ADDX GO Market Morning Wrap - 24th June

Stock Market  

On Monday Eastern Time, all three major U.S. stock indexes closed higher, buoyed by signs of easing Middle East tensions and dovish signals from multiple Fed officials.  

 

Just before this report, President Trump posted on his social media platform Truth Social that Israel and Iran have fully agreed to a comprehensive ceasefire. Neither Israel nor Iran has issued official statements on the matter.  

At the close, the Dow rose 374.96 points, or 0.89%, to 42,581.78; the Nasdaq gained 183.56 points, or 0.94%, to 19,630.97; and the S&P 500 climbed 57.33 points, or 0.96%, to 6,025.17.  

 

Tesla surging over 8%, its biggest single-day gain since April 28. The electric vehicle giant launched its autonomous Robotaxi service in Austin, Texas, though access is limited to select invited passengers. Elon Musk posted on X that riders pay a flat $4.20 per trip.  $TSLA 

 

Most large-cap tech stocks advanced, Meta rose over 2%, Microsoft and Netflix gained more than 1%, while Nvidia, Apple, and Intel saw modest gains. Google and Amazon dipped slightly. Stablecoin leader Circle jumped over 9%, up roughly 750% since its IPO. Budget weight-loss drug provider Hims plummeted nearly 35%, its worst single-day performance since its U.S. IPO.  

 

Earlier that day, Iran’s armed forces announced a missile strike on the U.S. military’s Al Udeid Air Base in Qatar. Yet, this news triggered a sharp drop in oil prices and a robust stock market rebound.  

 

Analysts noted that Iran launched 14 missiles—matching the number of GBU-57 bunker-buster bombs the U.S. dropped on Iranian nuclear facilities last weekend—and provided advance notice, signaling a highly restrained retaliation that may indicate a desire to de-escalate.  

 

Jay Hatfield, CEO and portfolio manager at InfraCap, called the rally “somewhat surprising” given reduced uncertainty in the Middle East.  

 

“Iran’s retaliation appears very restrained,” said Jason Pride, chief of investment strategy and research at Glenmede. He added that while the situation could shift quickly, the missile attack seemed coordinated to avoid escalating the conflict.  

 

Near the U.S. market close, Trump signaled a clear intent to de-escalate, claiming Iran launched 14 missiles, 13 of which were intercepted, with the 14th heading in a non-threatening direction and left alone. No Americans were harmed, and damage was minimal.  

 

Trump expressed gratitude for Iran’s advance notice of the base strike and said it was time for peace.  

 

Additionally, Fed Vice Chair for Supervision Michelle Bowman stated, “If inflation pressures remain under control, I would support lowering the policy rate at the next meeting to move closer to a neutral level while sustaining a healthy labor market.”  

 

Chicago Fed President Austan Goolsbee noted that since Trump’s April 2 tariffs, there’s been a lack of significant inflationary pressure, potentially allowing the Fed to resume rate cuts.  

 

The CME’s FedWatch tool shows markets now price in a 22.7% chance of a Fed rate cut next month, up from 14.5% last Friday.  

Global Hotspots  

Trump: Israel and Iran Fully Agree to Comprehensive Ceasefire. On June 23, President Trump posted on Truth Social that Israel and Iran have fully agreed to a comprehensive ceasefire. Neither Israel nor Iran has issued official statements.  

 

Trump: Iran’s Response to U.S. Destruction of Nuclear Facilities “Very Weak”. On June 23, Trump posted on social media that Iran’s formal response to the U.S. destruction of its nuclear facilities was “very weak,” as expected, and met with an effective U.S. counter. He said Iran launched 14 missiles, 13 of which were intercepted, with the 14th heading in a non-threatening direction.  

 

Iran Issues Statement After Attacking U.S. Base in Qatar. On the evening of June 23, after launching missiles at the U.S. military’s Al Udeid Air Base in Qatar, a spokesperson for Iran’s “True Promise 3” operation released a video statement, saying, “Iran’s decisive action sends a clear message to the White House and its allies that Iran will not tolerate any violation of its territorial integrity, sovereignty, or national security under any circumstances.”  

 

U.S. Supreme Court Allows Trump to Resume Fast-Track Deportation Program. On June 23, the U.S. Supreme Court permitted the Trump administration to restart a program for rapid deportation of immigrants to countries other than their home nations, temporarily lifting a court order requiring immigrants a chance to challenge deportation decisions.  

 

UK and Ukraine Leaders Meet, Stress Bilateral Cooperation and Russia Sanctions. On June 23, Ukrainian President Volodymyr Zelenskyy had lunch with King Charles at Windsor Castle, followed by a meeting with UK Prime Minister Starmer at 10 Downing Street. Zelenskyy outlined priorities for UK-Ukraine cooperation, including maximizing political and diplomatic coordination, deepening defense collaboration, and strengthening sanctions on Russia to limit its weapons production.  

