Market UpdatesJun 04, 20262 Min
Global Market Wrap: Oil Retreats, Gold Shines; SpaceX IPO Plans And Alphabet’s Record Run Excite Wall Street
We are back with quick updates on global stock markets and major developments across some of the top companies worldwide.
Asia-Pacific markets opened on a weaker note on Thursday as renewed US-Iran tensions kept crude prices elevated on Wednesday. It has also revived concerns over energy costs and inflation.
In Asia, Japan’s Nikkei 225 slipped 1.4% to 67,429, while South Korea’s Kospi dropped 1.8% to 8,639. In Australia, S&P/ASX 200 was 1.13% lower at 8,686.
Hong Kong’s Hang Seng slipped 1.4% to 25,250, while Shanghai Composite dropped by 0.6% to 4,057.
On Wall Street, the S&P 500, after setting a fresh record in the previous day's trade, was down by 0.7% to 7,553. Nasdaq closed in the red at 0.9% to 26,853.
Moving to commodities, oil pulled back marginally on Thursday after Israel and Lebanon agreed to implement a ceasefire. Brent crude dropped 0.6% to $97.22 a barrel, and WTI was down 0.5% to $95.54.
Meanwhile, gold rose as the weaker dollar made bullion more affordable for non-dollar buyers. Spot gold was up 0.8% at $4,465.56 per ounce. US gold futures for August delivery gained 0.6% to $4,493.30.
Here’s a look at some of the important developments across global markets:
SpaceX Launches IPO Roadshow at $1.77 Trillion Valuation
SpaceX (SPCX) formally launched its IPO roadshow at a fixed price of $135 per share. This would imply a valuation of approximately $1.77 trillion, which would make it the seventh-largest U.S. company by market cap, surpassing Tesla.
Alphabet’s $80 Billion Stock Raise Leaves Wall Street In ‘Unprecedented Territory’
Alphabet announced an $80 billion equity raise — the largest equity issuance ever by a publicly traded technology company — to fund its AI infrastructure expansion.
The deal comprises $30 billion in concurrent public offerings, a $40 billion at-the-market programme launching in Q3 2026, and a $10 billion private placement with Berkshire Hathaway (Greg Abel’s first significant capital deployment as Berkshire’s new chief).
Honeywell’s Quantinuum Raises $1.68B in Nasdaq IPO
Honeywell’s Quantinuum priced its Nasdaq IPO at $60 per share, raising $1.68 billion on 28 million shares.
Trading begins Thursday under the ticker QNT, with JPMorgan and Morgan Stanley as lead underwriters.
Trade Balance Snaps Back To Surplus as Iron Ore & Coal Rebound
Australia’s goods trade balance swung back into surplus in April, posting A$1.79 billion against the A$1.23 billion economists had expected.
The rebound was driven by a sharp 7.2% month-on-month jump in exports, as iron ore, coal, and mineral shipments recovered from weather-related disruptions that had hampered loading operations in March.
