Public Markets 24 Hours

Last updated: June 5, 2026, 11:31 PM ET

Equity Markets

Global stocks suffered significant losses on Friday after stronger-than-expected U.S. job growth rekindled concerns about potential Federal Reserve rate hikes, with the S&P 500 plunging more than 2.6% and ending a nine-week winning streak. The tech-heavy Nasdaq tumbled 4% as semiconductor stocks bore the brunt of selling pressure, with memory chip companies particularly hard hit as investors reassessed the impact of rising rates on high-growth sectors. The selloff extended into Asian markets Monday, with S&P 500 futures down 0.5% as the AI trade continued to falter amid growing concerns about valuation sustainability in technology stocks. Despite the carnage, Goldman Sachs analysts viewed the pullback as a buying opportunity, projecting a clear path for the S&P 500 to reach 8,000 by year-end, while Marvell Technology and Flex Ltd. prepared to join the benchmark index in the latest quarterly rebalance.

Fixed Income & Rates

U.S. Treasury bonds sold off sharply after the May jobs report showed employers added 172,000 positions, pushing the two-year yield to its highest level in a year as traders fully priced in a Federal Reserve interest-rate hike by the end of 2026. The WSJ Dollar Index rose 1.07% for the week to 96.60, gaining four of the past five trading days as resilient economic data bolstered bets on monetary tightening. Despite the hawkish shift, Citigroup economists maintained their call for three Fed rate cuts this year, increasingly isolated in their view as other Wall Street banks abandoned similar predictions. In Europe, the euro-zone economy unexpectedly shrank at the start of the year after an unprecedented contraction in Ireland forced a revision to data that had originally shown weak growth.

IPO Pipeline & Private Markets

SpaceX's highly anticipated $75 billion initial public offering faced added hurdles after the company that makes rules for index providers rejected a proposal that would have relaxed requirements for mega-cap IPOs, potentially delaying its inclusion in major benchmarks for years. In a related development, underwriters were instructed not to accept orders from investors in Hong Kong and China for the SpaceX IPO, citing U.S. restrictions around the export of critical technology. Meanwhile, thousands of UK retail investors registered interest in the hotly anticipated offering, with more than 30,000 small investors seeking exposure to Musk's rocket company before its public debut. Electrum-backed Mexican silver miner Sinda Ltd. filed for a US IPO seeking to fund mining operations in a historically productive region of Mexico.

Commodities & Energy

Commercial traffic through the Strait of Hormuz remained near zero over the past 24 hours as peace talks between the U.S. and Iran showed little sign of advancing, despite Iran firing drones toward the strategic waterway and the U.S. military shooting down at least four. The heightened tensions prompted the world's atomic watchdog to examine whether nuclear reactors' external power supply lines need additional protection following Iran's attack last month on a nuclear power plant in the United Arab Emirates. In energy markets, European natural gas prices headed for a weekly gain as uncertainty over prospects for a U.S.-Iran peace deal dominated sentiment after fighting in the Middle East intensified. Algeria began constructing a trans-Saharan gas pipeline to supply European customers, a project first proposed decades ago to transport gas from Nigeria and the region.

Currency & Credit Markets

Bitcoin tumbled to its biggest weekly loss since November 2022 as a sale by crypto firm Strategy unnerved traders, with Bitcoin treasury firms collectively shedding $62 billion in assets amid the deepening crypto rout. Indonesia faced a crisis of confidence as markets decode President Prabowo's economic policies, with the Southeast Asian nation confronting questions about investor sentiment that seemed unthinkable just years ago. In Africa, Ghana's central bank governor indicated potential rate cuts after the Iran war ends, while Senegal made advance payments on foreign-currency bond notes ahead of scheduled IMF talks. Hedge funds increased short positions in call center stocks as they anticipate AI-driven disruption to the outsourcing industry, reflecting growing concerns about technological unemployment in certain sectors.