Public Markets 8 Hours

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

Public Markets Overview

U.S. markets showed mixed performance as technology stocks retreated amid concerns over artificial intelligence spending and valuations, while SpaceX shares managed to snap a losing streak. IBM is preparing to scale its quantum computing business, moving from an expensive science project to a commercially viable offering. Chicago is also betting on quantum computing to revitalize its tech sector, though the technology remains commercially unproven. Meanwhile, Cboe Global Markets is reviving binary options to compete with prediction markets like Kalshi and Polymarket, reintroducing an S&P 500 contract after a decade-long hiatus.

Corporate News & Dealmaking

FedEx reported higher revenue for its latest quarter, driven by increased package yields and volume, though profits saw a dip due to costs associated with a freight spinoff and business optimization. Nike named Pfizer's David Denton as its next Chief Financial Officer, a move that comes as the sportswear giant navigates a challenging turnaround. In the retail sector, Walmart announced its largest deal in two years, acquiring advertising tech firm Vibe.co for $1.4 billion to expand its advertising capabilities through connected TVs. Separately, Edgewell Personal Care Co., the maker of Schick razors, saw its shares leap nearly 18% after rejecting an unsolicited takeover offer from private equity firm Yellow Wood Partners. EG Group, a major petrol station and convenience store operator, has confidentially filed for a U.S. IPO that could raise approximately $1 billion. Investment Funds & Credit Markets

Morgan Stanley is capping withdrawals from an $7 billion private credit fund at 5% for the second quarter, allowing less than half of what investors requested. JPMorgan Chase & Co. received SEC approval for monthly redemptions on a new interval fund focused on private and public credit, as the direct lending industry faces increased redemption requests. In the cryptocurrency space, the nonprofit behind Ether, the world's second-largest cryptocurrency, is cutting its budget by 40% due to challenging market conditions.

Geopolitical & Economic Developments

The dollar reached its highest level since November as traders solidified expectations for Federal Reserve interest rate hikes this year. However, options traders are building positions that suggest the market may have overreacted to the Fed's hawkish stance, betting against a series of rate increases starting later this year. Treasuries saw gains as a selloff in U.S. stocks and declining oil prices tempered bets on Fed rate hikes. Argentina's economy demonstrated resilience, growing more than expected in the first quarter despite rising unemployment and lagging wages. Russia is considering a diesel export ban to prevent domestic shortages following intensified Ukrainian drone attacks on its refineries. Iran and Oman are set to work on an agreement regarding transit costs and management of the Strait of Hormuz.

Market Movers & Sector Focus

Gold settled lower at $4129.90, with both gold and silver experiencing declines for a third consecutive session. U.S. natural gas futures fell on forecasts of cooler weather and reduced LNG flows, with production and inventories limiting price gains. The cybersecurity firm Varonis Systems Inc. is exploring strategic options, including a potential sale, following unsolicited takeover interest. Energy Fuels is set to acquire German magnetics firm Vac for $1.9 billion from private-equity firm Ara Partners.

Regulatory & Legal Matters

The U.S. Supreme Court has limited the scope of foreign human rights claims, refusing to consider a complaint alleging Cisco Systems enabled Chinese surveillance of a banned religious group. The court also sided with Exxon Mobil in a lawsuit over assets seized by Cuba in 1960. In a separate case, a Massachusetts court struck down a ballot proposal that would have implemented the strictest statewide rent control in the U.S. . The Justice Department has withdrawn grand jury subpoenas issued to journalists from The Wall Street Journal and The Washington Post after the news organizations fought them.