Public Markets 24 Hours

Last updated: July 1, 2026, 5:30 AM ET

Global Equities & Markets

U.S. stock futures pointed lower at the start of the second half of the year, with global equities set to begin July in negative territory. Investors are awaiting comments from Federal Reserve Chair Kevin Warsh, as traders ramp up bets on U.S. interest rate hikes, a sentiment that also pushed gold below $4,000. The dollar climbed as market focus shifted to potential Fed policy, impacting commodities like aluminum which fell to its lowest since mid-February due to a strengthening dollar. China’s Sungrow Power Supply Co. tumbled 20% on reports of a potential U.S. import ban over national security concerns, while European banks continued their strong performance, gaining 21% in the prior quarter and showing potential for further upside.

M&A and Capital Markets

Global mergers and acquisitions surged past $2.5 trillion in the first half of the year, driven by a strong performance in technology deals which accounted for a record $302 billion in global issuance. This surge in equity market fundraising, described as the most exuberant since 2021, raises questions about the market's capacity to absorb upcoming IPOs. In a significant development, Alcoa agreed to buy South32's aluminum assets for up to $5.6 billion, a deal that positions Alcoa as a top producer amid rising aluminum prices due to Middle East disruptions. Meanwhile, Getty Images plans to terminate its merger with Shutterstock following conditions imposed by UK regulators, sending Shutterstock shares plunging 30% in after-hours trading.

Central Banks and Monetary Policy

Eurozone government bond yields opened higher, tracking gains in U.S. Treasuries as investors anticipate inflation data. European Central Bank Governing Council member Joachim Nagel indicated he is keeping options open for the next two interest-rate meetings, while also stating that Germany's central bank is well-positioned to oversee the country's planned state-backed pension fund if asked. In Asia, Japan's currency chief suggested that FX intervention was an effective strategy and flagged close communication with the U.S. over foreign exchange, as the yen hovers near a multi-decade low. Mizuho Bank noted that the yen's slump is forcing a rethink of strategies used to gauge its moves as it defies rate rules.

Energy & Commodities

European natural gas prices rose amid disruptions from Qatar and heatwaves, with French consumers facing higher bills for network maintenance over the coming decades due to falling demand. Italian oil major Eni SpA and commodities merchant Mercuria have signed a deal to trade energy globally, establishing a joint venture to compete in the lucrative commodities trading market. Oil prices remained little changed as market participants monitored U.S.-Iran peace talks and the recovery of shipping through the Strait of Hormuz. Goldman Sachs flagged a potential oil surplus, anticipating the global market could swing back into oversupply as the impact of the Iran conflict fades and traffic through the Strait of Hormuz recovers even nations rebuild stockpiles.

Corporate & Business News

Alphabet Inc.'s remarkable 12-month performance, which saw its market value gain $2 trillion, has now raised questions about its future trajectory. Associated British Foods Plc reported falling sales at its Primark chain ahead of its planned separation from the company's food divisions, with the sugar unit specifically expected to post a loss due to deteriorating market conditions weighing on the business. In the healthcare sector, Galderma Group AG shares slumped the most in over a year after the U.S. Food and Drug Administration rejected its rival Botox treatment, Relfydess. French shipping group CMA CGM is nearing a deal worth $1.4 billion for FedEx's logistics unit, aiming to expand its U.S. presence and strengthen its supply chain footprint.

Technology & AI

Abu Dhabi's MGX has raised a substantial $49 billion for one of the largest funds dedicated to artificial intelligence deals, propelling the firm into a position of significant investor influence in the AI sector. The U.S. has lifted restrictions on Anthropic's most powerful AI models, allowing the company to re-release its technologies and de-escalate a dispute with the Trump administration. Anthropic has also launched Claude Science, a new AI product with potential use cases in drug discovery and rendering 3D protein structures, as it pushes for revenue in the pharmaceutical sector with its new product. Meanwhile, Chinese inverter manufacturer Sungrow Power Supply Co. tumbled 20% following a report that U.S. regulators are drafting a ban on imports due to national security concerns.

US Politics & Economy

The Trump administration's push to end birthright citizenship for children of undocumented immigrants and some temporary foreign visitors was blocked by the Supreme Court, marking a significant blow to a key immigration policy. A Republican blockade has paralyzed the House, stalling legislation including a Pentagon policy bill, as the far-right faction presses for action on a voting bill championed by President Trump. President Trump's financial disclosure report revealed he earned more than $1 billion from digital currency interests, licensing, and legal settlements, part of a windfall exceeding $2.2 billion. In economic news, U.S. airline bonds weakened amid fears of rising jet fuel costs, and a planned municipal bond sale in Chicago is testing investor appetite amid geopolitical uncertainty. The U.S. added an estimated 1,200 new millionaires daily last year, with soaring financial markets cited as a primary driver for Americans comprising nearly half the world’s new millionaires according to WSJ analysis.