Equity Capital Markets Update, June 2026

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U.S. Market Commentary

Key U.S. Macro Themes

Geopolitics / Middle East

• U.S. and Iran signed a ceasefire in June, reopening the Strait of Hormuz and commencing a 60-day window for further talks
• After this announcement, oil flows through the Strait picked up and reached ~75% of pre-war levels
• Hostilities picked back up towards month-end as President Trump threatened to resume the war and end the ceasefire

Monetary Policy, Inflation, and Employment

• In first meeting as Fed Chair, Kevin Warsh struck an expectedly hawkish tone and stressed price stability
• With inflation above the Fed’s stated goal of 2% since 2021, Warsh clearly stated “The commitment to deliver is strong, unanimous, and unambiguous, and that’s I think an important message we’ve missed for five years, and we’re going to fix that”
• Committee voted to keep target benchmark rates constant at 3.50% – 3.75% at the June 2026 meeting
• Resilient employment market has also complicated the case for any cuts, with non-farm payrolls gaining 172,000 in May 2026
• U.S. unemployment rate remains 4.3%

U.S. Equities Overview

Public Equity Markets

• Major U.S. equity indices were mixed in June, with the SPX and NASDAQ both down after posting fresh records earlier in the month, with semiconductor and memory names outperforming

Equity Capital Markets

•  16 IPOs (~$83.8BN) and 45 Follow-Ons (~$23.5BN) priced in June
• Notable transactions:
  – Doncasters – $1,075mm IPO – ▲ +44.1% offer-to-current
  – Kardigan – $460mm IPO – ▲ +50.7% offer-to-current
  – SpaceX – $86,250mm IPO – ▲ +16.7% offer-to-current
  – Quantinuum – $1,710mm IPO – ▲ +30.7% offer-to-current