Public Markets 24 Hours

Last updated: April 24, 2026, 8:30 PM ET

Global Equities & Tech Momentum

U.S. stocks raced ahead of Europe as Wall Street largely shrugged off energy shocks linked to the Middle East conflict, with the rally powered by technology, where Intel surged above its dotcom-era high in a significant milestone for the tech-led rebound. The momentum continued as Nvidia Corp. shares reached their first record since October, driven by improving sentiment around the artificial intelligence chip leader, pushing the Nasdaq 100 and S&P 500 to all-time highs following a blockbuster sales forecast from Intel. Despite this enthusiasm, Bank of America Corp. flagged renewed bubble warnings given the record-smashing rally in technology megacaps, even as traders expressed optimism around the prospect of US-Iran talks.

M&A, IPOs, and Corporate Finance

In corporate finance developments, mid-market investment bank Lincoln International filed for a US IPO, disclosing growing net income as it advises on private equity deals, while copper and silver miner Lumina Metals raised C$406.2 million in an upsized Canadian offering. Meanwhile, Goldman Sachs is re-entering ETF market-making, though the firm, according to Ashock Varadhan, will only target funds that it believes can “reach escape velocity” after years on the sidelines. On the debt front, fast-food chain Chick-fil-A sold $650 million of investment-grade private debt in a private placement, adding to the wave of corporate borrowing, which also includes Intel preparing a multi-billion dollar bond sale to finance the repurchase of half of an Irish plant sold to Apollo Global Management.

Geopolitics, Energy Markets, and Supply Chains

The ongoing war in the Middle East continues to exert pressure across global trade, as exemplified by unusual military-grade jet fuel cargoes sailing from the US across the Pacific, illustrating the scale of supply chain disruption. This tension has caused European jet fuel shortages, leading to airlines cutting routes and raising prices for summer travel, while fertilizer giant Yara International posted higher-than-expected earnings due to soaring prices caused by transit halts through the Strait of Hormuz. In response to high costs, Brazil is increasing ethanol blends in gasoline to mitigate the financial impact, even as Germany’s business outlook deteriorated more than expected due to rising energy costs stemming from the conflict.

Fixed Income and Sovereign Risk

Global bond markets are set for their worst week in a month as investor unease grows over the US-Iran stalemate, which also caused Treasury yields to rise over the week despite the apparent progress in the Fed confirmation process. This uncertainty follows Belgium being downgraded by S&P Global Ratings as the second credit assessor this week to cite the country’s budget deficits, which are the largest in the Euro-Zone. On the monetary policy front, the Justice Department’s decision to drop its investigation into the Federal Reserve opened a path for Kevin Warsh’s confirmation, a nominee who seeks to overhaul the central bank’s more than $6 trillion balance sheet seeking to shrink the Fed’s footprint.

Regulatory Battles & Market Structure

A significant regulatory clash emerged as the Commodity Futures Trading Commission sued New York State, seeking a judgment affirming its exclusive authority to oversee prediction markets, a sector already under scrutiny after a soldier was indicted for betting on a military operation bringing renewed focus on the practice. This regulatory pressure is manifesting internationally, as Brazil’s government blocked access to Polymarket and Kalshi citing non-compliance with federal gambling laws, while similar weather-based wagers on Polymarket prompted an investigation after unusual spikes on a Paris temperature bet suggesting potential sensor tampering. Meanwhile, in the private credit sphere, pain points are surfacing as two major loan defaults from software maker Medallia and dental provider Affordable Care add pressure to funds managed by firms including Blackstone and KKR.

Corporate Labor & Political Maneuvering

In the entertainment sector, Hollywood writers approved a four-year deal with studios, seemingly easing fears of a repeat of the 2023 strikes that halted production, while Amazon’s former podcast unit is now making creators like the Kelce brothers central to its strategy after gutting its original division. Politically, Republicans are preparing a negative campaigning strategy for the midterms, while in the financial sector, the Trump administration’s prior attacks on the central bank have reportedly rattled confidence in the Fed’s independence. Separately, in a politically fraught move, Ford and Geely held talks regarding bringing Chinese technology to America for potential collaboration in Europe, despite the sensitivity surrounding any US tie-up.

Commodities, Mining, and Inflation Hedging

The disruption caused by the Iran war is squeezing global mining operations, with diesel and acid supply tightening from the Australian outback to the DRC, yet Azerbaijan’s State Oil Fund drew down $3 billion worth of gold in the first quarter after the metal’s allocation reached its maximum threshold following a price rally. Energy traders are shifting focus, as Six One Commodities more than tripled its US natural gas trading activity, overtaking established players like Trafigura Trading. To counter rising fuel costs, Argentina's President Milei is set to accelerate development of the Vaca Muerta shale field via new investment incentives, while the US and EU reached a deal to coordinate on critical minerals to reduce dependency on China for rare earths.

Sector Specifics & Litigation

In regulatory actions outside finance, the FTC concluded a novel challenge against a private equity-backed anesthesia provider over alleged illegal market consolidation, while in consumer issues, Costco recalled over 200,000 heated socks from the 32 Degrees brand after reports of first- and second-degree burns. In asset management, hedge fund veteran Ricky Sandler is shuttering Eminence Capital after 27 years, citing insufficient recent performance, and in Switzerland, the top financial regulator warned that immediate access to Anthropic PBC’s AI tool Mythos would create systemic risk for the nation’s banks. Furthermore, US life insurers have shifted more general account risk offshore than domestically by year-end, marking the first time overseas reinsurance hubs have surpassed domestic ones for that exposure.