Wallstreetcn Morning Brief FM-Radio | June 27, 2026

Wallstreetcn Morning Brief FM-Radio | June 27, 2026

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Market Overview

The S&P 500 closed almost flat on Friday, with the S&P 500 Equal Weight Index hitting a record high. The Nasdaq dropped 0.24%, marking five consecutive declines. Philadelphia Semiconductor Index plunged 5.3% on Friday and lost nearly 8% for the week.

The “Big Seven” tech companies overall outperformed the broader market on Friday, with Microsoft and Apple rebounding strongly from yesterday’s losses, up 5.7% and over 3%, respectively. This week, the Big Seven techs collectively plunged about 6%, greatly underperforming the S&P 493 Index, which was flat for the week. The divergence between the two marks the biggest weekly gap since July 2024.

Micron Technology fell 6.67%. ON Semiconductor crashed 24%. Oracle suffered its biggest weekly drop since 2001.

The yield on the 10-year US Treasury fell 2 basis points on Friday to 4.37%, down more than 10 basis points for the week. The 2-year Treasury yield dropped 3 basis points, down 8.8 basis points this week.

The dollar wavered but ultimately fell 0.15%; for the week, it rose 0.57%, firmly above the 101 mark. Bitcoin fluctuated and strengthened 0.4% intraday, hovering near $60,000; Solana surged 10% over the past 24 hours.
Spot gold fell then rebounded intraday, up as much as 2.8% from the daily low, but was down 1.68% for the week. Silver rebounded 2% intraday, but fell 9.5% for the week.

New York oil prices fell below $70 for the first time since the US-Iran conflict, with WTI crude dropping nearly 4% before finding support at the 200-day average; down 8% for the week. After US stock markets closed, reports said US troops attacked the Strait of Hormuz area; oil prices jumped briefly.

In Asia, the ChiNext Index fell over 4%, with more than 4,600 stocks dropping across the market. Computing hardware stocks adjusted collectively, glass substrates rose against the trend, Hang Seng Tech Index fell over 3% again, and internet stocks generally dropped.

Top News

China

China and the EU are holding intensive trade consultations; a lack of sincerity from the EU may sharply escalate trade friction.

A batch of star fund managers are increasing purchase limits.

Overseas

US forces fired for the first time after the US-Iran agreement, claiming airstrikes on Iran in response to merchant vessel attacks in Hormuz; Iran said it thwarted the US attack and will respond harshly. Trump accused Iran of violating the ceasefire agreement, called the drone attack on Hormuz merchant ship "stupid," and threatened 100% tariffs in retaliation for the digital services tax. US, Lebanon, and Israel reached a three-party framework agreement; Israeli Prime Minister said IDF will remain in Southern Lebanon “security zone” until Hezbollah is disarmed.

Wosh’s first major appointments: two Fed economists named as advisors, focusing on interest rate research. Fed’s Kashkari turned hawkish: inflation is high, expects one rate hike this year.

OpenAI released the GPT-5.6 series model, limited release at the US government's request, said this should not be a routine default.

Report: US authorized Anthropic’s strongest model, over 100 institutions permitted to use it.

OpenAI's delayed IPO dealt a heavy blow to SoftBank; the $65 billion exposure faces a liquidity test, share price plunged 13%, the biggest drop in two years.

SpaceX’s $25 billion new bond faced rare sell-off, spreads widened sharply, and tech giants’ “faith” failed in the bond market.

Market Closing Report

US/European stock markets: S&P 500 fell 0.05% to 7354.02 points. Dow Jones fell 0.09% to 51876.11 points. Nasdaq fell 0.24% to 25297.618 points. This week, the S&P 500 dropped about 1.9%, Dow Jones rose about 0.4% for three weeks straight, Nasdaq fell about 4.4%.

A-shares: Shanghai Composite closed at 4027.26, down 2.26%. Shenzhen Component Index closed at 15782.22, down 3.44%. ChiNext Index closed at 4194.21, down 4.07%.

Bonds: 10-year US Treasury yield fell 2 basis points on Friday to 4.37%, down more than 10 basis points for the week. 2-year Treasury yield dropped 3 basis points, down 8.8 basis points for the week.

