Public Markets 24 Hours

Last updated: July 17, 2026, 2:30 PM ET

Tech Stocks Slide, Apple Reclaims Market Cap Crown Amid AI Rotation

Technology stocks, with a chipmaker rout deepening and driving Taiwan stocks into a technical correction. The semiconductor stock index, unwinding a significant portion of its recent rally as investors. Apple Inc. surged past to reclaim its position as the world's most valuable publicly traded company, a shift reflecting a rotation away from hardware and toward consumer execution and AI potential. HSBC upgraded Apple citing its agentic AI and hardware pipeline, while Coronation Asset Management trimmed its exposure to chipmakers and boosted its allocation to Indian equities. IBM's warning about falling sales between AI winners and losers. Meta Platforms is reportedly in talks to lease computing power to AI startup Anthropic in a potential $10 billion deal, underscoring the scarcity of AI development resources.

Global Markets React to Geopolitical Tensions and Economic Data

European stocks extended declines amid fears of Middle East escalation and the ongoing tech selloff. U.S. equity futures, prompting a sector rotation. U.S. import prices in June, though less than the revised May increase. Gasoline prices are as the summer driving season intensifies, with refining capacity strained. Gold prices and were on track for a weekly decline, influenced by renewed Middle East hostilities and rate-hike bets. The cost of hedging against dollar swings sank to its lowest level this year, indicating traders see little immediate threat to the reserve currency.

UK Politics and Corporate Dealmaking

Andy Burnham is set to become the UK's next prime minister, a development that will bring significant policy shifts and market implications. Bloomberg reporters are scheduled to answer questions on Burnham's impact on UK money and markets. In corporate news, Telecom Italia SpA’s board is a €10.8 billion takeover offer from Poste Italiane SpA, signaling an unwillingness to seek a higher price. BASF SE has for roles in its agrichemical division's IPO, potentially one of the largest offerings on the Frankfurt bourse. Anglo American Plc has selected a group led by Gareth Penny as the for its sale of De Beers.

US Economic Activity and Infrastructure Investment

San Antonio is for nearly $1 billion to fund a major airport expansion, reflecting the city's rapid growth. U.S. corporate insiders at a near-record pace, a potential red flag for investors. The U.S. saw a boom in entrepreneurship, with hundreds of thousands of people, ending a decades-long slump. The Pentagon’s escort policy for journalists while The New York Times challenges the rule in court. Federal courthouses are in need of billions in repairs, with judges seeking congressional power to address the crumbling infrastructure.

Commodity Markets and Supply Chain Disruptions

Wild weather in central Chile, curtailing some operations. Shipping traffic in the Persian Gulf has neared a halt, contributing to rising oil prices as the Iran war continues to disrupt energy supplies. Palm oil is driven by Indian demand and biofuel outlooks, while U.S. natural gas futures amid a milder weather outlook. Conoco Phillips is acquiring a stake in BP's contract to redevelop Iraq's Kirkuk oilfield, as U.S. firms seek to counter China's influence in the region.

Legal and Regulatory Developments

Elon Musk’s X and music publishers have agreed to dismiss dueling lawsuits, though the reasons for the settlement were not disclosed. The SEC of public comments on its plan to scrap quarterly earnings reports. Hedge fund Deccan Value Investors is speaking out about its settlement with the SEC after a "gag rule" was lifted. Apple Inc. has sent legal to dozens of OpenAI employees in a trade secrets dispute.