Public Markets 3h Briefing
×Market Performance
The S&P 500 finance.yahoo.com dropped sharply as Nvidia's earnings disappointed, with the tech-heavy Nasdaq Composite falling 3.1%. Treasuries rose bloomberg.com amid the tech sector slump, pushing longer-maturity yields toward their lowest levels of the year. Morgan Stanley investing.com highlighted that hyperscaler AI spending is set to exceed dot-com peak levels, while Nvidia CEO Huang investing.com dismissed the "Saa Spocalypse" narrative as a "deep misunderstanding."
Fixed Income & Credit
MBaer Merchant Bank bloomberg.com faces potential loss of US financial system access, while Blackstone Credit Fund bloomberg.com is marketing its biggest bond premium since 2021 amid continued signs of stress. Fed Governor Miran wsj.com suggested four interest rate cuts are appropriate this year, totaling about a percentage point. Meanwhile, HSBC investing.com cut US exposure while boosting emerging market equities.
Corporate News
Ebay wsj.com announced plans to cut 800 jobs as part of a strategic restructuring. Mosaic investing.com was downgraded by JPMorgan due to rising input costs and weaker 2026 earnings. Oddity investing.com faced downgrades as sales are expected to decline following an ad algorithm change. Sandoz investing.com was downgraded by Barclays amid limited near-term re-rating potential.
Sector Developments
BP bloomberg.com is aggressively expanding shale drilling, bucking the conservative approach of many rivals as the UK oil giant seeks to reverse years of anemic output. Broadcom finance.yahoo.com expects to sell 1 million 3D stacked chips by 2027. Lumen finance.yahoo.com will expand Anthropic's fiber network in the US. Uber and Lyft investing.com stocks surged after Trump scrapped the Biden-era contractor rule.
International Markets
Colombia's bloomberg.com dollar bonds fell across the curve and the peso led emerging-market losses after a new poll showed leftist Senator Iván Cepeda with a wide lead in the presidential race. Indra Sistemas wsj.com shares jumped close to 22% after reporting a seven-fold uptick in defense orders. Russia finance.yahoo.com eyes higher Urals oil exports to China amid Indian cutbacks, while Gulf petrostates ft.com rush to export crude amid fears of a US strike on Iran.
M&A & Investment
Victory Capital wsj.com filed a competing bid to acquire Janus Henderson, claiming it's higher than the $7.4 billion offered by Trian Fund Management. Irenic Capital bloomberg.com made an unsolicited bid for Reservoir Media, whose catalog includes Joni Mitchell and Sheryl Crow. J.M. Smucker wsj.com added directors in a deal with activist firm Elliott.
Economic Indicators
US jobless claims bloomberg.com rose slightly to 212,000, up 4,000 from the previous week but below expectations. Canada's bloomberg.com securities watchdog was rebuked by a court over a forex trading case, with record legal costs awarded to My Forex Funds. Bulgaria yahoo.com saw its ski station become a refuge for digital nomads, highlighting evolving work patterns.