Public Markets 3 Days

Last updated: July 17, 2026, 11:30 AM ET

Tech Stocks Rebound as Apple Reclaims Market Cap Crown

Apple Inc. reclaimed its title as the world's most valuable company, surpassing Nvidia Corp. as investors shift focus from chip manufacturing to consumer execution. Apple shares that has impacted chipmakers, with HSBC Holdings Plc upgrading the iPhone maker to "buy" on prospects for agentic AI and its hardware pipeline as detailed in market analysis. The shift comes as a closely watched index of semiconductor stocks has tumbled into a bear market, unwinding a significant portion of its recent rally. Chip stocks as investors began questioning assumptions surrounding AI spending, with a new AI model from a Chinese startup contributing to the pressure as noted. Societe Generale SA’s Manish Kabra suggested it is too early to invest in companies heavily spending on AI, as a rotation away from expensive chipmakers may not be sustainable according to. Despite the tech sector's volatility, U.S. import prices rose unexpectedly in June, increasing by 0.3%, though this was less than the revised 1.7% increase seen in May.

Corporate Dealmaking and IPO Activity

BASF SE is seeking banks to lead the initial public offering of its agrichemical division, a deal that could be one of the largest on the Frankfurt stock exchange in recent years. Anglo American Plc has for the sale of its De Beers diamond business, according to a Botswanan cabinet minister. In India, fast-delivery company Zepto Ltd. is reportedly seeking a valuation significantly lower than its previous peak for its IPO, amid concerns over cash burn. Similarly, Manipal Health Enterprises Ltd., operator of the Manipal Hospitals chain, is also pursuing a reduced valuation for its planned IPO. Aliko Dangote has nearly completed a $2.5 billion private stock placement for his refinery business in preparation for Africa's largest initial public offering. Innolight Co. has received approval for a Hong Kong listing that could be one of the city's largest in years. Meanwhile, Uber has to acquire Delivery Hero, though Delivery Hero will spin off its Turkish and some European operations.

Economic Trends and Market Movements

The cost of hedging against U.S. dollar swings has fallen to its lowest level this year, indicating traders perceive limited catalysts for major disruptions to the reserve currency. U.S. Treasury yields as oil prices stabilized, though yields later rose again as Fed officials reinforced their commitment to combating inflation and U.S. economic indicators surprised to the upside. Gold prices slipped below $4,000 a troy ounce, on track for a weekly decline of over 3%, influenced by rate-hike bets stemming from the U.S.-Iran conflict. U.S. natural gas futures remained steady following recent declines, attributed to milder weather forecasts and soft liquefied natural gas flows. China's economy grew at its slowest pace in years, with 4.3% growth in the second quarter reflecting a broad slump outside of its export-oriented manufacturing sector. The Bank of Italy, anticipating that a strong start to the year will offset fallout from the Iran war.

Industry and Company News

Heineken is experimenting with a heat battery to generate steam for its brewing process, employing clay bricks that can store thermal energy for days to reduce emissions. Walmart is, with Kieran Shanahan, chief operating officer for Walmart U.S., set to depart. South East Water is warning it is struggling to secure new funding, blaming public and political scrutiny for damaging investor confidence. Conoco Phillips has secured a stake in BP's contract to redevelop Iraq's Kirkuk oilfield, as U.S. companies increase their presence in Iraq to counter China's growing influence. United Health Group reported results that handily beat Wall Street expectations and substantially raised its full-year earnings projection. Johnson & Johnson boosted its guidance after reporting higher second-quarter sales.

Hedge Funds and Regulatory Landscape

Connecticut-based hedge fund Deccan Value Investors is speaking out about its settlement with the Securities and Exchange Commission, following the lifting of a "gag rule." Symmetry Investments has to operate in Dubai, joining other hedge funds expanding their presence in the emirate.

Market Volatility and Investor Sentiment

U.S. corporate insiders at a near-record pace, a signal some investors view as a red flag regarding future market performance. Volatility in chip stocks has pushed the Nasdaq lower, with AI-related stocks experiencing declines. Investor concerns are growing about the buildout of artificial intelligence infrastructure. Citigroup Inc.'s Beata Manthey believes sharp stock rotations are necessary for the equity rally to broaden beyond the technology sector as she stated. Apple's shares have gained on positive Wall Street sentiment regarding its AI and hardware pipeline. Mining equipment manufacturers Sandvik AB and Epiroc AB saw their shares fall as a decline in precious metal prices weighed on orders. Silver hit lowest since December 4, 2025, marking its fifth decline in the past seven trading sessions.

Geopolitical and Global Economic Factors

Shipping traffic in the Persian Gulf has neared a halt, contributing to rising oil prices as the Iran war continues to disrupt energy supplies. U.S. sanctioned tankers carrying cooking fuel are rerouting amid U.S. enforcement of a blockade. Greece has on Russia to shield its shipping companies. The WSJ Dollar Index fell 0.30% to 96.86, marking two consecutive days of declines. Brazil is for its corporate sector as it plans to enter China's onshore bond market. India's Prime Minister Narendra Modi is taking steps to reduce key imports and shield the economy from shocks. Dubai has seen migrant worker layoffs as a result of the Middle East war, impacting job opportunities and salaries.

Emerging Trends and Innovation

Hundreds of thousands of individuals in the U.S. are creating companies, signaling an end to a decades-long slump in startup activity. Big tech firms like Oracle are turning to bonds to finance their substantial data center needs for AI development. Cambridge University is looking to boost UK manufacturing with a pioneering wind tunnel to reduce development times and attract venture capital. China's AI developer DeepSeek is preparing to list shares in Shanghai next year to fund costly research.

Regulatory and Legal Developments

The U.S. Securities and Exchange Commission of comments, over 200,000, on its plan to eliminate required quarterly earnings reports. The U.K. antitrust watchdog has launched a probe into Danone's proposed $1.2 billion acquisition of Huel. Ladbrokes owner Entain Plc will cut 500 jobs, or about 2% of its global workforce, due to higher UK taxes and increased regulation.