Public Markets 3d Briefing
×Market Moves
The S&P 500 wsj.com dropped 1.2% in its worst week since June as investors fled software stocks amid AI disruption fears. Nvidia bloomberg.com earnings loomed as a critical risk factor for the AI-obsessed stock market, with traders increasingly nervous about AI's potential impact. Core Weave bloomberg.com sought an $8.5 billion loan from banks backed by its Meta deal, highlighting continued capital flows into AI infrastructure despite market jitters.
Tariff Turmoil
US Trade Representative Jamieson Greer bloomberg.com said President Trump will sign a supplemental proclamation to increase tariff levels to 15% "where appropriate," seeking "continuity" on trade policy. The Supreme Court bloomberg.com delivered what Trump called a "very unfortunate ruling" on his tariffs plan, forcing the administration to seek alternative implementation methods. China bloomberg.com warned it will take "all necessary measures" if the US uses a probe into a 2020 trade deal to impose fresh tariffs, escalating trade tensions.
Earnings & Corporate News
TJX Cos wsj.com posted a jump in profit and sales during the fourth quarter but guided for growth to slow slightly over the coming year. Lowe's wsj.com reported higher fourth-quarter sales driven by professional builder business growth, though it issued an underwhelming sales forecast amid a "pressured" housing market. Haleon bloomberg.com slid the most in nearly a year after sales grew less than expected in 2025, hurt by a weak cold and flu season.
Banking & Finance
HSBC bloomberg.com faced an earnings test after its stock rallied 89% from lows, with revenue prospects and a subsidiary buyout in focus. National Bank of Canada bloomberg.com beat analyst estimates in its fiscal first quarter after reporting stronger results across the board, boosted by its purchase of Canadian Western Bank. Bank of Montreal wsj.com logged a stronger-than-expected rise in earnings for the latest quarter on the back of strong fee growth in its markets-facing businesses.
Technology & AI
Thomson Reuters bloomberg.com became the latest AI winner after its legal tools earned kudos from AI juggernaut Anthropic PBC. IBM bloomberg.com dropped the most in 25 years as the artificial intelligence "scare trade" erupted again, dragging down shares of delivery, payments and software companies. Google investing.com was upgraded as Wells Fargo cited its widening AI capacity lead, while Nvidia investing.com said AI will be the main engine of demand growth for chip equipment makers.
Energy & Commodities
Oil futures wsj.com settled lower in choppy trade after reaching a new 6-month intraday high, with US-Iran nuclear talks holding back expectations of immediate military action. Russia's flagship crude bloomberg.com was selling at the deepest discount in the international marketplace in almost three years as Western sanctions deterred trade with Moscow. Thailand's rice exports bloomberg.com were set to drop to a five-year low as a surge in the local currency dented the country's competitiveness.
European Markets
Munich Re bloomberg.com announced plans to return €5.3 billion ($6.3 to shareholders through a new buyback program and higher dividend. Novo Nordisk bloomberg.com faced disappointing trial data that rippled through Denmark's stock market, dragging the wider market down and underscoring how tightly the country's fortunes are tied to the obesity-drug maker. Iberdrola investing.com forecast higher earnings after networks fueled 12% profit growth, while Groupe SEB investing.com soared 11% after 2025 profitability topped forecasts.
Asia & Emerging Markets
China bloomberg.com warned of retaliation as US tariff tensions escalated, while Chinese tourists fueled a rebound in Thai tourism, now accounting for roughly a quarter of Thailand's weekly arrivals. South Africa bloomberg.com said public debt as a percentage of GDP will peak this year, announcing better-than-expected revenue collection and tax relief for taxpayers. Romania bloomberg.com was selling bonds on international markets for the first time this year to capitalize on improved sentiment after pushing through budget deficit reforms.
Private Markets & Investment
Blue Owl wsj.com fallout set off retail-investor panic, prompting the private-markets giant to host a call reassuring wealth advisers who connect clients to its funds. Dan Loeb bloomberg.com said the "lost art of short selling" is making a comeback as opportunities emerge to bet against crowded trades. Private credit bloomberg.com fears deepened with UBS warning of 15% defaults in a worst-case scenario that became more grim.
IPO & Deal Activity
Canada's IPO market bloomberg.com showed glimmers of hope after years of false starts, while Medtronic's diabetes unit Mini Med bloomberg.com sought $784 million in a US IPO. Saudi firms bloomberg.com advanced IPO plans in a boost for the flagging local bourse, testing investor appetite in Riyadh amid volatile oil prices and geopolitical risks. CECO Environmental bloomberg.com agreed to a $2.2 billion deal to buy Thermon as the filtration company looked to enter the thermal solutions market amid booming data center demand.
Currency & Fixed Income
The dollar bloomberg.com slipped as investors exited haven assets following advances in tech stocks, while the yen wsj.com had limited scope to recover even if interventions were carried out to prop it up. Britain gilt sales investing.com were set for a £69 billion drop next fiscal year, according to Bof A, as fiscal dynamics shifted. Omnicom bloomberg.com made a rare foray into the euro debt market, raising currency debt for the first time in two years days after announcing quarterly earnings and a sizable share buyback.