Public Markets 24 Hours

Last updated: June 10, 2026, 2:34 PM ET

Equity Markets & IPO Activity

Wall Street is bracing for the SpaceX offering as the Elon Musk-led rocket company's record-breaking IPO draws more than four times oversubscription and billions in orders from Middle Eastern wealth funds, with Gulf investors alone placing several billion dollars in bids. The offering has turned 4,400 employees into millionaires while Antonio Gracias, Musk's longtime associate, stands to reap billions from his $65 billion stake. Meanwhile, Parabilis shares surged 67% in their trading debut after the drugmaker raised nearly $745 million in an upsized U.S. IPO that priced above its marketed range, and Canadian pharmaceutical firm Apotex opened 17% above offer in its C$1.3 billion listing. Autonomous truck maker Einride began Nasdaq trading at a $1.35 billion valuation following a merger with a blank-check firm, seeking to capitalize on the investor buzz surrounding Musk's public market entry.

M&A & Corporate Takeovers

Retail billionaire Mike Ashley's Frasers Group has offered €2.7 billion to acquire Hugo Boss AG, potentially increasing its existing stake rather than taking full control of the German fashion house. Separately, DCC Plc prepared to accept a revised £5.7 billion takeover bid from private equity firms KKR and Energy Capital Partners, valuing the Irish distributor at approximately $7.6 billion. Sigma Healthcare entered preliminary talks to acquire U.K. drugstore chain Boots, while cybersecurity startup Cyera raised $600 million at a $12 billion valuation in its latest funding round. Anti-Nvidia data center company Tensor Wave secured $350 million in funding to expand AMD-powered facilities, valuing the startup at $1.55 billion.

Fixed Income & Credit Markets

Amazon's record loonie bond sale shook Canada's credit market as the technology giant's massive issuance pushed risk spreads higher and forced other borrowers to delay offerings. The company followed this with a separate $17.5 billion loan as artificial intelligence-fueled borrowing intensifies across corporate America. Canadian government bonds rallied across the curve after the Bank of Canada held rates steady while Governor Tiff Macklem described the economy as "weak," providing relief to investors concerned about credit quality. However, hedging costs for the S&P 500 rally have jumped to $9 trillion as sentiment shifted from fear of missing out to fear of getting wiped out.

Energy & Commodities

Oil markets remained volatile above $100 a barrel as tankers increased dark transits through the Strait of Hormuz under U.S. air cover, helping cushion crude prices despite ongoing Middle East tensions. Iraq boosted oil exports by accelerating loadings at its main port while China tapped commercial stockpiles to weather the Gulf supply shock. A surge in aluminum prices catapulted China Hongqiao's Zhang Bo to a $48 billion fortune as the metal benefited from infrastructure demand. Meanwhile, coal demand is rising across energy-starved Asian markets as shipping executives note the fuel's attractiveness relative to oil amid supply constraints.

Inflation & Monetary Policy

U.S. inflation accelerated to 4.2% in May, marking a three-year high as Middle East energy shocks pushed up prices, though core measures rose less than forecast. JPMorgan Asset Management's David Kelly sees May as the CPI high-water mark with the Federal Reserve expected to hold rates steady despite the uptick. Bond traders maintained bets on a Fed hike later this year after the inflation report showed energy prices rising faster than underlying inflation. Travel costs jumped 27% year-over-year, with airfares contributing significantly to consumer price pressures while companies appeared hesitant to pass costs to consumers.

Geopolitical Risk & Trade

President Trump suggested he may not renew the Canada-Mexico trade deal at a crucial juncture in trilateral negotiations, adding uncertainty to North American commerce relationships. The White House shrugged off high prices amid the Iran conflict, insisting its agenda remains effective despite inflation outpacing wage growth. U.S. and Iranian forces exchanged strikes overnight after Tehran shot down an American Apache helicopter near the Strait of Hormuz, straining a two-month cease-fire and sending shockwaves through energy markets. Meanwhile, Suez Canal tanker traffic surged nearly 30% in April as the Hormuz closure redirected global shipping routes through Egypt.

Technology & Artificial Intelligence

AI-driven dealmaking accelerated across public markets as companies including SpaceX, Alphabet, and others borrowed cash and raised equity at the fastest pace in decades. China's healthcare stocks fell to record low valuations as the AI investment boom drew capital away from defensive sectors toward artificial intelligence beneficiaries. German automotive supplier Mercedes partnered with drone defense start-up Tytan to provide vehicles for intercepting aerial threats, reflecting Europe's growing security concerns. Johnson & Johnson CEO Joaquin Duato said a cancer cure is realistic as AI helps accelerate drug development, though the technology's impact on profitability remains unclear.

International Markets

Australia's Sigma Healthcare discussed acquiring Boots in what would represent a major cross-border pharmacy deal, while India saw share sale activity worth $6 billion signaling renewed dealmaking momentum despite subdued first-half activity. South Korea's Kospi index extended wild swings as chip stocks resumed their decline, with bearish options positioning approaching warning levels that previously foreshadowed market selloffs. Norway's defense group Kongsberg Gruppen targets quadrupling revenue amid rising global military spending, and Sweden's top pension gatekeeper opposed giving Swedish pensioners access to private credit markets.