Public Markets 3 Days

Last updated: June 23, 2026, 11:30 PM ET

Global Equities & Markets

Asian stocks extended losses as a bruising Wall Street tech-led selloff deepened concerns that the artificial intelligence-driven equity rally may have run too far. The rout in U.S. tech shares, notably impacting chipmakers, reverberated across global markets, with declines on Wall Street clobbering stocks in Asia and Europe. Nvidia’s AI chips, already facing U.S. export restrictions, have reportedly doubled in price on China’s black market due to the crackdown, making them riskier and more expensive to acquire. The broader tech selloff also saw South Korean stocks rebound from a 10% rout, shifting focus back to chipmakers' earnings after a decline many attributed to technical factors rather than fundamentals.

In a significant index shift, Google-parent Alphabet is set to replace Verizon in the Dow Jones Industrial Average before the market opens on June 29. This move by S&P Dow Jones Indices comes as the market grapples with the sustainability of the AI boom, with fears about valuations and spending leading to a broad retreat in tech stocks. Chip maker Cerebras reported nearly doubling revenue but projects full-year negative margins, underscoring the substantial costs of the AI buildout while operating at a loss.

Energy & Commodities

Oil futures slid on signs of easing supply disruptions in the Middle East, a trend that Macquarie Group has factored into its revised forecasts, slashing Brent crude projections for 2026 and 2027 in anticipation of a swift recovery in Middle Eastern flows. Despite initial concerns and warnings from Iran, more tankers are openly crossing the Strait of Hormuz, with oil holding declines as the U.S. and Iran make progress toward ending their conflict. This increased traffic has led to price cuts for Iranian crude sold to China, as sellers begin shipping millions of barrels following an interim peace deal with the U.S. Iranian crude prices were slashed amid this development. The insurer Allianz SE anticipates significant claims for ships damaged during the Iran war, while acknowledging that the "unprecedented" blockade of the strait has raised concerns about the future of global maritime trade stranding almost 1,200 cargo ships.

Gold extended its decline, falling below $4,100 as a tech-led selloff prompted investors to liquidate bullion holdings to cover losses in other parts of their portfolios spurring liquidation. Comex gold settled 1.24% lower at $4129.90, with silver also falling nearly 5.4%, marking the third consecutive session of declines for both metals settling lower.

Emerging Markets & Currencies

China’s central bank set the yuan’s daily guidance rate weaker for a fourth straight session, demonstrating flexibility in managing the currency against the dollar’s advance. Asian currencies consolidated against the dollar in early trade, potentially pressured by risk-off sentiment stemming from the overnight sell-off in tech stocks weighed by risk-off sentiment. In India, the Reserve Bank of India's new swap covering only the principal, not interest, on deposits from non-resident Indians, aims to draw dollars into the country allowing NRIs leverage deposits. Pimco sees China’s export glut as a positive for emerging-market bonds, arguing that it helps control inflation across the developing world boosting emerging-market bonds.

South Korean stocks rebounded from a significant rout, with investors refocusing on company earnings after a selloff many attributed to technical factors rebounding after rout. MSCI Inc. maintained South Korea’s emerging market status in its latest review, refraining from a formal review process that could lead to its elevation to developed market status maintaining emerging market status. Separately, MSCI Inc. again postponed its review of Indonesian equities until November, citing the need for more time to assess recently announced transparency reforms delaying Indonesia downgrade verdict. Bulgaria, however, was reclassified as a frontier market, while Argentina and Vietnam’s statuses remained unchanged in MSCI’s latest global index review upgrades Bulgaria to frontier.

Corporate & Dealmaking

AirPods maker Luxshare is gauging interest for a Hong Kong listing that could raise approximately $3 billion, according to people familiar with the matter. The e-commerce giant Alibaba is suing the U.S. Defense Department over its inclusion on a Chinese military blacklist, claiming the decision was arbitrary and lacked evidence suing Pentagon over blacklist. In the UK, petrol station empire EG Group is preparing for a U.S. listing that could raise $1 billion, valuing the company at over $9 billion filing for US listing.

SpaceX is pitching investors juicy yields in a $25 billion bond deal, with bankers upsizing the offering after high borrowing costs attracted investors. The company has simultaneously added billions in debt while cutting its annual interest burden adding billions in debt. In the entertainment sector, Ari Emanuel is reportedly in talks to buy West End and Broadway giant ATG for $6 billion from its private equity owner Providence in talks to buy ATG.

Technology & Innovation

The U.S. is pressing Meta to agree to AI safety reviews, urging the tech company to allow government evaluations, weeks after ordering Anthropic to withdraw its latest model pressing Meta on AI reviews. The National Security Agency lost access to a powerful AI model amid a dispute with Anthropic, underscoring the administration's reliance on advanced AI systems for cybersecurity even as it confronts a leading developer NSA lost AI model access. IBM is laying the groundwork to scale quantum computing into a business from an expensive science project.

China’s Instagram, Xiaohongshu, is pushing for a public listing, signaling confidence in the country’s tech sector Instagram gets ready to go public. Chinese artificial intelligence-related stocks have jumped, buoyed by supportive policy signals from Beijing and sustained global demand for AI technologies Chinese AI stocks rally. Chinese robot maker Coowa is gearing up for a Hong Kong IPO, having previously raised over $600 million at a valuation exceeding $3 billion robot maker gears up for IPO.

US Politics & Policy

A federal judge has barred Immigration and Customs Enforcement (ICE) from making arrests in immigration courts nationwide, a ruling stemming from a class-action lawsuit filed in California bars ICE arrests in courts. The Justice Department has withdrawn grand jury subpoenas issued to journalists from The Wall Street Journal and The Washington Post after the news organizations fought the requests withdraws grand jury subpoenas. In South Carolina, Democrats expect Nancy Lacore to run a competitive general election in the state’s 1st District, following her win in the Democratic runoff wins Democratic runoff.

President Trump’s nominee for chief counsel at the Internal Revenue Service, James R. Gadwood, works at Miller & Chevalier, a firm that has represented him in tax matters IRS lawyer works for Trump firm. The Senate has voted to curb President Trump’s war powers, with some Republicans joining Democrats in a measure directing the president to halt military operations against Iran or seek congressional authorization votes to curb war powers. In a rare bipartisan achievement, Congress has cleared a housing bill for President Trump’s signature after considerable legislative back-and-forth clears housing bill.

Other Markets & Economic Developments

The U.S. housing market continues to face challenges, with KB Home reporting lower revenue and narrowing its full-year outlook KB Home reports lower revenue. Walmart is acquiring advertising tech firm Vibe.co for $1.4 billion, its largest deal in two years, enabling advertising through connected TVs Walmart buys ad tech firm. The operating company of On the Border Mexican Grill has filed for Chapter 7 liquidation, though franchised locations remain independent Mexican Grill files for liquidation.

In Europe, Germany is reportedly set to scrap plans for its largest warship since World War II due to cost overruns and delays scraps warship plans. The UK’s grid operator issued a rare summer power supply warning as soaring temperatures strained the energy system UK issues energy supply warning. Colombia’s natural gas reserves remain near an 18-year low, increasing pressure to secure additional import capacity as a domestic shortfall deepens gas reserves near 18-year low.