Public Markets 3 Days

Last updated: June 5, 2026, 2:32 PM ET

Equity Markets & Technology

Technology stocks led a broad market selloff this week as Nasdaq composite futures dropped 3% amid concerns over semiconductor demand and rising Treasury yields. The decline accelerated after Broadcom shares plunged 12%, wiping out $285 billion in market value following disappointing revenue guidance that overshadowed the AI rally narrative. Despite the tech rout, Raspberry Pi shares surged as investors bet on the UK manufacturer's exposure to the artificial intelligence boom, with the company projecting unit sales above 4 million in the first half. Meanwhile, Vanguard's S&P 500-tracking ETF crossed $1 trillion in assets, marking a milestone for passive investing as institutional demand for US equities remained robust despite market volatility.

SpaceX IPO & Investment Banking

Elon Musk's SpaceX is poised to become the largest IPO in history at a $135 share price, targeting a $75 billion valuation that would eclipse Saudi Aramco's 2019 offering. The offering has generated more orders than shares available with underwriters allocating up to 25% for retail investors amid unprecedented demand from both institutional and individual accounts. Goldman Sachs and Morgan Stanley are locked in a fierce battle for lead underwriting roles, with both banks pitching competing narratives about the company's revenue potential of $3.4 trillion by 2040. However, Chinese and Hong Kong investors have been barred from participating due to US export control restrictions on critical technology, potentially limiting the addressable market for one of the most anticipated public offerings of the decade.

Central Banks & Monetary Policy

Stronger-than-expected US employment data has forced traders to price in a Federal Reserve rate hike by year-end, reversing expectations for monetary easing that had supported equity valuations through late spring. The jobs report showed resilience in hiring that prompted the dollar to advance against major currencies, while Treasury yields climbed sharply across the curve. In Asia, Taiwan's central bank intensified currency intervention to stamp out volatility as AI-driven capital flows created pressure on the Taiwan dollar. Elsewhere, options traders positioned for significant yen swings ahead of the Bank of Japan's policy meeting, with intervention risks rising as the dollar-yen pair tested critical technical levels.

Commodities & Energy Markets

Precious metals extended their weekly decline with Comex gold settling 4.9% lower at $4,337.10 per ounce as real yields rose and the dollar strengthened. Silver fared worse, falling nearly 6.6% on the day amid the broader commodity selloff. In energy markets, oil futures slipped ahead of the weekend trading around $78 a barrel as markets awaited progress on US-Iran negotiations to reopen the Strait of Hormuz. OPEC crude output fell to multi-decade lows last month as US sanctions on Iran and Persian Gulf disruptions continued to constrain production, while Guinea's Simandou iron ore exports surged six months after the first shipment to China, potentially reshaping global steel markets.

Debt Markets & Corporate Finance

Corporate bond markets showed signs of stress as Manchester United explored refinancing $425 million of debt due next year through the private placement market, testing investor appetite for leveraged issuers in volatile markets. New Zealand government bonds attracted record demand at auction after the government unexpectedly cut projected borrowing needs, driving yields to historic lows. In the financial sector, NatWest appointed Scott Roose as interim head of primary capital markets amid leadership changes at the UK bank's debt origination unit. Meanwhile, Sunshine Silver raised $270 million in a US IPO priced at the low end of the marketed range to fund mine restart operations in Nevada.

Geopolitical Risk & Market Impact

Commercial shipping through the Strait of Hormuz remained near zero as peace talks between the US and Iran showed little advancement, keeping energy markets on edge about potential supply disruptions. The ongoing conflict has driven European natural gas prices higher for the week with futures gaining nearly 5% amid uncertainty over Middle East supply flows. Russian satellite jamming of GPS signals across Europe revealed vulnerabilities in critical infrastructure, while Brazilian stocks suffered their worst month of foreign outflows since 2019 as international investors pulled $3.2 billion amid geopolitical uncertainty.

Crypto Markets & Digital Assets

Bitcoin extended its slide into a fourth consecutive day, tumbling after Strategy's large-scale sale that unnerved crypto investors already concerned about valuations. The decline pushed cryptocurrency markets toward their largest weekly loss since November 2022, with Bitcoin treasury firms shedding $62 billion in market value. The Trump family's stablecoin venture reportedly generated substantial profits through a promotional arrangement with Binance Holdings, highlighting the intersection of political influence and digital asset markets. Despite the downturn, Meta Platforms expanded its AI agent push on WhatsApp in an effort to monetize the messaging platform's 2 billion user base.

Real Estate & Infrastructure

German real estate group TAG Immobilien prepared for a Polish IPO of its Robyg SA unit in Warsaw within weeks, seeking to capitalize on renewed investor interest in Central European property markets. The offering comes amid European pressure on Spain to reduce gas-fired power generation and improve grid stability following last year's blackout that exposed vulnerabilities in the continent's energy infrastructure. In the US, foreign investors were exempted from tax on Indian bonds as the Reserve Bank of India held interest rates despite pressure