Public Markets 8 Hours

Last updated: June 24, 2026, 2:30 PM ET

Public Markets Briefing

Technology & AI

Qualcomm agreed to acquire AI software firm Modular for approximately $3.9 billion in stock, aiming to accelerate AI integration for its customers and enhance its push into data centers. This move comes as the demand for AI-driven infrastructure continues to surge, with hyperscalers swiftly raising C$22.5 billion in the Canadian debt market to fund their artificial intelligence initiatives. In a significant listing, memory-chip giant SK Hynix seeks to raise $29.4 billion in a US offering, tapping into investor enthusiasm for high-growth semiconductor stocks despite recent market volatility. Meanwhile, Sunrun Inc.’s stock jumped as much as 31% following an announcement of a partnership with Tesla Inc. and Renew Home to supply power for US data centers and utilities, underscoring the growing need for energy solutions to support AI growth.

Energy & Commodities

Oil futures saw a significant increase driven by accelerating supply from the Strait of Hormuz following a US-Iran agreement to reopen the waterway, causing a key oil market indicator to flip into contango. This influx of supply has effectively flooded oil markets, leading to a bearish market structure not seen since February. In natural gas markets, a record string of negative prices in the largest US shale field has prompted calls for streamlined permitting for energy infrastructure. U.S. crude oil inventories fell by 6.1 million barrels, marking a ninth consecutive decline, although gasoline and distillate fuel stocks saw increases. Latin America’s two oil giants, Petrobras and Pemex, are set to collaborate on oil discovery, production, and refining.

Financial Markets & Investment

JPMorgan Chase & Co. lifted its S&P 500 target to 7,800, citing stronger-than-expected earnings growth and a potential peace deal in the Middle East as key drivers for a "blue sky" scenario for US stocks. In a notable default, a Blackstone Inc. loan on a Chicago office tower has gone into default, reflecting ongoing challenges for commercial real estate landlords. Doncasters Group’s US initial public offering has attracted demand exceeding 30 times the available shares ahead of its pricing. Value investor Seth Klarman has reportedly spotted bargains in the wake of Brazilian bond market wipeouts. Hedge fund manager Lee Robinson, who achieved a 900% gain during the 2008 crisis, is reportedly making a new "big short" bet.

Central Banks & Economy

Bank of Canada officials rejected the notion that the country's economy is in recession, despite acknowledging sluggish growth and labor market slack. Meanwhile, European Central Bank Executive Board member Isabel Schnabel indicated that further interest rate hikes may be necessary to meet the 2% inflation target. Federal Reserve Vice Chair for Supervision Michelle Bowman has finalized a reorganization of the bank-supervision unit, prioritizing core financial risks. Wall Street is increasingly predicting the Fed may raise interest rates before the November midterms, a move that could potentially anger President Trump.

Corporate & Deal News

Amazon’s Zoox unveiled a redesigned robotaxi intended for large-scale production, with availability to riders expected later this year. Stonepeak has sold approximately $2.5 billion of private bonds to refinance a loan tied to its investment in a Louisiana liquefied natural gas export terminal. In a move that surprised many, Wendy’s Co. stock surged over 40% following a viral Reddit post, reigniting interest from meme-stock traders. However, Hertz Global Holdings Inc. shares tumbled by the most in two years after issuing a profit warning due to softness in the used car market and announcing share offerings.

Global & Regulatory

France has identified its first case of Ebola, with the patient being a doctor who had recently traveled from the Democratic Republic of Congo. In a legal victory for the sector, UK banks successfully challenged a watchdog in the High Court regarding historic loan complaints. China has detained two Japanese nationals over alleged rare earth smuggling, escalating a dispute between the two nations.