Your Evening Briefing

June 17, 2026

Stocks fall after new Fed Chair Warsh’s first policy meeting as traders worry about a rate hike

The Federal Reserve voted to keep rates unchanged at a range of 3.5% to 3.75%, as was universally expected. However, stocks dropped as the release removed any hints of an easing bias and the Fed’s dot plot came out on the hawkish side.

The S&P 500, Nasdaq 100, Russell 2000, and every Magnificent 7 stock traded lower. Every S&P 500 sector fell, with communications leading losses.

Stocks that moved higher:

Allbirds surged as its AI pivot continued to pay off, with the company announcing a corporate name change and new CEO hire.
Figma climbed after Citi initiated coverage with a Buy rating and a $36 price target.

Stocks that moved lower:

CarMax fell despite beating on earnings and revenue, but reported reported margin pressure and falling per-unit gross profit. Carvana also fell on the news.
Snap fell after unveiling “Specs,” a $2,195 pair of augmented reality glasses, raising questions about consumer demand at that price point.

Prediction markets have, predictably, been given a boost by the summer of sports

The World Cup and finals in the NBA and NHL have been a boon for the biggest platforms in the game. Read more.

Companies are getting AI chatbots to smear their competitors

The race to influence AI chatbots is leading to some companies to adopt shady competitive tactics.

Read more.

Despite slight declines, Japanese tourism figures are still hovering around record highs
Tourism: Still big in Japan.

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