This Week on Wall Street – Week of June 23rd

MARKET COMMENTARY

Markets are holding steady to start the week, even as geopolitical tensions flared over the weekend following U.S. missile strikes on Iranian nuclear facilities. Iran responded with a limited strike on a U.S. military base in Qatar, but the measured nature of its retaliation has eased fears of broader conflict for now. Oil prices slid more than 5% in Monday afternoon trading, reflecting investor relief that energy markets avoided a more severe disruption. Analysts suggest that ongoing Middle East instability has priced in for now.

All three major U.S. indexes (Dow, S&P 500, Nasdaq Composite) posted gains of more than 0.5% on the day, as markets took a cautiously optimistic stance. Meanwhile, traditional safe haven assets also edged higher, gold gained 0.27%, and the 10-Year Treasury Yield fell below 4.32%, suggesting lingering investor unease amid the evolving Israel-Iran conflict.

The Fed held interest rates steady last Wednesday, maintaining a “wait-and-see” posture as it evaluates the inflationary impact of newly proposed tariffs by President Trump. The central bank reiterated its data-dependent approach, with attention now turning to Friday’s release of the Personal Consumption Expenditures (PCE) Price Index, a key inflation measure that could influence

From a technical perspective, the S&P remains firmly in an uptrend, comfortably above its 50- and 200-day moving averages. Momentum indicators like RSI are elevated but not yet overbought, suggesting room for further upside if macro conditions remain stable. The Nasdaq continues to lead thanks to mega-cap tech strength, while small caps remain rangebound—a sign of selective risk appetite.

On the corporate front, Tesla surged more than 8% after unveiling its long-anticipated robotaxi service in Austin, Texas, marking a bold leap in autonomous transportation. By contrast, Him & Hers Health plummeted over 30% after pharmaceutical giant Novo Nordisk terminated its partnership with the firm, citing concerns over marketing practices. Northern Trust shares also moved sharply higher as reports surfaced of potential merger discussions with BNY Mellon. 

Economic Releases This Week

Monday: S&P flash U.S. services and Manufacturing PMI 

Tuesday: Consumer Confidence, Fed Chair Powell testifies to House Financial Services Committee

Wednesday: New Home Sales 

Thursday:  Q1 GDP (second revision), Advanced U.S. Trade Balance in Goods 

Friday: PCE Index, Final Consumer Sentiment, Personal Income, Personal Spending 

Stories to Start the Week


Iran Fires on U.S. Base in Qatar as Gulf Nations Close Airspace

Tesla Debuts Long-Awaited Robotaxi in Austin

EU, Canada Sign Security Pact Amid Strained U.S.-Canada Relations

U.S. House Bans Staff Use of Meta’s WhatsApp

Nine Dead in Kyiv Following Intense Russian Airstrike