Markets 8-Hour Briefing
×Public Markets
Market Turmoil
US stocks sank Monday as fresh concerns about artificial intelligence's impact hit financial and software companies, while President Trump's new across-the-board levy added uncertainty. Hedge funds sold global equities at the fastest pace since the April tariff meltdown, according to Goldman Sachs traders. The S&P 500 futures declined 0.4% as uncertainty over American trade policy clouded sentiment ahead of Trump's State of the Union address.
Tariff Impact
Retailers including Gap, Aritzia and Urban Outfitters should see margins expand after the Supreme Court ruling set the US global tariff at 15% versus an average 20% for the sector. However, Raymond James downgraded Vertical Aerospace on funding concerns, while Bof A cut Dell's target on rising memory costs. JPMorgan warned that Treasury is closely monitoring the private credit market as Trump's trade war continues.
AI Disruption Fears
Delivery, payments, and software stocks slid sharply after Citrini Research published a report outlining potential risks that artificial intelligence could pose to various segments. Software and private capital shares were hit with a fresh wave of selling as fears over AI disruption mounted. Nvidia stock hit a bizarre valuation level amid the broader tech selloff, while Oracle fell amid concerns about its Stargate project.
Corporate Moves
Abbott Laboratories is looking to raise about $20 billion from a bond sale to help fund its acquisition of cancer-screening company Exact Sciences Corp. Exchange Income Corp. is preparing to sell as much as C$500 million of bonds in its first note sale. Thames Water creditors are seeking approval from ratings agencies for a crucial rescue plan to prevent insolvency.
Energy & Commodities
US natural gas futures rose slightly as traders factored in a blizzard slamming the Northeast, pushing up demand for heating and power-plant fuel. Soybeans reversed earlier losses to turn higher as traders tried to unpack how changes to Trump's tariff regime will impact US crop shipments. Russia's flagship crude is selling at the deepest discount in the international marketplace in almost three years as Western sanctions deter trade with Moscow.
Healthcare Developments
Novo Nordisk's next-generation obesity shot delivered less weight loss than Eli Lilly's rival blockbuster, dealing another blow to the Danish company's attempts to regain ground in the weight-loss market. Generate Biomedicines is seeking to raise as much as $425 million in an IPO, using artificial intelligence in drug development. Merck split operations to separate oncology from non-cancer drugs in preparation for the 2028 US patent expiry of its blockbuster cancer treatment Keytruda.
International Markets
Lebanon's commercial banks lack the liquidity required to repay depositors under a government proposal aimed at plugging an $80 billion gap in the financial system. Bangladesh plans to renegotiate its power purchase deal with India's Adani Power Ltd. to seek lower prices. Colombia's peso is defying economic and political woes after a surprisingly hawkish pivot in monetary policy reinforced the dominant carry trade.
Safe Haven Flows
Swiss franc could surge as much as 17% to the dollar amid growing confidence in the currency's haven status in the face of US policy uncertainty, according to Morgan Stanley strategists. Treasuries rose as President Trump vowed to press ahead with his trade war after the Supreme Court struck down his tariffs, casting new uncertainty over global markets.
Private Equity
Major Transactions & Exits
KKR is exploring a sale of BMC Helix that could value the AI-driven IT service provider at $1.5 billion. Meanwhile, Conoco Phillips is exploring a potential $2 billion sale of selected Permian Basin assets as private equity firms circle the opportunity. Turning Rock Partners has exited food company Ameri Qual, which is majority owned by the Harlan family.
EQT-backed Scale Microgrids has scooped up Reload, expanding its advanced energy solutions portfolio. L Squared has snapped up Functional Devices, with Mark Fernandes and the existing leadership team investing alongside the firm. Kinderhook is taking home health and hospice firm Enhabit private for $1.1 billion, offering $13.80 per share in cash.
Healthcare & Technology Deals
Frazier Healthcare-backed Rev Spring has acquired healthcare tech firm Trust Commerce from Waud Capital Partners. Goldman Sachs-backed CSD has acquired autism services firm Behavior Change Institute, a provider of evidence-based autism and behavioral health services. Vistria has acquired insurance holding company Lumen Holdings, which underwrites commercial property, builders' risk, and personal auto across more than 30 states.
Haveli has backed software firm Sirion with an investment to accelerate product innovation and expand global go-to-market presence. Green Heron has invested in Regency Plumbing Contractors, with the executive team retaining significant ownership. GHK Capital has acquired architecture, engineering and consulting firm CPL, which employs over 500 people across 25 offices in eight states.
Fundraising & Strategic Moves
Qatar Investment Authority has committed several hundred million dollars to 5C to expand its private credit operations. Broadband internet provider Vero Networks has raised $500 million from an investor group led by Hamilton Lane, Braemont Capital and Delta-v Capital. Ardian has partnered with Legal & General to provide private equity access to 5.6 million UK DC savers.
Evercore has tapped Adams Street Partners for a new APAC secondaries head following Shane Gong's departure. ECI Partners has welcomed Marijn Pangemanan as new investment director while appointing Scarlett Salamon as investor relations analyst.
Market Trends & Outlook
Bain reports global buyout deal value surged to $904 billion in 2025 as "12 is the new 5" reshapes returns. The industry's recovery appears to be gaining traction as more GPs shake off economic uncertainty and valuation qualms to put more money to work and speed up distributions to investors, according to PEI's latest Commitment Issues podcast.
India's Indian Premier League has emerged as a serious private equity target, with global firms including KKR, Blackstone, Partners Group, and CVC Capital circling the opportunity. Bluestone Equity Partners has announced a three-year partnership with USA Archery ahead of the 2028 Games, strengthening its sports portfolio.
Sector Investment
Healthcare & Life Sciences
West View Capital Partners has made a minority investment in Benefits All In, a Cincinnati-based provider of employee healthcare benefits founded in 2014. The investment marks another healthcare sector play for the private equity firm, which continues to target growth opportunities in employee benefits and healthcare services.