Public Markets 3 Days

Last updated: June 13, 2026, 5:32 AM ET

Energy & Commodities

Oil markets retreated from recent highs after President Trump called off planned strikes on Iran, with crude futures dropping 1.3% as investors priced in a potential diplomatic resolution. The Strait of Hormuz workarounds have proven effective, with non-Iranian oil flows through the critical waterway surging roughly 50% this month, helping ease energy shock concerns that had pushed global oil and fuel inventories sharply lower since the conflict began. Iraq accelerated loadings at its main export terminal while Nigeria's Dangote refinery boosted crude purchases to offset waning demand for West African grades, and Chevron signaled openness to expanding Middle East operations despite ongoing regional tensions.

Equity Markets & IPO Activity

Global equities rallied broadly following Trump's de-escalation comments, with Japanese stocks leading gains on optimism that Middle East hostilities may be nearing an end. The long-awaited SpaceX initial public offering triggered intense investor interest, with options contracts set to begin trading and analysts projecting up to 20 new billionaires could emerge from the IPO wave. However, the launch created a sell-off in other space stocks as investors rotated toward Musk's dominant platform, while Tesla investor Alexandra Merz avoided SpaceX shares anticipating a merger between the two companies.

Fixed Income & Credit Markets

U.S. Treasuries advanced as the oil price retreat improved inflation expectations, with the yield curve responding positively to Wednesday's tame CPI print that eased rate-hike fears. Across the Atlantic, gilt traders positioned for volatility ahead of a critical UK parliamentary vote, with bond investors including BNP Paribas Asset Management and Neuberger Berman anticipating price swings as Labour's Burnham eyes potential leadership challenges. Meanwhile, the CFTC weighed blocking CME's 24/7 oil contract bid, heightening tensions between regulators and the derivatives marketplace stalwart.

Technology Infrastructure & AI Compute

The AI compute revolution dominated Wall Street conversations as Anjney Midha's AMP PBC pursued GPU utility models, while memory chip prices reached "insane" levels that stoked inflation concerns across the supply chain. Corning executives cited AI boom benefits but maintained hedging strategies learned from previous cycles, and Adobe pivoted to freemium AI growth at the expense of short-term revenue targets amid CFO transition. The broader AI infrastructure buildout attracted insurance sector scrutiny as U.S. regulators probed data center credit risks, with capital deployment accelerating across the sector.

Currency Markets

Traders turned most optimistic on the U.S. dollar in over a year as Middle East conflict supported haven demand, with the currency benefiting from safe-haven flows despite recent stability. Meanwhile, Asian central banks faced mounting offshore currency pressures as capital flows intensified beyond traditional monetary policy tools, creating new challenges for policymakers managing exchange rate volatility.

M&A & Corporate Developments

Private equity activity heated up as Matt Holt's Thoreau Group neared a $12 billion deal for healthcare services firm Ensemble Health Partners, while Geely announced structural streamlining that would shut or merge entities to concentrate resources around its Hong Kong-listed arm. In distress situations, Korean broadcaster JTBC defaulted on securitized loans and was downgraded to junk status, triggering broader rating cuts across the media conglomerate's credit facilities.

Regulatory & Policy Developments

China formally protested U.S. military company designations targeting additional firms, with the Commerce Ministry accusing Washington of using national security as a pretext to curb development. Domestically, Trump's proposed fund faced judicial blocking as federal judges pressed for guarantees it would not proceed, while Venezuela sanctions relief expanded as the administration amended licenses to facilitate investment in oil and natural resources.

Market Sentiment & Trading Behavior

Wall Street analysts detected "wild-eyed" FOMO ahead of the SpaceX debut, with Evercore ISI noting unusual market complacency around typically volatile events. The World Cup betting surge created a potential $10 billion gambling boom that could gamify market behavior, while Goldman Sachs and JPMorgan eased office work rules allowing remote work on match days to ease host city congestion.