On June 23, 2026, US President Donald Trump visits the Mack Truck assembly plant in Macungie, Pennsylvania, and gives a speech.
Evelyn HochsteinReuter
Hello, my name is Leonie Kidd and I’m from London. Welcome to today’s Daily Open Newsletter.
Practice baby drills, but don’t overdo it.
This is President Trump’s message to the oil giants, which he blames for soaring oil prices.
And the threat of a Justice Department investigation may raise some eyebrows…
What you need to know today
US President Donald Trump has his sights set on the world’s largest energy companies.
This morning, from a post about the primary results, he said, “Big oil companies are not lowering their prices to match the precipitous drop in oil prices. Prices are falling like a rock! In other words, customers are being ‘gouged’. I have directed the Department of Justice to begin an investigation immediately. Gas prices should start falling much sooner than I see them! President DJT.”
Oil prices fell in early trading, WTI and brent Under pressure. Although both indicators have retreated from the highs of the Iran crisis, oil prices remain well above pre-war levels.
In the broader market, South Korea’s Kospi is leading the rally in technology stocks, with shares of Samsung and SK Hynix rising significantly.
The recovery followed volatile trading on Wall Street on Tuesday, with tech stocks extending a global selloff that started in Asia the previous day.
The Nasdaq Composite Index fell 2.2%, and the Philadelphia Semiconductor Index also fell as investors dumped semiconductor manufacturers and AI-related stocks. Memory chip makers Micron Technology and SanDisk fell 13%, while Intel, Advanced Micro Devices and Qualcomm each fell more than 5%.
Private markets remain under pressure. Morgan Stanley said in a Tuesday filing that it is restricting redemptions of its $7 billion private credit fund after withdrawals exceeded 11%. This move adds to the anxiety this week. Click here for more information.
In political news, the Financial Times reported that British Prime Minister Rachel Reeves is unlikely to retain her role in the New Labor government. Prime Minister-elect Andy Burnham is facing growing calls among investors and economists to be more clear about his economic policies. See the analysis here.
— Leonie Kidd
And finally…
Meta builds prediction market apps. These stocks fell in response.
Meta Platforms CEO Mark Zuckerberg has directed his staff to create a prediction market platform, a person familiar with the company’s plans confirmed to CNBC on condition of anonymity.
The New York Times first reported the development on Tuesday.
The acquaintance, who was not authorized to speak on the record about the company’s plans, also confirmed to CNBC that the prediction market app does not use real money to trade on the platform, in contrast to other prediction markets where traders use cash to speculate on future events.
The Times reports that Meta’s app will rely on a video game-style points system, but that money could be used in the app in the future.
— Davis Giangiulio, Stephen Desaulniers
