Market update for Wednesday June 17, 2026 Check out the Public app for incredible investing tools and to support the show (LINK) Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions. In today’s episode, Zaid covers: Kevin Warsh&#x27;s first meeting as Fed Chair and why the conversation has flipped from rate cuts to rate hikes OpenAI&#x27;s leaked Q1 financials reveal surging revenue AND surging losses Snap unveils $2,200 AR smart glasses and the stock immediately tanks AST SpaceMobile launches three satellites aboard a SpaceX rocket Lionsgate whipsaws on Netflix acquisition rumors SpaceX options shatter every record in their trading debut NOTE: No episode Thursday or Friday. The stock market is closed Friday for Juneteenth. No deep dive this weekend as well, but an interview will be posted on Sunday morning. We&#x27;ll be back on Monday with a full recap of the Fed meeting.

OpenAI Burned $3.7B in Cash Despite Surging Revenue, Snap's New Glasses Tank the Stock

The Rundown

# Full Transcript

**Podcast:** The Rundown

## Participants

- **Zaid Admani** (Public.com)

## Transcript

Public.com presents The Rundown, your daily market update in 10 minutes. My name is Zaid Admani and today is Wednesday, June 17th. In today's episode, we'll preview Kevin Warsh's first Fed meeting as chairman and what falling oil prices could mean for interest rates. We'll also break down OpenAI's leaked financials and tell you why the market was not a fan of Snap's new $2,200 smart glasses.

Then stick around to the end of the show to find out how SpaceX just shattered every options trading record on its first day. We got a great show for you today. Let's go. Markets took a bit of a breather on Tuesday after a solid three-day run. The S&P 500 fell by 0.6% while the NASDAQ dropped 1.2%. The Dow did finish in the green and hit record highs, but nobody cares about the Dow, so.

Tech was back to selling off yesterday. It was the worst performing sector, especially chip stocks like AMD, Intel, and Micron, which were all down between 6% to 7%. Energy stocks were also down yesterday as oil prices continued to fall. Brent crude fell to under $80 a barrel for the first time since March, as the U.S. and Iran are expected to sign a deal on Friday that would reopen the Strait of Hormuz and also allow Iran to sell their oil into the global market.

So this is a pretty major development, and if this deal holds, it could be a huge relief for inflation and also give the Fed some breathing room when it comes to interest rates. You know, inflation has been running above 3% for the last few months, mainly because of higher energy prices from the war. And remember, the Fed's inflation target has historically been 2%. That's why recently several Fed officials have been openly talking about raising interest rates this year to get inflation under control, especially since the labor market continues to be stable.

In fact, the market is pricing in a 60% chance that the Fed does raise interest rates by the end of the year. We should get more information today on what the Fed is thinking as the Fed meeting wraps up. This is the first Fed meeting under new Fed chair Kevin Warsh, and the Fed is expected to keep interest rates unchanged between 3.5% and 3.75% at this meeting. But the market will be paying really close attention to what Kevin Warsh says in his press conference.

Remember, President Trump constantly criticized previous Fed chair Jerome Powell for not cutting interest rates. So I'm sure he's expecting Kevin Warsh to cut interest rates at some point. But with where inflation is at right now, I mean, that puts Kevin Warsh in a tough spot. Maybe Kevin Warsh won't hammer the 2% inflation target the way that Jerome Powell did at every single one of his press conferences. And look, now with oil prices coming down, thanks to the Iran deal, Warsh can probably make a stronger case of the rest of the Fed committee to keep interest rates where they are.

So it sho...

OpenAI Burned $3.7B in Cash Despite Surging Revenue, Snap's New Glasses Tank the Stock

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

OpenAI Burned $3.7B in Cash Despite Surging Revenue, Snap's New Glasses Tank the Stock

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.