Public Markets 3 Days

Last updated: June 25, 2026, 8:30 AM ET

Markets Overview

Global markets saw a mixed performance as inflation concerns resurfaced, while the artificial intelligence trade showed signs of renewed vigor. U.S. stock futures pointed higher following Micron Technology's robust earnings forecast, reigniting optimism in the AI boom. This sentiment was further bolstered by global tech stocks rebounding after the U.S. chipmaker's strong quarterly results calmed investor fears following a recent market sell-off. However, warnings about market valuations persisted, with Allianz's Chief Investment Officer noting that SpaceX's bond sale signals markets are in "bubble territory." Bank of America strategists suggested investors should rotate to defensive sectors if the AI trade falters.

Technology & AI

The artificial intelligence sector continued to dominate market discussions, with memory chip maker Micron Technology delivering a forecast that crushed estimates, easing fears about AI demand sustainability. This strong performance from Micron is expected to drive a rally in U.S. tech stocks, as it reinforces confidence in AI-related chips and narrows the valuation gap with rivals like SK Hynix as it plans a US listing. The broader question of AI adoption remains, with organizational barriers cited as a significant hurdle for many companies looking to implement the technology. Meanwhile, the compute power needed for AI is also under scrutiny, with questions arising about whether sheer scale can solve AI's fundamental accuracy issues regardless of the processing power. Efforts are also underway to prepare the workforce for AI-driven career changes, with a coalition of employers and state governments developing strategies to help workers adapt to the evolving landscape.

Energy & Commodities

Oil prices retreated significantly, falling toward prewar levels as shipping through the Strait of Hormuz resumed and a U.S.-Iran peace deal eased geopolitical tensions. This decline in crude prices prompted some economists to scale back expectations for European Central Bank rate hikes and contributed to a recovery in UK government bond yields reaching three-month highs. Iraq briefly threatened to leave OPEC over output quota disputes but later walked back the threat, though it had previously warned of potential departure unless its quota was increased following the UAE's exit. The resumption of oil exports from Saudi Arabia's Ras Tanura terminal further contributed to the supply recovery following the interim peace deal. Palm oil futures also experienced their biggest drop in over a month, tracking declines in crude and soy oil prices as crude erased war gains.

Mergers & Acquisitions

The German mergers and acquisitions market has seen a surge, with deals exceeding $120 billion driven by transactions in the engine and elevator sectors, marking one of the busiest years in decades for the country in terms of deal volume. In the pharmaceutical sector, German drugmaker Merck agreed to acquire