Public Markets 3 Days

Last updated: June 23, 2026, 5:30 PM ET

Markets Overview

Global equity markets experienced a mixed trend, with technology stocks facing headwinds while other sectors showed resilience. The dollar strengthened to its highest level since November as traders solidified expectations for Federal Reserve interest rate hikes this year. U.S. Treasuries rose ahead of auctions as a selloff in U.S. stocks and further declines in oil prices curbed bets on Federal Reserve interest-rate increases. Japanese government bond futures fell, tracking declines in the U.S. Treasury market, while JGB yields were higher amid Middle East uncertainty driven by the ongoing conflict.

Technology & AI

Technology stocks retreated amid concerns over artificial intelligence spending and valuations, with AI companies like SpaceX getting hit hard. In the AI computing landscape, IBM is preparing to scale quantum computing, aiming to transform it into a business from an expensive science project. The broader question of whether AI will boost productivity remains a subject of debate. Meanwhile, South Korea’s AI-fueled selloff has reignited scrutiny of leveraged exchange-traded funds. In a notable development, Apple closed its first unionized U.S. store, a move the company attributed to declining mall conditions, though the union alleges retaliation.

Corporate Movers & Shakers

Nike named Pfizer’s David Denton as its next chief financial officer, a move that comes as the company navigates a challenging turnaround. Edgewell Personal Care Co., maker of Schick razors, saw its shares leap nearly 18% after rejecting an unsolicited takeover offer from private equity firm Yellow Wood Partners. EG Group, the gas station and convenience store operator, has confidentially filed for a U.S. initial public offering that could raise about $1 billion. Alibaba is suing the Pentagon over its inclusion on a Chinese military blacklist, claiming the decision was arbitrary and lacked evidence. In a significant retail move, Walmart is acquiring advertising tech firm Vibe.co for $1.4 billion, bolstering its connected TV advertising capabilities. SpaceX is pitching investors juicy yields in a $25 billion bond deal, upsizing its offering.

Energy & Commodities

Oil prices rose amid mixed signals from U.S.-Iran peace talks, and later gained as doubts grew over the durability of the interim peace deal leading to a rise in prices. Hedge funds boosted bearish bets on U.S. crude to the highest in nearly five months, anticipating that a preliminary peace deal would increase Middle East oil flows. Gold settled lower and silver fell nearly 5.4%, marking the third consecutive session of declines, as Trump warned Iran during peace talks causing gold to hold its decline. U.S. natural gas futures declined on cooler outlooks, with forecasts shifting to cooler weather suggesting a slight decrease in demand. Russia is weighing a ban on diesel exports to avoid domestic shortages following intensified Ukrainian refinery attacks.

Private Markets & Funds

A $7 billion private credit fund managed by Morgan Stanley is capping investor withdrawals at 5%, allowing less than half of the requested redemptions. JPMorgan Chase & Co. secured SEC approval to offer monthly redemptions on a new interval fund investing in private and public credit, as the direct-lending industry faces elevated redemption requests. Allianz Global Investors secured $744 million for its latest Asia Pacific private credit fund, highlighting sustained investor interest in the sector. Private equity bosses are increasingly turning to carried interest loans as payouts stall, with requests to borrow against future profit shares multiplying.

Global Economic Developments

Economic growth in Argentina surpassed expectations in the first quarter, even as unemployment rose and wages lagged inflation. The baht has dropped to a one-year low on expectations of a wider interest rate gap between the U.S. and Thailand. Bank of Canada Governor Tiff Macklem warned that over-investment in the U.S. poses financial risks to the global financial system. The European Central Bank must remain vigilant on the impact of oil prices on wages, according to Governing Council member Jose Luis Escrivá. Morocco maintained its interest rates, aiming to support a building boom while guarding against inflation.

Regulatory & Legal Developments

The U.S. Supreme Court limited the scope of foreign human rights claims, refusing to consider a complaint alleging Cisco enabled Chinese surveillance. In a separate case, the court rejected a lawsuit claiming Cisco Systems helped China target Falun Gong, which could have broader implications for corporate liability in international human rights abuses. The Justice Department withdrew grand jury subpoenas of journalists after news organizations fought them. A Massachusetts court struck down a ballot proposal that would have imposed the strictest statewide rent control in the U.S.

Geopolitical & Policy Matters

The Senate voted to direct an end to the war in Iran, rebuking President Trump on war powers. The U.S. is considering listing state-owned Israeli defense giants Israel Aerospace Industries and Rafael Advanced Defense Systems in the U.S. to potentially avoid stricter disclosure obligations. The International Maritime Organization will begin evacuating stranded seafarers from the Middle East following an interim agreement between the U.S. and Iran. President Trump reiterated that funds from any unfrozen Iranian assets would be used in part for grain shipments, offering cautious hope for farmers. Russia is considering a diesel-export ban as Ukraine intensifies attacks on its refineries leading to a gasoline crunch.

Company & Industry News

FedEx reported higher revenue in its latest quarter, though profit was impacted by costs related to its freight spinoff and business optimization. Cboe Global Markets has revived binary options to compete with other platforms. Vedanta Eyes a $372 Million Raise From Zambia Copper Mines IPO. China’s CATL will offer battery swapping for Europe’s electric trucks through a partnership with Octopus Energy. CRH is digging deep for a bigger share of the U.S. construction boom with its acquisition of Arcosa. Pharmaceutical groups Eli Lilly and Bayer criticized Germany's spending on new medicines.