AI Summary
5 min readSpring Housing Market Falls Flat, Tech Selloff Deepens, and P&G Bets on a New Detergent
The crucial spring home-buying season has come and gone, and it was a dud. Home sales remained stuck at depressed levels, dashing hopes for a market rebound. Meanwhile, a tech selloff deepened Tuesday as the Nasdaq dropped 2.2%, with Intel, Nvidia, Oracle, and Tesla all falling 4% or more. The Dow slipped just 0.1%, and the S&P 500 lost about 1.4%. In corporate news, Walmart is buying a French ad-tech firm for $1.4 billion, Procter & Gamble is rolling out a new laundry detergent tile called Tide Evo, and the Energy Department announced $17 billion in low-interest loans to help utilities order nuclear reactors from Westinghouse.
What Drove Tech Stocks Lower
Markets reporter David Uberti said the main catalyst was higher interest rate expectations from the Federal Reserve. New Fed Chair Kevin Walsh, in his first appearance, was "unexpectedly hawkish," suggesting the Fed might keep rates steady or even raise them in response to above-target inflation. That matters because many big tech companies have been issuing debt to build data centers and fund computing operations. Higher rates could directly impact their profitability.
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What you'll learn
- 1 (00:33) **Tech Sell-Off Deepens** - The NASDAQ drops 2.2% as major tech stocks like Intel, Nvidia, and Tesla fall, driven by hawkish Fed expectations.
- 2 (03:35) **Oil Prices Fall** - Crude slips more than 1% to $77.80 a barrel, the lowest settlement since before the start of the war with Iran.
- 3 (03:47) **Walmart Buys Ad-Tech Firm** - The Journal learns Walmart is buying French ad-tech firm Vibe.co for $1.4 billion to compete with Amazon in advertising revenue.
- 4 (04:11) **Housing Market Slump Continues** - The crucial spring home buying season ends as a disappointment, with sales holding at depressed levels.
- 5 (06:39) **Senate Votes to Limit Iran War Powers** - The Senate passes a non-binding resolution 50-48, directing the president to remove U.S. forces from hostilities unless authorized by Congress.
- 6 (07:04) **Senate Democrats Seek Hearings on Trump Crypto Deal** - Top Democrats call for hearings into a secret $500 million investment in the Trump family’s crypto venture from a group led by a senior Emirati royal.
- 7 (07:42) **Supreme Court Rules for Rastafarian Prisoner** - The Court rules in favor of a Rastafarian prisoner’s religious rights, one of five decisions issued as it races to wrap up its term.
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Guests on this episode
Show Notes
P.M. Edition for June 23. Mortgage rates dipped below 6% in February, but geopolitical tensions and a hawkish Federal Reserve have sent rates back up. Journal reporter Nicole Friedman discusses what that means for the rest of 2026, and how the housing market could bounce back from a slump this spring. Plus, the Trump administration is pushing for a nuclear power renaissance. The Energy Department is making $17.5 billion in low-interest loans available to help finance the construction of nuclear reactors. We hear from Jennifer Hiller, who covers the power industry for WSJ, about how the program would work. And the tech selloff deepened today, with the Nasdaq dropping 2.2%. WSJ markets reporter David Uberti walks us through what’s driving the dip. Alex Ossola hosts.
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