Public Markets 24 Hours

Last updated: July 2, 2026, 2:30 PM ET

Public Markets Roundup

Equities & IPOs

The third quarter began with a notable sell-off in semiconductor stocks, marking their worst two-day slump in nearly a month chip stocks off. This downturn followed a broad market rotation out of high-flying momentum stocks that had driven the previous quarter's rally S&P 500 futures little changed. Despite initial gains on the back of a weaker-than-expected jobs report, U.S. equities ultimately surrendered early advances as technology shares lagged US stocks give up. In the IPO market, Jersey Mike's Subs Inc., backed by Blackstone, filed for an initial public offering, signaling a rebound in U.S. listing activity. Similarly, EG Group's Cumberland Farms Ltd. also filed for a U.S. IPO, joining a wave of debuts this year gas-station firm files.

Fixed Income & Credit Markets

Treasury yields slid as June's U.S. job creation data came in below expectations, tempering expectations for Federal Reserve rate hikes Treasury yields fall. This trend saw Treasuries rally, with traders scaling back bets on future rate increases Treasuries gain. Gold prices jumped in response to the softer jobs report, easing concerns about inflation and potential Fed tightening gold jumps on jobs data. In corporate debt, bonds issued by AI infrastructure firm Core Weave Inc. saw a second day of declines amid concerns about the AI boom and Meta Platforms Inc.'s plans for a competing cloud business CoreWeave junk bonds drop. The private credit market continued to face investor pressure, with two Blue Owl Capital Inc. funds imposing withdrawal caps for the second consecutive quarter due to significant redemption requests totaling $4.7 billion Blue Owl hit by redemptions.

Energy & Commodities

Saudi Arabia has ramped up crude oil exports, approaching pre-war levels as traffic through the Strait of Hormuz increases following an interim peace deal with Iran Saudi supertankers exit Hormuz. This surge in regional production offers a counterpoint to the faltering revival of Qatar's liquefied natural gas exports, with fewer gas tankers making the risky crossing bad news LNG buyers. Meanwhile, oil futures traded near pre-conflict levels, buoyed by optimism over Hormuz traffic and ongoing negotiations oil tests pre-war levels. India plans to expand its oil reserves and storage capacity to mitigate against price volatility, particularly in light of past volatility during the Iran war India plans to expand.

Technology & AI

Amazon.com Inc. is set to launch its broadband service later this year, following the successful deployment of 29 satellites by a United Launch Alliance rocket, directly challenging SpaceX's Starlink network Amazon begin internet service. The burgeoning demand for AI infrastructure is driving significant growth in battery startups, which are seeing "crazy" levels of interest to manage power surges in data centers battery start-ups see demand. Germany's Quantum Systems has raised $1.2 billion at an $8 billion valuation, fueling expansion of its drone production and autonomous systems, with potential merger talks underway with a kamikaze drone startup Quantum Systems raises funding.

Global Markets & Geopolitics

Russia continued its bombardment of Ukraine, launching deadly drone and missile strikes on Kyiv that killed at least 21 people and damaged residential buildings Russia bombards Ukrainian capital. These attacks underscore Europe's own vulnerabilities, prompting increased military spending and a greater focus on preparedness should the conflict escalate towards NATO territory Russia's deadly attack. Meanwhile, drones near European military assets have raised concerns about a Russian campaign to probe defenses and gather intelligence drones over Europe raise. In Asia, Japan's retail investors purchased a record amount of local shares during a recent tech sell-off, while overseas investors offloaded the most Japanese bonds in three years as the debt's performance lagged Japan retail investors bought.

Corporate & Dealmaking

Aventiv Technologies has reached an out-of-court agreement for its lenders to take control of the prison phone company from private equity firm Platinum Equity, concluding a prolonged regulatory approval process prison phone company Aventiv. Chanel has agreed to acquire Charvet, the historic French shirtmaker known for its high-end apparel, in a rare acquisition aimed at diversifying the fashion house's offerings beyond luxury handbags Chanel buys Charvet. In the automotive sector, Tesla saw a 25% surge in sales, driven by price cuts and a recovery in Europe, which offset declines in the U.S. market Tesla sales surge. The U.S. National Highway Traffic Safety Administration has closed its probe into Tesla's "phantom braking" issue after a sharp drop in complaints and finding no crashes directly linked to the problem Tesla phantom braking probe.

Economic Indicators & Policy

The U.S. labor market showed slower but steady gains in June, with employers adding fewer jobs than the previous month but the unemployment rate ticking down to 4.2% US job market makes. This moderation in hiring is viewed as positive by some Fed officials, potentially allowing focus to remain on inflation fighting labor market source inflation. The European Central Bank's decision to raise interest rates last month was the correct choice, according to ECB President Christine Lagarde ECB made right choice. Germany's grid operator, Amprion Gmb H, has urged the country to halt further closures of coal-fired power plants to ensure electricity supply stability amidst the ongoing expansion of renewable energy generation Germany should stop shutting.

Other Notable Developments

Extreme climbers Angela Nikolau and Ivan Beerkus were arrested in Manhattan after illegally scaling the Empire State Building for a proposal Empire State climbers charged. Amidst record heat waves in Europe, the Alps' glaciers are rapidly melting, with last winter's snowfall disappearing a month earlier than usual Europe's heat waves melt. In Venezuela, fuel shortages are hampering rescue efforts following a recent earthquake, with excavators and cranes idled at some recovery sites fuel shortages stall Venezuela. The U.S. Justice Department is investigating allegations of insider trading that reportedly cost Susquehanna International Group $100 million on options bets placed ahead of a Chinese regulatory crackdown DOJ probes insider trading.