Public Markets 8-Hour Briefing
×Market Moves
The S&P 500 fell as software weakness and tariff uncertainty pressured stocks. Woodside Energy surged to an 18-month high after reporting stronger full-year results and lifting its dividend. Asian equities opened lower, tracking Wall Street’s decline and facing headwinds from tariff risks ahead of China’s market return from the Lunar New Year break.
Tariff Fallout
FedEx filed a lawsuit against the U.S. government seeking a full refund plus interest for tariffs paid under President Trump’s emergency measures, becoming the first major company to sue following the Supreme Court’s ruling. Mr. Trump is considering new national security tariffs to replace the struck-down emergency levies. Apparel retailers including Gap and Urban Outfitters are positioned to see margin expansion after the court decision invalidated the broad-based tariffs.
Commodities & Currencies
Gold rose for a fifth consecutive day, driven by U.S. trade policy uncertainty and ongoing Iran tensions. The metal had already edged higher in early Asian trade on tariff risks. Oil steadied after Mr. Trump reiterated his preference for a nuclear deal with Iran ahead of talks, though he warned of consequences if no agreement is reached.
Deals & IPOs
Anthropic launched a share sale for current and former employees at a roughly $350 billion valuation, allowing them to monetize holdings. The KKR-backed Global Medical Response is preparing for a U.S. IPO after selecting banks for the offering. RXO’s CEO sees positive trends in the trucking market following a freight recession, though the broader recovery remains fragile.
Banking & Policy
Amundi, Europe’s largest asset manager, is buying Japanese government bonds for the first time in three decades, signaling a major strategic shift. Nevada Attorney General Aaron Ford stated President Trump overstepped his authority on tariffs, aligning with the Supreme Court’s decision. The American Bankers Association chair affirmed the banking system’s readiness to handle digital assets safely.
Fixed Income & Credit
Electronic Arts bondholders are organizing against a debt buyback plan even after S&P cast doubt on its effectiveness. Eversource Energy raised $1.5 billion via its first hybrid bond issuance to refinance debt. Exchange Income Corp. is preparing its inaugural bond sale, targeting up to C$500 million to fund aerospace and manufacturing acquisitions.