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Market Snapshot
Stock market closing data for the week of June 16th to June 20th, 2025
U.S. markets ended the week mixed, with the Nasdaq nearly flat at 19,447.41 (down 0.02%), the S&P 500 at 5,967.84 (down 0.55%), and the Dow Jones at 42,206.82 (down 0.88%).
Geopolitical concerns, especially around Middle East tensions, initially weighed on sentiment before a statement from President Donald Trump hinting at possible talks with Iran offered some relief.
Focus then turned to the Fed, which kept rates unchanged at 4.25 to 4.5% and held its forecast for two cuts this year, even as it raised inflation and unemployment projections. Later in the week, comments from Fed Governor Christopher Waller suggested a cut could come as early as July, helping stabilize markets.
Economic data added to the caution. Retail sales dropped 0.9% in May, led by a fall in auto sales following earlier tariff-related buying, though core control group sales rose 0.4%. Housing indicators were weaker, with builder sentiment slipping and new home construction down 9.8% to its lowest level since May 2020. Taken together, the data reinforced expectations of a cooling economy, keeping investors focused on upcoming inflation trends and the Fed’s next move.
News Summaries
SoftBank’s (SFTBY) Masayoshi Son is planning a $1 trillion industrial project in Arizona, called Project Crystal Land, aiming to build a hub for manufacturing AI-powered robots, with talks underway for tax incentives and partnerships with firms like TSMC and Samsung. While TSMC, already committed to a $165 billion US investment, has shown no interest so far, Son is pushing ahead by mobilising SoftBank-backed robotics startups and seeking federal support. This plan sits alongside SoftBank’s broader push into AI infrastructure, including a $30 billion proposed investment in OpenAI, a $6.5 billion deal with Ampere Computing, and the Stargate data center project, which could attract hundreds of billions in external financing. By using project-based funding models and selling down assets like its T-Mobile stake, SoftBank is freeing up capital to build long-term platforms rather than make one-off bets. If it materialises, Crystal Land could shift Son’s legacy from investor to ecosystem builder, anchoring AI development in the US through integrated control over hardware, compute and production scale.
Meta (META) has introduced a new AI-driven image-to-video tool that allows advertisers to turn up to 20 product images into multi-scene video ads with music and text, as part of its broader push to integrate generative AI into its ad business. With advertising contributing 98% of Meta’s annual revenue and the majority of that coming from small businesses, the company is focusing on lowering content production costs to encourage more spending within its platforms. This move builds on existing AI features like text-to-image and GIF generation, and follows a $14.3 billion investment in Scale AI along with efforts to build a superintelligence team. By streamlining creative workflows through AI, Meta aims to tighten its grip on digital advertising spend, increase efficiency for small advertisers, and stay ahead of competitors like TikTok that are also rolling out AI tools.
Robinhood (HOOD) is adding new mobile features including simulated options return previews and advanced real-time charting, aimed at deepening engagement with its core user base of millennial and Gen Z traders, whose activity still drives 63% of the company’s revenue. With a median user age of 35 and a trading-heavy revenue model, the platform is investing in tools that support more sophisticated trading without abandoning its original mobile-first simplicity. These upgrades are part of a longer-term strategy to evolve Robinhood into a full-service financial platform, which now includes credit cards and managed accounts, with traditional bank accounts planned for later this year. While concerns around risky bets persist, softer regulatory oversight and rising share prices in 2025 have given Robinhood room to execute. The company is leaning into its trader-led identity as a foundation to expand into broader financial services, positioning trading not as a product to move past, but as the entry point to something much larger.
From the World of Crypto
JPMorgan (JPM) has filed a trademark application for “JPMD,” describing a broad set of blockchain-enabled services including digital asset trading, payments, brokerage, and fund transfers.
While the filing avoids directly mentioning a stablecoin, the range of use cases it covers points toward a possible digital token or platform that supports asset movement and financial operations on distributed ledger systems.
The move aligns with how JPMorgan has been gradually building blockchain infrastructure over the last few years.
Its Kinexys platform, previously called Onyx, powers JPM Coin, a permissioned digital token pegged to major fiat currencies like the US dollar, euro, and pound. JPM Coin is already used by institutional clients for intra- and interbank transfers, with the system processing over $1.5 trillion cumulatively and averaging $2 billion in daily transaction volume.
By introducing JPMD, the bank could be signaling an intent to extend these internal rails to a broader asset and user base.
Part of the logic lies in the expanding role of tokenization across financial markets.
Through its Tokenized Collateral Network, JPMorgan allows clients to use tokenized money market funds as collateral and transfer ownership instantly. With banks like Bank of America and Citi exploring stablecoins, and large corporations such as Walmart evaluating bespoke tokens, the financial system is gradually shifting toward programmable, real-time asset flows.
JPMorgan appears to be preparing for this shift by locking in optionality through the JPMD trademark, potentially giving it a framework to support new products as use cases evolve.
Basically, JPMD is not a standalone product yet, but it represents the next layer in a system JPMorgan has been methodically building one where digital settlement, tokenized collateral, and real-time clearing can all operate on a shared blockchain foundation.
The filing reflects the bank’s view that financial infrastructure is being reshaped, and it wants to ensure its architecture is ready for what comes next.
