Public Markets 24 Hours

Last updated: June 30, 2026, 11:30 PM ET

Public Markets Briefing

Currency Markets

The Japanese yen plunged to a 40-year low against the dollar, touching 162.77, as traders remained on alert for potential foreign exchange intervention as the currency weakened further. This historic slump is forcing investors to rethink established strategies for gauging currency movements, according to Mizuho Bank. Bullish bets on the Chinese yuan are also fading rapidly, with options traders unwinding positions after the Federal Reserve's hawkish pivot. Meanwhile, the U.S. dollar index edged higher, snapping a three-day losing streak and closing the quarter up 0.85% at 97.53.

Equities & IPOs

The second quarter proved exceptionally strong for U.S. equities, with the S&P 500 and Nasdaq Composite logging their best quarterly performances since 2020, rising 15% and 21% respectively as the quarter concluded. Analysts remain optimistic that artificial intelligence will continue to drive corporate earnings growth. In the IPO market, ride-sharing company Uber-backed Lime priced its shares at $25 in a deal underwritten by Goldman Sachs, JPMorgan, and Jefferies. Bending Spoons SpA, a software acquirer, and its backers raised $1.68 billion in a US initial public offering that priced above its marketed range. Digital infrastructure firm ITG Inc. also raised $312.2 million in its US IPO, though it priced shares below expectations.

Corporate & Deal Activity

Alcoa Corp. has agreed to acquire South32 Ltd.'s bauxite, alumina, and aluminum assets for up to $5.6 billion, a deal that solidifies its position as a top producer amid strengthening demand and Middle East disruptions. In the biotechnology sector, Sixth Street Partners and KKR & Co. are providing Bridge Bio Pharma Inc. with $1 billion in preferred equity. Private equity firms IVEST Consumer Partners and Cloverlay have sold the Care Bears brand to Authentic Brands Group, having acquired the toy brand in 2023 and focused on licensing and royalty agreements since then. KKR is also set to acquire EDF Power Solutions’ North American renewable energy operations for $4.2 billion, a business that ranks among the top 10 US renewable capacity owners according to market reports.

Commodities & Energy

Gold held steady in early Asian trade, entering a medium-term bearish consolidation zone below $4,115 an ounce, according to Swissquote Bank as market sentiment shifted. The yellow metal also traded steady as traders assessed peace talks between the US and Iran and weighed US economic data for clues on Federal Reserve interest rate policy amidst broader market shifts. Oil futures rose in early Asian trade on a possible technical recovery after posting their sharpest quarterly drop since 2020 earlier in the week. The global oil market is poised to swing back into oversupply as the impact of the Iran war fades and traffic through the Strait of Hormuz recovers, according to Goldman Sachs. Russian crude oil exports have surged to record levels, though Moscow's oil earnings have dropped to the lowest since March amidst a global price decline.

Geopolitics & Economic Policy

The U.S. Treasury announced sanctions against two Mexican citizens and nine companies linked to a cartel-connected fuel-smuggling scheme in a recent move. In Venezuela, bonds are tumbling as investors factor in a bleaker financial outlook following devastating earthquakes that have exacerbated challenges of a sweeping debt restructuring according to market analysts. Meanwhile, the United Nations will save hundreds of millions of dollars by not refunding unspent dollars to countries that fail to pay their dues, following a rule change to stave off financial collapse as reported by the WSJ. The European Central Bank may keep interest rates unchanged at its next meeting if the situation in the Middle East does not escalate, according to Governing Council member P. Dolenc as energy markets remain calm.

Technology & AI

The U.S. government has lifted restrictions on Anthropic’s most powerful AI models, allowing the company to bring its advanced technologies back online and de-escalating a dispute with the Trump administration as reported by the NYT. Separately, U.S. stocks are rising, capping their best quarter in years, with the S&P 500 and Nasdaq logging their best quarterly performances since 2020 as the trading session closed. Investors are navigating fallout from the Iran war, volatility in chip stocks, and a blockbuster SpaceX IPO, contributing to the strongest quarterly gains in six years for US stocks according to market observers. Taiwan has escalated its probe into the unauthorized diversion of advanced artificial-intelligence servers manufactured by Super Micro Computer, part of efforts to crack down on alleged smuggling as authorities investigate.

U.S. Politics & Legal Matters

Vice President JD Vance’s financial disclosure report revealed assets including cryptocurrency and real estate, alongside earnings of up to $7.4 million last year, largely from book royalties as detailed in a recent filing. President Donald Trump reported earning at least $1.4 billion in 2025 from crypto and memecoin-related businesses, according to his latest annual financial disclosure as per Bloomberg reports. Financial disclosures also show that Trump pulled in at least $2.2 billion in 2025, with his family’s holdings, particularly his crypto businesses, proving exceptionally lucrative according to the NYT. The Supreme Court has blocked Trump’s attempt to end birthright citizenship, a decision that concluded one of the most aggressive parts of his immigration agenda as the court ruled. Additionally, two federal courts have blocked a Trump administration rule that could have narrowed eligibility for a student loan forgiveness program for public servants in a significant ruling. The Supreme Court also expanded Trump’s power while a dangerous U.S. heat wave spread across the nation according to the New York Times.

Other Markets

The European Union’s largest steelmakers are urging policymakers to avoid weakening the bloc’s emissions market and to instead support strengthening its carbon border adjustment mechanism as they issue warnings. Arabica coffee jumped the most in almost four years, buoyed by mounting concerns about supply in top-grower Brazil amidst rising risks. CME Group is launching new trading contracts for beef products used in hamburgers and meatballs, as prices surge amid a shrinking US cattle herd following market trends. The U.S. Commerce Department is due to deliver a key report to the White House to inform President Trump’s next move regarding copper tariffs, potentially leading to more tariff turmoil.