Public Markets 3 Days

Last updated: June 24, 2026, 8:30 PM ET

Public Markets Roundup

Tech & AI

The artificial intelligence boom continued to fuel blockbuster earnings, with Micron Technology Inc. reporting soaring profits of nearly 1,400% amid a global memory chip shortage. This strong performance sparked an after-hours rally, sending Nasdaq futures higher and reigniting confidence in the AI trade. Micron and Qualcomm's positive outlook further lifted semiconductor stocks. Qualcomm revealed Meta as its first major Big Tech customer for data center chips, boosting its shares by as much as 15%. However, the broader tech sector experienced a selloff, with stock futures sliding and European stocks tumbling as the tech selloff deepened. SpaceX saw its market value plummet, shedding $400 billion following a debut rally, and later fell for a third day, erasing a further $600 billion in value as it began selling investment-grade bonds. Despite the volatility, Oracle shed 21,000 jobs as it sharpened its focus on AI, and Sunrun surged 31% on a Tesla deal to supply power for data centers. The market also saw discussions around the need for public quality testing of AI systems as reliance grows.

Energy & Commodities

Oil prices extended their drop, nearing the erasure of all wartime gains as supply swelled and progress was reported on a US-Iran peace deal. Key indicators in the North Sea crude market showed signs of weakness as Middle Eastern oil flooded back into Europe following the reopening of the Strait of Hormuz which had stranded almost 1,200 cargo ships valued at $125 billion. US shale executives expressed frustration, stating that erratic White House communications regarding the conflict were sowing confusion and hindering future planning. Iran, meanwhile, is rushing to secure new oil buyers and courting Asia’s largest importers following a temporary US sanctions waiver. The impact of these disruptions is being felt downstream, with plastics shortages expected to keep food prices high. In natural gas markets, US futures declined on cooler weather forecasts and smaller LNG flows suggesting reduced demand. Japan's LNG stocks, however, are seen to benefit from Middle East supply risk, as rebuilding damaged infrastructure and diversifying supply sources become priorities. In Australia, power demand from data centers is poised to surge and potentially double electricity consumption by 2050.

Financial Markets & Deals

Gold steadied near $4,000 an ounce, having fallen below this threshold for the first time since November, weighed down by a resurgent US dollar and the prospect of higher interest rates. US investment-grade bond sales set a record in June, fueled by investor demand and AI spending. All major US banks cleared the Federal Reserve’s annual stress test, immediately allowing them to boost buybacks and dividends, with JPMorgan and Bank of America passing with flying colors. Hedge funds’ growing exposure to Treasuries is primarily driven by the revival of the cash-futures basis trade, according to the Federal Reserve as basis trade remains a key driver. In private equity, Bain Capital is nearing a deal to acquire a controlling stake in Volkswagen AG’s heavy diesel engine unit. Jamieson Wellness Inc., the Canadian vitamins maker, is exploring a sale. A loan on a Chicago office tower owned by Blackstone Inc. has defaulted, signaling ongoing challenges for landlords. The crypto market saw Bitcoin fall below $60,000 again as retail buyers balked, exposing market fragility as Wall Street's scale and legitimacy are balanced against retail participation.

Global Economics & Politics

In New York primaries, leftist Democratic candidates secured victories, defying party leaders who had urged moderation, demonstrating the astonishing political power of the left and its ground game. The results suggest a broader fight awaits in the fall elections as Democrats face five big questions. The US Congress passed a landmark housing bill while Europe sweltered under a deadly heatwave as part of broader legislative actions. President Trump sought to recast the Iranian government as he pursues a peace deal, but a softening on Iran within the Republican Party appears to extend beyond him. Trump also asked Congress for $88 billion, mostly for the war with Iran, though the proposal faced significant hurdles in the Senate due to bipartisan support requirements. The UK economy is estimated to be smaller than it would have been had the country remained in the EU, with analysts citing lower trade and investment since Brexit. In Brazil, the Senate leader from President Luiz Inácio Lula da Silva’s party stepped down amid an investigation into ties to a failed lender following a police inquiry. Japan detained two nationals over alleged rare earth smuggling, escalating a dispute with Tokyo.

Industry Moves & Outlooks

The solar manufacturing sector, particularly in China, is seeing efforts to alleviate chronic overcapacity, with Jinko Solar Co. aiming for breakeven this year. Meanwhile, Australia's power grid faces a significant increase in demand, with data centers expected to nearly double electricity needs by 2050. In the automotive sector, Porsche is considering job cuts as part of a streamlining plan, while Volkswagen is selling its marine engine unit. Defense contractor Lockheed Martin secured a contract worth over $35 billion for Thaad systems, part of the Defense Department's effort to stockpile weapons. Israel is considering listing state-owned defense giants in the US to potentially avoid stricter disclosure rules. The shortage of chemotherapy drugs is leading to rationing fears for cancer patients due to low supplies.