Senate Votes to Limit Trump's Iran War Powers | Balance of Power 06/23/2026

Summary

The Senate voted to limit Trump's Iran war powers in a symbolic rebuke, while lawmakers discussed housing affordability and crypto regulation. A global chip selloff led by SK hynix fears sent semiconductor stocks tumbling, with Micron earnings eyed as a test for the AI trade. New York primaries test progressive vs. moderate Democrats, and politicians debated gas prices, Pentagon funding, and US reliability as a NATO ally.

• Republican-led Senate passes war powers resolution to end hostilities with Iran, a symbolic rebuke to Trump.
• Senators discuss bipartisan housing bill and stablecoin legislation with ethics provisions for crypto.
• Romaine Bostick reports sharp selloff in semiconductor stocks after SK hynix reportedly scaled back AI memory expansion.
• Micron earnings expected after market close tomorrow will test the AI growth narrative and pricing power.
• Philadelphia Semiconductor Index volatility highest in a year; chip stocks down 8% on the day.
• New York primaries feature progressive vs. moderate Democratic contests with mayor Mamdani's influence in focus.
• Rep. Kamlager-Dove raises concerns about Pentagon funding, gas prices, and NATO allies' doubts about US commitment.