SHARESIES · MARKET MOVEMENTS · 24 JUNE 2026 Jacki Neumann, Head of Capital Markets

Note: Filmed Tuesday 23 June

WHAT'S UP — US markets extended their run with the S&P 500 up 0.9% and Nasdaq climbing 2.4%, led by a 7.3% surge in semiconductors and an 18% jump in memory stocks.

↓ WHAT'S DOWN — Energy lagged, falling 6.6% for the week, as a preliminary US–Iran peace deal sent Brent crude down nearly 10% on the week and around 25% over the past month.

! BIGGEST SURPRISES — In Kevin Warsh's first meeting as Fed Chair, forward guidance was dropped and half of Fed members pencilled in a rate hike for 2026, pushing the USD to 12-month highs.

◎ WHAT TO WATCH — Thursday's US Core PCE for May (the Fed's preferred inflation gauge) now carries extra weight with markets pricing in hikes rather than cuts.

◈ BIGGER PICTURE — A peace framework in the Middle East and a hawkish Fed reset are the dominant forces; it all hinges on the durability of the Iran deal and Thursday's inflation number.

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