Commodities: WTI August crude futures fell 3.74% to $69.23/barrel, down 9.55% for the week. Brent July crude futures dropped 4.34% to $71.99/barrel, down 9.85% for the week. Spot gold rose 1.35% to $4081.02/oz, down 1.90% for the week. Spot silver rose 1.63% to $58.77/oz, down 9.49% for the week.

 

Top News Details

Global Highlights

China

China and EU are holding intensive trade consultations; a lack of sincerity from the EU may sharply escalate trade friction. According to Global Times, the EU lacks sincerity in addressing China's concerns. For example, there has been no progress in specific negotiations over Chinese companies’ commitments on EV prices. On export controls, the EU only asked China to address the EU's concerns on rare earths, but there has been no progress on issues where Chinese imports from the EU have faced obstacles.

A batch of star fund managers are increasing purchase limits! Famous fund manager Jin Zicai’s funds announced “closing doors to new investors”, with funds such as Caitong Value Momentum Mixed, Caitong Quality Selection Mixed, Caitong Integrated Circuit Industry Stock, Caitong Growth Preferred Mixed, etc. reducing purchase limits from 500 yuan three days ago to 100 yuan. Industry insiders stated intensive purchase limits by high-performing fund managers is essentially an active risk management measure, aiming to protect current holders and reflecting fund companies’ cautious attitude toward short-term market risks.

Overseas

US forces fired for the first time after the US-Iran agreement, claiming airstrikes on Iran in response to merchant vessel attacks in Hormuz; Iran said it thwarted the US attack and will respond harshly. The US military said Iran’s attack on merchant ships clearly violated the ceasefire agreement and would continue to support safe passage for merchant ships, ensuring "full and effective" implementation of the agreement. Oil narrowed its losses, WTI fell less than 3%. Iranian media reported explosions at a pier in the southern port city of Sirik late Friday. Iran’s military said it would respond quickly and decisively to US attacks; “any new foolish actions” would receive harsh response.

Trump accused Iran of violating the ceasefire agreement, called the drone attack on Hormuz merchant ship "stupid," and threatened 100% tariffs in retaliation for the digital services tax. Trump said a merchant ship near the Strait of Hormuz was attacked by four drones, one hit the hull and three were shot down by US troops; the US will continue to safeguard the strait’s navigation; any country imposing a digital service tax on US companies will be subject to 100% tariffs, which override related trade agreements.

US, Lebanon, and Israel reached a three-party framework agreement; Israeli Prime Minister said IDF will remain in Southern Lebanon “security zone” until Hezbollah is disarmed. Israeli officials said the IDF will retain freedom of military action in the “security zone”, able to act anytime to eliminate potential threats. Israel and Lebanon agreed to gradual IDF withdrawal in two areas outside the “security zone”, with Lebanese government troops taking over control. Rubio said a US-led military coordination group will assist implementation. Lebanese president called the framework agreement the first step toward restoring Lebanon’s sovereignty.

Iran said Hormuz shipping will be managed under US-Iran memorandum, warning that bypassing Iranian arrangement cannot guarantee safety; denied hotline establishment between US and Iran. US oil dropped nearly 5% intraday; Brent oil dropped over 5%. Iran's Deputy Foreign Minister said safe passage through Hormuz requires Iranian coordination. Iranian media said three oil tankers tried to cross Hormuz without authorization and were turned back; the US-Iran hotline aims to prevent accidental incidents escalating to military conflict. Iran's military spokesman later said news of hotline establishment is entirely fabricated.

Oman reportedly studying Malacca management model, informing allies that Hormuz crossing vessels might need to pay fees. According to reports, Oman told European officials Hormuz cannot return to pre-war status and crossing ships may need to pay fees in the future. If tolls are imposed, commodity traders’ costs will rise by hundreds of billions annually. Most countries believe ships should pass Hormuz freely without fees. Iranian media said Iran and Oman customs officials proposed establishing a joint committee to implement customs agreements.

Wosh’s first major appointments: two Fed economists named as advisors, focusing on interest rate research. “New Fed News Agency” Nick Timiraos wrote, Fed’s new chairman Wosh promoted two senior economists Covitz and Engstrom as key advisors. Their research focuses include financial stability, credit markets, and monetary policy; they co-researched supply shocks and fiscal deficits behind high long-term US Treasury yields.

