Daily Briefing — June 19, 2026 | Tech Leads, Central Banks Pause, and the Iran Deal Reshapes Markets

US markets closed higher on Thursday, with the S&P 500 crossing 7,500 for the first time — but the rally was narrow, driven almost entirely by a tech surge led by semiconductors. Intel jumped more than 10 percent after President Trump announced the company would manufacture chips for Apple, while SpaceX fell for a second straight day as post-IPO euphoria faded.This episode covers the Federal Reserve's first meeting under new Chair Kevin Warsh, including the unanimous rate hold, the hawkish dot plot, and Warsh's decision to withhold his own projections. The Bank of England held rates at 3.75 percent in a 7-2 vote, while the European Central Bank faces pressure to hike again as soon as July. The Bank of Japan raised rates to a 31-year high and signaled more to come, even as the yen trades near 40-year lows.We break down the US-Iran interim peace deal, the reopening of the Strait of Hormuz, and what it means for oil prices, inflation, and central bank policy. Treasury yields pulled back, the dollar hit a one-year high, and gold headed for a third weekly loss. European and Asian markets were mixed, with Hong Kong falling to a near one-year low.