Public Markets 3 Days

Last updated: June 30, 2026, 8:30 PM ET

Markets Overview

U.S. stocks capped their best quarterly performance in years, with the S&P 500 and Nasdaq rising 15% and 21% respectively in the second quarter, while the Dow industrials closed June at a record high. Asian equities were also poised for gains, capping their best quarter in nearly 17 years on optimism fueled by chipmakers and U.S. economic resilience. This market strength has contributed to a significant increase in wealth, with Americans adding 1,200 new millionaires daily last year. However, a shift in Federal Reserve communication under Chairman Kevin Warsh is leading to increased volatility in rates markets, as investors attempt to interpret economic data independently. Corporate Dealmaking & IPOs

The digital infrastructure services firm ITG Inc. successfully raised $312.2 million in a U.S. initial public offering, pricing its shares below the initial marketed range . In a significant move for the metals sector, Alcoa Corp. has agreed to acquire South32 Ltd.’s bauxite, alumina, and aluminum assets in Australia, Brazil, and South Africa for as much as $5.6 billion, aiming to capitalize on rising aluminum prices. KKR is set to acquire EDF Power Solutions’ North American operations for $4.2 billion, bolstering its renewable energy portfolio. The Italian company Bending Spoons, which specializes in acquiring aging internet brands, is preparing for a public offering with a potential valuation of $19 billion. Meanwhile, Getty Images announced plans to terminate its merger agreement with Shutterstock after a U.K. regulator stipulated that Shutterstock must sell its editorial business for the merger to proceed, causing Shutterstock shares to plunge 30%.

Energy & Commodities

Oil futures saw fluctuations, with prices rising on possible technical recovery after their sharpest quarterly drop since 2020. Later, oil steadied as traders monitored peace talks and the return of shipping through the Strait of Hormuz. Prices edged higher again following reports of a U.S. and Iran agreement to halt attacks in a key shipping lane. Despite geopolitical tensions, China has emerged as a relative winner from the Strait of Hormuz crisis, with a report suggesting the conflict has left the nation in a more advantageous economic position . Battery metals futures, including cobalt and lithium, have experienced increased trading volumes this year, reflecting market volatility.

Technology & AI

Apple’s Tim Cook held "constructive" discussions with the EU's tech chief regarding "Siri AI," as the tech giant seeks to avoid potential fines related to its AI assistant launch. The U.S. Securities and Exchange Commission is considering new ETF rules amid a $16 trillion boom that is disrupting the status quo, particularly for prediction-market ETFs. The CIA is prioritizing cyberoperations in its reorganization, with a focus on taking "smart risks" while maintaining human oversight of artificial intelligence. In the film sector, Neon acquired the movie "Artificial," which focuses on OpenAI's chief Sam Altman, after Amazon withdrew its investment interest. The development of AI is also being eyed for pharmaceutical applications, with Anthropic launching Claude Science to aid in drug discovery and protein structure rendering.

Political & Economic Landscape

Financial disclosures reveal that Donald Trump’s family holdings, particularly his crypto businesses, were highly lucrative in 2025, with disclosures showing at least $2.2 billion in earnings. Further reports indicate over $1 billion from crypto deals and significant sums from licensing and legal settlements, with specific crypto token sales generating over $500 million last year. Trump also announced plans for a Republican Midterm Convention in Dallas, Texas, aiming to mobilize party members. The Supreme Court has blocked Trump's efforts to end birthright citizenship, 90, a decision that ends a significant part of his immigration agenda. In political races, James Talarico, the Democratic rival for Texas Senate, is leveraging a tabloid story about Ken Paxton, focusing on corruption and affordability. In Maine, a close Senate race between Graham Platner and Susan Collins is seen as crucial for party control of the chamber. The Supreme Court's decisions are also impacting regulatory bodies, granting the presidency significant control over numerous federal regulators while affirming the Federal Reserve's political independence.

Global Economy & Trade

Colombia's incoming president has named Miguel Gómez as finance minister. The nation's interest rates have been raised to 12% after a court removed the government's power to block monetary tightening. Japan is nearing its longest post-war growth streak, despite households facing economic struggles due to higher oil prices and normalization efforts by the central bank. Singaporean households are facing record power bills, influenced by the ongoing conflict and its inflationary effects. Indian markets are showing resilience, with stocks outperforming emerging market peers and the rupee rebounding as oil prices slide. Gold declined amid renewed U.S.-Iran tensions that fueled inflation concerns, although oil prices saw a temporary rise on news of a potential U.S.-Iran deal to suspend Gulf attacks. China's economy appears to be a relative winner from the Strait of Hormuz crisis.

