Public Markets 24 Hours

Last updated: July 2, 2026, 11:30 PM ET

Markets Overview

Global equities ended mixed as a cooler-than-expected U.S. jobs report tempered concerns over Federal Reserve rate hikes U.S. Stocks Mixed, with the Dow Jones Industrial Average rising while the Nasdaq and S&P 500 saw declines amid tech sector weakness Dow Rises. Gold extended its gains for a third consecutive session, settling at $4112.70 on Comex, buoyed by bets that the Fed will hold steady on rates Gold Rises. Wall Street is entering the second half of the year with renewed conviction, shrugging off various shocks and anticipating further market gains Wall Street Bets Rallying. The rotation trade is back on, as weaker jobs data has lifted hopes for a pause in interest rate increases Rotation Trade Back.

Economy & Monetary Policy

The U.S. labor market showed slower but steady gains in June, with employers adding fewer jobs than the previous month, though the unemployment rate edged down to 4.2% U.S. Hiring Slows Sharply. This cooling in job growth has prompted investors to dial back expectations for a Federal Reserve rate increase this month Cooling Rate-Hike Concerns, with some analysts suggesting the labor market is no longer a significant source of inflationary pressure Labor Market Not Inflationary. Federal Reserve Chairman Kevin Warsh, however, maintained a dovish stance on inflation Warsh Comments. Treasuries rallied as the jobs data and easing supply-disruption concerns in the Middle East challenged expectations for further Fed hikes Treasuries Rally.

Asia Markets

Japanese stocks fell 1.0% in early trading, dragged down by electronics and tech sectors, with ongoing uncertainty over the Middle East conflict weighing on sentiment. The Japanese yen weakened against most other major currencies, attributed to a potential technical correction Yen Mostly Weakens. Japanese government bonds saw their yield curve steepen amidst some headwinds JGB Yield Curve Steepens. Meanwhile, China's services activity eased less than forecast in June, signaling a potential pickup in economic momentum China Services Gauge Fares. Vietnam's economic growth unexpectedly jumped to 8.39% in the second quarter, with June trade surpassing expectations and inflation slowing Vietnam Growth Unexpectedly Jumps.

Commodities & Energy

Copper and other industrial metals climbed, supported by a weaker U.S. dollar and diminished prospects of further Federal Reserve rate hikes Copper Climbs. Oil futures edged higher ahead of the U.S. holiday weekend, recovering from earlier losses as tanker traffic through the Strait of Hormuz increased, adding to near-term supply Oil Steadies. Refiner profits are soaring, indicating lingering supply chain kinks despite increased shipments through Hormuz Refiner Profits Soaring. Japan has sharply reduced its natural gas-fired power generation, relying more on coal as disruptions around the Strait of Hormuz tightened LNG supplies Japan Cuts Gas.

Corporate & Deal News

Industrial machinery maker Renk Group AG is nearing a deal to acquire David Brown Defence, bolstering its exposure to the naval sector Renk Group Nears Deal. Lockheed Martin is reportedly in the lead to acquire naval technology group Ultra Maritime for approximately $3.5 billion, with an agreement possibly announced next week Lockheed lead. In the U.S., Genuine Parts Co. has received a cash bid for its auto-parts arm from O’Reilly Automotive Inc. as it looks to focus on its industrial businesses Genuine Parts Said.

Private Markets & Funds

Investors are seeking to pull nearly $16 billion from private credit funds, with some managers rationing withdrawals due to concerns over a prolonged redemption cycle Investors Seek Pull. Blue Owl reported elevated, though declining, investor withdrawal requests from its flagship funds totaling $4.7 billion Blue Owl Investors Ask. The private credit industry's rapid expansion and lending to potentially struggling companies has raised investor anxieties Private Credit Can’t Stop. Leveraged exchange-traded funds are seeing record usage, amplifying market swings and exposing various market participants to potential losses Leveraged ETFs.

Geopolitics & Trade

Canada and Alberta have agreed to back a new crude oil pipeline to the Pacific Coast, part of Prime Minister Mark Carney's strategy to position Canada as an energy superpower and reduce reliance on the U.S. amid trade tensions Canada, Alberta Agree. Canada and the Philippines also plan to finalize a free trade agreement this year and deepen cooperation in energy and defense Canada, Philippines Agree. Japan's Minister of Economy, Trade and Industry, Takaichi, is exploring stronger ties with India as relations with China become more strained Takaichi Eyes India Ties.

Technology & AI

The rally in chip stocks has seen a resurgence, tightening tech's grip on Wall Street amid a frenzy of AI spending Chip Rally Tightening Tech's. However, chip stocks tumbled again following broader tech weakness Chip Stocks Tumble. Data centers are being ordered to use backup power to reduce strain on electricity grids during the ongoing heatwave Data Centers Ordered, posing challenges to the power grid this summer alongside high temperatures and drought conditions Five Alarm Risks. US energy regulator FERC has issued an ultimatum to grid operators regarding the connection of large loads, including data centers Energy Regulator Sets Ultimatum.

Legal & Regulatory

A Delaware judge ruled that JPMorgan Chase must continue to pay the legal defense bills of Charlie Javice, who was convicted of defrauding the bank, stating the bank failed to prove the $74 million in fees were excessive JPMorgan Loses Battle. Forvis Mazars was fined £600,000 for pervasive audit failings in its audit of Studio Retail Forvis Mazars fined. The Justice Department is investigating alleged insider trading that may have netted $100 million on options bets placed ahead of a Chinese regulatory crackdown DOJ Probes Alleged Insider.

Other Notable Developments

Private equity firm Blackstone's QTS has ended a Virginia data center project due to growing backlash against such facilities Blackstone’s QTS ends. Vietnamese economic growth beat estimates in the second quarter, with trade exceeding expectations in June and inflation slowing Vietnam Growth Unexpectedly Jumps. Saudi Arabia is exporting the most crude from inside the Persian Gulf since the Iran war truce, as regional producers boost shipments Saudi Supertankers Exit Hormuz. In Argentina, power producer Genneia SA has filed for an IPO in New York, aiming to be the first Argentine company to list in the U.S. in seven years Genneia Files for IPO.