Public Markets 8 Hours

Last updated: June 3, 2026, 8:30 AM ET

Equities & Technology

U.S. stock futures held mostly steady as investors looked to extend a technology-led surge, with Broadcom adding $280 billion in market value over just four sessions before its earnings report. JPMorgan's Nataliia Lipikhina argues an earnings "supercycle" driven by hyperscaler spending will push equities to further record highs, a thesis gaining traction as Hong Kong's $550 billion Exchange Fund seeks S&P 500 managers. Market-research firm Alpha Sense clinched a $7.5 billion valuation after raising $350 million from investors including Accenture and JPMorgan's asset-management arm.

Energy & Geopolitics

Oil prices climbed on Mideast escalation after the U.S. and Iran exchanged strikes in the Persian Gulf, with Iranian drones even targeting Kuwait's main airport. The Strait of Hormuz remains the choke point at the heart of the standoff, and Iran failed to export crude past the U.S. naval blockade in May, leaving roughly 80 million barrels stranded. The OECD warned that prolonged conflict could tip the global economy into recession, forecasting a broad slowdown even if oil prices peak soon. Pakistan's fuel sales slumped as war-elevated prices crushed demand, while Bahrain tested investor appetite for Middle East debt by marketing dollar bonds hours after fending off Iranian missiles.

Rates, Bonds & Currencies

Treasuries headed for their biggest drop in more than two weeks as rising oil prices revived Fed rate-hike expectations, dragging eurozone yields higher in opening trade. The dollar index rose after the U.S.-Iran clashes and stronger-than-expected April job openings, though HSBC Asset Management argues the currency faces a structural downtrend once geopolitical tensions fade. PGIM is betting Hungary's bonds rally further as the world's best emerging-market performers, while Australia saw surging demand for seven-year debt as the RBA signals a pause. India is preparing tax cuts to attract foreign bond buyers and its central bank denied reports it is selling gold.

Corporate Earnings & M&A

Medtronic reported higher profit and sales for its fiscal fourth quarter, while Macy's raised its full-year outlook as its turnaround continued gaining traction. Inditex posted 11.5% sales growth across Zara and Massimo Dutti despite a tough backdrop. Discount retailer B&M saw shares rise on higher revenue even as profits dropped 47% following profit warnings and a finance chief's resignation. Akzo Nobel shares plunged 19% after Nippon Paint and Sherwin-Williams abandoned their $14.5 billion pursuit, while Unilever's CEO defended the $66 billion McCormick combination and Nestle moved to take full control of yfood Labs.

Private Markets & Credit

Partners Group capped redemptions from its $8.6 billion flagship, triggering a share selloff as the CEO cited jitters among wealthy clients toward private markets broadly. Nvidia's Jensen Huang pitched "insane" AI returns to billionaire families to counter spending skepticism, while a hedge fund began targeting Ferrari owners in a private credit exotics boom.

Emerging Markets & Trade

Stanley Druckenmiller is leading Wall Street's return to Argentine stocks after investors fled ahead of volatile midterm elections. Indonesian stocks slumped to a five-year low and the rupiah hit a record, even as Korea and Taiwan rallies fail to attract foreign capital flowing instead into Japanese equities. Trump's proposed tariffs on 59 countries and the EU drew measured responses from Switzerland and India, both still negotiating broader trade frameworks. The EU risks losing 1 million jobs from the Iran war's fallout, even as Brussels allows extra budget space for energy crisis aid with a green emphasis. Meta