Market Snapshot for Monday 6-23-2025
- S&P 500 – 6,025.17 (+0.96%)
- Dow Jones – 42,581.78 (+0.89%)
- NASDAQ – 19,630.98 (+0.94%)
Market Performance
U.S. stocks ended Monday near their session highs, while oil prices plunged following news that Iran had fired missiles at a U.S. air base in Qatar — an apparent limited response to recent U.S. strikes on Iranian nuclear facilities. According to President Trump, Iran had “gotten it all out of their ‘system,’ and there will, hopefully, be no further HATE.” The U.S. carried out airstrikes over the weekend on three Iranian nuclear facilities.
The Dow Jones Industrial Average (^DJI) climbed 0.9%. The S&P 500 (^GSPC) broke a three-day losing streak, gaining roughly 1%, and the tech-focused Nasdaq Composite (^IXIC) also advanced close to 1%.
In international markets, Asian stocks ended mostly lower overnight, although China rebounded from early losses to close in positive territory. European markets declined, despite the S&P’s preliminary Eurozone Services PMI rising to 50.0 for June, in line with expectations, and the Manufacturing PMI holding steady at 49.4—slightly above forecasts.
Economic Takeaways –
- The U.S. dollar declined against major international currencies.
- The S&P Flash U.S. Services PMI declined to 53.1 in June, falling short of expectations for a smaller dip to 53.6.
- Palladium is near a 2-week high.
Gold –
- Gold futures opened at $3,400.70 per ounce Monday, up 1% from Friday’s close of $3,368.10.
Oil –
- Oil prices tumbled as investors gauged the scale and impact of Iran’s retaliation.
- Brent crude (BZ=F) slid 7% to settle at $71.48 a barrel, while West Texas Intermediate (CL=F) ended the day at $68.51 per barrel.
- Iran threatened to close off the Strait of Hormuz, a critical chokepoint through which roughly 20% of the world’s oil products flow.
- President Trump called for lower energy prices as he posted on social media on Monday: “EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!”
- Wall Street analysts at JPMorgan Chase have warned that a prolonged conflict and the potential closure of the critical Strait of Hormuz could drive oil pricesas high as $120 a barrel, pushing US inflation back toward 5%.
Bitcoin –
- Bitcoin is hovering under $104,000.
- MicroStrategy (MSTR) stock dropped as much as 3% Monday morning after the Michael Saylor-led company announced yet another bitcoin acquisition.
Big Banking Decision
U.S. regulators are set this week to consider one of the most significant rollbacks of bank capital requirements since the 2008 financial crisis—a move that would mark a major win for lenders seeking relief under the new Trump administration.
On Wednesday, the Federal Reserve is expected to review changes to the enhanced supplementary leverage ratio (eSLR), a rule that requires the largest U.S. banks to hold a minimum level of capital based strictly on their size. The FDIC is also slated to take up the proposal on Thursday.
Currently, major institutions like JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), and Morgan Stanley (MS) are required to maintain eSLR ratios of 5%. Under the proposal, regulators would lower that threshold by 1.5 percentage points, according to Bloomberg.
Another Governor Supports a Rate Cut
Federal Reserve Governor Michelle Bowman signaled support for a rate cut “as soon” as July, becoming the second Fed official in recent days to explicitly back near-term monetary easing.
In a speech Monday, Bowman pointed to recent data showing inflation has either declined or come in below expectations for several months. She also downplayed the impact of trade policy, stating it would have only “minimal impacts” on the Fed’s preferred inflation measure.
Bowman further warned that risks to the job market could “soon become more salient, given recent softness in spending and signs of fragility in the labor market.”
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
- GeneDx Holdings Corp. (WGS) moved higher 18.97%
- Zeta Global Holdings Corp. (ZETA) soared by 18.55%
- Mobileye Global, Inc. (MBLY) exploded 11.55%
- Avis Budget Group, Inc. (CAR) surged 9.34%
- Manchester United plc (MANU) rose 9.33%
- AST SpaceMobile, Inc. (ASTS) moved up 9.27%
- Rocket Lab Corp. (RKLB) rose 9.12%
- Tesla, Inc. (TSLA) spiked 8.23%
- Northern Trust Corp. (NTRS) moved up 8.01%
- Li Auto Inc. (LI) surged 7.96%
Top Losers
The top US stock losers today, based on percentage change included:
- Hims & Hers Health, Inc. (HIMS) moved lower 34.63%
- Newegg Commerce Inc. (NEGG) moved down 9.84%
- Super Micro Computer (SMCI) sank 9.77%
- PBF Energy, Inc. (PBF) fell 8.53%
- APA Corp. (APA) was down 7.91%
- Weatherford International plc (WFRD) moved lower 7.80%
- Orla Mining Ltd. (ORLA) sank 7.73%
- Astera Labs, Inc. (ALAB) dragged 7.66%
- Quantum Computing, Inc. (QUBT) moved down 7.31%
- SM Energy Company (SM) slumped 7.04%
Notables
- Google’s artificial intelligence model is set to drive $4.2 billion in subscription revenue within its Google Cloud segment in 2025, according to an analysis from Bank of America.
- Hims & Hers (HIMS) shares tumbled roughly 30% in early trading Monday after Novo Nordisk (NVO) announced it was terminating their partnership to offer the weight-loss drug Wegovy through Hims’ telehealth platform.
- Real estate brokerage Compass (COMP) has filed a lawsuit against Zillow (Z, ZG) after the listings platform barred select privately marketed properties from being displayed on its site.
- Shares of Trump Media & Technology (DJT) climbed following the company’s announcement of a $400 million stock buyback.
- Microsoft (MSFT) and IBM (IBM) shares both closed at all-time highs on Monday.
- Virgin Australia will return to the Australian Securities Exchange on Tuesday.
- Tesla (TSLA) shares jumped after the company’s first autonomous robotaxis began carrying passengers in Texas. Wedbush analyst Dan Ives has said that robotaxis and self-driving software could help Tesla double its market capitalizationby the end of 2026.
- Supermicro (SMCI) stock dropped after the AI server manufacturer revealed plans to issue $2 billion in convertible notes.
- Shares of Arista Networks (ANET), a provider of cloud networking hardware and software, advanced 6.6%.
- The biotechnology firm Amgen (AMGN) released full results from a Phase 2 trial of its experimental obesity treatment MariTide.
What to Watch Ahead
Fed Chair Jerome Powell is on Capitol Hill tomorrow for the first of two days of congressional testimony.
Earnings tomorrow include Carnival Corp. (CCL), TD Synnex Corp. (SNX), FedEx Corp. (FDX), AeroVironment Inc. (AVAV), Worthington Enterprises Inc. (WOR), and BlackBerry Ltd. (BB).
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