Public Markets 24 Hours

Last updated: April 29, 2026, 8:30 PM ET

Geopolitical Tensions & Commodities

Crude oil reached wartime highs as escalating conflict in the Middle East continued to disrupt energy supplies, pushing US gas prices further upward and prompting President Trump to praise the UAE’s decision to exit OPEC in hopes of tempering energy costs. The Pentagon estimated the cost of the Iran war has already reached $25 billion, driven by the use of expensive missiles and air defense interceptors, raising concerns about US readiness for other contingencies. However, Japan confirmed Hormuz transit for one of its vessels as Tokyo continues diplomatic efforts to ensure safe passage for all shipping through the critical strait.

Central Banks & Fixed Income

The Federal Reserve held interest rates steady following its latest meeting, with outgoing Chair Jerome Powell warning that inflation risks remain clouded by geopolitical instability. Treasury yields ticked higher after Powell confirmed he would remain on the board, as four officials dissented from the policy statement, signaling internal divisions over the path toward rate cuts. Meanwhile, Japanese borrowers are aggressively scaling back dollar reliance by issuing record amounts of euro-denominated bonds, while the yen slid past the key 160-per-dollar mark as the Bank of Japan offered no clear sign on future policy moves.

Gold & Investor Sentiment

Gold edged fractionally higher on expectations of a technical recovery, attempting to rebound after front-month futures settled 1% lower overnight, though persistent rate fears kept gains muted. This follows a first quarter where central banks aggressively added to holdings at the fastest pace in over a year, absorbing dips in price. UBS executives warned that financial markets risk harboring excessive optimism regarding the outcome of the Iran conflict, even as the World Bank estimates energy prices will surge 24% by 2026 due to the war-fueled inflation slowing global growth.

US Tech Earnings & AI Spending

Big Tech firms reported massive capital expenditures, with Meta, Alphabet, and peers spending over $130 billion on building out AI infrastructure, although questions about the near-term returns on this spending persist for companies like Microsoft. Amazon achieved double-digit revenue growth, anchored by its booming Web Services segment, while Meta Platforms posted its largest quarterly revenue jump in recent history but simultaneously projected even higher spending for AI buildouts this year. Separately, Goldman Sachs and Bain invested in the marketing startup Hightouch, valuing it at $2.75 billion, while Qualcomm signaled its entry into the lucrative data center market by partnering with a hyperscaler on custom silicon.

Corporate Dealmaking & Performance

The US apartment sector may see a major consolidation as top owners AvalonBay Communities and Equity Residential consider a combination, while in Europe, Finland’s Kone plans a $24 billion acquisition of German rival TK Elevator, signaling a strong potential year for M&A activity. In the luxury auto sector, Aston Martin posted another quarterly loss, forcing a further £50 million ($68 cash injection from Lawrence Stroll’s consortium to shore up its balance sheet. Meanwhile, South Korean internet giant Naver reported weaker first-quarter earnings due to rising operating costs, even as its core e-commerce and search platforms maintained steady growth.

Asia Markets & Technology Regulation

Asia’s stock rally, heavily fueled by artificial intelligence excitement, is masking underlying market strain caused by the ongoing tensions surrounding the Iran war. In Hong Kong, the local currency bond market has suddenly emerged as a major Asian funding hotspot as issuers look for stable venues. In the regulatory sphere, Beijing’s National Development Reform Commission is reportedly engaged in a standoff with Meta over its planned partnership with a Chinese AI startup, escalating the geopolitical fight over advanced technology.

US Corporate Strategy & Real Estate

Financial services firms are undergoing strategic realignments: PayPal is reorganizing into three distinct segments, including a dedicated Crypto unit, while activist investor Engine Capital urged government contractor KBR to abandon its planned business split. In real estate finance, Starwood Capital Group halted redemptions from a $22 billion retail-focused real estate fund in a bid to preserve liquidity amid commercial property valuation uncertainties. Separately, used-car marketplace Carvana posted a $405 million profit after achieving record retail unit sales of 187,393 vehicles in the first quarter.

Political Turmoil & US Governance

Congressional Republicans faced difficulty passing basic legislation as lawmakers scrambled to secure homeland security funding and extend expiring surveillance powers, which passed the House despite a right-wing revolt but now faces Senate changes. The Supreme Court limited the Voting Rights Act’s reach, a decision that analysts suggest could redraw electoral maps, potentially costing Democrats a district in Louisiana. Amid political friction, President Trump threatened to withdraw troops from Germany after Chancellor Friedrich Merz criticized Iran’s perceived humiliation of the US, marking a clear deterioration in diplomatic ties.

Financial Personnel & Market Structure

ASX Ltd. tapped Darren Yip as interim CEO effective May 29 while the search for a permanent replacement continues, with Yip currently overseeing the exchange operator’s markets and listings divisions. In investment banking, Bill Ackman’s Pershing Square IPO finally went public after years of social media promotion, raising $5 billion for its planned empire modeled after Warren Buffett’s structure. In contrast, Robinhood shares tumbled after the company’s trading results failed to meet elevated expectations that had seen the stock surge as much as 30% earlier in the month.