Public Markets 24 Hours

Last updated: June 5, 2026, 8:31 AM ET

US Markets & Fed Policy

Stock futures slipped 0.5% in premarket trading as the AI trade continued to falter, with Nasdaq futures down more than 1% while the Dow remained flat ahead of the crucial jobs report. Federal Reserve officials have shifted their focus to resurgent inflation, with Morgan Stanley analysts suggesting the central bank would likely discount the effects of the Iran war when considering any rate hikes. Treasury yields declined ahead of U.S. payrolls as renewed hopes of a Middle East resolution boosted sentiment, while traders increasingly price in a September Fed rate cut based on market movements.

SpaceX & Space Stocks

Wall Street analysts are projecting SpaceX's revenue reaching $3.4 trillion by 2040, with one research firm estimating the rocket maker's AI division could see 100 times revenue growth by 2030. Underwriters on SpaceX's $75 billion IPO have been instructed not to accept orders from investors in Hong Kong and China due to US technology export restrictions, while many current and former SpaceX staff are poised to become overnight millionaires as the company prepares for its public listing. The IPO frenzy has also created interest in alternative space stocks like Rocket Lab, offering investors another way to play the space race.

Energy & Commodities

Oil prices slipped but headed for weekly gains as renewed Middle East tensions dampened hopes for an immediate reopening of the Strait of Hormuz, with European natural gas prices also set for weekly gains as US-Iran peace talks remain elusive. Algeria has begun construction on a trans-Saharan gas pipeline first proposed decades ago to supply gas from Nigeria and the region to European customers, while Sempra Infrastructure has started producing LNG at Mexico's first West Coast export terminal with plans to ultimately ship the fuel to Asia. Global food prices remained near a three-year high after a drop in palm and soy oils was offset by disruptions to key agricultural flows from the Iran war.

Emerging Markets

India's economy grew faster than expected in the three months through March despite rising energy costs linked to the Iran war and a weaker currency, prompting the central bank to announce measures to support the rupee while keeping interest rates unchanged. Indonesia is confronting a crisis of investor confidence that would have seemed unthinkable just a few years ago, with the rupiah plunging to a record low despite Finance Minister Purbaya Yudhi Sadewa defending his economic track record. China's crude imports plunged in May to a decade-low as weaker demand, refinery cuts, and limited exports help the world's top buyer weather global market shifts, while the yuan's recent gains may be dampened by China allowing some banks to offer higher interest rates on corporate US dollar deposits.

Corporate News

Airbus SE is falling behind on deliveries of the A321XLR to Indian customer Indi Go, with the carrier unlikely to receive the full batch of nine units this year as war impacts the supply chain. Manchester United is exploring refinancing options for $425 million of debt due next year, potentially tapping the private placement market. B&M European Value Retail Plc has ignited a short squeeze with shares heading for their best-ever week after the UK discounter's better-than-expected earnings bolstered confidence in its turnaround efforts. Meanwhile, London-listed Raspberry Pi shares surged 19.5% after the low-cost computer maker said it expected full-year earnings to significantly exceed market expectations, with unit sales projected to exceed 4 million in the first half.

Economic Data & Policy

A weak jobs report could spark a bond rally as traders seek safety in Treasurys, with data pointing toward recovery after a stagnant 2025 despite slow workforce growth potentially limiting economic expansion. Japan's Prime Minister Sanae Takaichi has acknowledged that the government needs more careful communication with the bond market, while Mitsubishi UFJ Asset Management warned that an expected Bank of Japan rate hike this month may not be enough to prevent further declines in the yen. Carmignac is extending the maturity of its inflation-linked bond holdings in a bet that mounting pressure on government budgets will push central banks to tolerate higher inflation in coming years, while Bank of Ghana Governor Johnson Asiama said policymakers could resume cutting interest rates once the Iran war ends.

Other Market News

Bernstein has soured on packaged food stocks citing upcoming headwinds including rising oil prices and the impact of GLP-1 medications on consumer behavior. Quinn Emanuel has raised pay for junior lawyers in London to £189,000, signaling that elite law firms are on the cusp of a fresh pay war as competition intensifies. The municipal bond market's $80 billion tobacco bond sector experienced its first-ever default after a Nassau County, New York agency failed to make a $36 million principal payment. Blackstone has capped withdrawals from its flagship private credit fund after redemption requests surged to $4.5 billion in the second quarter. Active stock funds are reeling as big technology companies strengthen their grip on market dominance, making it increasingly difficult for stock pickers to outperform.