Public Markets 3 Days

Last updated: July 17, 2026, 8:30 AM ET

Tech Stocks Suffer as AI Enthusiasm Cools Amidst Valuations Concerns

Global technology stocks as investor sentiment shifted away from the artificial intelligence boom. Semiconductor shares, which had previously fueled market gains with the Nasdaq 100 futures tumbling 2% amid growing concerns over stretched valuations. IBM's disappointing preview of quarterly results, reigniting fears of AI disruption in the software sector and highlighting a growing divide between AI winners and others. TSMC, however, remained optimistic, stating the AI boom will continue for another three years and sharply increasing its capital spending and sales projections. Coronation Asset Management trimmed its exposure to chipmakers like TSMC and SK Hynix due to AI hype, while boosting its allocation to Indian stocks. Circle Internet Group shares from their post-IPO highs as competition in the stablecoin market intensified.

Energy Markets React to Geopolitical Tensions and Refining Capacity

Oil prices moved higher as shipping traffic in the Persian Gulf neared a halt due to ongoing hostilities between the U.S. and Iran. U.S. strikes on Greater Tunb Island in the Strait of Hormuz, targeting Iranian cruise missile storage and launch sites, further disrupted supply. Chevron indicated plans to explore a pipeline bypassing the Strait of Hormuz and expects to sign accords with Iraq for oil field investments. Meanwhile, U.S. refiners are experiencing record-breaking profit margins, shattering previous benchmarks for producing gasoline and diesel as war-driven supply disruptions lift refined product prices. Despite a brief respite from Middle East conflict-triggered stockpiling, Germany's chemical industry remains in a structural crisis. Palm oil, however, headed for a second weekly advance on expectations of stronger demand from India and a boost from higher crude prices.

Banking Sector Sees Mixed Performance Amidst Acquisitions and Profitability

Fifth Third Bank's parent company posted a profit of $763 million, or 83 cents a share, in the second quarter, boosted by the Comerica acquisition. Bank of America has reportedly exited a plan to sell overdue parking debt in Chicago, with officials unable to advance the deal this year. In India, the National Stock Exchange ahead of its long-awaited IPO debut. Amundi SA expects to book a net capital gain of approximately €300 million ($343 from the initial public offering of its asset management joint venture in India. Meanwhile, UBS Asset Management's Kevin Zhao is planning to short Treasuries, betting that a robust U.S. economy will diminish the appeal of owning government debt.

Global Markets Navigate Inflation Data, Bond Yields, and Corporate Dealmaking

U.S. Treasury yields as oil prices stabilized, with further declines following soft U.S. inflation readings that reinforced optimism about inflation peaking and potentially curbing the need for Federal Reserve rate hikes. The dollar edged lower as oil prices stabilized, despite continued hostilities between the U.S. and Iran. In corporate news, Airbus secured a significant order from Air China for 15 A350-900 widebody aircraft and 40 A320neo series aircraft valued at approximately $12.4 billion. Aliko Dangote has nearly completed a $2.5 billion private stock placement for his refinery business as the company prepares for Africa’s largest initial public offering. Indian fast-delivery company Zepto Ltd. is seeking a valuation sharply below its peak for its IPO, as concerns over cash burn temper optimism.

Diverse Market Insights: From Equities to Private Equity

Reliance Industries Ltd. founders, led by Mukesh Ambani by the most in nearly seven years following the stock's prolonged slump. Michael Burry, the investor famed for "The Big Short," recommends bargain hunting in Hong Kong's stock market, which has lagged peers during the global AI rally. The Philippine Stock Exchange is preparing new measures, including exchange-traded funds, to attract retail investors away from online gambling and cryptocurrency trading. In the private equity space, EQT reported higher net profit and revenue for the first half, aided by increased fee-generating assets, and expects strong fundraising momentum. The buyout group and revenue.

Corporate Activity and Strategic Moves Across Sectors

Burberry reported flat sales growth for its first quarter but noted growth across divisions for the first time in three years, aligning with its turnaround plan. Volvo Car anticipates stronger sales in the second half, driven by European growth and a U.S. recovery, despite ongoing challenges in China. The Swedish defense company Sandvik AB and Epiroc AB as orders slowed due to a decline in precious metal prices. In the legal sector, A&O Shearman has handed partners £2.2 million as profits return to pre-merger levels, indicating stability after a tumultuous period. Ocado shares plunged 18% as its technology licensing division struggles, with lower profits reported and delays in new installations.

Geopolitical Events and Their Market Ripples

The ongoing conflict in the Middle East, particularly between the U.S. and Iran, has continued to influence global markets. Hostilities in the Strait of Hormuz have led to increased oil prices and prompted U.S. sanctions enforcement against Iran-linked tankers, causing them to U-turn and zig-zag in the Gulf of Oman and Arabian Sea. Chevron is seeking to bypass the Strait of Hormuz with a new pipeline to Iraq. Wildfires in Ontario, Canada, continued to devastate swaths of the province, prompting evacuations. In Ukraine, Kyiv has intensified its campaign to cut off Crimea by striking sea routes, aiming to disrupt fuel supplies and pressure Russia to end the war.