Public Markets 8 Hours

Last updated: June 23, 2026, 8:30 PM ET

Public Markets Briefing

Energy & Commodities

Oil futures declined as signs emerged of easing supply disruptions in the Middle East, with the United Arab Emirates’ exports recovering to nearly 85% of pre-war levels in early June 1. More tankers have been seen openly crossing the Strait of Hormuz, further dampening prices as the US and Iran appear to be making progress toward ending their conflict. Macquarie Group has slashed its projected oil prices for 2026 and 2027, anticipating a rapid return to normal flows from the Middle East. Gold, meanwhile, extended its decline, falling below $4,100 as a technology-led selloff on Wall Street prompted investors to liquidate bullion holdings to cover losses in other portfolios. Equities & Indices

Asian stocks looked poised to extend recent losses, following a bruising tech-led selloff on Wall Street that deepened concerns about the artificial intelligence-driven equity rally. Fears about the sustainability of the AI boom caused a sharp retreat in U.S. stocks, with tech stocks particularly vulnerable to reversals after stratospheric rallies. Alphabet, the parent company of Google, is set to replace Verizon in the Dow Jones Industrial Average before the market opens on June 29, according to S&P Dow Jones Indices. South Korea's AI-fueled selloff has also brought renewed scrutiny to the $290 billion leveraged ETF boom in the region.

Global Markets & Geopolitics

China is throttling shipments of certain critical minerals to Japan, a move that is hurting companies and prompting calls for Prime Minister Sanae Takaichi to seek a diplomatic resolution with Beijing. Germany is reportedly preparing to scrap plans to build its largest warship since World War II due to cost overruns and delays in the F126 frigate program. In Europe, the UK's grid operator issued a rare summer power supply warning for Wednesday evening as soaring temperatures put significant stress on the energy system. The U.N. report alleging Israeli killings of Gaza children post-truce amount to genocide has been dismissed by Israel’s U.N. mission as a "libelous sham".

Financial Services & Deals

A $7 billion private credit fund managed by Morgan Stanley is capping investor withdrawals at 5%, allowing less than half of the redemptions requested in the second quarter. JPMorgan Chase & Co. has won approval to offer monthly redemptions on a new interval fund that invests in both private and public credit, as the direct-lending industry navigates another round of elevated redemption requests. In the UK, EG Group is filing plans for a U.S. listing that could raise approximately $1 billion, potentially valuing the petrol station empire at more than $9 billion. Ari Emanuel is reportedly in talks to acquire West End and Broadway giant ATG for $6 billion, with hopes that the deal with the private equity owner can be concluded soon.

Technology & AI

Federal officials are urging Meta to agree to AI safety reviews, weeks after ordering Anthropic to withdraw its latest model. The National Security Agency lost access to a powerful AI model amid a dispute with Anthropic, underscoring the Trump administration’s increasing reliance on advanced AI systems for cybersecurity. Chip maker Cerebras reported nearly doubling its revenue but projects full-year negative margins, highlighting the substantial costs associated with the AI buildout. IBM is laying the groundwork this year to scale quantum computing into a fully-fledged business from an expensive science project.

US Markets & Regulation

The dollar touched its highest level since November as traders solidified expectations for the Federal Reserve to hike interest rates this year. Options traders are building up bets that the broader market overreacted to the Federal Reserve’s hawkish pivot, pricing in a series of interest-rate hikes starting later this year. The Senate voted to curb President Trump’s war powers, with some Republicans joining Democrats in a measure instructing the President to halt military operations against Iran or seek congressional authorization. Walmart announced its largest deal in two years, paying $1.4 billion for Vibe.co, a company that enables advertising through connected TVs.

Housing & Construction

KB Home reported lower revenue as the difficult housing market persists, with the home builder stating revenue fell to $1.11 billion from $1.53 billion a year prior and narrowing its full-year outlook. A lopsided House vote cleared a housing bill for President Trump’s signature, cementing a rare bipartisan feat after extensive back-and-forth.

Asia Markets

China’s e-commerce giant Alibaba is suing the Pentagon, claiming the U.S. defense department’s decision to include it on a Chinese military blacklist was arbitrary and capricious and lacked evidence. MSCI Inc. has reclassified Bulgaria as a frontier market, while indicating no changes to Argentina’s and Vietnam’s status in its latest review of global stock indexes. MSCI also kept South Korea in its emerging-market index and refrained from starting a formal review process that could elevate its stock market to developed-market status. The review of Indonesian equities was again postponed by MSCI until November, as the organization requires more time to assess the effectiveness of recently announced transparency reforms.

Other Notable Developments

Colombia’s natural gas reserves remained near their lowest level in almost two decades in 2025, increasing pressure on the nation to secure additional import capacity as a domestic shortfall deepens. The programmer who helped create the underlying technology for Ether, Vitalik Buterin, stated that the nonprofit behind the cryptocurrency is being forced to cut its budget by 40% in a "challenging era". Shares of Edgewell Personal Care Co., maker of Schick razors, rose nearly 18% after the company rejected an unsolicited takeover offer from private equity firm Yellow Wood Partners.