Weekly Market Update – June 15, 2026

Price Return Last Week

S&P 500  0.6%  S&P Mid Cap  2.8%  Russell 2000  3.9%

MSCI EAFE 1.0%     MSCI EM (2.0%)

10 Yr US Treasury Rate – fell from 4.54% to 4.49%

Source: Refinitiv Eikon

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Recent News

US-Iran Deal – Reports indicate that the U.S. and Iran have agreed to an interim peace agreement that is expected to be signed by both nations on Friday.  Details on what is included are sparse but expected to be released during the week.  President Trump stated that the U.S. would end their naval blockade on Iran and Iran would remove restrictions on traffic through the Strait of Hormuz.  The price of oil fell approximately 5% in early trading on Monday, but is still up nearly 40% since the beginning of the year.  Expectations on actions by the Federal Reserve have not changed much since the announcement, with most participants still expecting a rate hike by the end of the year.

Source: The Wall Street Journal, Refinitiv Eikon

SpaceX IPO – In its first day of trading, shares in SpaceX finished nearly 20% higher than their IPO price.  The closing price on Friday gives SpaceX a valuation of $2.1 trillion, making it the sixth-most valuable public company in the United States. 

Source: The Wall Street Journal

ECB Hikes Rates – For the first time in nearly three years, the European Central Bank hiked interest rates.  They rose their key rate from 2% to 2.25% and expectations are for them to increase rates again later this year.  Even at 2.25%, Europe’s key rate is considerably lower than the U.S. key rate, which is currently pegged in a range between 3.5% and 3.75%.  Concerns over rising inflation, largely due to higher energy prices, led to the increase by the ECB.  The most recent projections from the ECB forecast inflation to be approximately 3% in 2026.  The Federal Reserve is also anticipated to increase interest rates this year, but the market does not expect this to occur until December.

Source: The Wall Street Journal, Refinitiv Eikon

OpenAI IPO – Not to be outdone by SpaceX and Anthropic, OpenAI announced their intentions to go public, filing paperwork with the SEC to start the process.  The timing of the offering is still unknown but expected to occur before the end of the year.

Source: The Wall Street Journal

Core CPI – May: 0.2% (Reuters Poll est. 0.3%) Apr: 0.4%

Core inflation was reported slightly below expectations and notably lower compared to the previous month.  Part of the decline reflects a 2% drop in the price of auto insurance, the largest decline since 2020.

Source: Thomson Reuters

Save Ferris – This month marks the 40^th anniversary of the release of “Ferris Bueller’s Day Off.”  The film was written by Chicago local John Hughes and is thought to be loosely based off of Hughes’ friend, Ed McNally.  In the film, Ferris’ high school principal launches a crusade against him after skipping nine days of school.  In real life, McNally skipped 27 days, one of which where he stole his father’s prized purple Cadillac and put it on jacks and ran it backwards in hopes of reversing the odometer.  McNally would survive high school and go on to attend Yale University, but his hijinks wouldn’t stop there and he would eventually get suspended for a year for all of the pranks he pulled while in college, including stealing some prized possessions from Harvard University.  Today, McNally is a successful trial attorney who has worked with numerous President’s, as well as a Supreme Court Justice.

Source: Chicago Tribune

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Upcoming Events

6/17 – Fed Meeting, Retail Sales

6/18 – Notable Earnings Reports: Kroger, Accenture

Source: Refinitiv Eikon

Disclosure

This material, including references to specific securities, is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security.       Views are as of the date shown and may change. Forecasts and forward-looking statements are not guarantees of future results. Information is believed reliable but not guaranteed for accuracy or completeness; third-party sources are not affiliated with Chesley, Taft & Associates (CTA).  Indexes are unmanaged, not investable, do not reflect fees or expenses, and shown for illustrative purposes only. Past performance is not indicative of future results. Viewing this material does not create an advisory relationship with CTA.