Reuters survey: Federal Reserve to hold federal funds rate in the 3.50% to 3.75% range until the end of 2027

Goldman Sachs notes that the 2026 U.S. stock market IPO market is experiencing its strongest rebound in recent years, but is nowhere near replicating the speculative frenzy of the dot-com bubble era. So far this year, around 50 companies have listed in the U.S., doubling the count from the same period last year; by deal value, mid-year issuance volume has reached roughly $120 billion, matching the full-year record set in 2021. Goldman Sachs Chief U.S. Equity Strategist Ben Snider said in the bank’s podcast that this is to some extent just a normal recovery, driven by a cluster of large companies going public and robust financing demand in the AI sector. While bubble warning signs—including high valuations, strong investor confidence, and AI as the dominant investment theme—warrant attention, Snider emphasized that one key metric remains far from historical peaks: the number of IPOs. Over the past 25 years, the U.S. has averaged roughly 100 IPOs annually; the current pace is close to that level, compared to over 250 in 2021 and nearly 400 at the 1999 peak of the dot-com bubble. “Despite the fairly high deal value and accelerating activity, in my view, it is still far from the exuberance seen in those periods,” Snider said.

Artificial intelligence boom has driven explosive growth in foreign investment in the United States: In the 12 months ending April 2026, net capital inflows into the US surged to a record $840 billion, with a significant rise in funds from individual investors and official institutions purchasing US assets. Since the start of 2025, foreign capital investment in the US has nearly tripled; by comparison, the 2021 peak was around $400 billion, less than half of the current level. In April, total purchases of US stocks by individual investors jumped to $763 billion, a record high. Official institutions' purchases hit a record $121 billion, more than doubling since the start of the year. Global demand for US assets is unprecedented.

Carlos San Basilio, chair of Spain’s National Securities Market Commission (CNMV), said crypto firms that fail to obtain EU MiCA licenses by the end of June will not be granted any extensions or exemptions by the regulator. Large platforms must exit the EU market in compliance with regulations. The regulator is in close communication with unauthorized firms, focusing on their exit plans and customer asset transfer arrangements to safeguard investor interests. He also warned that investors conducting new transactions on unlicensed platforms will no longer enjoy protection under the MiCA framework.

Prediction market platform Polymarket has disclosed its annualized revenue has crossed the $1 billion mark. The FIFA World Cup has continuously boosted trading volumes across platforms since its kickoff: Polymarket’s U.S. platform daily trading volume surged from around $50 million in mid-May to over $200 million on June 20; the international platform’s total weekly trading volume, after a decline in April and May, also hit an all-time high during the World Cup. Previously, Polymarket was banned from operating in the U.S. in 2022 over incomplete regulatory registration. Last July, the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) closed their investigation into the firm without filing charges, and its U.S. platform now operates as a CFTC-regulated trading venue.

SecondFi Update on Incident Fund Recovery Progress: The final balance snapshot was completed on June 26, serving as an accurate record basis for subsequent asset recovery. The engineering and security teams have finished balance verification and recovery mechanism assessment, with asset refunds expected to begin in approximately two weeks—one week will be allocated to implementing solutions, and the other to testing and review. The specific timeline may be adjusted based on progress. SecondFi stated that operations will resume only after confirming platform security and completing all security reviews. Currently, users only need to submit applications via support tickets, with no other actions required.

Goldman Sachs strategist Christian stated that amid AI-related trading segments, as chipmaker stocks continue to fluctuate, the investment appeal of large-cap tech stocks may further rise. Currently, the market is led by chip companies and beneficiaries of AI capital expenditure, rather than hyperscale cloud service providers. These chip stocks rank among the most volatile segments in the AI industrial chain, with massive funds building heavily leveraged positions in them via tools like ETFs and options. "If the upward momentum of the AI sector remains strong, investors should increase their allocation to cloud service providers and reduce holdings in semiconductor stocks. Semiconductors are the most volatile link in the AI capital expenditure chain."