Public Markets 3h Briefing
×Market Turmoil
Gold wsj.com rose on possible dip-buying after front-month futures fell overnight as the dollar strengthened and inflation worries emerged. Asian stocks bloomberg.com were poised to track Wall Street lower even after a late rebound trimmed a broader selloff, as US assurances on securing shipping through the Strait of Hormuz helped steady nerves. MongoDB bloomberg.com shares fell over 20% after the database software company gave weaker-than-expected forecasts for full-year revenue and first-quarter adjusted earnings.
Commodity Shockwaves
Aluminum traders bloomberg.com brace for turmoil as the Iran war chokes supply, with manufacturers facing a spike in prices and traders expecting widespread suspensions of supply contracts. Gold bloomberg.com rose after tumbling more than 4% in the previous session as traders weighed a stronger dollar against demand for safer assets amid escalating Middle East conflict.
Geopolitical Impact
Iran's attacks wsj.com on US embassies in the Middle East sent shock waves through markets, with traders reducing expectations for Federal Reserve rate cuts as the war stokes inflation worries. Council on Foreign Relations bloomberg.com Senior Fellow Rebecca Patterson believes the Middle East conflict will leave "no country unaffected" due to its impact on the oil industry.
Corporate Moves
Starbucks wsj.com will open a Nashville office and relocate supply-chain workers later this year as part of efforts to expand in parts of the US. Ross Stores bloomberg.com forecast same-store sales growth for its upcoming fiscal year that topped analyst estimates as the off-price retailer continues to capitalize on affordability woes by selling luxury items at discount prices.
Technology Sector
CrowdStrike wsj.com CEO George Kurtz said demand and revenue are climbing despite market fears that artificial intelligence could upend software makers. Anthropic's Claude finance.yahoo.com became the most popular free app on iPhone and Android amid fallout from the Trump administration's actions.
Market Strategy
NYSE bloomberg.com Group President Lynn Martin and BlackRock Global Head of Market Development Samara Cohen discussed regulatory, structural and corporate reforms aimed at revitalizing public markets. Ariel Investments bloomberg.com Founder John W. Rogers discussed his value-driven investment approach and what's attractive in today's market.
Economic Policy
China's cheap money bloomberg.com is shaking the $9.5 trillion global loan market as Chinese banks, flush with low-cost funds, reshape parts of the market. Wall Street strategists bloomberg.com warned not to bet on Trump rescuing stocks rattled by the Iran war, as traders began paring back their deepest losses.
Legal & Regulatory
House Committee wsj.com wants Goldman Sachs General Counsel Kathryn Ruemmler to testify on Epstein-related matters. Moderna finance.yahoo.com agreed to pay up to $2.25 billion to settle a COVID vaccine patent dispute.