Public Markets 3d Briefing
×Market Turmoil
The S&P 500 bloomberg.com tumbled as Middle East conflict widened, with investors fleeing risk assets. Stocks pared early declines after President Trump said the U.S. Navy could escort tankers through the Strait of Hormuz, but volatility remained elevated. Futures investing.com dropped while oil prices climbed amid escalating Iran conflict, with energy markets particularly sensitive to geopolitical tensions.
Oil & Energy
Oil bloomberg.com surged for a second day as U.S. and Israel stepped up their war against Iran, with the sprawling conflict's impact on energy assets in the Persian Gulf deepening. US oil futures jumped as much as 6.5% before settling higher, while oil equities bloomberg.com flatlined even as crude prices surged on Tuesday as investors began selling off and pricing in a possible quick resolution to the Iran war. Chevron investing.com and Exxon price targets were raised at Bof A on increased oil risk premium, reflecting the sector's sensitivity to Middle East tensions.
Geopolitical Crisis
President Trump bloomberg.com expressed concern that strikes against Iran could lead to new leadership equally troubling to Washington as the regime the U.S. and Israel are fighting to topple. Iran yahoo.com is struggling to function as war turns into fight for survival, with Tehran resembling a ghost town as bombs rain down. Iran's security chief investing.com said the country will not negotiate with the U.S., while China's foreign minister yahoo.com told Israel's counterpart that attacks on Iran must end. Trump investing.com claimed Iran is running out of weapons, though analysts see no clear off-ramp to the conflict.
Credit & Fixed Income
Bond traders bloomberg.com curbed rate cut bets as war stokes inflation worries, sharply reducing expectations for Federal Reserve interest rate cuts. Muni bonds bloomberg.com saw their biggest decline since the tariff-fueled selloff, with benchmark yields rising as much as 11 basis points as geopolitical unrest in the Middle East and surging oil prices roiled U.S. Treasuries. Paramount bloomberg.com is set to join the biggest junk borrower ranks after Warner deal, with Fitch Ratings' decision to cut its credit ratings to junk putting the media company on track to be one of the biggest borrowers in the U.S. high-yield bond market.
Private Markets
Ares CEO bloomberg.com discussed the private credit cycle, firm growth, and the push to expand access beyond traditional institutional investors. Ares CEO bloomberg.com called a UBS forecast of 15% private debt default rates "absolutely wrong," while Blue Owl wsj.com is starting to show cracks after building itself into a private-credit behemoth with bets on software, AI, and individual investors. Private credit leaders bloomberg.com weighed democratization at industry conferences, with firms like Blackstone and Goldman Sachs expanding their strategies.
Technology & AI
SpaceX bloomberg.com added Citigroup to its IPO bank lineup, moving closer to a public offering. Nvidia wsj.com is investing $2 billion in both Lumentum and Coherent as part of agreements to help accelerate advanced optics technologies for AI infrastructure. Hedge funds bloomberg.com could have fleets of artificial intelligence bots helping them research and trade hundreds of stocks within three to five years, according to hedge fund founder Divya Nettimi. Wells Fargo bloomberg.com discussed leveraging AI to improve productivity and empower its workforce.
Corporate News
Target bloomberg.com 's new CEO outlined overhaul plans, from beauty to babies, setting big expectations for Wall Street and pledging a return to growth powered by trendy new food products, in-store beauty services, and other changes. Ross Stores bloomberg.com forecast same-store sales growth for its upcoming fiscal year that topped analyst estimates as the off-price retailer continues to capitalize on affordability woes by selling luxury items at discount prices. Moderna finance.yahoo.com agreed to pay up to $2.25 billion to settle COVID vaccine patent dispute, while Pat McGrath bloomberg.com agreed to a deal to pull her cosmetics company out of bankruptcy but had to give up control.
Economic Data
Canadian stocks bloomberg.com sank most since tariff chaos as miners sold off, stumbling by the most since April's tariff-fueled market rout as an escalating war in the Middle East unnerved investors who exited even traditional safe havens like gold. Australian stocks bloomberg.com saw a "powerful" boost from standout earnings, with the country's blockbuster February earnings results helping lure investors back to the commodity-rich market. UK house prices investing.com rose 0.3% in February as market recovery continues, while UK Chancellor Reeves bloomberg.com discussed the economy and the war's impact on trade with the U.S.
Market Structure
The SEC bloomberg.com is pushing back against a new wave of high-leverage ETF plans, using a rare group call to renew its push against increasingly aggressive fund structures. CME bloomberg.com rebuffed traders seeking to recoup losses from an outage, rejecting demands for compensation from at least two natural gas investors who lost money when a technical glitch disrupted trading. NYSE President Martin bloomberg.com said geopolitics are unlikely to put a complete stop to companies tapping U.S. public markets, despite global conflicts including strikes on Iran.
Regional Markets
UK stocks bloomberg.com offer an effective hedge against renewed geopolitical turmoil following the outbreak of war in Iran, according to Citigroup strategists. FTSE 100 investing.com fell on Middle East tensions with GBP weak, though energy and defense sectors rallied. Spain trade embargo investing.com concerns emerged after Trump ordered Treasury Secretary Bessent to halt dealings, while Spain's Botin bloomberg.com sought to play down the rift that has opened between the U.S. and Spain following Trump's threats to cut trade.
Infrastructure & Industrials
Norsk Hydro wsj.com said its Qatari smelter is shutting down after its joint-venture partner stopped supplying gas amid attacks from Iran, highlighting the conflict's impact on industrial operations. D'Ieteren bloomberg.com tapped Rothschild to explore Belron stake options, appointing the bank to explore strategic options for its controlling stake in the global car glass replacement and repair business. Galp Co-CEO bloomberg.com discussed uncertainty from the Middle East conflict and the company's latest results, noting the oil sector is better prepared for shocks.
Emerging Markets
India Highway Authority bloomberg.com 's IPO seeks up to $656 million, with the National Highways Authority of India's infrastructure investment trust preparing to list its units through an initial public offering. Congo copper export route bloomberg.com reopened after rain damaged bridge, with the main export route for copper out of the Democratic Republic of Congo reopening to traffic after heavy rains had washed away a section of it. Brazil's Lula bloomberg.com faces mounting scrutiny as his son's bank secrecy was lifted in a fraud probe, posing risk to the leftist leader ahead of crucial economic decisions.
Market Analysis
Howard Marks bloomberg.com said investors need to avoid letting their emotions run high when making decisions on exposure due to the Middle East conflict. Yardeni Research bloomberg.com said the war with Iran is over, but Iran just doesn't realize it yet, suggesting in the end this could lead to more stability in the Middle East. Soros CIO bloomberg.com said investors are in for a "painful" 18 to 24 months as markets grapple with geopolitical risks and the threat of AI disruption. Evercore investing.com said the S&P 500 is poised to resume a larger rally after testing technical levels, though near-term volatility remains elevated.