Public Markets 24 Hours

Last updated: June 29, 2026, 8:30 PM ET

Global Markets & Macroeconomics

Asian stocks were poised for gains, tracking a rally in technology shares that lifted Wall Street, while the yen weakened to a four-decade low against the dollar. In commodities, oil futures dropped 1.3% as U.S. President Trump indicated a potential meeting with Iran, and later held an advance as Iran sought control of the Strait of Hormuz ahead of talks. French President Macron and Oman's Sultan Haitham bin Tariq backed free transit through Hormuz without conditions, though the waterway's recovery hit a bumpy patch after fresh attacks on ships. Meanwhile, Egypt $1.6 billion IMF payout with a preliminary deal.

US Equities & Corporate News

The Dow Jones Industrial Average hit a record above 52000, buoyed by Alphabet's gains, as Wall Street rebounded from the previous week's tech selloff with a flurry of corporate deal activity. Comcast's planned spin-off of NBCUniversal and Sky sent its shares soaring 25%, creating two publicly traded entities and potentially leading to significant deal-making. In a move that could reshape the broadband landscape, Comcast plans split its media division from its core operations. Charter Communications Inc. debt saw record improvements on bets that a Comcast breakup could lead to a combination of the two companies.

Technology & AI

China's stock market has lagged most since 2001, missing out on the artificial intelligence boom that propelled global tech shares. The widespread adoption of AI is causing concern, with some scholars suggesting that "unknown unknowns" in workplace AI may undermine advertised benefits, and others arguing that the immense investment in AI is strangling the rest of the economy. Microsoft shares are heading for their worst month since the dot-com era amid investor concerns about its AI positioning.

Energy & Commodities

Oil futures slipped 1.3% in early Asian trade following President Trump’s announcement of potential U.S.-Iran talks. Later, oil held its gains as Iran pursued control of the Strait of Hormuz. France and Oman jointly advocated for free transit through the vital waterway. However, the reopening of Hormuz faced renewed disruption after Iran attacked two ships. Pakistan urgently sought LNG as Hormuz flare-ups choked supply, while Iraq’s trapped oil began to escape through the Strait during an uneasy U.S.-Iran ceasefire period. Fossil fuel subsidies are projected to reach $1.1 trillion in 2026, driven by the war in Iran and efforts to shield consumers from high energy prices UN.

Regulatory & Legal Developments

The U.S. Supreme Court issued twin rulings affirming the Federal Reserve’s independence while granting President Trump expanded power to fire officials, though blocking the removal of Fed Governor Lisa Cook. This decision prompted Trump to renew his threat to fire Fed Governor Cook in the wake of the court loss. Dissenting opinions warned that the ruling allowing Trump firings could lead to chaos as it undoes political practice. In a separate matter, the Supreme Court rejected Trump’s request to appeal a $5 million verdict in the E. Jean Carroll case regarding sexual abuse and defamation. The UK's Financial Conduct Authority eased crypto rules, softening capital and disclosure requirements after industry complaints that the digital assets regime was too onerous.

Corporate Restructuring & Finance

Brazilian sugar and fuels company Raizen SA reported a cash burn of 3.4 billion reais ($657 in the first quarter of 2026 and doubled its impairment charge. Bank of America Corp. agreed to pay $7.5 million to the SEC to settle allegations that its Merrill Lynch brokerage failed to properly file suspicious activity reports leading to a lapse. JPMorgan Chase & Co. is struggling to attract investor demand for a $775 million loan to an oil driller, offering a steep 15% interest rate on the Trump-backed loan. U.S. Tele Pacific, also known as TPx Communications, filed for bankruptcy in Texas, preparing for a potential $1 billion debt cut after repeated restructurings.

International Markets & Trade

The Taiwan dollar may face renewed pressure as the U.S. dollar strengthens and local companies prepare for record dividend payouts. China is reportedly targeting more Japanese companies with export controls on "dual-use" items with civilian and military purposes. Spain's government will scrap a key electricity tax, while also lifting its 2026 economic-growth forecast despite the conflict in Iran, anticipating only a limited impact according to new forecasts. South Korea plans to unveil a spending package to solidify its position as a technology powerhouse aiming to cement its status.

Disruptions & Economic Pressures

The drone threat to aviation is escalating, with a drone strike on a Jet Blue flight landing at JFK airport and a near-miss the previous week raising alarms. Aero Vironment reported a higher fourth-quarter profit as revenue more than doubled, driven by increased product and service sales for the drone maker. The steel industry faces a looming power crisis as AI data centers compete for electricity warning of a bottleneck. In India, Amazon and Walmart's Flipkart are poised to disrupt the rapid delivery market dominated by Eternal Ltd. and Swiggy Ltd. by entering the space.

Political & Social Developments

California is seeking to expedite election results with a $40 million investment, after lengthy delays in determining outcomes for mayoral and gubernatorial races in the last primary. New York City's $125 billion budget remains stalled amid a dispute between Mayor Zohran Mamdani and City Council Speaker Julie Menin over housing vouchers and budget passage. In Peru's presidential election, Keiko Fujimori secured a narrow victory, returning her family's movement to power in a divided country. The Supreme Court's decision on late-arriving mail-in ballots, allowing them to be counted after Election Day, provides relief to 18 states and marks a setback for Trump.

Other Notable Developments

A director who defrauded Netflix, Carl Rinsch, was sentenced to 30 months in prison after being convicted of stealing $11 million from the streamer to fund a science fiction series he proposed for production. The Archdiocese of San Francisco reached a $395 million settlement with sex abuse survivors, covering approximately 530 claims of abuse by clergy members during their service. British American Tobacco Plc is cutting 9,000 jobs globally, about one-fifth of its workforce, as part of a broader cost-reduction and operational simplification plan intensifying its turnaround.