Public Markets 3 Days

Last updated: June 11, 2026, 5:32 PM ET

Equity Markets & IPO Activity

SpaceX completed the largest IPO in history by pricing shares at $135 apiece and raising $75 billion, with BlackRock targeting approximately $5 billion in purchases alongside other major asset managers. The offering drew blockbuster investor demand despite some sustainability-focused funds blacklisting the company over governance concerns about Elon Musk's unprecedented control. Meanwhile, Adobe lifted its full-year revenue outlook to $26.5-$26.6 billion while announcing CFO departure, and RH nudged its fiscal revenue growth forecast to 4.5%-8% from the prior 4%-8% range, citing luxury offerings momentum. JPMorgan Asset Management sees further equity upside as earnings growth underpins sentiment, though inflation concerns are picking investors' pockets amid an exodus from tech stocks.

Credit Markets & Corporate Finance

The rapid expansion of complex credit structures is raising concerns at Pacific Investment Management Co., with CIO Dan Ivascyn warning the buildup resembles pre-financial crisis conditions. Marathon Asset Management's Bruce Richards called SpaceX debt the "biggest rising star of all time" even before its record IPO, while Oracle bonds rallied after the company signaled no additional issuance this year. Blackstone is acquiring significant risk transfers as banks hedge losses in swelling loan books, and the firm is negotiating a potential acquisition of Canada's H&R REIT. Crowe LLP agreed to sell a majority stake to KKR in a nearly $3 billion deal, ending decades of resistance to outside ownership at the accounting firm.

Fixed Income & Central Banks

Treasuries held gains as falling oil prices offset weak demand at the first of three longer-term debt auctions, with German industrial output rising for the first time since the Iran war began. The European Central Bank will likely need additional rate hikes according to the International Monetary Fund, just hours after officials delivered a quarter-point increase, while ECB officials aren't ruling out another move as early as July's policy meeting. Chile abandoned its structural budget balance goal by 2030 amid rising debt, and Pakistan delayed its annual budget presentation further, extending an unusual postponement that has puzzled analysts. Zambia's local debt rally gained momentum after the government's successful dollar bond buyback.

Energy Markets & Geopolitics

Oil markets are conf