Public Markets 8 Hours

Last updated: June 24, 2026, 5:30 PM ET

Public Markets

Technology & Semiconductors

Micron shares jumped 8.5% after the chipmaker reported soaring revenue and profit, projecting continued robust memory demand that is expected to last beyond 2027. This surge contributed to a record month for U.S. investment-grade bond sales in June, which totaled $130 billion, fueled by investor appetite and borrowing for artificial intelligence spending. SpaceX and Nvidia were among the companies driving this debt issuance. Meanwhile, SK Hynix is preparing for a Nasdaq debut, following Micron's strong performance and bucking a trend where Cerebras shares tumbled below their IPO price. The artificial intelligence boom is also influencing other sectors, with Sunrun surging 31% on a new deal with Tesla to supply power for AI data centers. The broader tech sector is seeing SPAC deals emerge as a key path to public markets for companies involved in AI infrastructure. In a notable market shift, Bitcoin dropped below $60,000, hitting a 20-month low as retail investors pivot to AI-related stock bets, a trend also reflected in Bitcoin breaking below $60,000 again as major crypto buyers hesitate.

Financial Services & Regulation

Major U.S. banks successfully navigated the Federal Reserve's annual stress tests, clearing the hurdles and immediately paving the way for increased capital returns through buybacks and dividends. JPMorgan and Bank of America were among those that "aced" the tests, which were made more transparent by the Fed releasing details in advance last year. These results suggest the banking sector is in a stronger position, with JPMorgan and Goldman Sachs boosting dividends following their passing grades. The Fed’s Vice Chair for Supervision, Michelle Bowman, has finalized a restructuring of the bank-supervision unit, aiming to focus on core financial risks. Separately, hedge funds' growing exposure to Treasuries is primarily attributed to a revival of the cash-futures basis trade, according to the Federal Reserve analysis of the trade. In a concerning development for the real estate sector, a Blackstone loan on a Chicago skyscraper has defaulted, underscoring ongoing challenges for commercial property landlords. On the regulatory front, UK regulators dropped a probe into potential collusion among oil traders after they agreed to a £1 million charitable donation.

Energy & Commodities

Crude oil inventories in the U.S. fell by 6.1 million barrels, marking the ninth consecutive decline, though gasoline and distillate stocks saw increases. The market remains sensitive to geopolitical events, with U.S. oil shale executives expressing frustration over erratic White House communications regarding Iran, which they say are creating market chaos. Despite a lull in Middle East conflict, Treasury yields slipped as U.S.-Iran peace talks continued. The European Central Bank sees cheaper oil as a positive factor in its fight for price stability, though Governing Council member Isabel Schnabel indicated further interest rate hikes may be necessary to meet the 2% inflation target. In natural gas markets, a record string of negative prices in the U.S. shale field highlights the need for energy infrastructure permit reform, according to one shale CEO. Meanwhile, gasoline prices spiked in Russia, adding to the economic strain from the ongoing conflict.

Global Markets & Deals

Argentina is resisting calls to raise funds in international markets, with Economy Minister Luis Caputo opting for a strategy that has yielded dollar amounts at a rate lower than 7%. In the UK, takeover targets are advised to set high bars for bids, a strategy that may be justified despite inherent risks. A UAE billionaire's son is revealed as the buyer of a £190 million London mansion, marking one of the UK's most expensive property purchases. In European health tech, Prosus led a €480 million investment in the French start-up Alan, one of the largest non-AI funding rounds this year. The Doncasters Group's US IPO is reportedly more than 30 times oversubscribed, signaling strong investor demand for the offering. In private markets, Stonepeak raised $2.5 billion in private bonds to refinance an LNG export terminal investment. The rebound in blank-check companies is proving to be a useful route to public markets for companies in the AI data center build-out, according to a veteran of SPACs Betsy Cohen.

Other Notable Developments

Disney is drawing viewer support in its escalating dispute with the Trump administration, calling on its audience to join its defense against attacks from the FCC chair. President Trump is reportedly frustrated with high gas prices and has channeled criticism previously aimed at Big Oil. In a move that could have political implications, the AI industry is facing scrutiny over its role in politics, with a close election loss in New York potentially opening doors for Democrats to capitalize on public sentiment. On the legal front, ICC judges are suing the Trump administration over sanctions, which they claim are retaliatory. The Federal Reserve’s stress tests revealed U.S. banks could lose $700 billion in an economic crash, though the banks themselves passed the tests. In a significant development for aviation, Airbus is ordered to inspect 16 jets after cracks were found in their wings, leading to the grounding of five A380 superjumbo jets by the EU's chief aviation regulator.