**NOT AI b/c the auto mod thinks it is :(**
U.S. stocks ended June 2026 slightly lower, influenced by a stabilizing Middle East, with peace proposals being advanced among major powers, including Israel, the United States, and Iran, to open the Strait of Hormuz and end hostilities. New Federal Reserve chair Kevin Warsh presided over his first FOMC meeting, where the committee kept rates flat but hinted toward interest hikes later in the year. The S&P 500 lost 1.06% and is now up over 9% year-to-date. Market volatility was driven by continued global geopolitical shocks and the tailwind inflationary impact of still-elevated, though falling, global oil prices.
The Consumer Confidence Index rose to 91.2 in June, up from a previously revised 90.6 in May, while existing home sales increased 3.2% to 4.17 million, demonstrating the effect of the traditionally strong spring housing market despite the national average mortgage rate of roughly 6.5%.
SpaceX (SPCX) completed its initial public offering on June 12 and raised $85 billion. It briefly traded around $200 and, at the end of the month, settled at about $170, putting its market capitalization at about $2.25 trillion and making Elon Musk the first person to reach trillionaire status. While Anthropic has reiterated its confidence in going public this year, OpenAI has signaled that it would delay until 2027 due to the volatility surrounding the SpaceX IPO.
Oil prices continue to fall and now trade at roughly $70 per barrel. Gas prices, which come under heightened scrutiny during the midterm election later this year, now average $3.87 per gallon nationally. The impacts of the Iranian conflict have forced the Federal Reserve to consider hiking short-term interest rates later this year amid inflationary pressures driven by higher energy prices.
CNN’s Fear and Greed Index closed June at 31, indicating a steep decline into market pessimism, down from 60 at the same point last month. The dive reflects investor fear about the long-term effects of the war in Iran and the increased likelihood of interest rate increases later in the year. The S&P 500 continues to trade above its 125-day moving average.
The three major U.S. indices ended the quarter with significant gains, with the NASDAQ gaining 21% over the past three months and the S&P gaining 15%, marking its best quarter since 2020.
Happy Fourth of July, y'all. See you next month! I can also post links to any of my sources in the comments if anyone wants them.