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Hi there, this is your daily ☕️ Finpresso.
In today's newsletter: 📉 AI euphoria meets its first real stress test 🔵 Alphabet set to shake up a storied index 🏭 June factory layoffs echo a darker era 🛢️ Russia eyes a sweeping diesel export ban Plus: 🌍 4 macro news, 🏢 4 corporate news, 💰 6 deal flow, and 📑 3 research & reports.
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📊 Before The Bell
 | Change over the last 24 hours · as of Jun 24, 2026, 6:09 AM ET |
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FROM OUR PARTNER
In These 7 Stocks Will Be Magnificent in 2026, we highlight companies that may look unremarkable today… But you'll soon see they all have the traits that historically define future market leaders. Today, you can access the full list free - and see which "boring" companies could end up looking obvious in hindsight. Send My Free Report |
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📰 Top News
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📉 AI euphoria meets its first real stress test
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- Micron and Sandisk led a sharp selloff in U.S.-listed chip stocks Tuesday, described by Mizuho's Daniel O'Regan as a "Tech Wreck" and by Wedbush's Daniel Ives as a "gut check moment" in the AI trade.
- Qualcomm fell about 7%, while chip equipment makers Applied Materials, Teradyne and Lam Research dropped more than 7%, following South Korean declines led by a more than 12% drop for memory-chip makers SK Hynix and Samsung Electronics.
- Ives cited added nervousness on the memory-chip trade ahead of Micron's earnings due after Wednesday's close, while O'Regan pointed to a third-party report on memory pricing, a SpaceX "unwind," and chip stocks having doubled in less than six months.
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🔵 Alphabet set to shake up a storied index
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- Alphabet will replace Verizon in the Dow Jones Industrial Average, S&P Global said Tuesday, expanding mega-cap technology's presence in the 30-stock blue-chip average.
- The Google parent's A shares, trading under the ticker GOOGL, will take the spot ahead of Monday's trading open, joining Nvidia, Amazon, Apple and Microsoft, with shares rising about 1% after the bell Tuesday.
- S&P Global said the inclusion bolsters the Dow's exposure to artificial intelligence, cloud infrastructure and advertising, though Alphabet on Monday closed its worst stock-market day in more than a year, underperforming the Nasdaq and other tech mega-caps.
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🏭 June factory layoffs echo a darker era
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- U.S. factory job cuts in June ran at their highest level since 2009, excluding the Covid-19 pandemic, as manufacturers reduced headcount over concerns about global demand and rising costs, S&P Global reported Tuesday.
- The manufacturing flash PMI rose to 55.7 from May, beating the Dow Jones consensus of 54.8, but Chris Williamson said the gain came largely from inventory rebuilding amid supply fears, with supply delays growing more widespread.
- Manufacturers indicated job cuts in three of the past four months, though manufacturing employment has risen by 23,000 in 2026 per the Bureau of Labor Statistics, as Williamson flagged worries over demand sustainability and escalating raw materials costs.
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🛢️ Russia eyes a sweeping diesel export ban
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- Russia is weighing a complete ban on diesel exports, Deputy Prime Minister Alexander Novak said Tuesday, as authorities work to stabilize a domestic fuel market hit by refinery disruptions, rising prices, and supply shortages.
- The move marks a shift from Novak's June 4 stance at the St. Petersburg International Economic Forum, where he said there was no immediate need for a ban; oil companies have already increased fuel production to maximum levels.
- Russia currently restricts diesel and marine fuel exports by non-producers, while gasoline and jet fuel exports are banned entirely; a broader diesel ban could affect supplies across Europe, Africa, and parts of Asia reliant on Russian fuel through indirect trade channels.
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🌍 Macro News
- UK private sector activity fell to a 14-month low in June. LINK
- The US Energy Department committed up to $17.5 billion for nuclear reactor supply chains. LINK
- EU lawmakers approved a framework to begin finalizing digital euro legislation. LINK
- South Korea's KOSPI plunged nearly 10%, triggering a market-wide trading halt. LINK
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🏢 Corporate News
- FedEx beat earnings expectations in its final quarter before spinning off its freight unit. LINK
- Constellation Energy and Walmart signed the first major nuclear power purchase agreement. LINK
- UK Apple users may share £3 billion in a lawsuit over iCloud overcharging. LINK
- Oracle cut 21,000 jobs, nearly 13% of its workforce, citing AI adoption. LINK
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📈 Stocks
| ▲ Biggest winners | | Quantinuum Inc. rose 13.46% after Trump earmarked it for a slice of the new $2 billion federal quantum purse. LINK | | Infleqtion, Inc. rose 12.32% as CEO stood beside Trump while orders promising $2 B flowed to nine quantum firms. LINK | | Varonis Systems, Inc. rose 7.09% amid fresh chatter that buyout firms are circling the data-security specialist. LINK |
| ▼ Biggest losers | | Primoris Services Corporation fell 21.59% after a New York House primary spotlighted AI-driven infrastructure delays. LINK | | Sandisk Corporation fell 13.64% as the deepening memory-chip shortage finally clipped its record run. LINK | | Micron Technology, Inc. fell 13.18% following an ECB study dampening hopes for AI-driven DRAM demand. LINK |
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💰 Deal Flow
- Ballard Power Systems agreed to acquire hydrogen producer GeoPura for $515 million. LINK
- US firm FirstCash agreed to acquire UK pawnbroker Ramsdens for £206 million. LINK
- North Shore Bank agreed to acquire 1895 Bancorp in an all-cash deal. LINK
- Crypto trading app Fomo raised $75 million in a Series B round. LINK
- Quantum Computing Inc. LINK
- Crypto analytics startup Allium raised $40 million in a Series B round. LINK
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📅 Market Calendar
 | Earnings · Economic events |
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📑 Research & Reports
- Barclays raised its year-end S&P 500 target to 7,800 from 7,650. LINK
- Deutsche Bank cut its gold price forecasts by as much as 22%. LINK
- Goldman Sachs sees growing divergence between hyperscalers and semiconductor stocks in AI markets. LINK
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