Public Markets 3h Briefing
×Last updated: March 18, 2026, 5:30 PM ET
US Markets & Policy Uncertainty
Shares of government-sponsored enterprises Fannie Mae & Freddie Mac plummeted bloomberg.com about 70% over the last half-year, hitting their lowest point in over a year as markets digested persistent uncertainty surrounding the Trump administration’s plans to sell off more stock bloomberg.com. This volatility contrasts with ongoing shifts in global holdings, where foreign ownership of US Treasuries increased bloomberg.com in January, notably led by Japan, even as broader trade threats loomed. Meanwhile, the two-year Treasury yield remains the focus bloomberg.com, signaling deep market conviction regarding the Federal Open Market Committee's future policy path.
Geopolitics & Energy Flows
Heightened geopolitical tension, particularly concerning the Middle East, is causing an uneven rally in global oil prices bloomberg.com, although US crude is lagging behind international benchmarks. This situation is complicated by domestic inventory data showing US commercial crude stockpiles unexpectedly grew wsj.com by 6.2 million barrels last week, defying analyst forecasts of a small draw. Against this backdrop, Russia is contemplating deploying armed naval patrols ft.com to safeguard its "shadow fleet" following suspected Ukrainian assaults, while the UK announced it would procure more anti-drone missiles ft.com in a direct show of support for Gulf allies countering Iran and its proxies.
Corporate Earnings & Dealmaking
Value retailer Five Below reported a robust fourth quarter wsj.com, booking a profit of $238.2 million, an increase from $187.5 million the prior year, driven by expanding sales. Similarly, memory-chip manufacturer Micron nearly tripled its sales figures wsj.com, attributing the explosive growth to sustained high demand amidst industry-wide tight supply constraints. Elsewhere in consumer goods, both Unilever and Kraft Heinz held preliminary discussions ft.com regarding a potential merger valued in the tens of billions, an exploration reflecting the difficulty both companies face in stimulating demand for staples like ketchup and mayonnaise.
International Politics & Economic Data
The fallout from regional conflicts is creating strategic windfalls, with some analysis suggesting that America's perceived conflict with Iran benefits Vladimir Putin ft.com by diverting allied focus. This perception is compounded by intelligence reports indicating that US assessments of Iran’s missile capabilities nytimes.com contradicted justifications previously offered by the Trump administration for regional strikes, evoking familiar patterns of unrealized goals in American interventions. Economically, Argentina registered its highest fourth-quarter unemployment rate bloomberg.com since the pandemic, hitting 7.5% as job losses mounted before the sweeping economic reforms of the Milei administration took full effect.
Regulatory & Social Developments
Efforts by Disney’s new CEO, Josh D’Amaro, focus on accelerating franchises wsj.com using technology to reinvigorate the company’s previously stagnant stock performance. In regulatory matters, the F.D.A. is investigating seven E. coli illnesses nytimes.com linked to Raw Farm Cheddar cheese, though the company denies culpability and has refused to issue a recall. Separately, in a move related to service quality, Bright Horizons agreed to halt its NYC expansion nytimes.com and surrender permits following an abuse case involving toddlers at one of its Manhattan branches.