Public Markets 3 Days

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

Global Markets & Equities

Asian stocks opened mixed following a volatile session on Wall Street, where renewed selling in megacap technology shares offset gains driven by positive semiconductor reports. In Hong Kong, Lingyi iTech Guangdong Co. debuted after raising HK$8.3 billion ($1.06 in a share sale, marking one of the city's busiest listings. Chinese hardware tech stocks are seeking earnings validation to sustain their recent rally, with investors keenly awaiting quarterly results. Meanwhile, South Korean retail investors are piling into tech giants, with 14 million pouring funds into two major companies, raising concerns about market overheating should chip demand falter. Japanese equities, long seen as a value market, are increasingly attracting growth funds as AI-linked firms ascend market-cap rankings, outpacing traditional manufacturers.

Technology & AI

The artificial intelligence boom is fueling stock market volatility as investors aggressively position themselves in AI-related trades, setting the stage for a potentially turbulent summer. OpenAI is reportedly leaning toward delaying its IPO until 2027, citing internal deliberations, while competition intensifies with Chinese AI models like Z.ai gaining ground on U.S. rivals with comparable performance at a lower cost. Apple raised prices on Macs and iPads by over $200 on some devices, citing soaring memory and storage chip costs amidst the AI surge. In a significant move, Qualcomm agreed to acquire Modular for approximately $3.9 billion in stock, aiming to enhance AI performance and reduce costs for its customers. Despite increased spending on legal tech, law firms are encountering barriers to the full embrace of AI, though some are exploring new operational models.

Energy & Commodities

Oil prices held onto gains after a ship attack in the Strait of Hormuz renewed concerns about safe passage through the critical waterway. However, prices later retreated towards prewar levels as more tankers transited the strait following peace talks between the U.S. and Iran. China's independent oil refiners have slashed operating rates to a nine-year low, underscoring the lingering impact of geopolitical tensions on crude imports. U.S. oil shale executives have criticized the White House's erratic communications on Iran for sowing chaos in energy markets and hindering planning. Russia is reportedly considering a ban on diesel exports to prevent domestic shortages following intensified Ukrainian attacks on its refineries.

Mergers & Acquisitions and IPOs

Reformation Inc., a sustainable womenswear brand, has filed for a U.S. initial public offering, disclosing growing sales, with its private equity backer Permira also involved in a similar move for the company in the U.S. Lingyi iTech Guangdong Co., a Chinese maker of electronic devices, is set to debut in Hong Kong after raising HK$8.3 billion ($1.06 . Tankmaker KNDS NV has initiated the process for an IPO in Frankfurt and Paris, signaling its expansion as a pan-European defense entity. In the aviation sector, Bristow Group Inc. is nearing a deal to acquire Berry Aviation Inc., seeking to bolster its presence in government services.

Regulatory & Legal Landscape

New York City's rent-stabilized apartments are set for a rent freeze following a vote by a city panel, a key campaign pledge by Mayor Zohran Mamdani, though legal challenges are anticipated. The Supreme Court has expanded President Trump's immigration powers following victories on immigration enforcement, impacting deportation policies. Wall Street law firms are contemplating a new era of insider trading risks following alleged misuse of private deal information. The legal sector is exploring strategies to overcome fear of AI adoption, with an interest in models that separate legal casework from other operations.

Corporate & Industry News

BHP Group's incoming CEO, Brandon Craig, has announced leadership team changes ahead of his July 1st assumption of the role. ON Semiconductor is set to acquire Synaptics in an all-stock deal valued at $7 billion, aiming to enhance its AI compute platform and human-machine interface technology. FedEx Freight projects revenue growth of 4% to 6% for the latter half of the year following its spinoff from FedEx. Hertz Global Holdings Inc. is experiencing a record weekly stock drop due to its funding plan and profit guidance. In the automotive sector, Stellantis NV and Nissan Motor Co. are in talks to acquire assets from the financially troubled auto-parts maker Marelli Holdings Co.

Financial Policy & Central Banks

The U.S. dollar is poised for a strong month, with Wall Street banks anticipating a turnaround for the currency. The Bank of Japan sees a risk of inflation exceeding its 2% target and plans additional interest rate hikes. In India, benchmark bond yields and swap rates fell to three-month lows as the central bank governor indicated that discussions of rate hikes were premature. Federal Reserve Vice Chair for Supervision Michelle Bowman has finalized changes to the bank-supervision unit, prioritizing core financial risks.

Geopolitics & International Relations

The attack on a cargo ship in the Strait of Hormuz has halted movement through the waterway, prompting a UN agency to pause ship evacuations from the Persian Gulf. Iran has threatened ships in the Strait of Hormuz while U.S. Senator Marco Rubio met with Gulf leaders, complicating efforts to revive the waterway's use. The U.S. Supreme Court's ruling on Temporary Protected Status has placed many migrants in limbo, potentially making 1.3 million individuals from over a dozen countries vulnerable to deportation. Tensions remain high as Russia considers a diesel-export ban amid increased Ukrainian refinery attacks.

US Politics & Policy

The Supreme Court has handed President Trump double victories on immigration enforcement, while also expanding his power in that domain. Congress has cleared a housing bill, securing a rare bipartisan achievement, though its path to becoming law could still be affected by President Trump's actions. A federal judge has struck down key parts of a Trump order restricting mail-in voting, rejecting the administration's attempt to alter federal election procedures via executive order. President Trump has requested $11.1 billion in new aid for struggling farmers, a significant assistance package.

Other Notable Developments

A fire broke out at a Delta Air Lines refinery in Trainer, Pennsylvania. Micron Technology released blockbuster earnings, quieting doubters about the AI sector and sparking an after-hours rally that sent Nasdaq futures higher. Red Lobster's $20 all-you-can-eat shrimp deal is being scrutinized in a lawsuit alleging it was a scheme to bankrupt the restaurant chain. The Geneva School of Manhattan is acquiring a former Upper West Side campus for $33.2 million. The U.S. is investing $250 million in I-Pulse Inc. for semiconductor and pulsed-power development to reduce foreign reliance.