Public Markets 3 Days

Last updated: June 29, 2026, 5:30 PM ET

Markets Overview

U.S. stocks rebounded Monday as investors paused their retreat from technology shares, with a wave of corporate deal-making lifting major indexes. The Nasdaq Composite staged a comeback, with Microsoft Corp. shares heading for their worst month since the dot-com era amid ongoing concerns about its artificial intelligence positioning. Meanwhile, U.S. equity futures climbed following reports that the U.S. and Iran were stepping back from escalating hostilities, easing fears of further conflict. Gold fell amid souring as concerns over AI-related assets spilled into commodities.

Corporate Action & Strategy

Comcast Corp. unveiled plans to split, separating its connectivity business from its media and entertainment operations through a tax-free spinoff of NBCUniversal and Sky, which sent its shares soaring up to 25%. This move, likened to GE’s past restructuring, aims to unlock shareholder value by creating two distinct publicly traded entities. Elsewhere, Strategy Inc. outlined a sweeping overhaul of its Bitcoin strategy, granting itself broader powers to sell the cryptocurrency, buy back securities, and potentially sell up to $1.25 billion of Bitcoin, a move aimed at stemming a loss of confidence in Michael Saylor’s crypto-hoarding company. In aerospace, Honeywell Aerospace CEO Jim Currier is navigating the defense and aviation industries with an eye on AI for blueprints but not yet for cockpits, while AeroVironment reported a doubling of revenue to $641.6 million, driven by product and service sales.

Deals & Financing

SpaceX has pushed its U.S. share sales to a record $251 billion at midyear, fueling expectations for deal activity. In the energy sector, Williams Cos. is nearing a $5.5 billion deal to acquire Momentum Midstream, a significant move for the natural gas pipeline operator. Eni SpA and the Abu Dhabi National Oil Co.’s investment arm XRG are set to acquire stakes in an Argentine liquefied natural gas project. The AI boom is also driving M&A, with a record $200 billion in deals seen in the U.S. power sector as companies build energy infrastructure for data centers. However, JPMorgan Chase & Co. is struggling to attract investor demand for a $775 million loan to a Trump administration-supported oil driller that offers a steep 15% interest rate.

Economic Indicators & Policy

The yen hit a 40-year low against the dollar, nearing its weakest level since 1986, a milestone that is expected to cause unease in Japan and potentially prompt market intervention. In Europe, Christine Lagarde stated that the continent is becoming more resilient due to improved financial frameworks and progress on the green transition. Mexico’s central bank has introduced a bond-buying tool to support liquidity, allowing it to purchase certain local government securities to bolster money-market liquidity if necessary. Meanwhile, fossil fuel subsidies are projected to reach $1.1 trillion in 2026, largely driven by government efforts to shield consumers from high energy prices exacerbated by the conflict in Iran.

Regulatory & Legal Matters

Bank of America Corp. agreed to pay $7.5 million to the Securities and Exchange Commission to settle allegations that its Merrill Lynch brokerage failed to properly file suspicious activity reports. The U.S. Supreme Court ruled that state laws allowing mail-in ballots to arrive after Election Day are legal, a decision that grants relief to 18 states and represents a setback for President Trump’s regulatory efforts. In a separate case, the Supreme Court rejected Trump’s request to appeal a $5 million verdict in the E. Jean Carroll case. The Supreme Court also reinforced the Federal Reserve’s independence, protecting governors from being fired by the president without cause, although Trump secured more power over other agencies. In Colorado, the state’s high court rejected Democratic redistricting plans, finding that ballot initiatives designed to alter state law for a gerrymandered map violated state law.

Global Affairs & Geopolitics

France and Oman backed free transit through the Strait of Hormuz without conditions, aiming to promote unrestricted passage. This comes as Iraqi oil trapped by the Middle East conflict has escaped the Persian Gulf over the past 10 days due to an easing of transit via the Strait of Hormuz amid a U.S.-Iran ceasefire. The U.S. conducted fresh strikes against targets in Iran on Saturday after a second ship was hit. In Lebanon, a deal with Israel divided the populace, fueling protests, with supporters viewing it as a step to curb Iran’s influence, while others decried it as a capitulation. Venezuela continues to grapple with the aftermath of earthquakes, with death tolls rising and rescue efforts growing more desperate.

Technology & AI

Artificial intelligence is rapidly being embraced by Madison Avenue, with brands using sophisticated AI tools to cut costs and automate ad production. However, scholars warn that the "unknown unknowns" of using AI in the workplace may undermine its advertised benefits. The U.S. government is also adopting a playbook similar to Beijing in its approach to artificial intelligence policy. Europe’s boldest tech startups, such as Newcleo Ltd., are again reaching for U.S. SPACs to fund novel nuclear reactor technology. In India, OpenAI appointed former Uber executive Prabhjeet Singh as its managing director, signaling a deepening investment in the region. Meanwhile, AI-generated images are becoming a prominent feature in political campaigns, even as voters express skepticism about the technology.

Commodities & Agriculture

Corn dropped as traders looked past potential crop stress from a building heat dome to a U.S. Department of Agriculture report expected to show the largest American stockpile since 1988. In West Africa, the cocoa crop in Ivory Coast could fall by about a fifth in the next season due to a lagging number of pods on trees, risking tighter global supplies. U.S. natural gas futures retreated start week, as the market looks beyond the current heat wave driving demand. The steel industry, which has benefited from AI data centers, now faces a looming power crisis due to competition for electricity.

Real Estate & Infrastructure

Overseas pension funds are rethinking investments in UK housing, with Australian and Canadian funds encountering issues with planning policy and retrospective liability. In San Francisco, even tech salaries of $180,000 are reportedly no longer sufficient due to high living costs. Heathrow Airport’s proposed £33 billion expansion has been described as akin to a “luxury Mercedes” by the head of Star Alliance, who warned of the “eye-watering” costs of the third runway project.

Other Developments

British American Tobacco plans to cut 9,000 jobs, affecting about one in five positions, as part of cost-saving measures and outsourcing. In Japan, a mayor taking maternity leave has sparked debate about gender discrimination in the workforce. The Archdiocese of San Francisco reached a $395 million settlement with sex abuse survivors, covering approximately 530 claims. The U.S. Treasury secretary’s principles of economic statecraft have been described as contradictory.

Emerging Markets & Debt

Kenya and the Democratic Republic of Congo’s Eurobonds are among the top performers as falling crude prices attract investors back to securities issued by oil importers. JPMorgan’s Mislav Matejka has become the biggest bull on European stocks, predicting that declines caused by the conflict in Iran would be short-lived. Mexico’s exchange, BMV Group, halted trading ahead of the session open. Argentina has issued a warning to Venezuela regarding debt restructuring, emphasizing the need for IMF backing to rebuild investor confidence. Congo has ordered cobalt miners to surrender unused export quotas for the first half of the year to a government regulator. Ethiopia has reached an agreement to reduce payments on a $1 billion bond, following substantial debt relief from official creditors.