Public Markets 8 Hours

Last updated: June 30, 2026, 11:30 PM ET

Markets Overview

U.S. stocks closed higher to cap their best quarterly performance in years, with the S&P 500 and Nasdaq logging their strongest gains since 2020, rising nearly 15% and 21% respectively in the second quarter. This surge, driven partly by AI-related stocks, positions corporate earnings for continued growth. Asian equities, however, edged lower after a prior rally, as investors adopted a more cautious stance. The WSJ Dollar Index rose 0.85% for the quarter, snapping a three-day losing streak.

Currencies & FX

The Japanese yen hit a fresh 40-year low against the dollar, trading at 162.66 yen per dollar, prompting alerts for potential foreign exchange intervention from Japanese authorities. This historic slump is forcing investors to re-evaluate traditional strategies for gauging yen movements, according to Mizuho Bank. Meanwhile, bullish bets on the Chinese yuan are fading rapidly as options traders unwind positions following the Federal Reserve's hawkish pivot.

Corporate & Deal News

Alcoa Corp. agreed to acquire South32 Ltd.'s bauxite, alumina, and aluminum assets for up to $5.6 billion, a move that solidifies Alcoa's position as a major producer amid strengthening long-term demand and Middle East disruptions. In the tech sector, Lime, backed by Uber, priced its IPO at $25 per share, raising $167 million. Bending Spoons SpA, a software acquirer, and its backers raised $1.68 billion in a US IPO priced above its marketed range. Digital infrastructure firm ITG Inc. secured $312.2 million in its US IPO, with shares priced below the initial range.

Energy & Commodities

The global oil market faces a potential return to oversupply as the impact of the Iran war diminishes and traffic through the Strait of Hormuz recovers, according to Goldman Sachs. Oil futures steadied after their largest quarterly drop since the pandemic, with traders monitoring US-Iran peace talks and the resumption of shipping. The war in Iran has also rewired China’s petrochemical trade, enabling plants to export surpluses of key materials for plastics and textiles.

Politics & Policy

Vice President JD Vance's financial disclosure report revealed assets including cryptocurrency and real estate, with his earnings last year reaching up to $7.4 million, primarily book royalties. President Trump reported substantial earnings, with his financial disclosure showing at least $1.4 billion in crypto earnings for 2025, and at least $2.2 billion in total earnings. These figures defy traditional presidential norms regarding potential conflicts of interest. The Supreme Court delivered significant rulings, blocking Trump administration rules on student loan forgiveness public servants and upholding birthright citizenship, while also allowing states to bar transgender athletes from girls' sports.

Technology & AI

The U.S. government lifted restrictions on Anthropic's most powerful AI models, allowing the company to bring its advanced technologies back online. This de-escalates a dispute with the Trump administration. Grindr's CEO has adopted an aggressive AI strategy, aiming for all company code to eventually be AI-generated to create a leaner operation.

Other Markets

Gold held steady in a bearish consolidation zone below $4,115 an ounce, as traders assessed peace talks and U.S. economic data for clues on Federal Reserve interest rate policy. U.S. stocks achieved their largest quarterly gain in six years, navigating fallout from the Iran war, chip stock volatility, and a significant SpaceX IPO. In India, Kotak Mahindra Capital Co. reclaimed the top spot in the equity capital markets league table for the first half of the year.