Public Markets 24 Hours

Last updated: June 5, 2026, 2:31 PM ET

Market Performance & Indices

U.S. stocks slumped Friday as the Nasdaq composite plunged 3% and shares in chip and memory groups sank amid rising expectations of Federal Reserve rate increases. The S&P 500's record-breaking streak faced significant danger as traders aggressively priced in an interest-rate hike following stronger-than-expected employment data. The negative sentiment carried into premarket trading, with S&P 500 Index futures down 0.5% as of early Monday morning. Treasury yields jumped significantly as concern mounted about higher borrowing costs, particularly for growth-oriented technology stocks that had driven the market's recent rally.

IPO Market & Equity Offerings

SpaceX's impending initial public offering surpassed expectations as the rocket company has already received orders for more shares than available in its record-setting $75 billion IPO. The valuation target of $135 per share would make Elon Musk's company the largest IPO ever, exceeding the 2019 offering of Saudi Aramco in both valuation and funds raised. The company has allocated significant portions of the offering to retail investors, with up to a quarter of shares reserved for individual investors. More than 30,000 UK retail investors registered interest in the hotly anticipated IPO, though the company won't be included in the S&P 500 index due to Nasdaq's different rules for megacap IPOs.

Economic Data & Monetary Policy

U.S. job growth exceeded all forecasts in May, with the stronger-than-expected employment report prompting traders in the $31 trillion Treasuries market to fully price in a Federal Reserve interest-rate hike by the end of the year. Following the robust data, Federal Reserve officials shifted their focus from labor market strength to resurgent inflation, with expectations now firmly in place for rate hikes rather than cuts. The dollar extended gains after the jobs data came in stronger than anticipated, with investors pricing in monetary tightening as progress in U.S.-Iran peace deal talks stalled. Treasury yields remained steady ahead of the employment report, which ultimately provided clearer direction on the Fed's rate path.

Commodities & Energy Markets

Gold settled sharply lower, ending the week 4.90% down at $4,337.10 per ounce after dropping 3.1% on Friday alone, while silver fell nearly 6.6% for the week. In crude markets, oil futures slipped ahead of the weekend as traders held out hope for U.S.-Iran negotiations to eventually reopen the Strait of Hormuz, where commercial traffic remained near zero. OPEC crude output fell to multi-decade lows last month as the U.S. blockade of Iran and disruptions in the Persian Gulf continued to curb production. U.S. natural gas futures retracted some gains after advancing the previous two sessions on a hotter weather outlook and below-average weekly storage injection.

Cryptocurrency & Digital Assets

Bitcoin tumbled significantly heading for its biggest weekly loss since November 2022 after a large sale by a crypto fund unnerved traders. The cryptocurrency decline contributed to Bitcoin treasury firms shedding $62 billion in value during the deepening crypto rout, adding fresh pressure to one of the most ambitious financial experiments to emerge from the recent crypto boom. Meanwhile, the Trump family's crypto venture generated bumper profits from its foray into stablecoins, thanks partly to a promotional arrangement with Binance Holdings Ltd. The contrasting performance highlighted the divergent paths within the digital asset ecosystem as institutional adoption grows alongside market volatility.

Emerging Markets & Central Bank Actions

India scraped taxes and removed caps on foreign ownership of some bonds to attract overseas capital and stabilize the rupee, which has been under pressure from higher energy prices and concerns about regional stability. The central bank held interest rates steady despite pressure on the currency from foreign outflows and geopolitical tensions, though most economists expect an August rate hike to be near certain. Indian households expect inflation to accelerate through the year, with Reserve Bank of India surveys highlighting concerns over the US-Iran war and below-normal monsoon predictions. The coordinated policy actions provided an immediate boost to the beleaguered currency, though structural challenges remain for policymakers.

Corporate Developments & M&A

Canada's Terra Vest Industries plummeted the most since 2009 after allegations emerged that its executive chairman engaged in insider tipping, with the market capitalization of the manufacturer sharply declining. JPMorgan Chase shifted its stance on Tesla, becoming decidedly less bearish on the electric vehicle manufacturer after swapping out its lead autos analyst. Manchester United is exploring options to refinance $425 million of debt due next year, potentially tapping the private placement market as the soccer club faces ongoing financial challenges. In the asset management sector, Allianz