Tuesday, June 23, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Tues., June 23…regular $3.92…diesel $5.00
When I got up very early this morning, I saw that South Korean stocks had taken a steep dive from a record high as investors sold off chip heavyweights on renewed concern that the rally has become overstretched.
The benchmark Kospi index fell 10%, Tuesday, but was still up 164% year-over-year! Key chip stocks SK Hynix and Samsung Electronics both fell more than 12%.
Leveraged exchange-traded funds tied to the chipmakers have amplified price swings, prompting the top financial watchdog to express regret having allowed the risky products.
Sentiment over high-flying tech stocks turned wobbly in the U.S. on Monday with SpaceX shares sliding 16% and attention shifting to memory chipmaker Micron Technology Inc.’s quarterly results due out after the close Wed. [MU shares fell 12% today.]
SK Hynix shares had gained nearly 350% earlier this week.
So, in the U.S. market, early this morning the Nasdaq futures looked like the index was going to fall 3% plus at the open, but in the end, Nasdaq lost less than 2% on the day. Micron shares fell but are still up about 300% on the year!
There are, however, legitimate concerns that the tech rally is faltering over whether the billions of dollars spent by giant firms in the AI trade will be justified.
The thing is we are nearing the end of the quarter and it’s been a rather strong one. Easy to take some profits.
Meanwhile, crude oil continued to fall, below $73 on WTI much of the day, as traders monitored advancements toward resolving the conflict with Iran.
Following an interim peace deal that already reduced oil prices by 40% from their peak, a new 60-day U.S. waiver now permits global buyers, including American refineries, to purchase Iranian crude and fuels.
But discrepancies between the U.S. and Iran remain, such as Tehran disputed U.S. claims regarding the immediate return of nuclear inspectors.
Persian Gulf oil supply is rising, with Kuwait and the United Arab Emirates finding shipping workarounds and Iran exporting over 30 million barrels in the past week.
Long-term market stability, however, depends on protracted negotiations regarding Iran’s nuclear capabilities, the Israel-Hezbollah ceasefire in Lebanon, and the secure reopening of the Strait of Hormuz.
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In World Cup play the last 24 hours…superstars Lionel Messi, Kylian Mbappe and Erling Haaland all had two goals for their respective teams Monday, and then this afternoon, 41-year-old Cristiano Ronaldo had two goals for Portugal in a 5-0 win over Uzbekistan.
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Dow Jones -45…-0.1% [51666]
S&P 500 -107…-1.4% [7365]
Nasdaq -579…-2.2% [25587]
Oil (WTI) $73.35…Brent $77.10
Gold $4120
Silver $61.70
Bitcoin $62,325 [4:00 PM ET]
U.S. 2-yr. 4.19%
U.S. 10-yr. 4.49%
Japanese 10-yr. 2.65%
Back Wed.
Brian Trumbore
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