 

Fed Hawk Turns Dovish: Supports Rate Cut Next Month if Inflation Stays in Check. Fed Vice Chair for Supervision Michelle Bowman said in a recent speech that if U.S. inflation remains manageable, she supports lowering the policy rate at the next meeting.  

 

Chicago Fed President Austan Goolsbee added that Trump’s tariff policies have had a milder economic impact than expected, potentially paving the way for renewed rate cuts.  

 

Goolsbee noted the surprising lack of significant inflationary pressure since Trump’s April 2 tariffs, which could allow the Fed to resume cuts.  

Company News  

Novo Nordisk Ends Partnership with Telehealth Platform Hims & Hers. On Monday, Novo Nordisk announced it is terminating its partnership with Hims & Hers due to concerns over the telehealth company’s sale and promotion of low-cost Wegovy generics. Novo Nordisk accused Hims & Hers of non-compliance with regulations, alleging it mass-sold compounded drugs under the guise of “personalization” and engaged in “misleading” marketing practices that endanger patient safety.  $NVO $HIMS 

 

Ford Recalls Nearly 200,000 Electric Vehicles. On June 23, the U.S. National Highway Traffic Safety Administration (NHTSA) reported that Ford Motor Company, based in Michigan, is recalling 197,432 Mustang Mach-E SUVs from model years 2021 to 2025 due to faulty door locks that could trap rear-seat passengers. $F  

 

Eli Lilly’s New Drug Paired with Wegovy Yields Promising Trial Results. Recent trial results show that Eli Lilly’s experimental drug, when used with Novo Nordisk’s Wegovy, helped patients lose weight while preserving muscle mass, addressing a key challenge for weight-loss drugs. After 48 weeks, patients on Wegovy plus Lilly’s bimagrumab lost an average of 22.1% of body weight, with 92.8% from fat stores. In contrast, those on Wegovy alone lost 15.7%, with only 71.8% from fat, indicating greater muscle loss without bimagrumab.  $LLY 

Forex & Commodities  

International oil prices fell on June 23.  

 

NYMEX WTI crude futures for the front-month contract dropped $5.33, or 7.22%, to $68.51 per barrel.  ICE Brent crude futures for the front-month contract fell $4.96, or 6.57%, to $70.52 per barrel.  

 

COMEX gold futures for the front-month contract rose $9.30, or 0.27%, to $3,395.0 per ounce.  

 

At the New York close, the U.S. dollar index fell 0.39% to 98.38, with most non-U.S. currencies gaining.  

Key Events  

Middle East Tensions Prompt Oil Giants to Evacuate Staff from Iraq. As Middle East tensions escalate, BP Plc, TotalEnergies SE, and Eni SpA have reduced staff at their Iraqi oil fields as a precautionary measure.  

 

ECB’s Nagel: High Uncertainty Prevents Commitment to Specific Rate Path.  ECB Governing Council member Joachim Nagel said the ECB shouldn’t commit to a specific rate path given uncertainties from U.S. trade policies and Middle East tensions. The Bundesbank president noted, “Beyond the Middle East situation, the biggest uncertainty for our future monetary policy path is undoubtedly the unpredictable U.S. trade policy.”  

Cryptocurrency  

Bitcoin rose 3.9% to $103,089, with 24-hour trading volume down 7.5% to $60.21 billion.  

 

Ethereum (ETH-USD) gained 5.6% to $2,302.  

 

XRP (XRP-USD) surged 4.8%, BNB (BNB-USD) rose 4%, Solana (SOL-USD) advanced 7.9%, Dogecoin (DOGE-USD) gained 6.3%, and Cardano (ADA-USD) was up 5.4%.  

 

The total crypto market cap increased 4% in the past 24 hours to $3.16 trillion, with trading volume down 8.9% to $133.97 billion.  

Key Events  

U.S. Investors Form $1 Billion Merger to Create Bitcoin Reserve Company. On Monday, U.S. investor and entrepreneur Anthony Pompliano announced the creation of a new Bitcoin (BTC-USD) reserve company that will hold up to $1 billion of the world’s largest cryptocurrency on its balance sheet. Fueled by cheap capital, yield promises, and brand endorsements, the rush into Bitcoin reserves is showing signs of froth.  

 

Keep Buying! MicroStrategy (MSTR.US) Spent $26 Million on Bitcoin Last Week. MicroStrategy (MSTR.US), founded by Michael Saylor, disclosed on Monday that it purchased 245 Bitcoin for $26 million in the week ending June 22.  The latest purchase was funded through its preferred stock issuance.  

Market Events and Most Anticipated Earnings Releases