Public Markets 3 Days

Last updated: July 25, 2026, 8:30 AM ET

Geopolitical Tensions Drive Oil Prices, Impact Global Markets

Brent crude futures as the conflict in the Middle East widened and Ukraine struck Russian infrastructure. Saudi Arabia warned key energy sites are at risk of retaliatory attacks after Iran-backed rebels targeted tankers, while a Hong Kong-flagged supertanker before reaching the Bab el-Mandeb chokepoint. Oil futures but still finished the week higher as the U.S. and Iran stepped up strikes, and Houthis in Yemen. The breakdown of the U.S.-Iran ceasefire threatens to leave Brent crude hovering around the $100-a-barrel mark well past July, according to Rapidan Energy Group. The dollar as investors returned to the traditional haven amid heightened geopolitical tensions. U.S. stocks fell sharply as global oil prices topped $100 a barrel for the first time in two months, and earnings from Alphabet and Tesla rekindled AI spending fears. The most fundamental macro risk, rising inflation volatility, is set to trigger earnings disappointments, wider credit spreads, and more variability in stock and bond prices.

Corporate Debt, AI Investment, and Market Volatility

Big Tech’s insatiable appetite for AI investment is unleashing a relentless wave of bond sales, having a bigger impact on the U.S. corporate bond market than might be obvious. Companies big and small, changing the economics and power players of the industry, though U.S. tech groups have cut 140,000 jobs despite an AI spending boom. Tesla stock is at an ‘inflection point’ as traders, with analysts scouring charts for clues on where the stock is headed. European equity markets have seen a narrow rally that has completely flipped the script on their historical resilience to concentrated stock performance. 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. LSEG Lipper is reviewing data showing U.S. investment grade funds saw the biggest outflows in more than six years after a report from JPMorgan Chase & Co. flagged a potential error in the data.

Economic Indicators and Emerging Market Dynamics

Applications for U.S. unemployment benefits to a nearly 60-year low, adding to signs of a stable labor market that will allow the Federal Reserve to focus on inflation. India’s largest IPO of 2026 just four days after its trading debut, signaling weak secondary-market demand for the nation’s largest asset manager. Mauritius’s long-standing status as a low-tax gateway for cross-border capital is being tested by a raft of new corporate taxes that could erode banks’ profitability, according to Moody’s Ratings. Indonesia’s former top graft prosecutor was arrested on suspicion of money laundering, weeks after police raids uncovered $26 million worth of gold bars and cash at a house he owns during raids. Dangote Cement Plc prefers to list its cement business in London because it will be quicker to sell shares on the exchange in the UK than in Dubai.

Wildfires, Supply Chains, and Energy Security

Huge blazes have forced tens of thousands of residents and vacationers in France and Spain to evacuate as uncontrolled wildfires moved closer to Madrid and Bordeaux. The closure of the Strait of Hormuz has limited the shipment of diesel for irrigation pumps and threatening the food supply. Ukraine is looking to sign a 30-year strategic energy agreement with Canada and proposing an “energy security bridge” focused on the supply of Canadian LNG, Energy Minister Denys Shmyhal said in a statement. India and South Africa are leading a push to amass emergency fuel stockpiles, as developing countries forced into rationing during the Middle East conflict plan to build or expand official buffers. U.S. refiners are ramping up diesel production to near-record levels, bucking seasonal trends as the Russia and Iran wars.

Corporate Dealmaking and Executive Perks

Blackstone, KKR, and Brookfield in a $16 billion deal, marking the largest ever foreign investment in the Gulf state as it seeks to raise capital in the face of Iranian attacks. Paramount is pausing its merger talks with Warner Bros. over legal challenges, while warplanes from Bahrain and Kuwait struck Iran in a rare Gulf retaliation. The tunneling startup Boring Company, led by Elon Musk in a new funding round, in talks to raise around $4 billion from investors. From private ranch vacations to concierge medicine worth $600 million last year.

Industry Shifts and Regulatory Landscapes

AI labs are beginning to, with Anthropic and OpenAI among groups providing free and cut-price tailored solutions for educators and students. Waymo is exploring a split with Uber as robotaxi tensions deepen, with the partnership between the two groups having soured amid an intense lobbying battle over the rollout of autonomous vehicles in the sector. Companies tied to Kennedy’s movement are poised to benefit from the administration’s health regulation overhaul, with a kaleidoscope of industries emerging as early winners. Nasdaq Inc. will change its rules to make it easier to delist flailing businesses as regulators zero in on wild market swings and allegations of manipulation that have plagued trading in so-called micro-cap stocks in the market.

Political Landscape and Campaign Finance

Republicans are pouring huge sums behind Maine Senator Susan Collins through a web of billionaire-funded super PACs, while Troy Jackson, the likely Democratic nominee, has a lot of catching up to do. President Trump gave the keynote speech at the White House Correspondents’ Dinner as relations between his administration and the press continue to deteriorate at the event. Democrats voted against the usually bipartisan defense bill, registering dissent about the war in Iran as a tactic. President Trump’s administration admitted canceling grants to states that did not vote for him, with federal officials stating in court documents that they halted billions of dollars in funding for energy projects to states "based solely" on whether they backed President Trump in the 2024 election in a move.