Public Markets 24 Hours

Last updated: June 3, 2026, 2:31 AM ET

Global Markets Under Pressure

Global stocks extended their record rally to new heights Wednesday, with artificial intelligence stocks continuing to lead the market higher as the S&P 500 climbed for the 16th time in the past 19 sessions. Meanwhile, oil prices climbed amid ongoing Middle East tensions, with Brent crude rising over 2% as concerns grew about supply disruptions through the Strait of Hormuz. The geopolitical uncertainty pushed gold slightly lower to $2,310/oz, while copper declined from a three-week high as traders expressed pessimism about a deal to end the Middle East conflict.

Treasury Yields & Fixed Income

U.S. Treasury yields rose slightly as diplomatic efforts to resolve the Middle East conflict stalled amidst fresh exchanges of heavy fire between the U.S. and Iran. The benchmark 10-year yield climbed to 4.35% as traders priced in the potential for prolonged regional instability. In Asia, demand for Australian seven-year debt surged at auction Wednesday as investors increasingly bet the Reserve Bank's tightening cycle is nearing an end, with the bid-to-cover ratio reaching 2.8. Meanwhile, Treasury yields remained steady from Monday amid no visible progress in U.S.-Iran talks to reopen Hormuz, while Treasuries pared gains after job openings data reinforced expectations of further rate hikes.

Emerging Market Turmoil

Indonesian stocks slumped to their lowest level in five years while the rupiah hit a record low against the dollar, highlighting multi-faceted challenges confronting Southeast Asia's biggest economy. The benchmark Jakarta Composite Index fell 3.2%, while the currency dropped to 16,450 per dollar, its weakest level on record. In Japan, the yen hovered near 160 per dollar, prompting heightened concern among traders that Japan may intervene in the market again to prop up the currency. Meanwhile, China extended outbound investment regulations to explicitly cover individual investors for the first time, potentially raising compliance hurdles for tech founders and ordinary citizens seeking to move money abroad.

SpaceX IPO & Tech Sector

SpaceX is planning to set IPO terms as early as Wednesday afternoon for what's expected to be the biggest listing ever, targeting a valuation of roughly $1.75 trillion. The aerospace firm aims to sell 555.6 million shares at $135 apiece for its record-breaking $75 billion initial public offering. In the tech sector, semiconductor stocks rallying strongly while software fell, with the gap between the two sub-sectors reaching the widest on record. Chipmaker Marvell soared the most since 2000 after Nvidia's CEO predicted it would be the next business to hit a $1 trillion valuation. Meanwhile, Chinese investors exiting Hong Kong-listed stocks in record numbers, highlighting waning appetite as mainland AI shares broaden their appeal.

Private Markets & M&A Activity

Hong Kong's Jardine Matheson seeking around A$1.5 billion in loans to fund its takeover of Australian medical diagnostic imaging provider I-MED Radiology Network. In Brazil, Raizen preparing to present creditors with a final restructuring proposal for its $13 billion debt overhaul. Private credit markets showed signs of strain as Cliffwater's flagship private credit fund saw redemption requests hit 17%, forcing the $31 billion fund aimed at retail investors to limit withdrawals. Meanwhile, QXO Building Products launched a $3 billion junk-bond offering to fund its purchase of rival Top Build Corp., which received more than triple the amount in demand from investors.