Public Markets 8 Hours

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

Public Markets Wrap

Equities & IPOs

U.S. stocks finished the second quarter with their strongest performance in six years, with the S&P 500 and Nasdaq Composite rising 15% and 21% respectively. This rally was fueled by optimism around corporate earnings and U.S. economic resilience, pushing Asian equities to their best quarterly performance in nearly 17 years poised to rise. Digital infrastructure services firm ITG Inc. raised $312.2 million in a U.S. initial public offering, though its shares priced below the marketed range. In a significant move, Italian company Bending Spoons, which acquires aging internet brands, is preparing for an IPO with a potential valuation of $19 billion going public. Separately, iHerb, an online retailer specializing in vitamins and supplements, has selected its banking partners for a potential $500 million IPO this year select banks.

Deals & Corporate Activity

Alcoa Corp. agreed to acquire South32 Ltd.'s bauxite, alumina, and aluminum assets for as much as $5.6 billion, a deal that includes operations in Australia, Brazil, and South Africa. This acquisition aims to capitalize on rising aluminum prices driven by Middle East disruptions strikes $4.8bn deal. KKR is set to acquire EDF Power Solutions' North American operations for $4.2 billion, adding renewable energy assets including solar, wind, and battery storage to acquire. Getty Images plans to terminate its merger agreement with Shutterstock following U.K. regulator conditions that require Shutterstock to divest its editorial business. Consequently, Shutterstock shares plunged about 30% in after-hours trading. Private equity firms IVEST Consumer Partners and Cloverlay have sold the Care Bears brand to Authentic Brands Group, leaning into licensing and royalty agreements since their 2023 acquisition sell Care Bears.

Presidential Finances & Disclosures

President Donald Trump's latest financial disclosure for 2025 reveals significant earnings, particularly from his crypto businesses. He reported pulling in at least $2.2 billion in 2025, with more than $1 billion stemming from crypto deals least $2.2 billion. Further details indicate earnings of at least $1.4 billion from crypto and memecoin-related ventures least $1.4 billion, and over $500 million from the sale of family crypto tokens last year more than $500mn. Trump also reported hundreds of thousands of dollars from licensing deals for Bibles, watches, and perfume while in office. Separately, federal disclosures show Trump received dozens of tickets to major sporting events like the World Cup and Super Bowl from team owners and allies received dozens of tickets. The Supreme Court’s decision to block Trump’s push to end birthright citizenship was a blow to his immigration agenda, though hundreds of other restrictions remain in effect birthright citizenship right.

Energy & Commodities

Oil futures rose in early Asian trade on a potential technical recovery, following their sharpest quarterly drop since 2020. Prices steadied as traders monitored peace talks and the return of shipping through the Strait of Hormuz oil steadies. Eni and Mercuria are forming a partnership to trade energy commodities, aiming to capture profits seen by rivals form partnership.

Regulatory & Legal Developments

The U.S. Treasury has imposed sanctions on two Mexican citizens and nine companies linked to a cartel-affiliated fuel-smuggling scheme sanctions Mexican companies. In the U.K., the Trades Union Congress estimates that restoring a previous surcharge on banks could raise £9 billion, but a key adviser to Chancellor Jeremy Burnham is pushing back against this call for a bank tax increase pushes back union call. Egg producers have settled claims with U.S. authorities alleging a three-year effort to manipulate benchmark prices through coordinated bids egg producers settle. Binance and its founder are facing a lawsuit in London from nearly 1,700 U.K. users who allege the crypto exchange offered risky products without regulatory approval Binance founder sued.

Technology & AI

Apple's Tim Cook held "constructive" talks with the EU's tech chief regarding "Siri AI," as the company seeks to avoid fines amidst ongoing discussions about its AI assistant. AI-powered trading could necessitate "kill switches" to prevent market volatility driven by herd behavior, according to a Bank of England official kill switches needed. Anthropic has launched Claude Science, a new AI product aimed at generating revenue in the pharmaceutical sector, with use cases in drug discovery and rendering 3D protein structures launches Claude Science. Neon has purchased the film "Artificial," which focuses on OpenAI's chief Sam Altman, after Amazon withdrew its interest following an investment in the startup Neon buys Artificial. The CIA is reorganizing to prioritize cyber operations, with a directive for human oversight of artificial intelligence prioritizes cyberoperations.

Other Market Moves

Dish DBS, the pay-TV subsidiary of Echo Star, has filed for bankruptcy protection to reduce its debt load, pending the closure of a $20 billion spectrum deal with AT&T files bankruptcy. Nike’s sales continue to show strains, with revenue at $11 billion in its most recent quarter, the lowest since February 2022 sales continue decline. Constellation Brands reported lower first-quarter revenue, citing softening consumer trends and the impact of higher gas prices. Record-high beef prices are expected to continue impacting U.S. consumers this summer due to drought conditions and pest resurgence affecting cattle herds get ready pay up. The Depository Trust & Clearing Corp. will undertake a rare double-settlement day due to a significant number of erroneous trades erroneous trades force.

Political & Social Developments

Representative Thomas Kean Jr. announced he had been hospitalized for depression, with questions remaining about his nearly four-month absence from Congress hospitalized for depression. New York City is bracing for a record-breaking heatwave with temperatures potentially exceeding 100 degrees Fahrenheit ahead of the July 4th weekend, prompting an executive order to protect outdoor workers record-breaking heat wave. A deal has been reached on New York City’s $126 billion budget, which includes expanded programs for housing vouchers and discounted transit fares agree on budget. The Supreme Court's decision to uphold birthright citizenship is seen as a significant event, ending a key part of Trump's immigration agenda Supreme Court gets birthright.