Public Markets 3 Days

Last updated: June 23, 2026, 2:30 PM ET

Global Markets & Macroeconomic Trends

A broad tech sell-off gripped global markets, with chipmakers in South Korea leading the decline as the main index plunged 10 percent. European stocks also closed lower, and S&P 500 futures pointed to a sharp fall at the open. This downturn follows a global slump in technology stocks, impacting AI companies like SpaceX. Emerging market equities were dragged down by the selloff in South Korea, while most developing nation currencies weakened amid worsening global risk sentiment. In fixed income, U.S. Treasury yields declined, supported by lower oil prices and a trimming of Federal Reserve rate hike bets. The dollar, however, jumped to its highest level since November, as traders solidified expectations for Federal Reserve interest rate hikes this year.

Energy & Commodities

Oil prices experienced a sharp decline following news of progress in U.S.-Iran talks and an easing of sanctions, which allows Iran to sell crude in dollars for the first time in 35 years. This development has brought "oil glut bets back into play" as crude futures slump. However, renewed threats from President Donald Trump to strike Iran clouded the outlook, causing oil to climb again. Russia is considering a diesel-export ban to prevent domestic shortages, intensifying a gasoline crunch after Ukrainian drone attacks on its refineries. Meanwhile, North Sea crude weakened as Middle Eastern oil flooded back into the European market, fueling concerns about a supply glut. U.S. natural gas futures declined on cooler weather outlooks and smaller LNG flows, with production and inventories limiting gains. Bitcoin saw a sharp drop, with gold also settling lower as both precious metals extended losses for a third consecutive session.

Corporate Deals & Listings

Walmart is set to acquire advertising technology firm Vibe.co for $1.4 billion, marking its largest deal in two years. Edgewell Personal Care Co., the maker of Schick razors, saw its shares leap nearly 18% after rejecting an unsolicited takeover offer from private equity firm Yellow Wood. Gas station operator EG Group has confidentially filed for a U.S. initial public offering that could raise about $1 billion. In the private equity space, Energy Fuels is acquiring German magnetics firm Vac for $1.9 billion, aiming to build "mine-to-magnet" supply chains outside of China. Platinum Equity has emerged as the sole remaining bidder for Nestle SA’s water business. Bending Spoons SpA, a company that acquires software businesses, and its backers are seeking to raise as much as $1.62 billion in an IPO. Qualcomm is nearing a deal to acquire AI chip startup Modular Inc. for approximately $4 billion. Separately, Vedanta Resources Ltd. plans to raise about $372 million from an IPO of its Zambian copper mining unit.

Technology & AI

South Korea's AI-fueled selloff has put a spotlight back on leveraged exchange-traded funds, raising scrutiny of the rapidly growing retail investing sector. In the U.S., Apple closed its first unionized store in Maryland, citing "declining conditions" in the surrounding mall, a move the union has labeled as retaliation. Microsoft is partnering with Chevron for a 20-year data center development deal in Texas, which could include a gas-fired power plant. China is reportedly closing the AI gap, with Silicon Valley and American corporations increasingly turning to cheaper, open-source models developed in China. JD.com's boss warned that robots will replace 700,000 delivery workers sooner rather than later due to China's rapid technology adoption. The potential for AI to replace jobs is also a concern in Richland Parish, Louisiana, where large bonuses tied to data center construction have boosted teacher pay, though critics question its sustainability as an economic panacea.

Geopolitics & International Relations

The U.S. and Iran are negotiating a peace deal, leading to optimism in markets and a return of foreign investors to Turkey, lured by high interest rates and fading geopolitical risks as carry trade brings billions back. However, tensions remain, with President Trump reiterating a threat to strike Iran amid renewed threats. The interim peace deal has eased sanctions on Iranian oil, reopening the U.S. market to its crude for the first time in 35 years, though Tehran faces challenges in finding new buyers within a tight timeframe. Iran and Oman are working on an agreement for Hormuz transit costs, as shipowners and traders remain concerned about navigating the Strait, where traffic is picking up with open signals. The Supreme Court sided with Exxon Mobil in a lawsuit over assets seized by Cuba in 1960, with the Trump administration backing compensation efforts. The United Kingdom continues to grapple with the economic and political fallout of Brexit.

Economic Policy & Regulation

Environmental regulations and poorly structured tax credits are cited as reasons for the U.S. solar industry's struggles compared to China's. The Federal Reserve's stance on interest rates is a major driver in currency markets, with the dollar strengthening against other currencies due to expectations of rate hikes. In Europe, the European Central Bank's Vice President Boris Vujcic sees inflation "remaining higher for longer," justifying rate increases as robust. Morocco has kept interest rates on hold for the second year, balancing borrowing needs for a construction boom against inflationary risks. India's central bank has allowed lenders to extend loans against foreign-currency deposits to boost inflows. A Massachusetts court struck down a ballot proposal that would have imposed the strictest statewide rent control in the U.S.

Energy & Utilities

Pemex and Petrobras are joining forces on oil and refining projects, aiming to expand their reserves. The U.S. is investing billions in low-cost loans to revive nuclear power, allowing utilities to tap government funds for reactor orders. Uzbekistan is seeking more Western gas investors, following an investment agreement with BP after BP deal. A lawsuit in California alleges that gas station owners, including Walmart and Marathon Petroleum, used artificial intelligence to illegally inflate prices.

Other Notable Developments

SpaceX briefly fell below its initial public offering price shortly after its blockbuster listing, despite Elon Musk's other company, Tesla, seeing its stock struggle. The number of ultrawealthy individuals, those with more than $30 million, jumped by 14.4% last year. The Justice Department is targeting "skin substitutes" in Medicare fraud schemes, which cost the government $10 billion in 2024, leading to charges against five individuals in fraud schemes. The Supreme Court rejected a lawsuit claiming Cisco Systems helped China target Falun Gong, a decision that could affect corporate liability for aiding in international human rights abuses. In London, Heineken appointed JDE Peet’s boss Rafael Oliveira as its new CEO.