Public Markets 3d Briefing
×Market Performance
US stocks suffered their worst week since October, with the Dow industrials falling 3% as the Iran war rattled markets. The S&P 500 bloomberg.com endured its biggest weekly selloff since October, marked by a spike in volatility as escalating Middle East tensions sparked fears about surging oil prices and inflation. Japanese stocks bloomberg.com rebounded Thursday from a market rout triggered by the US-Israeli attack on Iran, as strong US economic data boosted sentiment.
Energy Markets
Crude prices wsj.com rose to their highest level in two-and-a-half years as the conflict in the Persian Gulf continued, keeping shipping through the Strait of Hormuz at a standstill. US oil futures bloomberg.com shot up to the highest in 20 months as investors increasingly price in a prolonged war in the Middle East. Oil bloomberg.com made record weekly gains as Strait of Hormuz stays shut, with traders warning $100 oil is imminent if the Iran war keeps raging.
Economic Data
A shock drop in US payrolls bloomberg.com added to risk control questions as the job market saw one of its biggest declines since the pandemic. US retail sales wsj.com sagged in January, extending a tepid trend for US shopping since late last year. Federal Reserve officials offered mixed signals, with Cleveland Fed President Beth Hammack bloomberg.com expecting rates to be on hold for quite some time, while Chicago Fed President Austan Goolsbee bloomberg.com called the employment report a "tough miss."
Geopolitical Developments
The Trump administration bloomberg.com announced a $20 billion reinsurance program aimed at reviving shipping in the Strait of Hormuz, where traffic has all but stopped amid US and Israeli attacks on Iran. Saudi Arabia wsj.com started to shift crude exports to the Red Sea as Hormuz disruption mounts, with about 10 million barrels of crude loaded from the Red Sea's Al-Muajjiz terminal in the first four days of March.
Corporate News
Cerebras Systems bloomberg.com picked Morgan Stanley to lead its initial public offering as the artificial intelligence chipmaker mounts a renewed attempt to go public. Millennium Management bloomberg.com hired four stock pickers from rival Citadel as the multistrategy hedge fund giants battle over talent. Saks Global plans to close 15 more stores in bankruptcy, with a smaller footprint enabling the retailer to focus more on luxury shoppers.
Market Structure
The SEC and CFTC bloomberg.com discussed plans to move into the same building complex in Washington just steps from the US Capitol. The New York Stock Exchange bloomberg.com agreed to pay a $9 million fine to settle SEC allegations that an internal malfunction led to a botched market open and wild price swings.
Fixed Income
US bonds bloomberg.com saw their worst week since April on inflation concerns as surging oil prices drove Treasury yields higher. Bond traders bloomberg.com piled into inflation hedges as war drives up oil, pushing some valuations to the highest levels in nearly a year. BlackRock bloomberg.com curbed withdrawals from one of its biggest private credit funds after concerns about liquidity stress in the high-yield market.
Currency Markets
The dollar bloomberg.com capped its best week since 2024 as oil surge trims Fed rate cut bets, rallying as the ultimate safe haven amid Middle East conflict. Israel's currency and stock market bloomberg.com surged even as war rages, with stocks and currency rallying after almost a week of conflict with Iran.
Private Markets
SpaceX's bloomberg.com surging stake raised doubts over private assets in ETFs, testing the very capacity of exchange-traded funds to hold unlisted assets. Braskem Idesa bloomberg.com is in talks with creditors for finance that would fund the company through a potential Chapter 11 bankruptcy proceeding in the US.
Regional Markets
South Korea ft.com led a rebound from market rout after Iran attack, with stocks recovering some losses after President Lee Jae Myung ordered activation of a $68 billion market stabilization fund. Colombia's bloomberg.com local debt shifted from worst performing to leading gainer as higher oil prices driven by the Iran war sparked a rally in the country's local debt.
Metals Markets
Aluminum prices bloomberg.com surged to the highest since 2022 after Aluminium Bahrain BSC suspended deliveries of metal to some customers under force majeure clauses. A huge aluminum options trade bloomberg.com came into the money this week as the war in Iran sparked a sharp rally in prices.
Market Strategy
Bank of America's bloomberg.com macro sales desk is steering clients to buy HALO, or "hard assets, low obsolescence" stocks. At Goldman Sachs they're recommending a geopolitical basket of defense contractors as Wall Street trading desks rewrite stocks playbooks on the US-Iran war.
Technology
Oracle and OpenAI finance.yahoo.com ended plans to expand their flagship data center, while Alibaba's finance.yahoo.com AI wizard who warned of US-China tech gap stepped down. Morgan Stanley was selected to lead Cerebras Systems' IPO as the AI chipmaker mounts a renewed attempt to go public.
Financial Services
Goldman Sachs bloomberg.com said insurer bond moves on private credit are 'overdone,' with strategists calling the surge in yield premiums on US investment-grade bonds of insurers triggered by concerns around exposure to private credit as "overdone." JPMorgan bloomberg.com saw its co-head of shareholder engagement depart as the bank continues to navigate market volatility.
Real Estate
Brightline Trains Florida bloomberg.com was downgraded as thinning reserves and negative cash flows will likely lead to a debt restructuring within the next six months. Rentokil Initial wsj.com reported higher revenue amid leadership transition, with the pest-control, hygiene and workwear-services provider's revenue climbing 2.6% organically in 2025.
Healthcare
Zealand Pharma investing.com shares sank 32% after an obesity drug trial missed expectations. Bayer investing.com shares dropped as 2026 profit outlook missed forecasts despite a Q4 beat. Johnson Service Group ft.com and other healthcare companies faced market pressure amid broader sector weakness.
Industrials
Toyota supplier Denso ft.com made an $8 billion bid for Japanese chipmaker Rohm as Tokyo seeks to consolidate the sector to compete against China. Boeing investing.com reportedly neared a 500-aircraft deal with China ahead of a Trump visit, potentially worth billions to the aerospace giant.
Consumer
Chobani Inc. bloomberg.com expects revenue and earnings to swell this year as the Greek yogurt maker plans to spend heavily on growth. Braskem bloomberg.com received Brazilian antitrust approval for a proposed transaction that would allow asset manager IG4 Capital to buy a controlling stake in the petrochemicals producer.
Transportation
Deutsche Lufthansa wsj.com posted in-line earnings but warned of Iran conflict impact, with results supported by fleet modernization and a 3% increase in passenger numbers last year. Delta Air Lines wsj.com shook up its top leadership team following the retirement of its longtime president and the upcoming departure of its operations chief.
Financial Technology
Alphaton's bloomberg.com new autonomous whistleblower platform aims to protect identities and prevent data seizure using blockchain technology. BlockFills ft.com, a Susquehanna-backed crypto firm, prepared for restructuring after being sued by one customer and suffering from accounting failures.
Market Outlook
Liz Ann Sonders bloomberg.com, chief investment strategist at Charles Schwab, joined Bloomberg Markets as investors assess risks from the war in Iran. Ajay Rajadhyaksha bloomberg.com, Barclays Global Chairman of Research, expects markets to be down for a bit amid tensions in the Middle East. Pimco bloomberg.com warned that private debt should face a 'full-blown default cycle' as direct-lending vehicles have loosened their underwriting standards and are due for a stress test.