Public Markets 24 Hours

Last updated: July 1, 2026, 11:30 PM ET

Markets Overview

Global markets experienced a mixed trading session as investors digested economic data and central bank commentary, with the S&P 500 closing marginally lower. Federal Reserve Chairman Kevin Warsh’s remarks dampened rate-hike prospects, providing a boost to gold which extended its gains on less hawkish central banker sentiment. However, U.S. stocks pared earlier losses as traders assessed manufacturing data alongside Warsh's commentary. Treasury yields rose ahead of the jobs report as investors digested a busy day of U.S. economic indicators and Fed remarks. Emerging market currencies erased year-to-date gains as speculation over higher U.S. interest rates fueled a dollar resurgence, while the yen hit a fresh 40-year low against the dollar, keeping traders alert for potential Japanese government intervention.

Equities & IPOs

South Korean stocks tumbled 6%, dragged down by AI jitters that hurt chipmakers after Meta Platforms Inc. signaled potential overcapacity in AI computing power. This selloff extended to South Korea, reviving concerns that the rapid rally in AI shares might have been too swift. In contrast, India’s IPO pipeline has reached a record high, with bankers anticipating an acceleration in activity as major companies prepare to list. Social media platform Xiaohongshu, dubbed "China's Instagram," is accelerating IPO plans for a Hong Kong listing, targeting male users. Meanwhile, data center firm Switch Inc. is reportedly seeking $2 billion in a private funding round led by Andreessen Horowitz. Tankmaker KNDS has postponed its IPO, citing unfavorable market conditions after investors balked at its €12 billion-plus valuation. AOL owner Bending Spoons saw its shares surge 40% on its Nasdaq debut, raising $1.68 billion in one of Europe's largest tech IPOs this year.

Energy & Commodities

Oil futures extended their decline for a third day as flows through the Strait of Hormuz surged and indirect talks between the U.S. and Iran showed signs of progress. OCBC has lowered its Brent oil forecasts to $75 per barrel for the second half of 2026, citing rebounding flows through the Strait of Hormuz. U.S. crude grades have shed their Iran war and are trading at a discount again amid increased flows through the Strait of Hormuz and fading demand for American exports. Commercial crude oil inventories in the U.S. fell by 3.8 million barrels, continuing a decline and remaining 7% below the five-year average. U.S. natural gas futures remained range-bound despite hot weather lifting cooling demand, as abundant production and inventories capped gains.

Global Investment & Trade

Global investor interest in South Korea’s economy and capital markets has "clearly changed for the better," according to the country’s top finance ministry official, as the won prepares for 24-hour trading. South Korean banks are expanding trading floors in London and Seoul to facilitate this round-the-clock market. Emerging Asia bonds are drawing global funds despite renewed Federal Reserve hawkishness, supported by expectations that regional central banks will maintain elevated interest rates. Australia’s bond market is experiencing record issuance in Kangaroo bonds, attracting funding chiefs globally and a flood of Asian capital. Hamilton Lane Inc. is planning its first yuan-denominated fund, aiming to raise $220 million to target discounted Chinese assets. The U.S. has opted not to renew its trade deal with Mexico and Canada, opting instead for annual reviews of commerce terms.

Deals & Corporate Activity

Mega takeovers are driving record M&A volume, with $2.8 trillion in dealmaking as companies and investors adjust to economic shifts influenced by AI. This trend is expected to remain strong in the second half, according to Melissa Sawyer, head of global mergers and acquisitions at Sullivan & Cromwell. CMA CGM is set to acquire FedEx Supply Chain for $1.4 billion, aiming to expand its contract logistics business in the U.S. The SEC is probing alleged insider trades that cost Susquehanna International Group an estimated $100 million. Lenders to software company Tungsten Automation have signed a debt pact to address a potential restructuring following a steep slide in its debt prices. BlackRock’s head of its beleaguered private credit fund is in the process of leaving the firm amid losses and a regulatory probe.

Technology & AI

The White House is accelerating plans for AI, with guidance expected next week following government interventions in rollouts by Anthropic and OpenAI. MGX, an Abu Dhabi firm, has raised $49 billion for one of the largest funds dedicated to artificial intelligence deals. Google, despite a standout year, is lagging the Nasdaq 100 due to a shift in the AI trade. Scientists have unveiled synthetic cells called Spud Cell, designed to power low-carbon factories and aid in the manufacture of everyday items. The SEC is rethinking its oversight of the ETF industry, indicating it doesn't want to pick ETF winners.

Regulatory & Legal Matters

Alibaba Group and U.S. payment processor AUS Merchant Services will pay $600 million to settle allegations of allowing merchants to sell illegal pharmaceuticals and restricted items into the U.S. The U.S. regulator has advised national authorities to block Binance’s application to operate under a new EU regime, leading the crypto exchange to cut off European users. A Swedish court has ordered Google to pay Klarna $2 billion in antitrust damages, ruling that the search engine favored its own price-comparison tool. Two federal courts have blocked a Trump administration rule that could have narrowed eligibility for student loan forgiveness for public servants, striking down a rule loan forgiveness.

Global Affairs & Geopolitics

Russia has launched another massive strike on Kyiv, with explosions rocking the capital. Ukraine’s President Volodymyr Zelensky had warned of such an attack hours prior. Troop casualties in the Ukraine war have reportedly surpassed 2 million, with Russia bearing the heavier toll. The United Arab Emirates has restored oil exports to pre-war levels by using undetected tankers through the Strait of Hormuz and a bypass pipeline. European armies are already filling gaps left by U.S. withdrawals, according to Dutch Prime Minister Mark Rutte. New Zealand house prices fell for the third straight month in June, nearing a three-year low amid worries about the Iran war and its impact on global oil prices and household incomes.