This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here.
What Happened in Markets Today
South Korea's SK Hynix plans to issue American depositary receipts on Nasdaq. The world's second-largest memory-chip maker said it is looking to raise more than $29 billion, and expects trading to begin July 10. The offering would be one of the biggest share sales in history, comparable to Saudi Aramco's 2019 initial public offering and surpassing Alibaba's U.S. ADR offering in 2014.
Micron Technology shares were up about 10% in aftermarket trading. The chip maker reported fiscal third-quarter results after the close that beat consensus revenue and earnings estimates. It also raised guidance raise for the current quarter.
Cerebras Systems shares tumbled after the AI chip maker released quarterly results for the first time since going public. The company late yesterday reported a smaller-than-expected loss but said it expected reduced gross margins as it ramps up a large service contract with OpenAI. The stock fell almost 20% to about $182, below its $185 IPO price and down 41% from a peak of about $311 on its first day of trading May 14.
Oil prices slumped toward their prewar levels. Brent crude futures fell 4.3% to $73.74, near their last close just before the Iran war started. Oil-tanker traffic through the Strait of Hormuz showed signs of improvement.
Major stock indexes were relatively calm, a day after Tuesday's chip-driven tech selloff. The Dow industrials gained 0.4%, the Nasdaq declined 0.4%, and the S&P 500 fell 0.1%. The PHLX semiconductor index fell 0.2%. Bitcoin dropped below $60,000. Gold fell below $4,000 an ounce.
Markets at a Glance
One Big Story
A new automotive startup is betting that Americans are so fed up with high car prices they will consider buying a two-seat, all-electric pickup truck with hand-crank windows and no radio.
Slate Auto, a Michigan-based carmaker backed by Amazon.com founder Jeff Bezos, is racing to begin production later this year of its first model: an overtly spartan, compact truck that will start at $24,950.
What's Coming Up
-- Economic reports due Thursday include initial jobless claims,
durable-goods orders and revised first-quarter gross domestic product.
New York Fed President John Williams is scheduled to deliver remarks, as
is Chicago Fed President Austan Goolsbee.
-- Companies scheduled to report quarterly results Thursday include Darden
Restaurants, FedEx Freight, McCormick and Commercial Metals.
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About Us
Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Jonathan Weil, a columnist for Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.
(END) Dow Jones Newswires
June 24, 2026 16:28 ET (20:28 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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