Public Markets 8-Hour Briefing
×Market Movements
The S&P 500 futures edged higher as investors weighed the impact of Trump's new 10% global tariffs. Emerging-market stocks hit new highs as Asian tech rallied despite AI concerns weighing on Wall Street. AMD shares surged 14% on a Meta AI partnership deal, while Novo Nordisk shares fell after announcing plans to slash US list prices for Wegovy and Ozempic next year.
Deal Activity
Stripe reached a $159 billion valuation in an employee tender offer as payment volume soared. CECO Environmental neared a $2.2 billion deal for Thermon Group Holdings to enter the thermal solutions market. Sify Infinit sought a $4.2 billion valuation in its India IPO. Bain Capital and Lone Star Funds advanced to a second round of bidding for Mitsubishi Electric's automotive equipment business.
Tech & AI Developments
Meta and AMD announced a 6-gigawatt GPU deal as part of AI buildout, with shares in the US chipmaker surging. Qualcomm gained after Wells Fargo projected up to $7 billion in revenue from data center chips. Intuit partnered with Anthropic to bring custom AI agents to businesses. SpaceX's mega IPO redraws the 2026 road map for listing hopefuls.
Healthcare & Pharma
Medtronic diabetes business Mini Med sought $784 million in a US IPO. Novo Nordisk experimental drug showed notable weight loss in a mid-stage study in China. Fresenius Medical Care shares dropped 7% after forecasting flat revenue and adjusted earnings amid regulatory headwinds. Eli Lilly fell 2% as Novo Nordisk's price cut plans raised competitive concerns.
Regional Markets
Singapore Airlines posted record revenue on strong demand while net profit slumped due to the absence of a one-off gain. Kenya secured Uganda's pipeline-stake purchase through an IPO. Indonesia Investment Authority faced a leadership gap as its co-CIO resigned. Philippines may draw $3 billion if added to JPMorgan's bond index.
Fixed Income & Currencies
US Treasuries steadied as demand for havens eased with yields hovering near 4%. Yen extended declines after reports of Japanese Prime Minister Takaichi's caution over rate hikes. UAE will be removed from JPMorgan's emerging-market bond indexes by June. European natural-gas prices fell as milder weather and higher imports eased supply concerns.
Economic Policy
Trump's new 10% global tariffs took effect after the Supreme Court overturned his original sweeping measures. Hungary cut its base rate after inflation slowed below target. Mexico headline inflation sped up slightly faster than expected while core readings eased. Gabon risks default amid IMF program uncertainty, Fitch warned.
Corporate Performance
Home Depot reported lower fourth-quarter profit as economic uncertainty weighed on home improvement activity. Keurig Dr Pepper saw US refreshment-beverage segment net sales increase 12% to $2.7 billion. Booking was lifted to buy as an analyst said it would remain a key driver of travel. Planet Fitness logged higher profit and revenue while adding members and opening locations.
Market Analysis
Goldman Sachs outlined risks to US growth in 2026 while saying markets reward "heavy asset, low obsolescence" firms. JPMorgan's Bob Michele saw bonds as "perfectly priced" with tailwinds for the market. Arini Capital said AI fear risks software defaults as borrowing costs rise. BlackRock predicted municipal bonds poised for a solid year as market conditions stabilize."