Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTBy Rodrigo Campos and Amanda CooperTue, June 30, 2026 at 5:47 PM GMT+2 4 min readBy Rodrigo Campos and Amanda CooperNEW YORK/LONDON, June 30 (Reuters) - Stocks across the globe on Tuesday were headed for their largest quarterly percentage increase in six years, while Brent oil was on track for its largest quarterly drop since 2020, as traders kept tabs on a fragile ceasefire between the United States and Iran.On the last day of the second quarter, the U.S. dollar was set to rise against a basket of peers for a fourth straight quarter, pushing the yen to a 40-year low as expectations for U.S. interest rate hikes shifted dramatically. Emerging market currencies as a bloc gained over 1% to the greenback throughout the quarter.In energy markets, the Strait of Hormuz has reopened gradually and haphazardly as hostilities between the U.S. and Iran receded into a fragile ceasefire, knocking almost 40% off the price of Brent oil this quarter.A seemingly unstoppable boom in artificial intelligence stocks kept the equities rally going for the quarter, with South Korea's KOSPI up 68% and Taiwan's benchmark up 45%. The Nasdaq Composite added more than 20%. The MSCI All-World index has gained 14% so far and touched a record high earlier this month, marking its best quarterly performance since 2020. Emerging Market stocks are up 23% for the period.Europe's STOXX 600, which does not have nearly as many AI beneficiaries as many Asian or U.S. indexes, was still up nearly 10% for the quarter, having risen every month since March."Investors can't see an end in sight to this bull run," said David Morrison, senior market analyst at Trade Nation. "Whenever there's a bit of a selloff, we seem to be in a situation where you get a fresh impetus to buy."For the day, the Dow Jones Industrial Average rose 126.78 points, or 0.25%, to 52,309.52, the S&P 500 rose 28.81 points, or 0.39%, to 7,469.63 and the Nasdaq Composite rose 207.36 points, or 0.81%, to 26,029.22.MSCI's gauge of stocks across the globe rose 5.31 points, or 0.48%, to 1,117.36. The pan-European STOXX 600 index rose 0.78%, while Europe's broad FTSEurofirst 300 index rose 20.66 points, or 0.81%, while emerging market stocks rose 16.86 points, or 0.99%, to 1,723.79. Japan's Nikkei rose 594.21 points, or 0.86%, to 70,062.32.THE WINNING DOLLARThe dollar has been the standout winner this quarter among developed currencies, gaining 1.4% against a basket of peers. Yet emerging market currencies have strengthened 1.3% this quarter against the greenback.Investors are amassing bullish positions at a record pace thanks to a remarkable re-pricing of the U.S. interest rate outlook, which has flipped from cuts to hikes, due to the strength of the U.S. economy and persistent inflationary pressures beyond energy prices. Traders are pricing in at least one rate hike by the Federal Reserve by the end of this year, compared with earlier expectations of rate cuts.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info