Public Markets 3 Hours

Last updated: June 29, 2026, 11:30 AM ET

Global Markets & Macroeconomic Trends

Mexico's main stock exchange, the BMV Group, halted trading ahead of the session's open, adding to a volatile start for global equities. In Asia, the Japanese yen slid to a four-decade low against the dollar, rattling markets and prompting speculation of official intervention. Meanwhile, U.S. stocks rallied as dip buyers emerged, lifting technology shares and providing a measure of calm after last week's declines, as fighting in the Middle East eased. Investors are also grappling with potentially "terrible AI economic dilemmas" suggesting austerity for the non-AI economy.

Corporate & Deal Activity

Micro Strategy is implementing a turnaround plan that includes selling Bitcoin holdings and increasing reserves, moves aimed at restoring confidence in the crypto-focused company. In the U.S., SpaceX and Alphabet have driven record-setting share sales, pushing midyear offerings to $251 billion and raising expectations for further deal activity. Morgan Stanley is launching its first investment-grade bond offering in over a year for a private credit fund, aiming to refinance existing debt. European tech startups are also renewing interest in U.S. SPACs, with novel nuclear reactor builder Newcleo Ltd. exploring the market.

Regulatory & Legal Developments

The U.S. Supreme Court ruled that Fed Governor Lisa Cook can remain in her position, reinforcing the central bank's independence and thwarting a bid by President Trump to remove her. In Ecuador, a bomb attack damaged the mining agency that was probing illegal gold operations, highlighting the risks in the commodity sector. The Supreme Court also rejected Trump's request to appeal a $5 million verdict in the E. Jean Carroll case.

Commodities & Energy

Iraq's oil trapped in the Persian Gulf has begun flowing through the Strait of Hormuz as transit conditions have eased amid a U.S.-Iran ceasefire, with approximately 14 million barrels escaping over the past ten days. U.S. natural gas futures retreated early in the week as traders looked past the current heatwave, which has been driving demand. In West Africa, the cocoa crop in Ivory Coast, the world's largest producer, could fall by a fifth due to poor pod counts, potentially tightening global supplies.

Investor Sentiment & Fixed Income

Despite a strong first half performance, investors are largely snubbing the smallest, riskiest U.S. stocks, which have outperformed larger caps by 1,400 basis points. In fixed income, Kenya and the Democratic Republic of Congo are seeing their Eurobonds perform strongly as falling crude prices attract investors back to debt issued by oil importers following the unwind of Iran war trades. Citadel Securities has warned that investors are underestimating Federal Reserve Chairman Kevin Warsh's resolve to combat inflation, which could negatively impact risk assets.