Market Recap

In the June 25 session, the Dow Jones Industrial Average managed to turn higher, while the Nasdaq and S&P 500 extended their losing streak to three days. Micron Technology saw its shares surge in after-hours trading following its earnings report.

The top 20 stocks by trading volume on June 25 included Micron Technology, which surged after hours as its revenue quadrupled and its gross margin jumped to nearly 85%.

Most popular US-listed Chinese stocks declined, with Alibaba, Baidu, and JD.com each falling over 2%, while NetEase Youdao dropped more than 8%.

Crude Oil: Oil prices gave back gains driven by geopolitical tensions as more tankers navigated the Strait of Hormuz.

European stock markets closed flat after a volatile trading session, with Rheinmetall shares falling sharply.



Macroeconomic and Policy Developments

Former President Trump abruptly canceled a signing ceremony for a bipartisan housing bill.

This last-minute cancellation escalated tensions with Senate Republicans over the housing legislation.

The Trump administration requested an additional $87.6 billion in funding from Congress, primarily for expenditures related to the Iran conflict.

Trump stated that low interest rates could solve housing issues.

He also claimed that Iran is making significant concessions.

Trump criticized the pace of falling gasoline prices, saying he has ordered the Justice Department to launch an investigation.

The administration is seeking $672 million for the removal of Iranian nuclear materials.

A Federal Reserve stress test indicated that US banks could withstand $708 billion in losses amid capital rule reforms.



Corporate News

Shares of Micron Technology surged 10% after the company reported a quadrupling of revenue, driven by memory supply shortages and soaring prices.

Micron Technology's revenue outlook surpassed analyst expectations, fueling a significant after-hours stock gain.

Qualcomm secured a data center processor order from Meta, marking a breakthrough in its AI hardware business.

Two key AI research leaders from Google reportedly plan to move to Anthropic.

JPMorgan Chase lowered its delivery forecast for Tesla Motors for the second quarter.

Toyota's sales in the US market are rapidly closing in on those of General Motors.

OpenAI and Broadcom have developed their first custom AI chip, which is said to reduce costs by about 50% compared to traditional GPUs.

Adobe noted that Amazon's Prime Day helped create the largest online shopping day of the year so far.

OpenAI released its first self-developed chip, part of a "full-stack in-house technology" strategy in collaboration with Broadcom.

SK Hynix has filed for a US IPO, aiming to raise over $29 billion.

A platform backed by Polymarket completed a funding round to combat insider trading in prediction markets.

The CEO of Kalshi stated the prediction trading platform is considering an IPO but has no plans to list this year.



Analysis and Commentary

Bitcoin once again fell below the $60,000 threshold, with several key support pillars showing signs of weakening.

The drop pushed Bitcoin to its lowest level since October 2024.

The chip collaboration between Apple and Intel is strategically logical but remains years away from mass production.

Traffic conditions in the Strait of Hormuz are showing signs of improvement.

Japan plans to invest $2.3 trillion over the next 14 years, making a major bet on AI and semiconductors.

The US Permanent Representative to the UN stated Iran's oil sales are temporary and sanctions have not been lifted.

SpaceX investor David George is bullish on Starship, calling the development of space-based AI computing power inevitable.

US Treasury bonds rose, influenced by falling oil prices and a continued decline in technology stocks.

Major US banks passed the Federal Reserve's stress test, paving the way for dividends and share buybacks.

The US Energy Secretary stated America has ended Iran's ability to blockade the Strait of Hormuz.

US Treasury Secretary Besant noted Fed Chair Wash's tough stance on inflation and said Trump allows the Fed to make independent decisions.

Iran's Foreign Minister spoke with Saudi Arabia's Foreign Minister, discussing the latest developments in US-Iran negotiations.

Sales of new single-family homes in the US fell in May, while home prices surged significantly.

Senator Warren stated that Fed Chair Wash is caught in a policy dilemma.

The IMF signed a new Memorandum of Understanding on statistical cooperation, valid until the end of 2029.

WTI crude oil fell below $70 per barrel as more ships resumed transits through the Strait of Hormuz.

The reopening of the Strait of Hormuz led to a surge in crude supply, with signs of a market surplus beginning to appear.

ECB Governing Council member Zigman stated price stability is crucial and falling oil prices would help.

Russian financial markets slumped as falling oil prices and a hawkish central bank stance dampened investor confidence.

Besant stated US-Iran negotiations cover Iran's return to the dollar system, emphasizing the dollar's dominant role is crucial.

ECB Executive Board member Schnabel suggested further interest rate hikes may be needed to achieve the 2% inflation target.

JPMorgan Chase raised its S&P 500 target to 7800 points while warning of a potential "flash crash" in the market.

The US Ambassador to Italy sought to contain the fallout, stating that a conflict between Trump and Meloni has not damaged bilateral relations.

Outlining an economic agenda, the Burnham team is considering splitting the Treasury and pushing for Bank of England reform.

Since Google's entry into the Dow Jones Industrial Average, the index's style has increasingly resembled that of the Nasdaq.

UK Political Profile: From failed party leadership candidate to prime ministerial hopeful, local governance star Andy Burnham.

US-Iran peace talks got off to a rocky start, with Rubio traveling to the Gulf to reassure allies.

A hedge fund manager who achieved 900% returns during the subprime crisis has a new short-selling target.

European bond markets saw German and UK government bonds rise as falling oil prices eased inflation concerns.

June 25 Global Headlines: Micron shares surge after hours on quadrupled revenue; two more Google AI leaders jump to Anthropic; major US banks pass stress test.

New York Forex: The US Dollar Index rose to a seven-month high as bets on Fed rate hikes outweighed the impact of oil prices.

The yield on the US 5-year Treasury note auction hit its highest level since January 2025.

A Goldman Sachs analyst stated oil bulls misjudged the price drop, underestimating system flexibility.

The $25 billion bond issued by SpaceX weakened, with long-term bonds leading the decline.