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Public Markets

Last updated: July 22, 2026, 5:30 PM ET

Global Markets Brace for Earnings and Geopolitical Tensions

U.S. stocks settled mostly as investors awaited a slew of major corporate earnings reports, with the Nasdaq Composite slipping ahead of results from tech giants like Tesla and Alphabet. Oil futures for a fourth consecutive session, driven by escalating tensions between the U.S. and Iran, and the threat of further disruption to supply routes through the Strait of Hormuz. U.S. natural gas futures also settled higher, influenced by upcoming storage data and a tropical storm moving toward the Gulf Coast. Precious metals settled higher as sentiment shifted towards a more optimistic outlook.

Tech Sector Faces Scrutiny Amid AI Spending and Profit Pressures

Tesla's profit, impacted by price cuts and increased expenses, with capital expenditures more than doubling as the company accelerates its pivot to semiconductors, autonomous taxis, and humanoid robots. The electric automaker for the first time in two years, even as its revenue surged amid a $5.8 billion spend in AI and robotics. Investors are closely watching Alphabet's earnings for signs of cloud computing growth, as AI spending soars in cash last quarter. IBM lowered growth as sales of data center mainframes sank 42%. Texas Instruments, however, with its quarterly profit rising to $1.98 billion from $1.30 billion a year earlier. Super Micro Computer surged while GE Vernova stumbled, with GE Vernova's shares later slumping despite a higher revenue outlook that failed to impress investors.

Automakers Navigate Shifting Trade Policies and Market Dynamics

Mercedes risks U.S. under Senate legislation that would bar companies with significant Chinese ownership from the U.S. market. Meanwhile, Aston Martin with BlackRock-owned HPS Investment Partners to bolster its liquidity, defying creditor objections. Penske Corp. and Mitsui in a deal valued at nearly $4 billion. The U.S. 30-year bond yield for the longest stretch since the financial crisis, echoing investor concerns about debt and inflation, while the benchmark 10-year Treasury yield edged up to its second-highest level this year.

Trade Wars and Infrastructure Threats Shape Global Commerce

The Trump administration as it prepares to replace duties struck down by the Supreme Court, with a 50% tariff on Canada set to begin by August 19, a significant escalation of the trade war. Brazil's government worth 18.5 billion reais ($3.7 in credit for exporters hit by new U.S. tariffs. The economy of Laredo, Texas, which has boomed under global tariffs from the president's demands. Global oil supply is imperiled by disruptions at the Strait of Hormuz, Bab al-Mandeb, and the Black Sea, collectively threatening roughly a quarter of the world's oil. A Dubai firm to bypass the Strait of Hormuz.

Corporate Dealmaking and Financial Sector Activity

Mexican restaurant chain La Casa de Toño is exploring a sale in a deal that could exceed $400 million and pave the way for expansion. Pool supplier Leslie’s Inc. considering potential to address its debt load. Financial services companies who believe they can generate cash for shareholders. Bank of America Corp.'s trading desk, betting on an attractive price level after profit-taking. BNY Mellon Corp. preparing 24/7, reflecting the growing influence of digital-asset markets on infrastructure. Galaxy Digital Inc. plans raise from a junk-bond sale to fund a data center tied to Core Weave Inc. Nestlé nearing deal in its €5 billion Perrier unit to Platinum Equity.

Commodities and Energy Markets React to Geopolitics and Supply Concerns

U.S. refiners are to near-record levels amid a global supply crunch triggered by conflicts in Russia and Iran. European gas prices as traders fret over winter supplies, with heatwaves and competition from Asian buyers making the market vulnerable to disruptions in the Strait of Hormuz. U.S. commercial crude oil stockpiles rose unexpectedly by 2 million barrels last week. Qatar Energy preparing extend on liquefied natural gas shipments through mid-October. Brazil's billionaire Batista brothers have acquired a stake in an oil production project in Venezuela.

Other Notable Market Developments

CSX Corp. reported higher, with revenue rising 10% driven by increased fuel surcharge revenue and higher volumes. Southwest Airlines beat estimates on strong demand and premium spending, providing a full-year outlook that exceeded projections. The U.S. energy secretary previously. In the health care sector, CSL, Sandoz Group, and others are being monitored in the latest market talks as health care companies are watched. The financial reporting council in the UK will monitor how large firms manage their overseas audit teams. The yen's weakness has become a growing issue for Japan's policymakers. Zambia's bonds are poised for a rally to extend after elections, according to Citigroup.

