Public Markets 3 Days

Last updated: June 14, 2026, 8:32 AM ET

Equities & IPOs

SpaceX’s record-breaking IPO drew unprecedented demand from retail investors, who purchased $118 million of shares on the first day of trading, while the S&P 500 climbed to a two-week high on optimism for an Iran peace deal. The ETF industry quickly moved to incorporate SpaceX into leveraged trading vehicles, despite sustainability-focused funds deeming the stock too risky due to Elon Musk’s concentrated control. Options trading in SpaceX began this week, extending the halo effect from Tesla’s 2010 IPO, which enabled SpaceX’s debut, and signaling a broader trend of mega IPOs potentially heralding a stock bubble.

Fixed Income & Rates

Global bond markets priced in Fed rate cuts as Iran deal momentum eased Middle East tensions, while the ECB’s Nagel signaled potential July rate hikes if geopolitical shocks persist. Japanese government bonds rallied alongside Treasuries following the Iran breakthrough, and Chicago’s municipal bond sale tested investor appetite amid uncertainty. The dollar fell sharply against major currencies, pressured by expectations of looser U.S. monetary policy, while CLO ETFs boomed on higher rates and private debt woes.

Energy & Commodities

Oil prices slid 1.3% as Trump declared the Iran war would end soon, while U.S. LNG exporters struggled to find buyers in Europe amid ample supply. Chevron remained open to Middle East expansion despite the conflict, and UK forces seized a Russian shadow fleet tanker in the English Channel, part of clampdown efforts. Energy sector bonds weakened as jet fuel costs spiked 8% on supply fears, and Bridgepoint weighed a $1bn sale of anti-drone technology guarding World Cup sites.

Global Markets

South Korea’s chip stocks surged on Iran deal hopes, propelling the Korean Composite to a 3.5% gain, while Japan’s Topix index rose 1.8% tracking the risk-on mood. The euro weakened against the dollar as ECB officials signaled readiness to hike rates, and Asian currencies took a beating from energy crisis pressures and AI spending. Mongolia reaffirmed its One China stance at a meeting with China, and Germany and Japan announced a defense partnership as both nations rearmed 80 years after WWII.

Currency Movements

The dollar dropped its biggest monthly loss in over a month as traders priced in a dovish Fed, while the British pound strengthened against the dollar amid UK housebuilder Vistry offering staff voluntary redundancy to preserve cash. Switzerland rejected a 10-million population cap in a blow to immigration curbs, and Japan’s imperial family faced succession questions as lawmakers drafted plans to adopt distant male relatives.

Deals & M&A

Blackstone held talks to buy Canada’s H&R REIT as private capital fought perception challenges, and Europe’s defense stocks retreated on funding concerns after the UK defense secretary’s resignation. Danske Bank’s CEO eyed acquisitions post-laundering crisis, while funding circle claims two-thirds of SME loan payouts under a pandemic-era scheme. News Corp. shares rose as the Knicks’ winning streak boosted Madison Square Garden Sports, doubling the owner’s stock in a year.

Market Sentiment

Trump’s Iran deal comments fueled risk appetite, while Trump’s loss of ground with white working-class voters on the economy raised questions about his political future. Wall Street raced to turn SpaceX into a leveraged trade, and AI’s role in stock markets deepened as big tech shifted from profit machines to capital seekers. Prediction markets like Polymarket faced legal scrutiny over disputed contracts, and redistricting battles in Florida threatened to split the Black vote.

Commodities & Real Economy

Gold held steady near $2,340/oz as a weakening dollar offset geopolitical risks, while aluminum prices lifted Chinese billionaire Zhang Bo’s fortune to $48 billion. Brazil’s beef prices soared ahead of the World Cup, straining household budgets, and video game investments became a political tool for global influence as governments invested billions in gaming. Car ownership lingered longer in the U.S. as Americans held onto older vehicles, and Bath & Body Works revamped stores and digital sales to attract younger consumers.