Public Markets 3d Briefing
×Tariff Turmoil and Market Jitters
The S&P 500 bloomberg.com fell sharply as software weakness and tariff risks weighed on sentiment, marking another volatile session for US equities. Gap bloomberg.com, Aritzia and Urban Outfitters emerged as unexpected beneficiaries after the Supreme Court struck down broad tariffs, with margins set to expand under a uniform 15% rate. FedEx investing.com sued the US government seeking a full refund on Trump-era emergency tariffs, while Nevada Attorney General Aaron Ford said he and colleagues are contemplating next steps following the 6-3 ruling. Rick Woldenberg bloomberg.com, CEO of Learning Resources, called the decision a win for his company, which had challenged the levies in court.
Crypto and Stablecoin Security
World Liberty's ft.com stablecoin was attacked after hackers accessed some of its founders' social media accounts in an attempt to knock the token's price. Meanwhile, Coinbase bloomberg.com is lobbying aggressively in Washington to preserve a key revenue stream that Bloomberg Intelligence estimates could multiply sevenfold. The exchange's stablecoin business has become a focal point as regulatory scrutiny intensifies.
ETF Inflows and Market Rotation
The top active emerging-market ETF bloomberg.com saw a surge in inflows after the Supreme Court's strikedown of President Trump's global tariffs, highlighting renewed demand for international equities. Pro Shares' bloomberg.com GENIUS Money Market ETF led all funds with $17 billion in inflows last week, while Davis Advisors' US Equity ETF surpassed $1 billion in assets. Analysts noted active and value strategies are outperforming as investors rotate away from high-flying tech names.
Private Credit and IPO Market Pressure
Blue Owl's bloomberg.com decision to permanently close one of its tech-focused funds rattled the $1.8 trillion private credit market, with investors concerned about liquidity and redemption pressures. First Brands wsj.com laid off employees as buyer interest faded, while Global Medical Response bloomberg.com selected banks for a potential US IPO, joining a sparse pipeline of new listings. Three of the worst-performing US IPOs this year won support from Wall Street analysts, who warmed to their post-selloff valuations.
Tech Sector Disruption Fears
A viral doomsday report wsj.com from Citrini Research rattled investors already wary of tech disruptions, with the Dow falling 822 points. Black Swan's bloomberg.com Nassim Taleb warned of escalating volatility and potential bankruptcies in the software sector as the AI-driven rally enters a more fragile phase. Options traders piled into bets against a software-exposed loan ETF, anticipating further woes for the sector after the report on AI risks.
International Market Moves
Thailand's bloomberg.com finance minister said a reset of many US tariffs to 15% will strengthen the country's appeal as a manufacturing and investment hub. India's bloomberg.com former WTO ambassador warned that Supreme Court-ordered tariff relief may be short-lived, while Chile bloomberg.com faces pressure from the Trump administration's anti-China crusade ahead of a Latin America summit in Miami. Malaysia's bloomberg.com Islamist party ascended in an opposition coalition shake-up, a move that could increase its influence ahead of general elections.
Commodities and Energy
Lithium output bloomberg.com at SQM's partnership with Codelco edged out forecasts last year as the industry continues to emerge from a global glut. Freeport-Mc Mo Ran's bloomberg.com Kathleen Quirk discussed the impact of Trump's tariffs on copper outlook at the BMO Metals & Mining Conference. Enel wsj.com plans to increase spending and shareholder returns under its 2028 plan, with the majority of its €26 billion investment targeted at Europe and North America.
Banking and Financial Regulation
The Federal Reserve bloomberg.com unveiled a new proposal targeting how examiners scrutinize banks' risk after Trump moved to rein in account closures. Goldman Sachs bloomberg.com analysts said Turkish bank stocks can go higher in 2027 as weaker inflation and falling rates boost the sector. Qatar's bloomberg.com $580 billion sovereign wealth fund invested in a private credit firm run by former Goldman partners Tom Connolly and Michael Koester.
Corporate Developments
Uber wsj.com plans to acquire parking app Spot Hero, focusing on commuter parking as well as event and airport facilities. Carlsberg bloomberg.com began preparations for a potential $700 million IPO of its India unit, appointing three banks for the listing. Maersk and MSC ft.com will take temporary control of key Panama Canal ports after the Supreme Court ruled against Hong Kong's CK Hutchison Holdings.
Weather Disruptions
A potentially crippling nor'easter bloomberg.com threatened New York City and the Northeast with snow by the foot and winds capable of tearing down branches and power lines. More than 35 million people were under blizzard warnings as the massive winter storm approached, prompting New York City Mayor Zohran Mamdani to issue a travel ban that was later lifted as conditions evolved.