The Rundown - SpaceX Shares Drop for Third Straight Day, Apple Price Hikes Coming Soon

Episode Date: June 22, 2026

Market update for June 22, 2026. Check out the Public app for incredible investing tools and to support the show (LINK)Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.In today’s episode, Zaid covers:Kevin Warsh's first Fed meeting and why he's trying to remake how the Federal Reserve operatesWhy Apple says price increases are "unavoidable" and how the memory chip crisis is making all your electronics more expensiveGetty Images surges 200% on an OpenAI dealSpaceX extends its post-IPO losing streak while launching its first-ever bond saleToy Story 5 shatters franchise records as Hollywood posts its best box office year since before the pandemic

Public.com presents the rundown. Your daily market update in 10 minutes. My name is Zadadmani, and today is Monday, June 22nd. In today's episode, we'll break down Kevin Warsh's first Fed meeting and why Wall Street is calling it a new era for the Federal Reserve. We'll also tell you why your next iPhone could cost $1,300 and why SpaceX stock is falling for the third straight day. Then stick around to the end of the show to find out why. by Hollywood is having a resurgence at the box office.

We got a great show for you today. Let's go. The market is coming off a short but winning week. The S&P 500 was up nearly 1% while the NASDAQ searched 2.4%. You know, it was kind of a wild end to the week. Markets tanked on Wednesday following the Fed meeting, but then rallied on Thursday following the signing of the Memorandum of Understanding with Iran to pause hostilities for 60 days and reopen the Strait of Hormuz.

We're going to talk more about the Fed meeting in a bit, but let's talk more about Iran first. With the memorandum signed, traffic through the Strait of Hormuz picked up, and Brent crew dropped about 8% on the week to around $80 a barrel. On top of that, the average price of gas in America fell below $4 a gallon for the first time since March. So that's some good news for consumers, but keep in mind, this deal from last week was just preliminary, and a final deal is currently being negotiated. Over the weekend, the U.S. and Iran began talks at a resort in Switzerland, and things

already got a bit messy. President Trump threatened Iran with strikes on social media over the weekend. Iran then threatened to suspend the talks in Switzerland, and at one point, Iran said that it had closed the Strait of Hormuz again. But it looks like things have gotten ironed out on our back on track with Iran's foreign minister saying there was major progress after all-night negotiations. So progress is being made, but it's. this deal is still very fragile. But look, even with all the optimism around the Iran deal,

the market still has some real risk beneath the surface. Valuations are stretched, interest rates are still high, and the AI trade right now is carrying a lot of weight right now. And to me, the biggest red flag is that companies are flooding the stock market with new shares right now. Obviously, SpaceX just had their monster $86 billion IPO a few days ago, not to mention Google had an $85 billion stock sale a few weeks ago. go. And here's an interesting stat. According to the Wall Street Journal, this is the first time since 2021 that U.S. companies as a whole are selling more new stock than they're buying back. No, typically companies buy back their own shares to help their stock price. That's not happening right now.

The last two times that more shares were issued than bought back was right before the dot com crash and right before the 2022 selloff. So like I said, it's a red flag and it's something that's making me a bit nervous. Looking ahead to this week, we are getting earnings from Fed, on Tuesday and Micron on Wednesday. And then on Thursday, we're getting the PCE inflation report, which is the Fed's preferred measure of inflation. So if you're new here, it's a great time to get subscribed to the podcast and tune in every day to stay in the loop. Let's run through some headlines. Starting with the Federal Reserve. Last Wednesday, new Fed chair, Kevin Warsh held his first Fed meeting and it was an eventful one. Now, the Fed held interest rates steady at three and a half.

to 3.75%, which was what Wall Street expected. But everything else from the meeting was a surprise. In the press conference, Kevin Warsh came out way more hawkish than the market expected. Remember, President Trump picked Kevin Warsh partly because he was expected to be more open to lowering interest rates, but that's not the vibe he gave in his press conference. Warsh said the committee was unambiguously and unanimously committed to bringing inflation down, which was a bit of a shock to the market. The market is now pricing in a roughly 50% chance of a rate increase by September.

According to the dot plot, about half of Fed officials now project at least one rate hike this year. Back in March, zero officials had penciled on a rate hike. But beyond interest rates, Kevin Warsh is also trying to remake the entire Fed. He launched five task forces to review how the Fed communicates, how it measures inflation, how it handles a balance sheet, and even how it thinks about AI's impact on the economy. And the big one for me is that he also hinted at the press conference that it happens after every Fed meeting, which is something that his predecessor, Jerome Powell, started, could also get scrapped. Basically, his whole message to the market was that the Fed is going to talk less, which is funny

because the entire financial industry is built around parsing every syllable from the Fed like it's a Taylor Swift lyric. So yeah, big changes could be coming to the Fed over the next few months, and I don't know if the markets will like it. Now, since we're on the topic of the Fed, we got breaking news this morning, Fed chair Allen's Greenspan passed away at the age of 100. Alan Greenspan ran the Fed from 1987 to 2006, and he's one of the most influential central bankers in modern history. I mean, I got to say, he does have that iconic look with the giant glasses and the smoke pipe in his hand.

