Public Markets 3d Briefing
×Market Turmoil
Stocks bloomberg.com slid across global markets as war tensions, credit stress, and AI disruption fears weighed heavily on investor sentiment. The S&P 500 and Nasdaq composite fell sharply in February, dragged down by firms whose businesses might be disrupted by artificial intelligence. Treasuries bloomberg.com rallied, sending the 10-year yield to its lowest level since November as investors sought refuge from mounting global risks and a selloff in stocks. Bitcoin investing.com prices fell below $64,000 after the US and Israel attacked Iran, with the cryptocurrency set for its fifth straight red month as crypto markets suffered.
Iran Conflict Impact
The US and Israel launched strikes against Iran, with President Trump urging Iranians to overthrow the government. Iran retaliated by targeting US bases and interests across the region. Oil investing.com rose as Trump said no final decision had been made on Iran, with crude heading for a 3% monthly gain. The conflict created new risks for a significant chunk of the world's oil supply, with American military assets in the region and Gulf oil supplies vulnerable to retaliation. Iranian TV released footage showing destruction in Tehran after the attacks, while speculation mounted about potential Japanese yen intervention to stabilize markets.
Corporate Developments
Berkshire Hathaway investing.com reported operating profit fell nearly 30% on insurance underwriting losses. EBay wsj.com announced plans to cut 800 jobs in a strategic restructuring. Papa John's wsj.com revealed it was closing hundreds of pizza shops as the broader restaurant sector struggled. Krispy Kreme wsj.com shares jumped as the company's turnaround gained momentum, though revenue fell after exiting underperforming locations. Marks & Spencer bloomberg.com will leave the Philippines after four decades as changing consumer preferences reshape the retail landscape.
Tech & AI Sector
Nvidia investing.com prepared a new inference processor amid rising competition in the AI chip market. Anthropic investing.com launched a cyber product that Bernstein said was not an existential risk to the sector. DeepSeek ft.com planned to release a long-awaited AI model in a new challenge to US rivals, having worked with Huawei to cut reliance on Nvidia chips. Amazon investing.com reportedly tied its $50 billion OpenAI investment to an IPO or AGI milestone. Zscaler bloomberg.com CEO said AI was an opportunity, not a threat, for their business despite recent earnings not being seen as strong enough to reverse recent negative sentiment.
Private Markets & Deals
SpaceX bloomberg.com weighed a confidential IPO filing as soon as March as Elon Musk's rocket and satellite company moved toward public markets. Paramount bloomberg.com prepared a $57.5 billion debt package featuring an unusual combination of investment-grade and junk-rated debt for its Warner Bros. Discovery takeover. Blackstone ft.com chief Stephen Schwarzman received $1.2 billion in 2025 income, standing to make more than $1 billion annually from dividends. BlackRock ft.com and Goldman Sachs joined the race to fund Phoenix's pension business, with UK pension group talks in early stages.
Economic Policy
President Trump refused to call tariffs a mistake despite most Americans having real regrets about trade policy. US businesses continued shaving billions off their tariff bills using a well-honed reduction playbook, giving some confidence they could deal with Trump's latest tariffs. The US Supreme Court declared Trump's global tariffs under economic emergency powers law to be invalid, with Swiss chemicals company Clariant expecting customers to demand payback for tariff costs. The IRS disclosed confidential information to ICE 42,695 times, a judge ruled, highlighting ongoing concerns about government data handling.
Regional Markets
European stocks investing.com mostly traded higher as earnings flooded in, with Nvidia also in the spotlight. South Korea's bloomberg.com bull market went into overdrive as tech stocks led gains. China's bloomberg.com capital markets rebounded last year, fueled by a surge in equity refinancing and bond issuance. India bloomberg.com expanded rules for $385 billion stock funds to add gold, giving actively managed equity funds greater flexibility amid global demand for precious metals. Venezuela bloomberg.com saw a brighter economic outlook after US intervention eased sanctions and the government rolled out reforms to attract investment.
Financial Services
JPMorgan ft.com cut services for Citadel Securities in a clash over roles, underscoring tensions between Wall Street banks and clients as businesses converged. A former Moelis & Co. investment banker planned to return to the US from France to plead guilty to tipping off members of a global insider-trading ring. Marathon Asset Management chairman Bruce Richards feared 15% direct loan software defaults, warning private credit was too exposed to the software industry but seeing little risk of contagion to the wider market. Federal Reserve Vice Chair for Supervision Michelle Bowman said regulators were close to releasing a revised version of the Basel III endgame bank capital proposal.
Commodities & Resources
Lithium investing.com demand was set to jump 25% as the EV market recovered, with the bottom appearing to be in for the battery metal. The UK opened its first commercial lithium plant, boosting domestic metals mining as Western nations looked to secure local supplies of critical minerals. Shell ft.com grappled with a debt crisis at its key clean energy venture, holding crunch talks to rescue Brazilian biofuels business Raízen. Africa's critical minerals moment arrived as the continent sought to turn surging global demand into lasting economic gains amid intensifying competition for resources.
Market Structure
Stablecoins investing.com saw surging demand that could end 30-year Treasury auctions for three years as digital assets became part of how people managed money. US tariff risks spurred African efforts to shift from dollar dependence, with companies exploring greater use of China's renminbi and local currencies. The US became increasingly dependent on its closest allies to fund its swollen debt burden, exposing a vulnerability in the $30 trillion Treasuries market. Vanguard cut fees on active funds in a rare move, while WPP planned to cut £500 million annually in costs in a sweeping overhaul to restore profit growth.