Fed’s Kashkari turned hawkish: inflation is high, expects one rate hike this year. Minneapolis Fed president Neel Kashkari said as inflation shows broader signs, he adjusted this year’s forecasts to one rate hike, and noted US-Iran conflict and AI boom make fighting inflation more complex. Notably, he forecast one cut, not hike, in March.

OpenAI released the GPT-5.6 series model, limited release at the US government's request, said this should not be a routine default. GPT-5.6 series includes the flagship Sol, Terra balancing efficiency and everyday tasks, and quicker, cheaper Luna. Sol's pricing is $5/million input tokens, $30/million output tokens, about half that of Anthropic Fable 5. As of now, GPT-5.6 is only previewed with select trusted partners, full release planned in coming weeks, Codex and ChatGPT will upgrade to GPT-5.6, OpenAI hopes to work with the government to establish repeatable model launch processes.

Report: US authorized Anthropic’s strongest model, over 100 institutions permitted to use it. Media reported US government lifted restrictions on Anthropic’s powerful AI model Claude Mythos 5 on Friday, allowing the company to provide the model to over 100 US institutions including large enterprises and government agencies. Fable5’s release status not mentioned.

OpenAI's delayed IPO dealt a heavy blow to SoftBank; the $65 billion exposure faces a liquidity test, share price plunged 13%, the biggest drop in two years. According to investment plans, SoftBank’s investment in OpenAI will reach $65 billion by October this year. The market previously expected OpenAI’s listing would bring huge returns to SoftBank. Reports say OpenAI may delay IPO until 2027, causing SoftBank's shares to drop 13% on Friday, marking the biggest daily loss since August 2024.

Memory price hikes backfire, hurting terminal demand! Apple price hikes + OpenAI IPO delay trigger Asian chip stock crash. Apple and Microsoft both announced price hikes Thursday due to storage shortages, along with OpenAI considering IPO delay, causing a fierce sell-off in Asian tech stocks Friday. The market is reassessing previous trading logic: does memory price hikes and expanded chip profits come at the expense of terminal consumer demand? AI hardware investment narratives face a new test.

  • Apple price hike—the last straw for the AI storage bubble? Apple's price hike triggered circuit breakers in Korean stocks precisely because it struck the weakest link of the AI storage narrative: not that AI doesn't need storage, but the market is now repricing "how much storage AI needs, and who is willing to pay for it".

Not only Apple, but 'price hikes' across Huaqiangbei: computers, tablets, and phone prices all moving up. According to Shanghai Securities News, brands like Apple, Huawei, Lenovo, and Honor are collectively hiking prices, computing devices across Huaqiangbei are seeing terminal price hikes. Rising core hardware costs are the main cause; memory and SSD prices have nearly doubled from last year's lows. Brands are responding by raising prices, cutting promotions, and adjusting configurations, while dealers stock up in advance to hedge risks.

  • iPhone hasn't raised prices yet, but it's not far off. The delay in iPhone price hikes aims to stabilize demand for Apple's core product line by avoiding negative impacts on revenue, while offsetting material cost increases through Mac and iPad price hikes. Apple clearly signaled in its price hike statement: “It's already time to start raising prices for many products.”

A sight unseen in 40 years! Data center & memory cost surge driving third inflation wave. AI infrastructure investment is becoming a new driver of inflation; data center expansion is causing costs for memory, electricity, and labor to rise across the board, and passing through to consumer electronics, energy, and wages. Tech companies like Apple are hiking prices, global capital spending may reach trillions. Economists warn AI-driven price pressure may persist for years, with deflationary gains still far in the future.

SpaceX’s $25 billion new bond faced rare sell-off, spreads widened sharply, and tech giants’ “faith” failed in the bond market. SpaceX's new $25 billion bonds saw rare sell-off in the secondary market, credit spreads widened fast, financing costs rose, and much of the price increase was wiped out. Quick money withdrawals coupled with equity-side volatility and negative cash flow concerns triggered active CDS trading and credit repricing. The market is reassessing tech giants’ debt risk premium, and tech bonds face structural reevaluation.

