Public Markets 3h Briefing

Market Overview

The Dow industrials fell 3% this week, as the shrinking labor force and surging oil prices impacted trading. The S&P 500 saw a tech surge, with Vertiv and EchoStar investing.com leading the charge during a rebalance. Wall Street's safety net is giving way bloomberg.com as the Iran war hits markets.

Deals & Corporate Actions

Millennium Management bloomberg.com hired four stock pickers from rival Citadel in a battle for talent. Kennedy-Wilson bloomberg.com bondholders are organizing to push back on a tender offer. Saks Fifth Avenue is shrinking its footprint, focusing on luxury shoppers.

Macro & Policy

The US may lift sanctions bloomberg.com on further Russian oil supplies. The US has also launched a $20 billion reinsurance plan bloomberg.com to ease Gulf oil trade. Cleveland Fed President bloomberg.com Beth Hammack discussed two-sided risks to rates. She also expects interest rates to be on hold bloomberg.com for quite some time.

Earnings & Outlook

Gap's CEO wants to control the controllable bloomberg.com after sales and profit fell below expectations. SK Innovation bloomberg.com is laying off workers in Georgia due to slowing EV sales.

Geopolitical Risks

The ongoing conflict in the Middle East has given fresh relevance to the legal term "force majeure" found in many contracts bloomberg.com. Elliott Abrams bloomberg.com believes the US won't put troops in Iran.

Prediction Markets

Kalshi and Polymarket are each eyeing roughly $20 billion valuations.

Other News

Oracle and OpenAI ft.com scrapped a deal to expand a Texas data center.