Public Markets 3 Hours

Last updated: June 23, 2026, 5:30 PM ET

Public Markets

Morgan Stanley has capped investor withdrawals at 5% for a $7 billion private credit fund, allowing less than half of the second-quarter redemption requests, as the direct-lending industry grapples with an elevated demand for liquidity. This move comes as JPMorgan Chase & Co. secured SEC approval for monthly redemptions on its new interval fund, which invests in both private and public credit. In a separate development, Ether-linked nonprofit cut its budget by 40% amid challenging market conditions for cryptocurrencies.

In corporate news, FedEx reported higher revenue in its latest quarter, driven by increased package yields and volume, though its profit declined due to costs associated with a freight spinoff and business optimization. Nike appointed Pfizer's David Denton as its new Chief Financial Officer, effective August 17, as the sportswear giant navigates a turnaround. Meanwhile, EG Group is planning a U.S. listing that could raise $1 billion, potentially valuing the U.K.-based petrol station empire at over $9 billion.

Tech stocks experienced a retreat, with AI spending and valuations raising concerns among investors. Separately, SpaceX is pitching investors high yields in a $25 billion bond deal, with bankers upsizing the offering due to the attraction of high borrowing costs. IBM is preparing to scale its quantum computing business, moving it from an expensive science project to a fully functioning enterprise.

In the fixed-income markets, options traders are building positions that challenge aggressive Fed hike bets, suggesting the market may have overreacted to the Federal Reserve's hawkish stance. Bank of Canada Governor Tiff Macklem stated that changes to bank capital rules alone will not stimulate lending, echoing analyst doubts about the immediate impact of recent regulatory adjustments Macklem Says. Argentina's economy grew more than expected in the first quarter, demonstrating resilience despite rising unemployment and wages trailing inflation.

Cboe Global Markets is reviving binary options contracts tied to the S&P 500, aiming to compete with platforms like Kalshi and Polymarket after a decade-long hiatus. Alibaba is suing the Pentagon, challenging its inclusion on a Chinese military blacklist, which the e-commerce giant claims was an arbitrary decision made without sufficient evidence. Acclaimed bankruptcy lawyer James Sprayregen is set to join Paul Weiss, a move that bolsters the firm's restructuring capabilities.