Research Report Highlights

Bank of America: Watch two key levels that could trigger summer sell-off catalysts. Bank of America warns the current market is extremely optimistic, but two levels must be watched: “Big Seven Tech” ETF (MAGS) breaking below 60 and AUDJPY below 110. Losing these could trigger a concentrated summer sell-off in risk assets. Simultaneously, US stocks and tech have seen historic outflows, sentiment and fund structure are turning, and correction risk is rising rapidly.

Below 4000, gold is experiencing a ‘collapse of faith’. The gold myth is collapsing—plunging from $5595 to $3978 in five months, down 28.9%, over 2013’s full-year drop. Fed’s hawkish turn, dollar at a one-year high, Iran’s geopolitical premium evaporating—three factors squeeze gold. Goldman & Deutsche Bank collectively cut their targets, death cross approaches, 298 tons ETF holdings under water. Gold isn’t dead, but it goes from “always rising” to “needs reasons to rise”.

  • CICC: Is the gold bull market over? Gold has retreated over 25% from its March high of $5321/oz, the market blames US-Iran conflict-driven inflation and Wosh’s hawkish debut. CICC argues this round of inflation is single-handedly driven by oil, which may have peaked with US-Iran easing this summer; Wosh’s five reform groups actually lay the groundwork for future rate cuts, and “hawkish turn” may be misunderstood. Gold bull market not over, turnaround approaching.

Is "K-type divergence" the destiny of "technological revolution"? Zhejiang Securities reviews five major tech cycles since 1771 and finds K-type divergence is a common rule for the "introductory phase" of every technological revolution, not just AI era. Tech dividends in the intro phase almost all go to capital: during the textile machine era, workers’ income stagnated; by 1929, 1% held nearly half the nation’s wealth, and capital markets diverged concurrently. History shows only after institutional reconstruction do tech dividends benefit the public.

Domestic Companies

Tesla’s FSD moves fully from buyout to subscription! Buyout version off the shelves after June 30 for HK, Macau, Taiwan; no clear timetable for mainland. For mainland China, Tesla staff only said “no further news to share.” Notably, the mainland is listed by Tesla as FSD approved, but full usage isn’t open yet; users still have to pay CNY 64,000 for buyout. Tesla CFO Vaibhav Taneja said they hope FSD will be commercially licensed in mainland by Q3 2026.

UBS strongly supports Lao Pu Gold: market worries about competition may be overblown, followers’ sales only 4% of its total. UBS believes Lao Pu Gold’s share price has fully reflected sales pressure, but gross margin improvement and positive cash flow are underestimated. Research shows competition is mild, followers' size only around 4%. With price increases and falling gold prices, gross margin may rise to 41% by 2026 with strong earnings growth. Valuation at historic lows, free cash flow turned positive and ~11% high dividend are key supports.

Overseas Macro

US tech stocks under pressure, market replaying DeepSeek shock? Jefferies strategists say Zhichu’s GLM5.2 model “performs almost as well as Anthropic but is only one-fourth the cost per token”, calling this week another “DeepSeek moment”. Analysis says low-cost AI models will impact enterprise customer choices and shake AI infrastructure investment logic.

MAG7 “faith” wavering: tech giants experience violent technical divergence, US funds accelerate toward value stocks. The unified MAG7 trade is rapidly unraveling, funds flowing out of overvalued tech giants. Apple, Amazon, and Microsoft face the biggest technical pressure; Apple nears key support at $270, Amazon breaks below the 200-day moving average, Microsoft’s RSI drops to oversold. Nvidia moves sideways, showing less AI heat, Google relatively stable, Tesla mean-reverts. Sector linkage drops, signs of crowded trade unwinding strengthen.

AI costs hit terminals and IPO delays resonate: crowded compute trades face a reevaluation moment. AI hardware and semiconductors crowded trades face a reevaluation: surging memory costs trigger terminal price hikes and demand concerns, Apple loses $260 billion in value Thursday dragging Asian chip stocks down; OpenAI IPO delay hits AI sentiment and SoftBank dives. Market doubts AI capex and monetization assumptions, funds exit AI chains rapidly.

