Morning Preview: June 23, 2026

Early Look

Tuesday, June 23, 2026

Stock index futures were sharply down on Tuesday as technology shares came under pressure, extending weakness seen on Monday when the Nasdaq declined over -1.3%. U.S. equities finished mixed Monday as lower oil prices, improving Middle East diplomacy, and a more hawkish Federal Reserve competed for investor attention. The Dow and small caps advanced while the S&P 500 and Nasdaq ended lower, weighed down by weakness in mega-cap technology. The Russell 2000 Smallcap index closed above 3,000 for the first time ever. Treasury yields were higher, with the 10-year Treasury yield rising 5 bps at 4.51%, while the 2-year Treasury yield rose 5 basis points to 4.24% but are slipping this morning. Investors are awaiting fresh economic data, including the PMI Composite Flash and Richmond Fed Manufacturing Index, for clues on the health of the U.S. economy and the outlook for interest rates. The hawkish FOMC outlook from last week is starting to weigh on sentiment, while JP Morgan noted yesterday that Global hedge fund leverage sits near multi-year highs. JPMorgan estimates that quarter-end rebalancing could trigger a $165 billion stock selloff before June ends, raising the risk of sharp moves in crowded technology trades. While helping pare losses in the Nasdaq yesterday, semiconductors are looking sharply lower this morning.

US equity futures fell sharply on Tuesday as investors questioned the outlook for AI spending and returns. Nasdaq 100 futures dropped 2.5%, S&P 500 futures fell 1.3%, and Dow futures slipped 0.6%. AI giants, chipmakers, and SpaceX faced heavy selling as concerns grew over excessive infrastructure spending. Higher Treasury yields and pressure on financial firms added to the market’s cautious mood. Despite falling oil prices, interest rates continue to rise driven by real yields with traders now pricing two Fed hikes in 2026, and this is consistent with the late-cycle overheated economy. Negotiations between the U.S. and Iran were thrown into doubt on Sunday. However, the two countries eventually engaged in discussions, with the first day of talks ending in Switzerland. Both the U.S. and Iran have reportedly agreed to a plan to reach a deal within 60 days

In Asian markets, The Nikkei Index tumbled -2565 points or 3.55% to 59,788, the Shanghai Index dropped -56 points to 4,106, and the Hang Seng Index declined -432 points or 1.82% to 23,336. Technology weakness was felt across other markets as well, with South Korea’s KOSPI down almost 10%. In Europe, the German DAX is down 1% or 261 points to 24,878, while the FTSE 100 slips -27 points to 10,410. Gold prices drop nearly 2%, as the U.S. dollar strengthened to a one-year high on market expectations of a more hawkish Federal Reserve, pressuring the non-yielding precious metal. Spot gold fell 1.8% to $4,116.07/ounce, having touched its lowest since June 11 at $4,090.27 earlier.

• The Dow Jones Industrial Average rose 148.01 points, or 0.29%, to 51,712.71
• The Nasdaq Composite tumbled -351.33 points, or 1.32%, to 26,166.60
• The Russell 2000 Index advanced 24.63 points, or 0.83% to 3,004.40

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Manufacturing PMI, June-flash…est. 54.8
• 9:45 AM ET S&P Global Services PMI, June-flash…est. 51.0
• 9:45AM ET S&P Global Composite PMI, June-flash
• 10:00 AM ET                Richmond Fed Index for June…prior 13
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: FDX KBH WOR

• Northland June Growth Virtual Conference, 6/23 (virtual)

• The UK manufacturing PMI eased to 53.1 in June 2026, a three-month low and below expectations of 53.8, compared with 53.9 in May, flash data showed. The S&P Global UK Services PMI fell to 48.7 in June 2026 from 49.3 in the prior month, missing market forecasts of 50.5. Composite PMI fell to 49.40 points in June from 49.70 points in May of 2026.
• Germany’s private sector activity contracted at its fastest pace in 18 months ‌in June as the Composite Flash Purchasing Managers’ Index for Germany, compiled by S&P ​Global, fell to 48.0 in June from 48.8 in May, below the expectations of analysts polled by Reuters that it would be at 49.6.
• Japan’s manufacturing PMI rose to 54.9 in June 2026, above May’s reading and market expectations of 54.5, preliminary estimates showed. The reading was close to April’s 55.1, the strongest expansion since January 2022.

• Domino’s Pizza (DPZ) named Joe Jordan as its new CEO effective October 1; Jordan, currently chief operating officer and president of Domino’s U.S., will succeed Russell Weiner. Weiner will become DPZ’s executive chairman after 2027 annual shareholder meeting.
• In May 2026 year-to-date, new EU Car registrations increased by 4%, indicating a strong start to the year amid a backdrop of persistent geopolitical headwinds weighing on the outlook.

• Primoris Services Corp (PRIM) shares tumble over -30% as announces Chief Operating Officer departure and said is anticipating lower revenue and gross profit for the full year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business; now sees FY revs in the Renewables business approximately $2.1B vs. around $3.0B in FY25; cuts 2026 net income outlook to $71M-$101M from $223M-$234M.
• SpaceX (SPCX) shares tumbled for a third consecutive session on Monday as investors reacted to the company’s plans to enter the investment-grade bond market. The stock fell 16.4% to close at $154.60, its lowest level since debuting on the public market. The decline extended SpaceX’s three-day slide to 23%, wiping out more than $600B in market value.
• TechnipFMC (FTI) awarded significant contract for greater Paj project offshore Angola; contract valued between $75M and $250M to be included in Q2 2026 inbound orders.
• Independent energy firm NatPower and ‌Tesla (TSLA) said they had reached ‌a deal to build 25 gigawatt hours of battery storage ​in Italy and Britain, the first phase of a project worth up to $5 billion.

• FirstCash Holdings, Inc. (FCFS) announced an agreement to acquire Ramsdens Holdings Plc, a U.K.-based pawn, retail and financial services operator, in an all-cash deal valuing the company at approximately £206M ($273M).

• MoonLake Immunotherapeutics (MLTX) proposed a public offering of $150M of Class A ordinary shares.
• uniQure (QURE) announced that it has commenced a $150M underwritten public offering of its ordinary shares

• South Korean chip giants SK Hynix and Samsung tumbled more than 12% each to drag the Kospi index down 10%, having finished Monday at a record high.
• In quantum compute, President Trump signed two quantum EOs: one targets a U.S. quantum computer for major scientific calculations plus quantum sensors/networks within 5 years; the other directs federal agencies to move to post-quantum cryptography by 2031 (watch shares of INFQ, RGTI, IONQ, QBTS, QMCO, QUBT).
• LiveRamp (RAMP) partnered with Adobe (ADBE) to integrate commerce purchase data into Adobe GenStudio for Commerce Media Networks. Integration aims to improve targeting campaigns inside commerce Media networks using purchase-based cohorts rather than modeled audiences.
• Qualcomm (QCOM) is in advanced talks to acquire Modular Inc. in a transaction valuing the artificial intelligence infrastructure software company at about $4B, according to Bloomberg News.