Market update for Wednesday June 24, 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: The global tech selloff rattling markets, and where investors are running for safety Why Cerebras dropped in its first earnings report since going public Why FedEx beat expectations but still got hit Why Reddit is suddenly piling into Wendy&#x27;s, and why Hertz is getting crushed Google is finally joining the Dow Jones (I still don’t care about the Dow)

WallStreetBets Rallies Behind Wendy’s, Cerebras Flops in First Earnings Since IPO

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 24th. In today's episode, we'll recap the earnings from Cerebras and FedEx. We'll also tell you about the latest meme stock emerging from WallStreetBets. Then stick around to the end of the show to find out why Google being added to the Dow Jones is making me nervous. We got a great show for you today.

Let's go. Stocks continued to drop on Tuesday with the S&P 500 falling 1.4% while the NASDAQ tanked 2.2%. And just like Monday, this sell-off was mostly concentrated around the tech and AI names. The tech sector fell 3.6% while the SOX semiconductor index fell nearly 8%. But outside of tech, it wasn't too bad.

In fact, 6 of the 11 S&P sectors were up yesterday with consumer staples and healthcare being the best performers. So we're continuing to see that rotation out of tech and AI and into safer corners of the market as investors continue to worry about the AI trade. And by the way, this is happening all over the world. South Korea's KOSPI index, which is like their version of the S&P 500, tanked nearly 10% yesterday. This index is heavily tied to tech and chip giants like Samsung and SK Hynix.

So it's become a pretty good barometer of the global AI trade. And as these high-risk tech stocks sell off, investors are pouring some of that money into the U.S. dollar as a safe haven investment. The U.S. dollar index, which measures the U.S. dollar against a basket of other currencies, just hit a 13-month high. Now, it also helps the market is increasingly expecting the Fed to hike rates this year. And as interest rates go up, the U.S. Treasury bonds pay more interest, which increases the demand for the U.S. dollar as investors try to buy more treasuries.

And by the way, the expectation that the Fed is going to raise interest rates is also dragging down the price of gold, which doesn't pay a yield. Gold is now down 10% over the last month and hovering near $4,000 an ounce. Now, the other big macro mover is oil, which just keeps falling. Brent crude prices dropped below $76 a barrel this morning, which is the lowest level since the day before the Iran war started in late February.

More oil tankers are starting to cross the Strait of Hormuz as the U.S. and Iran continue to hash out a final peace deal. And, you know, with oil prices coming down, that should help cool inflation, which could give the Fed room to hold off on rate hikes. So the market is kind of in a weird spot right now. On one hand, you have AI stocks getting hit and the dollar ripping as the odds of a rate hike are rising. But then on the other hand, oil prices are starting to fall, which could help inflation cool off and maybe give the Fed a reason to chill out on rate hikes.

Now, the next big thing the market is going to be paying close attention to is t...

WallStreetBets Rallies Behind Wendy’s, Cerebras Flops in First Earnings Since IPO

Transcript

Built for investment professionals

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

WallStreetBets Rallies Behind Wendy’s, Cerebras Flops in First Earnings Since IPO

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.