Public Markets 3 Days

Last updated: June 25, 2026, 2:30 PM ET

Public Markets Briefing

Technology & AI

Global technology stocks faced renewed headwinds as fears mounted over the sustainability of the artificial intelligence boom faced renewed headwinds. While Micron Technology's earnings provided a temporary reprieve and sparked a tech rebound sparked tech rebound, broader concerns about AI spending and valuations persisted, contributing to a sharp selloff in the sector AI spending concerns. Apple Inc. further fueled anxieties by raising prices on Macs and iPads by up to 20% or more, citing an "unprecedented shortage" of memory chips driven by AI demand Apple raises prices. In a move that underscored the intense competition in the AI space, Chinese models from Z.ai are gaining ground on established players like Anthropic and OpenAI, offering comparable performance at a significantly lower cost. This intensifying rivalry puts pressure on AI labs to justify their valuations ahead of anticipated initial public offerings AI labs face challenge. Meanwhile, BlackBerry sees new opportunities in embedded software and AI, lifting its fiscal 2027 outlook.

Energy & Commodities

Oil futures extended their decline, nearing the erasure of wartime gains as signs of swelling supply and progress in US-Iran peace talks erasing wartime gains eased geopolitical tensions. This easing pressure on energy markets, coupled with a weakening dollar, provided a boost to copper prices, which edged higher after touching a seven-week low copper prices edge higher. However, Europe's record-breaking heatwave continued to strain power grids and drive up electricity prices heatwave strains grid, prompting TotalEnergies to agree to account for its role in greenhouse gas emissions following a court ruling. In the automotive sector, Stellantis NV and Nissan Motor Co. are reportedly in talks to acquire assets from the troubled auto-parts maker Marelli Holdings Co., which is undergoing bankruptcy reorganization.

Fixed Income & Credit Markets

U.S. Treasuries gained ground as a key inflation gauge rose less than anticipated, dampening expectations for an imminent interest rate hike by the Federal Reserve Treasuries gain on inflation data. This eased pressure on the European Central Bank, with traders backing away from bets on further rate increases as the economy slows Euro sinks to one-year low. The debt markets are also closely watching Elon Musk’s SpaceX, with credit default swaps now actively trading after the company's debut bond sale, a move that some observers believe signals "bubble territory" for markets SpaceX bond sale signals bubble. In the private credit sphere, concerns are growing as some funds, like Ares's flagship fund, are capping redemptions, with retail investor exodus accelerating across the industry investor exodus in private credit.

Automotive & Transportation

The U.S. airline industry has fully recovered from pandemic-era losses, with a key gauge of airline stocks erasing losses as falling oil prices and progress on a US-Iran peace deal airline stocks erase losses alleviated pressure. Despite the easing jet fuel crisis, airfares remain elevated, with passengers yet to see significant benefits. In a significant development for electric vehicles, the U.S. banned Polestar, a Chinese-owned EV maker, from selling cars in the country due to a government rule prohibiting Chinese software in vehicles Polestar banned from US. Meanwhile, Hertz Global Holdings Inc. is facing a record weekly drop in its stock price amid concerns over its funding plan and profit guidance Hertz stock rout continues. A fire also broke out at a Delta Air Lines refinery in Trainer, Pennsylvania Delta refinery fire.

Corporate & Dealmaking

Walmart is making a significant move into the advertising technology space, acquiring Vibe.co for $1.4 billion to bolster its connected TV advertising capabilities Walmart buys ad tech firm. In the realm of mergers and acquisitions, Stellantis NV and Nissan Motor Co. are reportedly in discussions to acquire assets from the financially distressed auto-parts maker Marelli Holdings Co.. Billionaire Gautam Adani’s airport unit plans to invest $2.1 billion to build integrated cities across its network, expanding beyond aviation into related businesses Adani to build airport cities. In the legal and regulatory sphere, Chemours has agreed to a $450 million federal settlement to address the dumping of PFAS "forever chemicals," which have been linked to various health risks Chemours PFAS settlement.

Housing & Real Estate

Affordable housing continues to be a complex issue, with thousands of apartments under a city program facing a significant rent increase of 31% rent-stabilized apartments face increase, creating an awkward contrast with promises of tenant relief. The future of a major housing bill remains uncertain as President Trump abruptly scrapped plans to sign it Trump scraps housing bill, leaving its path to becoming law in doubt. In the U.K., market gloom has reduced the number of homes facing a ‘mansion tax’, with receipts expected to be nearly £30 million lower than initially projected mansion tax receipts decline.

Global & Political Developments

The U.S. Supreme Court has rendered a significant ruling on Temporary Protected Status (TPS) TPS ruling impacts migrants, potentially making 1.3 million migrants from over a dozen countries vulnerable to deportation, many of whom have lived in the United States for decades migrants face deportation risk. In a separate decision, the court rejected the Trump administration’s attempt to restrict mail voting through an executive order Trump mail voting restrictions blocked. Meanwhile, the continent's deadly heat wave continued to smash temperature records across Europe Europe heat wave continues, disrupting daily life and straining energy systems. In Venezuela, twin earthquakes struck the region Venezuela earthquakes strike, with scientists gathering data for a more detailed understanding of the seismic activity.

Financial Services & Investment

JPMorgan Chase has promoted two potential successors to Chief Executive Jamie Dimon, naming Doug Petno and Troy Rohrbaugh as co-presidents, though Marianne Lake is departing the bank JPMorgan promotes successors. In the world of investment, Michael Saylor’s Bitcoin buying strategy is showing signs of strain, fueling a selloff in the cryptocurrency market. The U.S. market is also seeing increased activity in credit derivatives tied to SpaceX SpaceX credit derivatives trade, following the company's debut bond sale. Additionally, Cal-Maine Foods Inc. and other egg suppliers are reportedly close to resolving a Justice Department probe into alleged illegal price coordination egg suppliers nearing settlement.