Public Markets 8 Hours

Last updated: June 3, 2026, 5:31 PM ET

Technology & AI Markets

The artificial intelligence investment boom continued unabated as Alphabet Inc. upsized its equity raising to $84.75 billion from $80 billion announced just days earlier, joining Google's parent company in a massive funding push for AI expansion. Meanwhile, Broadcom's semiconductor revenue from AI more than doubled to $10.8 billion in the latest quarter, driven by surging demand for custom AI accelerators and networking equipment. The AI fervor extended to the space sector, with SpaceX seeking a record $75 billion in an IPO that would be the biggest of all time, targeting funding for both its rocket launches and artificial intelligence initiatives. In a sign of the growing competition in AI finance, Anthropic PBC has lined up banks to lead its IPO work, racing rival OpenAI to be the first to go public.

Energy & Commodity Markets

Oil prices rose sharply as Iranian drones struck Kuwait's main international airport and the United States and Iran exchanged strikes, escalating tensions in the Middle East. The conflict has drained U.S. oil stocks to their lowest level since 2004, with industry warnings that prices could soon jump as inventories reach "critically low" thresholds. In response to the supply disruptions, Gulf states are reportedly in talks for oil pipelines to bypass the Strait of Hormuz, which has been closed for over three months. U.S. crude oil inventories posted a sixth straight weekly drop, falling by 8 million barrels as exports rose and refineries operated near full capacity. Meanwhile, natural gas futures settled higher ahead of weekly storage data expected to show a modest increase in the supply surplus.

Financial Markets & M&A

U.S. stocks declined broadly as markets gradually lost optimism that a deal to end the war in Iran would materialize quickly, with the S&P 500 falling 1.2% in afternoon trading. The dollar strengthened on rising rate-hike bets and resilient U.S. growth, putting pressure on precious metals with gold and silver prices declining. In private markets, private credit stocks fell after Cliffwater LLC's flagship private credit fund reported even larger redemption requests than in the first quarter, signaling potential stress in the alternative lending sector. Meanwhile, Bill Ackman's Pershing Square is looking to sell its stake in Universal Music Group NV just days after the Amsterdam-listed company rejected a takeover bid by the hedge fund billionaire, with the firm set to make approximately $600 million on its original 2021 investment. In the IPO market, Applied Aerospace & Defense rose 3.75% in its trading debut after raising $650 million in an initial public offering priced near the top of its range.

Geopolitical & Regulatory Developments

Iran's war with the United States continues to impact global markets, with clashes spooking investors and Google's surprise offering getting a $5 billion boost amid the uncertainty. The Trump administration fights a court order to refund some tariffs, having started to repay some money while signaling it may make it harder for certain businesses to claim the full amount they are owed. Federal regulators are investigating George Santos over suspicious prediction-market trading, with prediction market Kalshi referring the congressman's suspected trading in a contract that referenced his own appearance at the State of the Union. On the regulatory front, the U.S. Department of Agriculture reported a potential detection of New World screwworm in South Texas, a development that could pose a fresh threat to the nation's cattle herd already at its lowest level in decades.