Private Equity

Last updated: July 22, 2026, 5:30 PM ET

Infrastructure and Credit Funds Signal Robust Investor Demand

Partners Group closed its fourth direct infrastructure programme above $15 billion, marking its largest infrastructure raise to date and exceeding its predecessor vintage by over 50%. The fund is already more than 40% committed. Meanwhile, Apollo is targeting up to $20 billion for private credit deployment in Mexico, aiming to capitalize on the country's nearshoring-driven infrastructure expansion.

Software and Healthcare Sectors Attract Private Equity Activity

Cinven is acquiring the software firm Salsify, which boasts a customer network exceeding 2,000. In the healthcare space, Truehelm-backed Wildflower Health acquired the maternity and women’s pelvic health platform Every Mother. Equality Asset-backed Mindoula also expanded its reach by acquiring Janus Healthcare Partners and Valera Health, focusing on engaging hard-to-reach individuals and families.

Tech and Robotics Startups Secure Significant Venture Capital

Travis Kalanick’s robotics company, Atoms in a round led by a16z, with Uber also participating. This significant funding underscores investor confidence in industrial AI applications. In a separate development, Dimension Capital at $800 million, indicating a boom in investments at the intersection of science and compute. Cascade also in seed funding to assist construction firms in project acquisition.

PE Firms Pursue Strategic Acquisitions and Investments

TJC is set to acquire electrical power firm Sunbelt Solomon from Trilantic North America. The target company operates 42 locations across the US, Canada, and Chile. Monomoy is reportedly in an advanced sale process for concrete manufacturer Cast-Crete, which could be valued up to $850 million based on current market multiples. Butterfly and Graham Partners are investing in flavor maker Custom Flavors, serving a range of food and beverage industries.

AI and Fintech Continue to Draw Investor Attention

Hg is backing UK proptech company Street Group with plans to enhance its AI capabilities, following a growth investment at over £200 million valuation. Goldman Sachs Alternatives announced its acquisition of fintech firm Aegis Hedging Solutions, with Greenbelt Capital Partners and Baird Capital exiting the business. Separately, AI labs joined the Crunchbase Unicorn Board in June, collectively valued at $65 billion, contributing to over $110 billion in new value.

Secondaries Market Shows Broadening Opportunities and Investor Caution

More than half of secondaries investors are operating evergreen vehicles, according to an Evercore report. Townsend raised $2 for real estate secondaries, with $1 billion already deployed, particularly in data centers. Lead Edge and Hamilton Lane led a $625 million deal for Saa S provider Ninja One, offering LPs options to roll or cash out. Investors across all institution types displayed increased caution in H1 2026, with 67% keeping allocations unchanged, according to PEI's H1 2026 Investor Report read more.

Private Equity Expands into Sports and Government Technology

Former NY Giants QB Eli Manning is sharing insights on sports investing, highlighting his progression from investor to full-time role. Enlightenment Capital, Align Capital, and TA are leading private equity's recent foray into govtech. Manning also discussed Brand Velocity Group's investment in RCX Sports as detailed.

Industry Veterans and Strategic Appointments in Private Equity

KKR has appointed Roy Gori as a senior advisor to focus on strategic opportunities across global financial services and insurance, with a focus on the Asia Pacific and international markets. Athena Capital has recruited Karim Bousta as an investment partner and appointed Francesca Cornelli to its operating partners council.

AI Transformation and Its Impact on Financial Services

Guest columnist Nigel argues that AI will fundamentally rewrite the global financial value chain, driving marginal operating costs near-zero and enabling highly personalized products. Discussions around AI also include potential bubble risks as outlined. Menlo Ventures' Matt Murphy highlighted unprecedented growth in AI startups, noting a revenue run rate leap for Anthropic as observed.

Sector Investment

Last updated: July 22, 2026, 5:30 PM ET

Infrastructure Investment Focuses on Value Creation and Local Expertise

BNP Paribas Asset Management's Prime platform is increasingly seeking infrastructure managers with a focus on value creation and secondary deals, according to Jean-Pascal Asseman, head of the platform reported. Meanwhile, the Indonesia Investment Authority (INA) is leveraging its local expertise to bring investors into the Indonesian market, particularly in infrastructure projects such as toll roads and data centers highlighted.

Private Equity Expands in Healthcare Technology

TELEO Capital Management has completed an acquisition of Smart Factory Rx, signaling continued private equity interest in the healthcare and life sciences sector.