Public Markets 3 Days

Last updated: June 2, 2026, 11:31 PM ET

Energy & Commodities

Oil futures jumped 1.5% in early Asian trade as U.S.-Iran tensions threatened the Strait of Hormuz, a critical chokepoint handling roughly 20% of global petroleum shipments. The price surge followed signs that peace negotiations between Washington and Tehran were stalling, with some analysts warning crude could climb significantly higher if the waterway remains closed. Meanwhile, gold futures edged lower after robust U.S. jobs data reinforced bets that the Federal Reserve will maintain elevated interest rates for longer, though the technical backdrop improved according to Stone X analysts. Natural gas prices inched down in rangebound trading as the seasonal shift to warmer weather reduced power-sector demand.

Equity Markets & Technology

The S&P 500 tied its longest winning streak since 1995, climbing for a ninth consecutive session above 7,600 as artificial intelligence enthusiasm powered the advance. Semiconductor stocks outperformed software equities by the widest margin on record, with chipmakers rallying while legacy software firms lagged. Game Stop shares soared 13% in after-hours trading after the video-game retailer posted a record quarterly profit of $47.7 million, driven primarily by collectibles sales that pushed revenue to $835.3 million, prompting the company to launch a $2 billion buyback program. Ulta Beauty reported an 11% sales increase in its fiscal first quarter, buoyed by growth across all major product categories and channels.

Fixed Income & Credit Markets

Japanese government bonds fell in early Tokyo trading on what appeared to be a technical correction following substantial gains across most sovereign notes on Tuesday. Eurozone government bond yields dropped sharply as oil prices retreated and investors bet on a peaceful Middle East resolution, though eurozone inflation topped 3% for the first time since 2023, cementing expectations for ECB tightening. Private credit lender Cliffwater limited withdrawals after redemption requests hit 17% of its $31 billion flagship fund, marking the latest sign of investor exodus from the sector. In corporate debt, Elk Grove Village Property LLC sought $850 million from a junk-bond sale to fund a data center tied to Core Weave Inc., joining a wave of high-yield issuers tapping markets amid AI infrastructure demand.

Currency Markets

The Singapore dollar consolidated against the greenback but may face pressure from the U.S. growth-resilience narrative, while traders hesitated near the key 160 level on yen weakness amid intervention risk. Traders ramped up yuan wagers to their most bullish stance in 15 years, betting increased global usage and attractive valuation will guide China's currency through near-term volatility. The Swiss National Bank reiterated no exchange rate target for the franc, with President Martin Schlegel emphasizing the central bank's greater willingness to intervene if needed. Emerging-market currencies snapped an eight-day winning streak as hopes for an imminent Middle East peace deal faded despite Trump's attempts to calm market jitters.

IPOs & Capital Markets

SpaceX plans to set IPO terms as early as Wednesday for what could become the largest offering ever, targeting approximately $75 billion in proceeds by selling 555.6 million shares at $135 each, valuing the company near $1.75 trillion. Applied Aerospace & Defense Inc. raised $650 million in its initial public offering, pricing shares at $16 apiece for the space and defense engineering firm. QXO Building Products Inc. kicked off a $3 billion leveraged loan sale to fund its acquisition of Top Build Corp., with investor demand reportedly exceeding triple the offering amount. Meanwhile, Chinese investors feared missing out on SpaceX shares as Beijing warned brokers about overseas offerings amid capital control concerns.

M&A Activity & Corporate Developments

Greg Abel cemented his dealmaking credentials at Berkshire Hathaway with two major acquisitions over one weekend, giving shareholders confidence in Warren Buffett's successor's strategic acumen. Jardine Matheson Holdings Ltd. sought a A$1.5 billion loan to fund its takeover of Australian medical diagnostic imaging provider I-MED Radiology Network Ltd. Dry-bulk shipping company Genco unanimously rejected Diana Shipping's latest buyout offer after determining the proposal valued the company below net asset value and lacked adequate consideration. Triton Partners neared a €3 billion deal for Germany's Flender Gmb H, a provider of mechanical and electrical drive technology, according to people familiar with the matter.

Regulatory & Political Developments

CBS News fired longtime correspondent Scott Pelley from "60 Minutes" after he harshly criticized show leadership during a staff meeting, marking a dramatic escalation in internal tensions at the network. The Supreme Court cleared the way for Alabama to use a Republican-favored congressional map that eliminates a majority-Black district, representing the first major voting rights case since justices narrowed the Voting Rights Act. Acting Attorney General Todd Blanche confirmed the Trump administration won't proceed with the controversial $1.8 billion fund that drew political backlash over concerns it would reward the president's political allies with public benefits.