Public Markets 24 Hours

Last updated: April 24, 2026, 5:30 PM ET

US Equities & Tech Sector Momentum

The US stock market raced ahead of Europe, driven by a powerful surge in technology shares that saw the S&P 500 and Nasdaq climb to new records. The semiconductor index marked its eighteenth consecutive day of gains, propelled by the broader tech-led rebound, even as Wall Street conviction frayed on some high-conviction trades unrelated to the AI frenzy. In a major commitment to the AI ecosystem, Google announced it would invest up to $40 billion in artificial intelligence startup Anthropic, helping the firm amass up to $65 billion in new funding to secure necessary computing power. Concurrently, data center demand is fueling capital markets activity, evidenced by Amazon-backed nuclear developer X-energy surging on its trading debut, and Csquare confidentially filing for a US IPO, indicating a pipeline of data infrastructure firms seeking public listings.

Fixed Income & Central Bank Watch

Treasury yields edged higher following the Justice Department’s decision to drop its criminal investigation into Fed Chair Jerome Powell, which could clear the way for President Trump's nominee, Kevin Warsh, to take the helm with an agenda that includes shrinking the Fed’s $6 trillion balance sheet. This development also caused gold futures to turn higher, as traders factored in the possibility of earlier rate cuts, while the dollar showed little immediate reaction to the Fed’s expected steady stance. Elsewhere, the Swiss National Bank’s Chief Economist Carlos Lenz announced his retirement, with Martin Brown set to take over, as the SNB’s recent move below zero was described by President Martin Schlegel as a more significant step than a standard rate reduction.

Geopolitics, Energy Shocks, and Commodities

Global energy markets remain highly sensitive to Middle East tensions, with oil futures declining on reports that a US delegation would travel to Pakistan for potential peace talks with Iran, stoking hopes for a resumption of flows through the Strait of Hormuz. These disruptions continue to ripple through supply chains; military-grade jet fuel cargoes sailing from the US illustrate the scale of the impact, leading airlines to cut routes and raise prices for European travel. In response to soaring costs, Brazil is increasing its ethanol blend in gasoline to temper the inflation stemming from the ongoing war, while Asian refineries have been forced to slash output as crude supplies choke. Furthermore, the US sanctioned a Chinese refinery and dozens of shipping firms to increase economic pressure on Tehran ahead of diplomatic discussions.

Corporate Finance & Market Structure

Wall Street is seeing strategic shifts as major players re-engage selectively; Goldman Sachs is re-entering ETF market-making, but only for funds deemed capable of reaching "escape velocity," according to Ashok Varadhan. In contrast, hedge fund veteran Ricky Sandler is shuttering Eminence Capital after 27 years, returning capital to investors, while private equity activity remains buoyant with European firm Waterland raising €4 billion for its latest mid-market fund. Meanwhile, trading powerhouse Jane Street doubled its revenues to $40 billion, surpassing the haul of some legacy investment banks. In the private credit space, concerns persist, highlighted by two major defaults from software maker Medallia and dental provider Affordable Care, though some analysts argue the sector is unlikely to trigger a systemic crisis due to lower leverage ratios.

Regulatory and Litigation Developments

In legal news, a federal judge imposed sanctions on both a plaintiff and her lawyer involved in a suit against billionaire Leon Black, citing repeated falsehoods presented to the court, though the underlying assault case against the former Apollo chief may continue. On the regulatory front, the US government concluded a novel legal challenge by settling monopolization charges against a private equity-backed anesthesia provider. Separately, the controversy surrounding prediction markets intensified as Brazil moved to ban the practice for election and sports wagers, following scrutiny after a soldier was indicted for betting on a military operation.

International Economics and Sovereign Risk

Sovereign credit risk remains elevated in Europe, as Belgium received a downgrade from S&P Global Ratings, marking the second such judgment in a week due to the Euro-zone’s largest budget deficits. In Russia, President Putin's push to stabilize the economy amid wartime strains is leading the central bank down a narrowing path, highlighted by another interest rate cut. In Asia, China is continuing steps to attract foreign capital by allowing global funds to trade government bond futures, even as Beijing slightly pulled back on fiscal stimulus in March despite the economy holding up amid the Iran conflict. Furthermore, the US and EU reached a deal to coordinate on securing critical minerals, aimed directly at reducing dependence on China for rare earths.