Public Markets 3 Days

Last updated: July 29, 2026, 11:32 AM ET

Energy Markets Brace for Volatility Amid Geopolitical Tensions

U.S. natural gas futures held steady as the August contract neared expiration, while oil prices surged following renewed hostilities in the Middle East. Attacks on ships in crucial oil routes like the Strait of Hormuz and Bab al-Mandab strait are disrupting tanker passage. Saudi Aramco is preparing new pricing for oil to Asia as Houthi militants threaten Red Sea flows. Pakistan and Bangladesh are paying $1 billion more for LNG as the Strait of Hormuz remains closed. Ukraine hit two key Russian oil refineries after a brief lull, and Turkey lifted its milling wheat export ban amid expectations of a record harvest. Japanese companies may see increased financial support for overseas oil pipeline investments, including in the Middle East as Tokyo eyes lifting support for such projects. Glencore's traders are gaining as the Iran conflict upends commodity markets, with its marketing division set to report around $3.3 billion in adjusted earnings.

Corporate Dealmaking Reflects Sector Shifts and Strategic Realignment

Grant Thornton is set to acquire rival accountant CBIZ Inc. for $5 billion in a deal that represents one of the largest professional services acquisitions in recent years. Bloomberg LP agreed to acquire Canoe Intelligence, a platform focused on automating private markets data collection. Zijin Gold International Co.’s deal to acquire Allied Gold Corp. has been scrapped, with Zijin opting instead to invest about $295 million in the African-focused gold producer in a move that saw the original $4 billion deal collapse due to Chinese regulatory objections. In the automotive sector, BMW is aiming to cut 8,000 jobs amid mounting challenges in China, following a previous reduction in sales and profitability guidance. Ferrari, however, has hit its 2026 sales target for its controversial "Luce" EV within two months, driven by strong demand from China.

Technology and Infrastructure Investments Drive Market Activity

Brookfield, in partnership with Next Era, plans to develop a $100 billion data center campus on the Energy Department’s Paducah site in western Kentucky. This venture will repurpose the former nuclear weapons site into an AI campus. Nvidia partner Quanta Computer Inc. is seeking to raise as much as $2.19 billion from a sale of global depositary shares. In the semiconductor industry, ASM International shares slumped after its chip-equipment supplier guidance disappointed investors. European chip stocks rose following a pause in Middle East fighting, which boosted global markets. However, a selloff in semiconductor stocks deepened due to worries about artificial intelligence debt and increasing competition from China as chip stocks rout deepens.

Financial Markets Navigate Fed Policy, Inflation, and AI Spending

U.S. stock futures were mixed ahead of the Federal Reserve's interest-rate decision, with various earnings reports also influencing sentiment. The dollar could weaken if the Federal Reserve keeps interest rates unchanged, according to ING. Wall Street is showing signs of pressure in a key credit market cog as Big Tech barrels toward trillions of dollars in planned AI spending, which in turn is lifting the cost of financing artificial intelligence initiatives. Ares Management Corp.’s $29 billion private credit fund reported an increase in non-accrual assets in the second quarter as the industry grapples with exposure to businesses facing financial strain. SoftBank Group Corp. priced a ¥90 billion bond offering sold to institutional investors. Taiwan's five-year bond yield climbed to its highest level since 2008 amid growing expectations for an interest-rate hike.

Consumer Goods and Healthcare Sectors Show Mixed Performance

Procter & Gamble reported a fall in fourth-quarter profit, driven by higher operating costs that offset a slight sales increase, and provided a soft fiscal-year outlook. Bausch + Lomb upgraded its full-year outlook after a strong second quarter, raising its revenue target by $20 million. Automatic Data Processing expects continued revenue and earnings growth in fiscal 2027 after its latest quarter saw expansion in both employer services and human resources outsourcing. Boston Scientific cut its full-year outlook due to unexpected challenges with its Watchman heart implant products. Humana also reduced its earnings outlook again due to lower Medicare Advantage Star Ratings. Danone SA sales climbed in the second quarter, boosted by high-protein yogurts and nutritional drinks, with overall global sales growing 4.2%.

Luxury Goods and Retail Face Divergent Fortunes

Hermès International SCA and Kering SA shares diverged by a record margin, highlighting a dramatic reversal in fortunes for the luxury goods makers, with fresh earnings underscoring their differing paths. Hermès shares later dropped as investors fretted over a weak luxury market in China and a fall in tourist shopping in the Gulf. Kering’s shares, however, rose 11% after the Gucci owner returned to growth, with strong demand for jewelry and eyewear contributing to the luxury group’s first sales increase in three years. Greggs Plc saw its shares rally, punishing short sellers as the bakery chain pivoted to cold fare like iced matcha, and later soared as the chain defied fears of a peak in sausage roll demand. VF Corp. revenue fell on weakness in its Vans brand, and the company's CFO is set to depart.