Public Markets 3 Days

Last updated: July 24, 2026, 5:30 PM ET

Oil Prices Surge Amid Geopolitical Tensions, Impacting Markets

Oil futures climbed significantly past $100 a barrel as the conflict in the Middle East widened and Ukraine struck Russian infrastructure. This surge was further amplified by escalating strikes between the U.S. and Iran and threats to Red Sea shipping by Houthi rebels in Yemen for oil futures. Analysts at Rapidan Energy Group around $100 per barrel through the end of the year due to ongoing U.S.-Iran ceasefire breakdowns. Ship insurers have begun restricting war coverage for Saudi Arabian cargoes in the Red Sea due to these attacks to global oil supplies. Russia's largest oil port in the Black Sea also halted loadings amid a surge in Ukrainian drone attacks. The persistent rise in oil prices, is threatening a prolonged surge in inflation and a reset of interest rate expectations, while also. Equinor saw its earnings jump over 75% due to higher oil and gas prices, prompting a hike in its buyback. Total Energies also reported a 68% surge in second-quarter earnings, driven by conflict-related supply disruptions that boosted prices for crude and refined products.

U.S. Equities React to Inflation Fears and Tech Sector Weakness

U.S. stocks showed mixed performance, with the Dow Jones Industrial Average, while the S&P 500 gained 0.1% and the Nasdaq composite fell 0.6%. The Nasdaq 100 Index tumbled on Friday, capping its first back-to-back weekly loss since late March, dragged down by an oil-price spike and a selloff in tech stocks. This downturn was exacerbated by earnings from Alphabet and Tesla, which. Spending worries continued to weigh on tech shares, with investors awaiting next week's interest-rate decision and contending with oil shocks, inflation, and rising bond yields. bulls staring these multiple headwinds. Despite a boom in AI spending, U.S. tech groups collectively cut 140,000 jobs, though the wider U.S. jobs market remains steady. The yield on the 2-year Treasury note rose to its highest level in over a year, reflecting broader market concerns. U.S. banks are raising regulatory capital at tight valuations.

Geopolitical Risks and Trade Tensions Shape Global Markets

The escalating conflict in the Middle East and renewed fighting with Iran are sending oil and gas prices soaring, while President Trump has imposed new global tariffs that. The breakdown of a U.S.-Iran ceasefire threatens to leave Brent crude hovering around the $100-a-barrel mark well into the end of the year, according to Rapidan Energy Group. Ship insurers are restricting war coverage for Saudi Arabian cargoes in the Red Sea due to attacks from Iranian-backed Houthi rebels to global oil supplies. Russia's largest oil port in the Black Sea has also paused tanker loadings amid a surge in Ukrainian drone attacks. The U.S. dollar could remain until a U.S.-Iran ceasefire is agreed upon. Hedge funds have accumulated the most negative bets on the Canadian dollar in two years, as the threat of American tariffs drags on the currency. Small businesses are suing the Trump administration over its latest tariffs, represented by the Liberty Justice Center. The Trump administration launched new duties tied to countries’ imports of goods made with forced labor, replacing a 10 percent tariff after it expired. China, meanwhile, appears to be in a good position after Trump’s trade war, with the overall average weighted tariff on Chinese goods remaining about the same and now lower than in countries like Brazil and Canada. China is also wielding its rare earth leverage over Europe with new export controls, banning shipments to 14 companies involved in advanced technology sectors.

Corporate Earnings and Sector-Specific Trends

American Express posted higher sales and profit in the second quarter, driven by increased spending among its credit-card members. Booz Allen Hamilton reported higher-than-expected profit due to accelerating demand and cost-cutting efforts. PG&E recorded a profit of $761 million on flat revenue as its costs declined. Lamb Weston saw higher sales in its fiscal fourth quarter, with volume growth in North America helping to offset continued cost inflation and geopolitical volatility that weighed on international operations. CATL's profit climbed on surging demand for energy-storage batteries, with resilient EV battery sales offsetting weakening demand in China. SLB logged higher revenue in the second quarter due to increased offshore activity and strong demand for its data-center business. Charter Communications, however, logged its fourth consecutive decline in quarterly revenue as its subscriber count continues to drop.

Investment Grade Funds and Financial Sector Watch

LSEG Lipper is reviewing weekly data showing U.S. investment grade funds experienced the biggest outflows in more than six years, following a report from JPMorgan Chase & Co. that flagged a potential error. Fitch Ratings upgraded Jane Street Group to investment-grade status, citing the market maker's strong income growth throughout the economic cycle. BlackRock Inc. has seen weak demand for a $12.3 billion high-grade bond sale intended to fund a Meta Platforms Inc. data center project, as investors grapple with concerns about excessive AI infrastructure spending. Galaxy Digital Inc. is planning to raise about $3.5 billion from a debut junk-bond sale to fund a data center tied to Core Weave Inc., extending AI borrowing's push into riskier corners of the U.S. credit market. Clifford Chance partners received record pay of £2.3 million despite a slowdown in the U.S., with Asian IPOs leading revenue growth and the firm expanding its Wall Street presence.

Autonomous Vehicles and Tech Sector Developments

Waymo is exploring a split with Uber as tensions deepen over their robotaxi partnership, with the collaboration souring amid an intense lobbying battle over the rollout of autonomous vehicles. Meanwhile, Apple is suing OpenAI for alleged theft, a move that underscores broader issues in Silicon Valley, which has historically been founded on the exchange of ideas. Meta faces higher borrowing costs in its latest $12 billion data center financing deal, with a BlackRock-led transaction meeting investor anxiety over rising AI exposure. Brooks Automation, a robotics and software automation company backed by Thomas H. Lee Partners, is considering an initial public offering, according to sources familiar with the matter, weighing an IPO.

Commodities and Agricultural Markets

The U.S. cattle herd grew modestly from the prior year, signaling that ranchers may be starting to retain more animals following a historic shortage. Pork is struggling to gain ground despite a protein craze, as it is cheaper than beef, which is climbing to record high prices. European heatwaves have wiped an estimated €2 billion from the value of grain crops, with France and Hungary being the worst hit by lost production of maize and wheat. Paris wheat has reached a two-year high, and corn has extended its rally to a three-year high, driven by escalating Black Sea tensions and concerns over crop conditions.