The Daily Wrap: Morning Edition - June 26, 2026

A key inflation report showed prices hitting a three-year high, keeping Federal Reserve rate hikes in play, while Apple raised MacBook and iPad prices due to soaring memory chip costs driven by the AI boom. Major corporate developments include OpenAI delaying its IPO amid market volatility, JPMorgan resetting its long-term succession plan as CEO Jamie Dimon extends his tenure, and Chinese-owned EV maker Polestar exiting the U.S. market due to a ban on its software. Meanwhile, oil prices fell despite a new attack in the Strait of Hormuz as markets focused on supply outlooks, and SpaceX signaled a major disruption to the telecom industry with plans for a direct-to-consumer Starlink mobile service.  

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From Phinextra Pro in Tampa, it's Friday, June 26, and I'm Rachel Anderson with the Daily Wrap Morning Edition. The Personal Consumption Expenditures Index, the Fed's preferred inflation gauge, jumped to 4.1% in May, its highest level in three years. The core number, which strips out volatile food and energy, also rose, signaling that price pressures are broadening throughout the economy. This report keeps the talk of a potential Fed rate hike firmly on the table, with markets now pricing in a 50-50 chance of a hike by September. Apple announced it is raising prices on its MacBook and iPad lines, stating it can no longer shield customers from the skyrocketing cost of memory chips. The insatiable demand for memory from the AI industry is creating a supply crunch, and even Apple, with its legendary supply chain mastery, is being forced to pass those costs on to consumers. Shares of Apple have fallen over 6% on the news. OpenAI, the maker of ChatGPT, is now leaning toward delaying its highly anticipated IPO until next year. Sources say the move comes after advisors pointed to the volatile stock performance of the recently listed SpaceX and choppy tech markets as reasons for caution. CEO Sam Altman is reportedly holding firm on a target valuation of $1 trillion, but for now, Wall Street will have to wait. Speaking of SpaceX, the company has told investors it plans to launch a Starlink mobile service directly for U.S. consumers. The move would put Elon Musk's company in direct competition with telecom giants like Verizon and ATT, representing a major disruption to the U.S. communications industry. The succession saga at JP Morgan Chase has a new chapter. CEO Jamie Diamond plans to stay at the helm for at least three more years. The bank has reshuffled its top ranks, elevating Doug Petneau and Troy Rohrbaugh to co-presidents, while a top contender for the job, Marianne Lake, is retiring. This sets the stage for a new, albeit longer term, race to see who will eventually lead the nation's largest bank. In the auto sector, a major shoe has dropped in the tech rivalry between the U.S. and China. Polestar, the EV maker majority owned by China's Ghili, will exit the U.S. market. The move comes after the Commerce Department banned the company from selling new cars, making it the first major casualty of a new rule prohibiting Chinese software in internet connected vehicles due to national security concerns. In its first report as a standalone company, FedEx freight beat analyst expectations for revenue and operating income. The logistics giant, which spun off from FedEx earlier this month, is seen as a key barometer for industrial demand. Even with the positive results, the stock was little changed in after hours trading. Despite a recent attack on a container ship in the Strait of Hormuz, oil prices actually slid about 2% this morning. Traffic continues to flow through the critical waterway, and the market appears to be focused more on the potential for a US-Iran diplomatic deal to ease supply concerns than on the immediate conflict risk. U.S. Treasury yields are dipping slightly this morning. The 10-year is at 4.38%, the two-year yield is at 4.09%, and the 30-year bond yield is at 4.86%. And now let's check the futures. Wall Street could see a continuation of yesterday's tech sell off. Before the bell, SP futures were down around a half a percent, Dow futures were down about a tenth of a percent, and NASDAQ futures were down over 1.10%. That's all for your daily wrap this morning. I'm Rachel Anderson from Finextra Pro, turning data into stories.