Public Markets 3 Days

Last updated: June 10, 2026, 11:33 PM ET

Energy Markets

Oil futures jumped 1.3% in early Asian trade after the United States and Iran exchanged fire for a second day, heightening fears that the two countries could slide back into open conflict and disrupting supply expectations through the Strait of Hormuz. Despite the escalation, crude prices retreated later as the market kept alive hopes for a de-escalation deal that could reopen the critical waterway. The conflict has spurred cleantech demand in China, where investors are pivoting toward renewable alternatives amid global energy supply disruptions. Meanwhile, UAE crude exports surged as Abu Dhabi National Oil Co. offered bumper Gulf volumes for loading over coming months, marking the first tenders of their kind since the Iran tensions intensified.

Precious Metals

Gold whipsawed in volatile trading after the US completed fresh strikes against Iran, with the metal settling 3.56% lower at $4,108.20 as investors parsed conflicting signals on inflation and Fed policy. The decline accelerated from earlier losses amid growing rate hike expectations, with a significant portion of the market now considering the next Fed rate increase possible before year-end. Technical indicators point to bearish momentum despite the metal's traditional safe-haven appeal during geopolitical turmoil, as bond yields and dollar strength overshadowed flight-to-quality flows.

Currency Markets

The Singapore dollar consolidated against the greenback in Asian trading, though geopolitical risks are likely to weigh on the currency as investors seek haven assets. The WSJ Dollar Index rose 0.07% to 96.58, climbing for two consecutive days as Middle East tensions boosted demand for the reserve currency. Emerging market currencies broadly faced pressure as the dollar's strength compounded concerns about capital flows into riskier assets, with carry trades unwinding amid heightened uncertainty.

Equity Markets

US stocks sank broadly as Middle East tensions flared up with new attacks on Iran, weighing on markets already grappling with a selloff in richly valued tech stocks. The Nasdaq slid in volatile trading as 2026 high-flyers pulled back, with AI-linked shares leading losses while the broader market struggled to find direction. Small-business optimism fell to 97.4 in May, the lowest level since October 2024, erasing almost all gains seen since President Trump's re-election as uncertainty over trade and energy costs rattled business confidence.

Asian Markets

India's equity fund flows turned cautious as war risks grow, though monthly recurring investment plans showed steady inflows despite broader market volatility. The Nifty index swung widely as geopolitics, costlier energy and global growth uncertainty weighed on investor sentiment. Thailand's long bonds attracted funds with the steepest yield curve in emerging Asia, as investors priced in divergent interest rate expectations across the region.

Central Banks

Bank of Japan Governor Kazuo Ueda's hospitalization fueled market nerves ahead of next week's policy meeting, with investors seeking clarity on the central bank's messaging despite being convinced officials will maintain their current stance. Bank of France Governor Emmanuel Moulin raised inflation forecasts for 2026 due to the Iran war, signaling further monetary tightening pressure across the eurozone. Turkey's central bank is poised to hold rates steady despite rising prices, as a cooling economy and subdued foreign currency demand provide cover for maintaining current policy.

Fixed Income

Global junk debt flashed warning signs as fears of stagflation from the Middle East conflict increasingly soured investor sentiment toward the weakest corporate borrowers, many of which binged on cheap debt during the low-rate era. Citigroup analysts warned of selective appetite for data center bonds, as investors scrutinize financing deals linked to AI infrastructure buildouts more carefully. Europe's diesel and jet fuel imports stagnated for a second month in May, piling pressure on regional energy supplies as the Iran conflict grinds on and shipping disruptions persist.

Corporate Finance

SpaceX secured investment-grade ratings from three major bond graders as it prepares for its landmark IPO, which could turn 4,400 employees into millionaires and potentially make Elon Musk a trillionaire. The company left some banks frustrated with junior roles in the IPO lineup, as several underwriters work for relatively small fees without receiving credit recognition. BlackRock launched a space ETF for European investors that will add newly listed companies within 10 to 30 days, tapping into growing investor appetite for the sector.

Technology

Oracle reported cloud revenue surged 47% including a 93% increase in cloud-infrastructure revenue, though shares dropped as much as 8% in after-hours trading following flat revenue guidance for its planned $70 billion data center buildout. Meta Platforms partnered with Reliance Industries to build its first AI data center in India, adding to a wave of tech infrastructure investment globally. An anti-Nvidia data-center startup raised funds at a $1.55 billion valuation, planning to use $350 million to fill facilities with AMD chips.

Commodities & Trade

Crop and fertilizer markets wiped out Iran war risk premiums as fears of prolonged supply disruptions faded, easing one of the biggest threats to food inflation. US nitrogen fertilizer prices dropped dramatically to pre-conflict levels, giving up all gains from the initial supply chain upheaval. Indonesia's bond selloff resumed on Thursday after a surprise interest-rate hike earlier in the week provided only temporary relief, with investors once again focusing on broader economic concerns.

M&A