Public Markets 24 Hours

Last updated: July 1, 2026, 8:30 PM ET

Markets Overview

Global markets faced a mixed trading environment as investors parsed inflation data, corporate earnings, and geopolitical developments. Asian stocks were poised to fall on Thursday as a selloff in U.S. chipmakers weighed on sentiment, with traders also assessing fresh remarks from Federal Reserve Chairman Kevin Warsh. European stocks closed off session lows, with policymakers at the European Central Bank signaling a cautious approach to interest rate hikes amid easing inflation. U.S. stocks ended modestly lower as investors digested comments from Chairman Warsh for clues on interest rates, with the S&P 500 closing 0.2% lower ahead of the jobs report. The S&P 500 concluded the second quarter with its strongest performance since 2020, rising almost 15%, and many analysts remain optimistic about continued corporate earnings growth driven by artificial intelligence.

Corporate Dealmaking & IPOs

Mergers and acquisitions volume is projected to remain strong in the second half of the year, driven by megadeals totaling a record $2.8 trillion, as companies and investors adapt to economic shifts spurred by the rise of AI as per FT analysis. KKR & Co.-backed South Korean fashion retailer Musinsa is aggressively expanding its physical store presence in China and Japan ahead of a potential IPO. In the IPO market, AOL owner Bending Spoons surged 40% on its Nasdaq debut, raising $1.68 billion in one of Europe's largest tech offerings this year. Separately, Uber-backed Lime saw its shares climb after raising 167 million euros in an IPO underwritten by Goldman Sachs, JPMorgan, and Jefferies. Tankmaker KNDS, however, postponed its initial public offering, citing market conditions and balking at a valuation exceeding 12 billion euros.

Technology & AI

The White House is accelerating plans for AI model standards, with guidance expected as soon as next week following government intervention in rollouts by Anthropic and OpenAI. Entrepreneurs are finding it easier to establish solo ventures with the assistance of AI as per WSJ opinion. Meanwhile, the trillion-dollar AI funding boom is opening new avenues in the private debt market, enabling tech companies to sell debt directly to deep-pocketed insurance firms according to Bloomberg. Together AI, which specializes in open-source artificial intelligence models, is now valued at over 8 billion dollars. Michael Burry, known for his prescient bets against the housing market, has cited the "beginning of the end" with new AI-related short bets, targeting Tesla, Caterpillar, Applied Materials, and a chip stock ETF as reported by WSJ.

Energy & Commodities

Oil futures extended their decline for a third consecutive day as flows through the Strait of Hormuz surged and signs of progress emerged in indirect U.S.-Iran talks. U.S. crude grades have shed their Iran war premium, trading at a discount again as crude flows through the Strait of Hormuz increase and demand for American exports fades according to Bloomberg. Associated British Foods Plc reported falling sales at its Primark budget fashion chain, impacting profits ahead of a planned split of its retail and food businesses as per FT. U.S. natural gas futures remained range-bound as hot weather boosted cooling demand, though abundant production and inventories capped any gains reported by WSJ.

Interest Rates & Central Banks

Federal Reserve Chairman Kevin Warsh tapped former Bank of England Governor Mervyn King to co-chair the central bank's new task force on communications according to Bloomberg. Warsh indicated that inflation poses less risk than in recent weeks, emphasizing the central bank's commitment to "deliver price stability" as per NYT. Traders are plotting a worst-case scenario for the yen, with some considering a slide to 200 per dollar as a medium-term risk. In Europe, the European Central Bank's approach to future rate moves is splintered, with inflation sinking alongside oil prices, leading to a lack of consensus on the next step reported by Bloomberg. Governing Council member Yann Stournaras suggested a smaller likelihood of further rate hikes due to falling energy prices and slowing inflation reported by Bloomberg.

President Trump & Financial Interests

President Trump's business holdings, which generated over 2 billion dollars last year, present potential conflicts of interest that surpass those of any predecessor. Financial disclosures for 2025 reveal that the Trump family's holdings, particularly the president's cryptocurrency ventures, were exceptionally lucrative, with earnings of up to 1.4 billion dollars from crypto. He has reportedly made up to 1.4 billion dollars in stock purchases in 2025, executing more than 22,000 share transactions. Roughly two-thirds of investors in the president's memecoin are currently in the red, with Trump and his family reaping vast rewards from a memecoin that resulted in losses for hundreds of thousands of investors reported by WSJ and NYT. The Trump administration also moved to ban a synthetic version of kratom, paving the way for increased sales of rival botanic supplements that had aggressively lobbied for the change according to NYT Business. The administration also declined to immediately request a renewal of the North American trade agreement, creating uncertainty for businesses as per NYT and FT. Separately, a judge blocked the Postal Service from imposing restrictions on mail-in ballots, the second such ruling against the Trump administration's curbs on voting by mail reported by NYT.

Global Finance & Economics

Global treasurers are driving a record 36 billion dollars in Kangaroo bond sales, with Australia's market attracting significant interest from funding chiefs worldwide. South Korea's biggest lenders are expanding trading desks in London and Seoul to prepare for the won's round-the-clock trading reported by Bloomberg. India's bonds attracted a record monthly inflow after the government scrapped taxes on foreign investors, with the federal government raising 2 billion dollars through stake sales in listed state-run companies. New Zealand house prices fell for the third straight month in June, nearing a three-year low and reflecting an economic slowdown exacerbated by the global oil shock according to Bloomberg. Peru's inflation unexpectedly accelerated in June, remaining above the central bank's target range for a fourth consecutive month due to rising food costs reported by Bloomberg.

Other Notable Developments

Alcoa has agreed to buy South32's bauxite, alumina, and aluminum assets across Australia, Brazil, and South Africa in a deal valued at up to 5.6 billion dollars. CMA CGM is set to acquire FedEx Supply Chain for 1.4 billion dollars, expanding its contract logistics business in the U.S. In a significant settlement, Alibaba Group and AUS Merchant Services will pay 600 million dollars to resolve allegations of allowing the sale and import of illegal pharmaceuticals and other restricted items into the U.S. Robinhood Markets is rolling out perpetual futures tied to commodities, ETFs, and currencies in Europe, aiming to capitalize on the rise in round-the-clock trading reported by Bloomberg.