Corporate Performance & Strategy

Nike's sales continue to decline, particularly in China, with the company aligning results with expectations amidst a challenging operating environment. Despite tariff refunds, Nike's earnings show persistent strains, reporting $11 billion in revenue for its most recent quarter, the lowest since February 2022. Shares slipped following cautious commentary on demand, even as results outpaced expectations. Constellation Brands reported lower first-quarter revenue, citing softening consumer trends and the impact of higher gas prices. Maersk has lifted its guidance due to strong demand and higher freight rates, particularly in East Asia, prompting an upgrade to its outlook. In the media sector, Comcast is planning to spin off NBCUniversal and Sky, reversing a decade-old strategy that struggled to demonstrate benefits for shareholders. Dish DBS, an Echo Star subsidiary, has filed for bankruptcy to reduce its debt load, following a snag in a $20 billion AT&T spectrum deal. Healthcare & Consumer Goods

Representative Thomas Kean Jr. announced he had been hospitalized for depression, a condition that affects more than one in four U.S. adults. He later reappeared in Congress, explaining his nearly four-month absence was due to depression. The National Institutes of Health has announced the creation of the world's largest integrated health database, containing over half a million genomes paired with clinical records and wearable tech data. Philip Morris International has received approval from the FDA to market Zyn nicotine pouches as less harmful than cigarettes. In the toy industry, private equity firms IVEST Consumer Partners and Cloverlay have sold the Care Bears brand to Authentic Brands Group .

Infrastructure & Defense

The U.S. has imposed sanctions on two Mexican citizens and nine companies linked to a fuel-smuggling scheme with cartel ties . The European Investment Bank will provide Airbus with a $3.42 billion loan to support its investments in commercial aviation, security, and defense across Europe. Verizon and Britain's BT are combining their overseas operations to leverage greater scale and network infrastructure. JPMorgan is increasing its involvement in the defense sector, putting the bank's own funds into defense and other vital industries and planning broader expansion in national security. The UK is being urged to improve its approach to procuring defense equipment due to high costs. The U.K. roadside recovery business AA is preparing for a £5 billion London listing.

Geopolitical & Social Issues

Earthquake rescue teams from the U.S. are working alongside locals in Venezuela amid devastating conditions, with aid workers fearing disease outbreaks due to damaged water systems. Air travel in and out of Venezuela remains severely restricted following powerful back-to-back earthquakes. An 11-year-old boy was rescued from nearly 10 feet of rubble in La Guaira, Venezuela, by a Colombian rescue team. In the U.S., record-breaking heatwaves are expected in New York City, prompting an executive order to protect outdoor workers as temperatures could exceed 100 degrees. Wildfires have burned thousands of acres in Utah and other Western states, with concerns about firefighter safety and destruction. In Kyiv, a prom proceeded amidst the ongoing conflict, though one student's date danced alone.

Regulatory & Legal Battles

The U.S. Treasury announced sanctions against Mexican entities involved in cartel-linked fuel smuggling. Egg producers have settled claims in the U.S. accusing them of manipulating benchmark prices through a three-year effort to coordinate bids. A lawsuit has been filed in London by nearly 1,700 UK users against Binance and its founder, alleging the exchange offered risky products without regulatory approval. France has passed a new law to fine companies like Shein and Temu, targeting those releasing high volumes of low-price products and banning related advertising and influencer promotions. A federal judge temporarily blocked a new Pentagon rule that restricted journalists' access, following a lawsuit by The New York Times.

Corporate Strategy & Financials

Oaktree Capital-backed ITG Inc. raised $312.2 million in a U.S. IPO, pricing shares below its marketed range. Kura Sushi Inc. aims for ambitious U.S. growth, targeting a 20% annual increase in store count to build market share before competitors expand. IVEST Consumer Partners and Cloverlay sold the Care Bears brand to Authentic Brands Group. Private equity firm Neos Partners LP and Forgent Power Solutions Inc. are offering to sell approximately 35 million shares, marking their third stock sale since the power distribution equipment maker went public. Welltower’s CEO received a substantial pay package for the company's turnaround, drawing shareholder criticism. Adani Ports plans to sell a stake in its Indian port to Swiss shipping group MSC for $1.40 billion, representing the largest foreign private investment in Indian port infrastructure. Schroders is nearing the sale of its financial planning arm, Benchmark Capital, to Söderberg & Partners for over £200 million. Royal Bank of Canada is considering a $2 billion risk transfer to hedge exposure to artificial intelligence-linked loans.