Public Markets 8 Hours

Last updated: June 24, 2026, 11:30 AM ET

Markets & Economy

U.S. stocks are approaching a "blue sky" scenario, according to JPMorgan Chase & Co., which lifted its S&P 500 target to 7,800. The investment bank cited stronger-than-expected earnings growth and a potential peace deal to end the Iran conflict as key drivers. Meanwhile, Treasury yields slipped amid a lull in Middle East conflict as U.S.-Iran peace talks continued, though Secretary of State Scott Bessent indicated that these talks include Iran invoicing its oil sales in dollars as part of a shift. A key oil market indicator, the spread between Brent and West Texas Intermediate futures, flipped to contango for the first time since February, signaling increased supply from the Middle East, particularly with the reopening of the Strait of Hormuz. U.S. natural gas futures remained steady in rangebound trade.

Technology & AI

Qualcomm Inc. is set to acquire AI software firm Modular for approximately $3.9 billion in a stock deal aimed at making artificial intelligence faster and more affordable for its customers. The acquisition will bolster Qualcomm's push into data centers by adding AI software capabilities as it seeks to capitalize on the AI boom. In the memory chip sector, SK Hynix Inc. is seeking a massive $29.4 billion U.S. listing, tapping into investor demand for high-flying memory-chip stocks even after a recent selloff. This landmark offering, potentially one of the largest in history, aims to fund SK Hynix's central role in the global AI bonanza as it bets on AI demand. The broader AI sector saw a selloff stabilize, with U.S. tech futures edging higher, though investors remain on edge regarding the sustainability of the AI trade, making Micron Technology's earnings report a closely watched event amid market volatility. Amazon and Google appear to have the lead in the race for AI power, with Amazon holding an incumbent advantage and Google noted for its innovative approaches as companies race for power. Amidst this AI surge, Canada's Atkins Realis Group Inc. is seeking U.S. approval for its nuclear technology to power the growing demand from data centers driven by the AI boom.

Automotive & Aviation

Hertz Global Holdings Inc. shares tumbled significantly after the car rental company issued a profit warning, citing softness in the used car market and trending toward the low end of its expectations for the quarter amid struggling used-car demand. In aviation, Airbus faces scrutiny as the European Union’s chief aviation regulator ordered an inspection of 16 jets after cracks were found in their wings, leading to the immediate grounding of five A380 superjumbo jets as ordered by regulators.

Defense & Policy

The German defense sector saw significant turmoil as Rheinmetall AG shares slumped 16% following reports that Germany is shelving a major warships contract. This downturn hit the tankmaker on the same day it was set to launch its long-awaited IPO as defense contracts face uncertainty. In the U.S., President Trump continued his vocal criticism of Democrats, labeling them "Communists" and expressing satisfaction with rivals' losses while also showing "apparent envy" of Mayor Zohran Mamdani as he eyes New York primaries. Meanwhile, the FBI and NYPD are reportedly searching the homes of police officials in connection with a corruption inquiry, stemming from earlier scrutiny of a former chief of department amid ongoing investigations.

International Finance & Markets

Argentine Economy Minister Luis Caputo's strategy of resisting calls to raise funds in international markets appears to have paid off, as he has managed to secure dollars at a rate lower than 7% avoiding Wall Street calls. In India, benchmark bond yields and swap rates fell to three-month lows as the central bank governor stated that talk of a rate hike was premature, signaling a less hawkish monetary policy outlook. Separately, some Indian state-run financial institutions are planning to raise overseas loans of up to $2 billion using a central bank facility for borrowing at concessional rates seeking international funding.

Commodities & Energy

President Trump has called for a probe into U.S. gasoline prices, accusing major oil companies of "gouging" customers by not lowering pump prices in line with falling crude costs as diesel prices fall below $5. China's climate envoy stated that oil and gas shortages triggered by the U.S. war against Iran should serve as a lesson for nations to accelerate their energy transitions in the wake of the crisis. Latin America's two oil giants, Petrobras and Pemex, have agreed to collaborate on discovering, producing, and refining oil seeking new growth opportunities.

Corporate News & Deals

Wendy's Co. shares soared 42% following a viral Reddit post, indicating a rally by the meme-stock crowd behind the fast-food chain. In the UK, High Court rulings have allowed British banks to defeat a watchdog in legal battles over historic loan complaints, specifically ruling that the Financial Ombudsman Service unlawfully permitted consumers to challenge terms beyond the six-year limit favoring financial institutions. A group of British commodity day traders has offered a £1 million ($1.3 charity donation to conclude a UK competition probe into the sharing of potentially sensitive information seeking to end regulatory scrutiny.

Global Trends & Health

Europe is grappling with a record-breaking heatwave, with France experiencing its hottest June day ever and Britain anticipating record temperatures for this time of year as extreme heat grips the continent. This intense heat is straining power supplies across Europe, causing soaring prices and extreme swings in electricity costs as demand rises and output is curbed putting pressure on the grid. France has identified its first case of Ebola in a doctor who traveled from the Democratic Republic of Congo, prompting efforts to trace contacts raising health concerns. In the UK, a damning report into a Nottingham NHS trust has criticized a culture of bullying and staff ignoring pregnant women, finding systemic maternity failures that led to hundreds of deaths and injuries revealing critical care issues.

Other Market Developments

The meme-stock frenzy appears to be impacting South Korea's equity market, with surging intra-day swings in the benchmark index drawing comparisons to the meme-stock phenomenon as volatility spikes. South Korea has also delayed the launch of weekly single-stock options, a move attributed to regulatory jitters following extreme stock market swings raising concerns about market stability. In a notable legal development, Dassault has won an EU legal claim that private jets can be environmentally sustainable, with the European Court of Justice ruling against Brussels' exclusion of business jets from new green rules supporting the aviation sector. Dubai Holding is reportedly exploring an investment in Bain Capital's data center builder Hscale as it seeks to expand its European portfolio targeting data center growth.