Public Markets 8 Hours

Last updated: June 3, 2026, 11:33 AM ET

Global Markets Overview

The S&P 500 slumped on Wednesday as escalating tensions between the U.S. and Iran threatened hopes for a fragile ceasefire, while Brazil's historic stock rally derailed as foreign investors pulled money at the fastest pace in over six years. European stocks slipped on Thursday amid uncertainty over proposed U.S. tariffs, with the EU warning the Iran conflict could cost more than 1 million jobs this year across the bloc as oil prices fluctuate and supply chains face disruption.

Technology & AI Boom

Europe's most valuable company ever, ASML, soared 60% year-to-date fueled by the artificial intelligence infrastructure buildout, while Google parent Alphabet upsized its record-breaking equity raise to $85 billion from $80 billion announced just days earlier to fund expanding AI initiatives. Meta expanded its AI push into WhatsApp seeking new revenue streams, and Nvidia's CEO touted "insane" returns to billionaire investors amid the AI spending surge. Meanwhile, Broadcom's shares have added $280 billion in market value over the last four trading sessions ahead of key earnings results.

Energy & Commodities

Oil prices rose sharply on Thursday after Iranian drones struck Kuwait's main international airport and the U.S. and Iran exchanged strikes, with Russia's multi-billion payouts to refiners denting state revenues even as the conflict boosted crude prices. Kuwait considered expanding global oil storage after the war in the Persian Gulf blocked flows through the Strait of Hormuz, a waterway critical for energy exports. The U.S. Navy's blockade prevented Iran from exporting any crude oil in May, with approximately 80 million barrels stranded in waters behind the line.

Fixed Income & Bonds

Treasury yields climbed to a two-week high after Middle East tensions lifted oil prices and fueled expectations of Federal Reserve rate hikes, with the ADP jobs data beating forecasts and reinforcing the strength of the U.S. labor market. Hungary's bonds, the world's best emerging-market performers recently, are set to rally further according to asset manager PGIM, while India prepared tax cut plans to attract foreign bond buyers by reducing taxes and removing ownership caps on some bonds. The yield curve continued to flatten as traders balanced growth concerns against inflationary pressures.

Private Credit & Alternatives

Shares of major alternative asset managers tumbled on Wednesday after Cliffwater LLC's flagship private credit fund reported even larger redemption requests than in the first quarter, setting off a selloff in the sector. Wall Street's top prosecutor increased scrutiny of possible valuation discrepancies in the private credit marketplace, while Partners Group capped investor withdrawals from its private equity fund for wealthy individuals, sparking a share selloff. Swiss private capital firm Partners Group limited redemptions from its $8.6 billion flagship vehicle, citing jitters among wealthy clients toward private markets more broadly.

Corporate Developments

Discount retailer B&M reported a 47% profit drop in a tough turnaround year following a series of profit warnings and finance chief's resignation after an accounting error, while its shares had risen earlier after beating revenue consensus. Akzo Nobel plunged 19% after Nippon Paint and Sherwin-Williams ended their $14.5 billion pursuit of the company. Medtronic posted higher profit and sales during its fiscal fourth quarter reflecting steps to improve business performance, while Macy's lifted its full-year outlook as its turnaround strategy continued to bear fruit with higher first-quarter profit and sales. Volvo Car's sales fell 5.5% as industry headwinds continued, with China remaining under pressure due to a highly competitive landscape and challenging macro environment.