Weekly Market Recap | June 29 – July 05

Analyst Highlights

• IPO market remains open, but selective: Eight offerings came to market, though weaker trading in Idaho Copper, Bending Spoons, and ITG showed limited risk appetite for some operating companies.
• Equities showed resilience: The S&P 500, Russell 1000, Russell 3000, Dow Jones, and Nasdaq ended higher, while the Russell 2000 slipped.
• Volatility eased: The CBOE VIX fell 8.50% for the week, suggesting investors were less defensive despite geopolitical and policy uncertainty.
• Crypto momentum strengthened: Ethereum rose 10.73%, XRP gained 9.33%, Solana climbed 8.63%, and Bitcoin advanced 5.67%.
• Commodities diverged: Gold and silver gained as Fed hike expectations eased, while WTI and Brent crude declined on lower oil prices and supply expectations.
• AI and policy remained central themes: Markets weighed rotation away from chips, possible US involvement in OpenAI, lighter AI guardrails, and chip-supply intervention risks.

IPO’s in the week

• Idaho Copper (COPR, NYSE American) — listed on July 2, 2026, offering 2,793,300 shares at $4.85 per share. Shares traded sharply lower after listing, falling 33.60%.
• Meridian3 Industrial (MIACU, Nasdaq) — listed on July 2, 2026, offering 17,500,000 shares at $10.00 per share/unit. Shares were flat after pricing, trading at 0.00%.
• Viking Acquisition II (VII.UT, NYSE) — listed on July 2, 2026, offering 20,000,000 shares at $10.00 per share/unit. Shares traded slightly higher after pricing, rising 0.20%.
• Bending Spoons (BSP, Nasdaq) — listed on July 1, 2026, offering 57,971,015 shares at $29.00 per share. Shares traded lower after pricing, falling 11.28%.
• ITG (ITG, Nasdaq) — listed on July 1, 2026, offering 19,512,196 shares at $16.00 per share. Shares traded lower after pricing, falling 12.70%.
• Neutron Holdings / Lime (LIME, Nasdaq) — listed on July 1, 2026, offering 6,956,522 shares at $25.00 per share. Shares traded lower after pricing, falling 3.85%.
• Osprey Acquisition (OSPRU, Nasdaq) — listed on July 1, 2026, offering 26,100,000 shares at $10.00 per share/unit. Shares traded slightly higher after pricing, rising 0.30%.
• Ares Acquisition III (AAC.UT, NYSE) — listed on June 30, 2026, offering 30,000,000 shares at $10.00 per share/unit. Shares traded slightly lower after pricing,

Additional IPO Activity: IPO activity remained active this week, with eight offerings visible across the calendar. The group showed a mixed reception: acquisition vehicles and SPAC-style listings mostly traded close to their $10.00 offer levels, while operating companies saw more pressure, including sharp declines in Idaho Copper, Bending Spoons, and ITG. Overall, the week suggests that the IPO market remains open, but investor demand continues to be selective, especially for non-SPAC issuers.

Markets Weekly

1. S&P 500 closed at 7,483.24, rising 81 points, or 0.58%, for the week.
2. Russell 1000 closed at 4,084.45, rising 62 points, or 0.56%, for the week.
3. Russell 2000 closed at 2,996.11, falling 31 points, or 0.48%, for the week.
4. Russell 3000 closed at 4,268.21, rising 74 points, or 0.51%, for the week.
5. CBOE VIX closed at 15, falling 1.50 points, or 8.50%, for the week.
6. Dow Jones closed at 52,900.07, rising 33 points, or 1.37%, for the week.
7. NASDAQ IXIC closed at 25,832.67, rising 12.53 points, or 0.05%, for the week.
8. Bitcoin closed at 63,547.88, rising 3,409.50 points, or 67%, for the week.
9. Ethereum closed at 1,783.01, rising 80 points, or 10.73%, for the week.
10. Solana closed at 42, rising 6.47 points, or 8.63%, for the week.
11. XRP closed at 1559, rising 0.0986 points, or 9.33%, for the week.
12. Gold closed at 4,112.70, rising 40 points, or 2.25%, for the week.
13. Silver closed at 64, rising 2.47 points, or 4.25%, for the week.
14. WTI Crude closed at 69, falling 2.06 points, or 2.91%, for the week.
15. Brent Crude closed at 80, falling 1.35 points, or 1.85%, for the week.

• Trump’s Iran conflict may keep global interest rates higher through 2028, as central banks adjust to renewed geopolitical risk and inflation pressure.
• Investors are increasingly eyeing old-economy stocks as doubts grow over the AI rally’s durability and tech gains face profit-taking pressure.
• Morgan Stanley sees investors rotating from chip stocks toward hyperscalers, as markets reassess AI winners and spending expectations.
• The SEC is reviewing ETF rules as the $16 trillion industry expands rapidly, raising questions over oversight, confidentiality, and complex products.
• Treasuries rallied as weaker jobs data and lower oil prices pushed Fed hike expectations later into the year.
• Wall Street expects resilient markets to absorb shocks, with diversified portfolios posting their strongest first-half return since 2021.
• European stocks capped their best week since May as AI jitters eased, Asian shares rebounded, and gold extended gains.
• US stock funds saw their largest outflows since March, while investors shifted toward international equities, including strong inflows into Japan.

Politics Weekly

• Trump will meet Zelenskyy at the NATO summit in Turkey as allies face pressure to raise defense spending to 5% of .
• Millions reportedly joined Khamenei’s funeral procession in Tehran, while Chinese and Russian dignitaries attended, underscoring Iran’s regional and strategic alliances.
• European powers now expect some Hormuz transit fees, while the US and Gulf states oppose charges over maritime-law and precedent concerns.
• Iran said China and friendly nations may receive Hormuz fee concessions, highlighting how maritime rules could deepen geopolitical divisions.
• Russia’s deadly Kyiv strike exposed Ukraine’s Patriot air-defense shortage, raising pressure before Zelenskyy meets Trump at the NATO summit.
• China test-fired a submarine-launched ballistic missile in the Pacific, drawing concern from Japan, Australia, and New Zealand over regional stability.
• Ukrainian drones struck near major Russian Baltic ports, damaging facilities as Kyiv intensifies pressure on Moscow’s energy infrastructure.
• Putin and Trump discussed Ukraine before the NATO summit, as Washington weighs diplomatic options and Kyiv seeks stronger defense support.

Technology Advancements in the week

• Trump said AI needs some guardrails but minimal restrictions, signaling a lighter regulatory approach as federal scrutiny of major AI models grows.
• OpenAI reportedly proposed giving the US government a 5% stake, signaling deeper state involvement in major AI companies.
• The chip industry urged the US to avoid memory-market intervention, warning price or capacity controls could worsen the global supply shortage.
• SK Hynix launched marketing for a $28 billion US listing, reflecting strong investor demand for memory chips and AI infrastructure.

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