Public Markets 24 Hours

Last updated: July 20, 2026, 11:30 PM ET

Asian Markets Rally on Ceasefire Hopes, Chip Stocks Rebound

Asian equities advanced broadly Tuesday morning, buoyed by renewed hopes for a U.S.-Iran ceasefire which bolstered investor appetite for riskier assets. The optimism helped amid expectations of eased supply concerns in the Middle East. Meanwhile, South Korean investors to their lowest levels in three months, as losses in memory-chip stocks halted the market's rally. The Kospi Index has experienced significant volatility, with its benchmark Kospi Index volatility topping 60%, nearly double that of Japan's Nikkei 225 according to Bloomberg. China is also stepping up efforts to stabilize its stock market, mobilizing state-linked institutions to stem a tech-driven selloff and seeing. Australia's stock market has emerged as an unlikely haven from AI-driven volatility, delivering.

US Equities Mixed as Chip Stocks Recover, Tech Earnings Loom

U.S. stocks opened slightly to start the week, with cautious trading dominating the session. Chip shares, however, providing some support to the broader market. Investors appear to be shrugging off recent anxieties surrounding the AI bubble, although concerns remain about the sustainability of AI-driven supply deals as noted by The Wall Street Journal. The S&P 500 Index to finish lower, as declines in Apple Inc. and Tesla Inc. offset advances elsewhere. Citigroup strategists believe the "Magnificent Seven" moniker is no longer relevant for identifying AI stock winners, suggesting investors should look beyond this group according to Bloomberg. Hedge funds have reportedly pulled back from U.S. tech stocks at a record pace over the past two months, according to Goldman Sachs.

Treasury Yields Rise Amid Quiet Economic Data Week

Treasury yields rose to start the week, as investors braced for a quiet period with limited economic data releases and Federal Reserve speakers. Policymakers are in a blackout period ahead of next Wednesday's interest-rate decision. The WSJ Dollar Index edged higher, marking its third consecutive day of gains. Money-market funds are shifting towards ultra short-term holdings as uncertainty grows over the Federal Reserve's policy path as reported by Bloomberg. Meanwhile, UK government bonds, as fiscal fears returned and investors braced for potential higher spending under the new leadership.

Mideast Tensions Fuel Oil Price Increases, Gold Offers Hedge

Crude futures settled higher in choppy trade as U.S.-Iran hostilities escalated, despite ongoing efforts to broker a ceasefire. Rising U.S. gasoline prices have climbed back above $4 a gallon, exacerbating frustration ahead of upcoming elections according to the Financial Times. Gold prices rose on dip-buying, as traders monitored developments in the Middle East for potential impacts on inflation. Capital Economics noted that gold still offers value as a hedge against significant equity-price declines. Shipowners are offering substantial bonuses to crews willing to sail through the Strait of Hormuz, highlighting the heightened risks in the vital oil channel according to Bloomberg.

India's IPO Market Shows Strength Amid Global Investor Caution

SBI Funds Management Ltd. is poised for a strong trading debut after investors heavily subscribed to its $1 billion initial public offering, marking one of India's most heavily subscribed IPOs according to Bloomberg. However, global investors are turning cautious on Indian bonds, with slowing debt inflows coinciding with renewed foreign selling in stocks as per Bloomberg. Moody's Ratings has flagged rising risks in Indonesia due to policy uncertainty and fiscal sustainability concerns, reinforcing a cautious outlook according to Bloomberg. Shapoorji Pallonji Group completed one of the country's largest private credit transactions, raising approximately 151 billion rupees ($1.6 according to Bloomberg.

Corporate Dealmaking and Sector Updates

Icahn Enterprises is set to to Mavis for $700 million. Steel Dynamics reported higher second-quarter profit and revenue, driven by improved steel pricing, and anticipates strong domestic steel and aluminum consumption through the remainder of 2026. Cracker Barrel raised its guidance following the divestiture of Maple Street Biscuit and a sale-leaseback deal, expecting to meet or exceed its full-year revenue outlook. Crown Holdings posted increased sales as global beverage can volumes rose 5%. KKR & Co. and Vauban Infrastructure Partners are vying to acquire a majority stake in Portuguese fiber operator DStelecom as reported by Bloomberg.

Big Tech and AI Developments

Google's integration of artificial intelligence into its search engine is raising concerns among website operators about the potential impact on the open web as reported by The New York Times. Chinese AI advancements are prompting scrutiny from U.S. officials, with questions arising about the long-term viability of the large contracts fueling the AI boom. Big tech companies face the challenge of proving that their significant AI spending is yielding tangible results, with Alphabet and Tesla set to report earnings according to Bloomberg. Oracle could face a substantial collateral bill of up to $7 billion for a data center in Wisconsin, as increased power costs add to its AI ambitions and high spending according to the Financial Times. Netflix is tapping the U.S. high-grade bond market for a $1 billion debt sale, its first since a debut deal two years ago according to Bloomberg.

Global Trade and Regulatory Developments

Washington is set to impose 50% tariffs on a wide range of Canadian goods, accusing its neighbor of unfair practices and potentially reigniting a trade war and Financial Times. The European Union has provisionally found that ten chemical groups and three trade bodies likely formed a pricing cartel to inflate prices post-pandemic and following Russia's invasion of Ukraine as reported by The Wall Street Journal. The EU also fined Ali Express €550 million for failing to prevent the sale of illegal goods, a record penalty under the bloc's Digital Services Act according to the Financial Times.

Defense and Infrastructure Spending

Lockheed Martin is planning to offer a more affordable version of its Patriot missile to replenish low stockpiles, with the new design potentially fielded faster and at less than half the cost of its current best-selling version. The company is also seeking European production for the cheaper Patriot missile, requiring approval from Washington to build out its supply chain in the region according to the Financial Times. Angola has signed $900 million in port development deals with Chinese firms, aiming to establish a regional logistics hub as reported by Bloomberg. Brookfield Asset Management and Canada Pension Plan Investment Board have agreed to acquire LXP Industrial Trust for approximately $5.2 billion. BlackRock is leading a $12 billion financing package for new Meta data centers in Texas, and is looking to sell over $12 billion in bonds for the project and Bloomberg.