Public Markets 3 Hours

Last updated: June 24, 2026, 5:30 PM ET

Technology & Equities

Micron shares jumped 8.5% as the chipmaker’s revenue and profit soared on robust memory demand, with analysts projecting a global chip shortage to persist beyond 2027. This surge comes as SK Hynix prepares for a Nasdaq debut, signaling continued investor appetite for semiconductor companies. Meanwhile, Cerebras Systems shares tumbled 15% below their initial public offering price, highlighting the volatility within the AI hardware sector. Alphabet Inc. joined the Dow Jones Industrial Average, marking a significant shift for the benchmark index as it attempts to better reflect the dominance of Big Tech in the current market.

Financial Institutions & Regulation

America’s largest banks all passed the Federal Reserve’s annual stress tests, with JPMorgan Chase and Bank of America receiving particularly strong marks. This clearance allows lenders to boost dividends and stock buybacks, a move that followed the Fed’s decision last year to release more details of the tests in advance, potentially making them easier. The tests simulated an economic crash where U.S. banks could collectively lose $700 billion, but the results indicate a strengthened financial system capable of withstanding severe downturns.

Debt Markets & Investment

US investment-grade bond sales hit a June record, driven by strong investor demand and a wave of borrowing linked to the artificial intelligence spending boom, with Nvidia and SpaceX among the issuers. This trend is partly fueled by a revival of the cash-futures basis trade, which has become a key driver of hedge fund Treasury exposure, according to the Federal Reserve. Separately, SPAC deals are emerging as a significant route to public markets for companies involved in the data center build-out, a sector experiencing rapid growth due to AI infrastructure demands.

Digital Assets & Speculation

Bitcoin plunged to a 20-month low, falling below $60,000 as market sentiment soured and retail investors shifted their focus towards AI-related stocks. This downturn in digital assets contrasts with the burgeoning interest in prediction markets, with Kalshi reportedly in talks to raise funds at a $40 billion valuation, positioning itself as a challenger to established derivatives and betting rivals.

Energy & Geopolitics

President Trump expressed frustration with high gas prices, channeling criticism traditionally aimed at Big Oil. However, some oil executives privately noted that fuel supply chains are slow-moving, implying that immediate price drops are unlikely. In a separate development, UK regulators dropped a probe into ‘Essex Boys’ traders after they agreed to pay £1 million to charity, concluding an investigation into suspected collusion that reportedly yielded hundreds of millions of dollars from oil bets.