Let's shift gears and talk about Apple. Apple CEO Tim Cook said in an interview with the Wall Street Journal last week that Apple is going to start raising prices on its products, and he's blaming the rising costs of memory and storage. See, every iPhone, Mac, and iPad has RAM and a hard drive in it, and these components have gotten insanely expensive because of AI. All these AI data centers being built need tons of memory and storage, which is leading to a supply crunch, and prices of memory chips have quadrupled in the last year. Now, Apple had been absorbing those costs increases to keep prices stable for consumers, but Tim Cook says that's no longer sustainable. You know,

Apple still has to keep their 40 plus percent profit margins to not upset their shareholders. Now, Jim Cook didn't say exactly how much more the next iPhone will cost when it comes out in September. Some estimates say the next iPhone Pro could start at $1,300, which is a $200 increase from the current iPhone Pro. But look, Apple is not the only one when it comes to price hikes. Dell, HP, Nintendo, and Sony have all raised prices on their products because of the memory shortages. And, you know, big picture here, it's easy to see why many people have a negative view on AI. Not only is it leading to anxiety about jobs being replaced, but it also is making our electronics more. expensive. Let's talk about some stocks making moves today. Shares of Getty images are surging this

morning, jumping as much as 200% in pre-market trading after they announced a multi-year licensing deal with Open AI. Under this deal, images from Getty's massive photo library will now appear across chat GPT search and discovery features. This is a pretty big deal for Getty images because AI has been a huge headache for the company. You know, Getty makes money by charging a fee to creators and media organizations and other companies for the rights to use images taken by actual photographers. But now with these AI image generation tools, it's so easy and cheap to create photorealistic images that a lot of companies just don't need Getty anymore.

And to make matters worse for Getty, a lot of these AI tools were actually trained on Getty's images without permission. Now, Getty's strategy for dealing with the rise of generative. AI has shifted over the past few years. Back in early 2023, Getty sued a popular AI art tool over alleged copyright infringement, but now Getty's strategy has gone from basically fighting AI to embracing it. Last year, Getty signed a licensing deal with perplexity AI, and now this new deal with Open AI. The market clearly loves this pivot because the stock had been down about 55% year-to-date prior to the Open AI news, but shares are now up about 100% today bringing the stock back to about

where it was trading back in January. Now, on the flip side, SpaceX is down to start the week and is on track for its third straight session of losses. The stock rocketed up on its first two full days of trading following the record-breaking IPO and hit a intraday high of $225. But it ended last week down 5% on Wednesday and then 3.6% on Thursday. Now, SpaceX is still up like 20% from its $135 IPO price. But if you bought on that first day possible,

like a lot of retail investors did, you might already be in the red. Now, we do have some SpaceX news this morning. The company just launched its first ever sale for investment-grade bonds looking to raise at least $20 billion in debt. This is now the latest example of a trillion-dollar company tapping the debt markets so they can fund their AI investments. Big tech companies have raised over $300 billion in debt tied to AI since November. So clearly the AI boom is being funded by debt now, and that's worth watching.

For SpaceX, their stock is down around 10% today at the time of this recording. Let's wrap the show with a fun fact. Toy Story 5 had its biggest opening weekend in franchise history, making $160 million at the North American box office and a total of $312 million globally over Father's Day weekend. I think a big reason for that is that Disney isn't cranking out new sequels every couple years. They're waiting like 7 to 10. 10 years before releasing a new movie.

Toy Story 4 came out back in 2019, while Toy Story 3 came out in 2010. And obviously it helps. These movies are also amazing, except for Toy Story 4, which was like just okay. But, you know, Toy Story 3 still makes me tear up

every time I watch it with my kids. The reviews for Toy Story 5 have been great. If you guys saw it over the weekend, let me know in the comments of what you guys think. I haven't had a chance to go see it yet, but I'll probably go see it this weekend with my kids. And by the way, Hollywood as a whole is having its best year at the box office

since before the pandemic. The total domestic box office as of today is at $4.5 billion so far this year. That's the highest since 2019. And it's not just because ticket prices are more expensive, which they are. Actual attendance is actually up 7%, with over 312 million tickets sold so far this year.

Industry executives now think the domestic box office could hit $10 billion this year, especially with more big-time movies like Spider-Man and The Odyssey still coming up. For context here, the best post-pendemic year was $8.9 billion back in 2023. So big picture here, Hollywood might be back. Well, all right, guys, that's the rundown for today.

Hope you guys enjoyed today's episode. Thank you guys so much for listening, watching, and commenting. Shout out to Mike for all the work behind the scenes. And we'll see you guys back here tomorrow.