Public Markets 24 Hours

Last updated: June 2, 2026, 5:33 PM ET

Equity Markets

U.S. stocks extended their record-setting run as the S&P 500 closed higher for a fifth consecutive session, matching its longest winning streak since February 2017. The rally gained momentum from artificial intelligence enthusiasm, pushing the index to its highest levels in over two years. Canadian equities broke through the 35,000 milestone on broad-based energy and financial sector gains, while STMicroelectronics shares jumped 8.2% after the chip maker raised its data-center revenue target, adding to a rally that has nearly tripled the stock's value this year. In M&A news, UniCredit secured acceptance for roughly 7.6% of Commerzbank's share capital in its $28 billion takeover attempt, clearing a key 30% threshold as the Italian lender pushes forward with Europe's largest banking consolidation in decades.

Energy & Commodities

Crude futures continued their upward trajectory amid stalled U.S.-Iran negotiations over reopening the Strait of Hormuz, tightening physical supply dynamics. Gold futures edged 0.3% higher near $2,340 per ounce, though inflation concerns kept the precious metal from testing recent peaks. Natural gas prices slipped in rangebound trading as seasonal demand patterns shifted toward warmer weather, while India's fuel exports plunged to near-four-year lows in May as domestic supply priorities took precedence during regional supply disruptions. Commodity traders warned of a "super-squeeze" scenario if Hormuz blockades persist, with HSBC highlighting supply chain pressures that could intensify across energy markets.

Debt Markets & Private Credit

The private credit sector faced mounting redemption pressure as Cliffwater's flagship fund with $31 billion in net assets capped withdrawals at 5% quarterly after investors sought to pull approximately 17% of shares, signaling continued stress in the $1.8 trillion market. CoreWeave-linked data centers tapped $900 million from high-yield markets to fund artificial intelligence infrastructure buildout, joining a wave of speculative-grade issuers capitalizing on AI demand. Meanwhile, Blue Owl Capital's tech private credit fund is marketing $300 million of investment-grade bonds, and SpaceX's anticipated IPO represents a potential $200 billion test of investor appetite for private market exits. Treasury yields held steady as the Hormuz impasse continued without visible diplomatic progress.

Corporate Earnings & Strategy

Victoria's Secret posted a dramatic turnaround swinging to a $47.7 million first-quarter profit from a $1.7 million loss a year earlier, driven by strong bra sales and an improved full-year outlook. Ulta Beauty reported broad-based growth across all channels and major categories, with CEO Kecia Steelman crediting the retailer's strategy for overcoming challenging consumer conditions. In contrast, Shake Shack trimmed guidance citing macro uncertainty and competitive pressures in the burger segment. Nestlé's CEO Philipp Navratil said lower coffee and cocoa costs should improve margins this year as the foodmaker works to reignite growth momentum.

Technology & AI Infrastructure

Semiconductor stocks outperformed software by the widest margin on record, with chipmakers benefiting from AI infrastructure spending while legacy software names lagged. Palo Alto Networks revenue rose as customers beefed up cyber defenses, with CEO Nikesh Arora arguing that fears of a "Saa S-Pocalypse" from AI-native competitors are misplaced. Alphabet's $80 billion equity sale is poised to become the largest fundraising transaction ever as the Google parent funds artificial intelligence infrastructure buildout. SpaceX employees are negotiating VIP terms for potential multimillion-dollar windfalls ahead of what could be a $1.75 trillion IPO valuation.

Geopolitical Risk & Defense

Rheinmetall secured Romanian defense contracts worth €5.7 billion ($6.7 to shore up NATO's Eastern flank, marking the German defense company's largest international order. Venezuela hired Hogan Lovells for what could become one of the largest sovereign debt restructurings in decades as the nation seeks to open its power sector to private investment. Colombia's market-friendly presidential candidate sparked an exuberant investor reaction after a surprise first-round victory, raising expectations for an investment rebound in the resource-rich Andean country.

Currency & Emerging Markets

Traders turned bullish on the Chinese yuan for the first time in 15 years, betting increased global usage and attractive valuations can navigate near-term economic headwinds. Emerging market currencies advanced broadly on easing geopolitical tensions as Iran and the U.S. stepped back from hostile rhetoric, boosting risk appetite. However, Senegal dollar bonds traded near record lows amid default fears as political crisis transformed a top emerging-market performer into the worst. The South Korean won could rebound in the second half according to State Street's head trader, as foreign selling of local equities eases and current-account surpluses provide support.