2026-06-23
Iran ceasefire talks advance. Tech stocks crater globally. Greenspan dies at 100.
Good morning. US and Iran announced a framework for Lebanon peace on Monday. Markets recoiled anyway—chipmakers led the fall, and the broader selloff hit Europe and US futures hard. A day where geopolitics and equity positioning collided.
Morning Reality Check
Rick Scott, chairman of the Senate Steering Committee, is circulating a plan to discuss avoiding another government shutdown later this year. He invited Trump to a Wednesday meeting with GOP senators. Memo: if you need to plan to avoid something, you probably will not avoid it.
Trump had previously pledged to ban large institutional investors from buying single-family homes. The Senate passed it. Whether this survives litigation or actually constrains capital is a different conversation.
Tehran and Washington hailed June 22 negotiations in Switzerland as a roadmap to close the Middle East war. JD Vance called it a good foundation. Both sides agreed to establish mechanisms for a deal. Whether either side meant it is someone else's problem.
After a military victory didn't materialize, Trump is attempting to improve on the Obama-era deal. Negotiation, it turns out, is cheaper than warfare.
Greenspan, one of the most influential economic policymakers in modern US history, has died. His tenure at the Fed shaped 18 years of US monetary policy and outlasted six presidents.
Acting Director Bill Pulte, tasked by Trump to downsize the National Intelligence Director's Office, has begun terminating staff. No stated timeline or total headcount has been disclosed.
South Korea's main index crashed 10%. European stocks fell. S&P 500 futures signaled a sharp drop. The sell-off started with chips and spread like it had a contagion clause.
Washington waived sanctions on Iranian oil exports Monday, letting Tehran re-enter global energy markets during a 60-day negotiation window. Oil prices moved accordingly.
"Standard noise. Calibrate accordingly."
"Worth paying attention to. Don't doomscroll."
Iran and US struck a framework. Markets struck back. Greenspan, who saw most of it, is gone.
Back at 12:00 PM ET with the lunch reset brief.