Market Monitor News June 24 BMO (Tesla, Northern Trust UP - Hims&Hers, Super Micro Computer DOWN)

A volatile day, but the market held its ground

If you’d told me yesterday that Iran fired missiles at a U.S. airbase in Qatar, I’d have bet on red across the board. But Wall Street had other plans.

The Dow Jones and Nasdaq each gained 0.9%, brushing off geopolitical fireworks like it was just another Monday. The attack, which Iran reportedly coordinated with Qatar ahead of time (yes, you read that right), caused zero casualties and seems to have been more about saving face than sparking a regional meltdown.

Oil traders, usually the first to panic, actually exhaled, Brent crude tumbled over 7%, closing at $71.35.

Even Trump’s Truth Social feed couldn’t rattle investors. His “complete ceasefire” declaration between Iran and Israel seemed to stick, both sides confirmed the ceasefire after a bloody 12-day tit-for-tat. Yes, missiles were still flying overnight, but everyone appears ready to call it a draw. For now.

Tesla's robo gamble hits the road, with mixed signals

Let’s talk tech, where the bold never wait for perfect.

Tesla (TSLA | +8.23%) launched its long-teased robotaxi service in Austin, Texas, sending the stock soaring 8% to $348.68. For now, it’s a glorified demo, just a few vehicles, handpicked users, and a safety monitor riding shotgun.

Still, investors loved the optics. Analysts praised the experience as “smooth and personal,” even as videos emerged of these taxis making illegal turns and ignoring speed limits. Call it a beta version with confidence issues.

Waymo might still be miles ahead in the self-driving race, but Tesla’s PR engine is doing what it does best: keeping the dream alive and the stock price buoyant.

Hims & Hers gets dumped, and not in a cute way

Less romantic was the plunge in Hims & Hers (HIMS | –34.63%), which tanked nearly 35% after Novo Nordisk (NVO | -6.02%) abruptly ended their partnership.

The Danish drugmaker accused Hims of “misleading marketing” in selling generic versions of its weight-loss drug, Wegovy.

Analysts now expect legal heat, with fears that Hims’ copycat offerings may soon face the chopping block. Novo, for its part, disappointed with clinical trial results, stoking fresh doubts about how much longer it can dominate the increasingly crowded weight-loss space.

Defense names edge higher on military action

Northrop Grumman (NOC | +0.40%) and Boeing (BA | +1.29%) both saw modest gains after it emerged their bombers and weaponry were front and center in the U.S. airstrikes on Iranian nuclear facilities over the weekend.

Lockheed Martin (LMT | +0.4%) also nudged higher. RTX (RTX | –0.57%) didn’t fare quite as well, despite its Tomahawk missiles playing a key role.

Fed signals rate cut patience, housing surprises to the upside

On the macro front, Fed Governor Michelle Bowman hinted that a July rate cut might be on the table, if inflation keeps quiet. Echoing Friday’s comments from Waller, she left the door open but didn’t exactly roll out the red carpet.

Meanwhile, service-sector data showed a slight slowdown (PMI down to 53.1 from 53.7), but manufacturing held steady at 52.0.

Surprisingly, existing home sales ticked up 0.8% in May, defying expectations of a decline.

A few more movers worth noting

Super Micro Computer (SMCI | –9.77%) slid hard after announcing plans to issue $2 billion in convertible notes.

Meanwhile, Northern Trust (NTRS | +8.01%) spiked on M&A buzz after reportedly being courted by Bank of New York Mellon (BK | –2.17%).

Final thoughts

Markets showed some serious composure in the face of headline risk. Between geopolitical flare-ups, corporate curveballs, and tech launches that are barely out of alpha, there was plenty that could’ve derailed sentiment. But it didn’t.

For now, it seems like the market is choosing to look forward, not flinch. That’s telling. And honestly? A little bit surprising.

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Kristoff - Co-Founder ChartMill

Next to read: Market Monitor Trends & Breadth Analysis, June 24