Public Markets 8 Hours

Last updated: June 24, 2026, 8:30 PM ET

Public Markets Roundup

Technology & AI

Shares of Micron Technology surged in after-hours trading after the memory chip maker posted blockbuster earnings and projected a prolonged chip shortage extending beyond 2027, reigniting confidence in the artificial intelligence sector. This optimism rippled through Asian markets, with equity futures poised for gains as investors digested Micron's upbeat forecast. Qualcomm also saw its shares climb as much as 15% after announcing Meta as its first major customer for its data center chips. The AI boom continues to fuel demand for infrastructure, with data center expansion in Australia expected to nearly double the nation's power needs by 2050.

Energy & Commodities

Oil futures extended their decline, nearing a complete erase of their wartime gains as supply swells and progress on a US-Iran peace deal is reported. Key oil market routes, including the Strait of Hormuz, are now awash with supply following an agreement to reopen the waterway. This abundance is contributing to a broader drop in energy prices, with European Central Bank Governing Council member Ante Zigman noting that cheaper oil will aid the bank's efforts to maintain price stability. Japanese liquefied natural gas stocks are expected to benefit from efforts to rebuild war-damaged infrastructure in the Persian Gulf and diversify supply sources in the region as identified by market analysts. Meanwhile, Jinko Solar Co., a top Chinese manufacturer, eyes breakeven this year as government measures aim to alleviate chronic overcapacity in the sector.

Financial Services & Markets

All of the largest US banks successfully cleared the Federal Reserve's annual stress tests, with lenders quickly moving to boost share buybacks and dividends. JPMorgan Chase and Goldman Sachs were among those to increase their payouts after passing the tests, which the Fed began releasing details of in advance last year. The revival of the cash-futures basis trade is the primary driver behind hedge funds' growing exposure to Treasuries, according to the Federal Reserve. In private markets, Bain Capital is nearing a deal to acquire a controlling stake in Volkswagen AG's heavy diesel engine unit, Everllence, concluding a competitive auction. Separately, Stonepeak has raised approximately $2.5 billion in private bonds to refinance a loan for its liquefied natural gas export terminal in Louisiana.

Equities & IPOs

US investment-grade bond sales set a new June record, propelled by strong investor demand and a surge in borrowing linked to the artificial intelligence spending boom, with Nvidia and SpaceX among those driving the trend. The Doncasters Group's US initial public offering has seen demand exceed available shares by more than 30 times ahead of its pricing. In Canada, Jamieson Wellness Inc. is exploring a sale, with Bank of Montreal and Canaccord Genuity Group advising the vitamins and supplements maker.

Politics & Policy

Democratic leaders are facing a challenge from the party's base, as evidenced by leftist congressional candidates' primary victories in New York. These wins demonstrate the political power of the Democratic Socialists of America and a shift away from the party establishment's calls for moderation. President Trump has requested $88 billion from Congress, largely intended for the conflict with Iran, though the proposal faces significant skepticism and is unlikely to pass the Senate without bipartisan support. In a separate development, the US government has been ordered to cease seeking medical records of transgender youth in New York City.

Global Economy & Trade

Asian consumers are likely to face higher grocery bills for months due to costly packaging shortages stemming from the Iran war, which disrupted the supply of plastics essential for food distribution. The Cuban government has announced a sweeping overhaul of its struggling economy, though the success of these changes may depend on buy-in from the US administration. Meanwhile, the price of Bitcoin has fallen below $60,000 again, reviving concerns about market sentiment as major crypto buyers hesitate and retail investors shift focus to AI-related stocks.