Public Markets 8 Hours

Last updated: June 23, 2026, 11:30 AM ET

Global Markets & Equities

Global markets experienced a broad selloff, with technology stocks leading the decline. S&P 500 futures fell 1.3% amid widespread losses in Asia and Europe, with chipmakers in South Korea plunging 10% and dragging emerging market equities lower. AI-focused companies, including SpaceX, faced significant headwinds, with investors increasingly scrutinizing AI-related risks and the potential for further interest rate hikes. Evercore ISI, however, suggested that upcoming earnings could rescue megacap technology stocks from their recent slump, which has seen some large names shed over 10%.

Energy & Commodities

U.S. natural gas futures declined as cooler weather forecasts reduced anticipated demand for gas-fired electricity, while lower LNG flows and solid production limited any potential gains. Russia's gasoline supply crunch is intensifying, with at least two-thirds of its regions implementing fuel rationing or facing disruptions following persistent Ukrainian drone attacks on refineries. In a move that could impact global oil markets, Iran and Oman have announced they will work on a pact regarding transit costs through the Strait of Hormuz, though shipping through the waterway remains complex and risky due to potential mines. North Sea crude prices weakened as Middle Eastern oil flooded back into Europe, raising concerns of a supply glut after the Strait reopened. Carnival reported that booking trends were disrupted, particularly in Europe and the Mediterranean, due to the recent conflict involving Iran, and issued a soft outlook.

Fixed Income & Central Banks

U.S. Treasury yields declined, with lower oil prices contributing to the downward pressure. The euro hit its lowest level since August as weak economic data and dovish commentary from European Central Bank President Christine Lagarde led traders to pare back interest rate hike expectations. ECB officials, including Chief Economist Philip Lane, acknowledge the risk that inflation could remain above their 2% target for an extended period. Meanwhile, Morocco kept interest rates unchanged for the second year, balancing the need to support a building boom with guarding against inflation risks amid ongoing U.S.-Iran talks. The Bank of Canada’s top official warned that over-investment in the U.S. is creating broader correction risks for the global financial system.

Corporate & Dealmaking

Platinum Equity is reportedly the sole remaining bidder for Nestle SA’s water business, after competitor Clayton Dubilier & Rice withdrew from the race. German pharmaceutical company Stada is exploring a potential €6 billion takeover of CVC-backed Cooper Consumer Health. Bristow Group Inc. is nearing a deal to acquire Berry Aviation Inc. as it seeks to expand its government services sector presence. In the automotive sector, Porsche is in discussions with employee representatives about potential job cuts as part of a broader restructuring effort. Tonino Lamborghini is partnering with Zimbali Lakes Resort to develop a luxury hotel and branded residences in South Africa.

Regulatory & Legal

The Justice Department has withdrawn grand jury subpoenas issued to journalists from The Wall Street Journal and The Washington Post, backing down after the news organizations challenged the requests. The Supreme Court rejected a lawsuit that claimed Cisco Systems helped China target Falun Gong, a decision that could have wider implications for corporate liability in international human rights abuses. In a separate ruling, the Supreme Court barred a lawsuit from an inmate who alleged prison guards violated his religious rights by shaving his dreadlocks. The Justice Department also announced charges against five individuals in connection with Medicare fraud schemes involving overpriced "skin substitutes".

Other News

Europe is grappling with extreme heat waves, with Britain, France, and Spain under high-level warnings. Amid scorching temperatures in France, 40 people drowned, primarily young individuals in unsupervised swimming areas. The U.S. Energy Department is offering utilities access to government funds to encourage new nuclear reactor orders as part of a broader push to revive nuclear power. In the race for technological dominance, China has claimed the top spot in supercomputing for the first time since 2017, with a Shenzhen-based computer utilizing standard microprocessors. European Union lawmakers have advanced discussions on the legal framework for a digital euro, a project considered vital for the bloc's monetary independence. China Resources New Energy Holdings is seeking to raise $3.6 billion in what could be China's largest IPO in four years.