices, opting for slower but cheaper intermodal transit. Michael Saylor's Strategy Inc. continues to buy Bitcoin using common stock, acquiring $39.4 million worth of the cryptocurrency for the third consecutive week.