Public Markets 8 Hours

Last updated: July 1, 2026, 5:30 PM ET

Public Markets

Technology, Media & Telecom

Shares in Bending Spoons surged 40% above their initial public offering price, raising $1.68 billion in one of Europe’s largest technology IPOs this year. The Italian tech group, owner of Vimeo and Evernote, saw its stock debut on Nasdaq after a year where U.S. IPOs already raised a record haul. Separately, Uber-backed Lime saw its shares climb after raising $167 million in its own IPO, with its stock initially priced at $25. Meanwhile, AI continues to dominate discussions, with economists sounding alarms about its potential global fallout, while regulators like the SEC rethink ETF oversight.

Energy & Commodities

U.S. natural gas futures fell despite hot weather boosting cooling demand, as abundant production and inventories capped gains. Crude futures extended their decline as supply optimism grew with ships moving through the Strait of Hormuz and ongoing talks between the U.S. and Iran. Key U.S. oil grades have slumped to a discount as crude flows increase and demand for American exports fades. UAE oil exports have returned to pre-war levels, utilizing a bypass pipeline and undetected tankers through Hormuz.

Mergers & Acquisitions

Global M&A volume is expected to remain strong in the second half of the year, driven by mega takeovers that have already pushed dealmaking to a record $2.8 trillion. Companies and investors are increasingly turning to M&A as they adapt to economic shifts, particularly those spurred by the rise of artificial intelligence. In a notable deal, French shipping company CMA CGM will buy for $1.4 billion, aiming to expand its U.S. presence and strengthen its supply chain footprint.

Autos & Transportation

Franco-German tank maker KNDS postponed its IPO, balking at an investor valuation of over €12 billion, citing market conditions. This decision halts what was anticipated to be one of Europe’s largest debuts in recent years. In contrast, Uber-backed Lime gained 4% after raising $174 million in its initial public offering. Meanwhile, Washington has opted not to renew its trade deal with Mexico and Canada, opting instead for annual reviews on commerce terms.

Fixed Income & Interest Rates

Treasury yields rose ahead of the jobs report, with bonds falling as investors digested U.S. economic indicators and comments from Federal Reserve Chairman Kevin Warsh. Warsh, who has tapped former Bank of England Governor Mervyn King for a new communications task force, noted that inflation poses less risk than in recent weeks, while stressing the central bank's commitment to price stability. However, analysts are concerned that Warsh's promise of a quieter central bank could spur market volatility. Big bank calls have also unleashed a trading frenzy in U.S. funding rate futures amid divergent views on Treasury bill supply.

Cryptocurrencies

President Trump and his family have reaped significant financial rewards from a memecoin, even as hundreds of thousands of investors lost money. Trump’s crypto ventures alone reportedly generated approximately $1.4 billion, making him the largest U.S. crypto moneymaker by a considerable margin, according to his latest financial disclosure. This windfall from crypto deals, licensing, and legal settlements contributes to his overall reported earnings of more than $1 billion in the past year.

Macroeconomic Trends

U.S. factory activity continued to expand in June, though at a slower pace, with the ISM purchasing managers’ index at 53.3. A war-driven surge in input costs has eased, contributing to manufacturing activity expanding for a sixth consecutive month. In Europe, the European Central Bank faces diverging views on its next rate move, with some council members seeing a smaller likelihood of further hikes due to falling energy prices and slowing inflation as oil prices drop, while others suggest one more hike may be reasonable to ensure inflation targets. New Zealand house prices are nearing a three-year low, adding to signs of an economic slowdown amidst global oil shocks impacting consumer spending due to Iran war worries.