US-Iran agreement suppresses oil prices to the terminal: Michigan consumer confidence rebounds off historic lows in June but remains at record lows. University of Michigan data Friday showed June consumer confidence final index rose to 49.5, above May's all-time low 44.8 and initial reading, but still second lowest since the 1970s. Over past weeks, US gasoline prices dropped over $0.60/gallon, fueling this confidence recovery.

Fed independence under new assault: Atlanta Fed president search deadlocked, White House seeks to intervene. “New Fed News Agency” Nick Timiraos wrote, Atlanta Fed president search has been stalled for seven months, the role will have FOMC voting right next year. White House advisors, normally without intervention rights, are pushing government-friendly candidates, raising concerns about the Fed's political independence.

Tokyo CPI resumes rising, BOJ rate hike expectations heat up for this year. Tokyo’s June core CPI rebounded to 1.6% after eight months, core excluding food and energy to 1.9%. BOJ governor Kazuo Ueda reiterated hike stance, hawks call for hikes every few months, July 31 policy meeting in focus. 90% of economists expect more rate hikes this year, data solidifies tightening path expectations.

Overseas Companies

Russell Index big reshuffle Friday: Nvidia tops, SpaceX joins. Russell Index officially rebalanced after US market close Friday, Nvidia replaces Apple as Russell 1000's largest weight, SpaceX, CoreWeave, and other AI concept companies added. The rebalance coincides with quarter-end pension rebalancing, and passive funds tracking the index must adjust portfolios, leading to pronounced volatility at the close.

AI job impact already showing cracks, Goldman: 15 million US workers may face role transfer. Goldman's latest AI employment report warns: AI impact has moved from prediction to reality. Employment is shrinking in highly penetrated sectors, AI-related layoffs rise, programming agent costs are already lower than human developers. About 15 million US jobs may face transfer, key to whether new job creation outpaces AI replacement.

Apple M7 trump card exposed: memory bandwidth up 56% breaks AI edge bottleneck, 2.5B device ecosystem faces computing overhaul. Apple plans to launch basic M7 chip 2027, with unified memory bandwidth up 56% over M5, focusing on boosting base device edge AI inference, fixing performance gaps. This marks Apple Intelligence’s downshift to all 2.5 billion devices, likely to reshape upgrade cycles and AI ecosystem, and drive high bandwidth memory supply chain revaluation.

Apple loses another major leader! Report: Vision Pro & smart glasses chief moves to OpenAI. Media reports Apple’s Vision Pro and smart glasses head Paul Meade leaves this week to join OpenAI. Smart glasses are seen as Apple’s key to entering the AI wearable space to compete with Meta. After the news, Apple’s stock narrow its intraday gains Friday but resumed rising, ending up 3.14%. Previous CEO changes triggered leadership reshuffles, Meade and other hardware heads were demoted.

Micron's long-term contracts' value: customers first pledge $22B, contracts can't be cancelled, margin ‘most profitable ever’ Micron secured $22B deposits across 16 SCA long-term contracts, baseline margins far exceed historic peak of 62%, 14 contracts guarantee minimum revenue of about $100B. Analyst Harlan Sur says this means Micron moves from cyclical bulk supplier to long-term supplier with contract protection and downside hedges for income and profits. Wall Street banks collectively upgrade targets.

Over 300 US local bans weigh on AI data center expansion, public opinion turns cold. Over 300 US local governments have issued AI data center bans or suspensions, over 275 new items in 2026. Concerns over high power/water consumption and community stress now outweigh economic value. Some projects bring tax benefits, but persistent opposition makes AI industry’s “social license” face tough test, infrastructure expansion now a matter of public policy and opinion.

Escaping 'Korea Discount': after SK Hynix, Samsung rumored to plan US listing Korean semiconductor giants are accelerating US market entry, hoping to attract global passive flows to offset the "Korea discount". After SK Hynix announced ADR on Nasdaq next month, rumors of Samsung’s US listing spread fast, with overseas investors more interested than expected and market views as a strong catalyst for stock price rise.

Prediction platform Polymarket annual revenue tops $1B, US trading volume triples in a month. Polymarket US daily volume rose from $50M mid-May to over $200M June 20, FIFA World Cup boosted weekly volume to record highs.

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