Public Markets 24 Hours

Last updated: June 3, 2026, 11:30 AM ET

US Equities Stall as Iran Conflict Clouds Record Tech Run

The S&P 500's longest winning streak in a year came to an abrupt halt Wednesday as a deadly flareup between the U.S. and Iran threatened to unravel a fragile ceasefire, with the index falling alongside broad risk-off positioning. U.S. stock futures were mostly steady overnight but struggled for direction as oil prices climbed on the escalation. Broadcom shares have added $280 billion in market value over just four sessions, and investors will scrutinize earnings after the bell to justify that surge. ASML Holding became Europe's most valuable company ever after a 60% year-to-date rally driven by insatiable demand for AI data-center exposure, while JPMorgan's Nataliia Lipikhina argued that a U.S. earnings "supercycle" fueled by hyperscaler spending will push stocks to further records.

Alphabet's $85 Billion Raise Reshapes Equity Landscape

Alphabet upsized its equity offering to $84.75 billion from the $80 billion announced just two days earlier, marking the Google parent's first stock sale in over two decades and the largest such raise on record. The capital will fund aggressive AI infrastructure buildout, and the company is simultaneously entering the municipal-bond market through a $1 billion prepaid energy transaction out of California. Nvidia CEO Jensen Huang pitched "insane" returns to billionaire family offices in a bid to dispel skepticism around AI capital expenditure levels. The torrent of equity supply arrives as markets prepare for potential mega-IPOs from SpaceX and others, with a Vanguard ETF becoming the first to surpass $1 trillion in assets, underscoring the vast pool of passive money ready to absorb new listings. SpaceX is planning to set IPO terms as soon as Wednesday, though Chinese regulators have warned brokers about overseas share sales, complicating participation from mainland investors.

Private Credit Shows Cracks as Redemptions Mount

Shares of major alternative asset managers tumbled on Wednesday after Cliffwater's flagship $31 billion private credit fund reported redemption requests hitting 17%, an acceleration from the first quarter that signals growing unease among retail investors. The Cliffwater fund limited withdrawals in the latest sign of an exodus from the sector. Partners Group, the Swiss private-equity giant, capped investor redemptions from its $8.6 billion flagship vehicle, sparking a share selloff after its CEO cited jitters among wealthy clients toward private markets broadly. The pressure is drawing official scrutiny: the Southern District of New York's top prosecutor said his office is examining valuation discrepancies in private credit, a signal that regulatory risk is building even as the industry defends its marks.

Treasurys Slide, Yen Tests Intervention Line

Treasurys headed for their biggest drop in two weeks as escalating U.S.-Iran tensions lifted oil prices and revived expectations that the Federal Reserve may raise rates rather than cut them. The ADP jobs report beat forecasts, reinforcing labor-market resilience and pushing yields higher even as Middle East conflict intensified. Options traders are looking past jobs data, shifting focus to inflation as war-fueled oil shocks ripple through the economy. The yen hovered near 160 per dollar, keeping traders on edge for potential Japanese government intervention. In Australia, demand for seven-year government debt surged at auction as investors bet the Reserve Bank's tightening cycle is nearing its end.

Oil, Gold, and the Strait of Hormuz

Iranian drones struck Kuwait's main airport as the U.S. and Iran exchanged strikes, pushing oil prices higher and keeping the Strait of Hormuz, through which most Gulf energy exports flow, at the center of the stalemate. Iran failed to get any crude past the U.S. naval blockade in May, leaving roughly 80 million barrels stranded. Kuwait is now considering expanded global oil storage to bypass Hormuz, though analysts note that pipeline alternatives offer only a partial fix. Russia's multi-billion-dollar refiner payouts dent state revenues even as the Iran conflict boosts crude prices. Gold finished 0.3% higher but inflation concerns persist, while copper declined from a three-week high on pessimism over a Middle East peace deal. U.S. natural gas futures treaded water awaiting a recovery in LNG feedgas flows.

Tariffs, Trade Tensions, and Emerging Market Strains

The Trump administration proposed new tariffs of at least 10% on imports from roughly 60 trading partners following a forced-labor investigation, with levies reaching as high as 12.5%. Switzerland said it remains in talks with Washington, and India stayed "engaged" as negotiations continue. Indonesian stocks plunged to a five-year low and the rupiah hit a record, while foreign investors pulled out of Brazilian stocks at the fastest pace in over six years. Chinese investors are exiting Hong Kong-listed shares in record numbers as mainland AI names attract capital onshore. Bahrain tapped the dollar bond market hours after fending off Iranian missile attacks, testing investor appetite for Middle East debt amid the conflict.

Corporate Deals and Earnings

Nissan signed a deal with China's Chery to produce cars at its Sunderland plant, securing the future of the UK's largest auto factory after a massive restructuring. Akzo Nobel shares plunged 19% after Sherwin-Williams and Nippon Paint abandoned their $14.5 billion pursuit. Nestle is taking full control of yfood in its first acquisition under new CEO Schneider. Macy's raised its full-year outlook, Victoria's Secret swung to a $47.7 million profit, and Ulta Beauty posted an 11% sales increase. QXO's $3 billion junk bond sale for its Top Build acquisition drew triple the demand, showing credit appetite remains strong outside the private credit complex.