Public Markets 8-Hour Briefing
×Market Moves
MongoDB tumbled over 20% after the database software company issued a weak revenue forecast, reviving concerns about growth. CrowdStrike swung to a quarterly profit and reported a 23% sales increase, providing a contrast to the broader selloff. The S&P 500 fell as the Middle East conflict widened, with investors parsing geopolitical risks.
Earnings & Outlook
Ross Stores forecast same-store sales growth above estimates, buoyed by consumers seeking affordable luxury goods. On Holdings saw its shares dip despite CEO Martin Hoffmann citing incredible demand across Asia. GitLab projected growth driven by its AI agent platform and hybrid pricing, after revenue rose 23% last quarter.
Deals & IPOs
SpaceX added Citigroup to the bank lineup for its upcoming IPO, moving the rocket company closer to a public debut. News Corp secured a multiyear AI content licensing deal with Meta worth up to $50 million annually. Vale Base Metals aims to be IPO-ready by midyear, targeting a listing for its nickel-and-copper business sooner than expected.
Macro & Commodities
Oil surged for a second day as the war with Iran deepened concerns over Middle East energy assets. Bond traders sharply reduced expectations for Federal Reserve rate cuts as the conflict stoked inflation fears. Gold flows from Dubai were disrupted by grounded flights, highlighting physical market bottlenecks.
Private Credit Pressure
Blackstone saw record outflows from its flagship private credit fund, with senior staff reportedly investing to stem redemptions. Ares CEO Michael Arougheti dismissed UBS's forecast of 15% private debt defaults as "absolutely wrong" but warned of an industry shakeout. Goldman Sachs private credit executives framed withdrawal limits as a "feature, not bug" as investor scrutiny intensifies.
Corporate Actions
Starbucks will open a Nashville office and relocate supply-chain workers as part of a U.S. expansion. Target's new CEO outlined an overhaul plan focusing on trendy food, in-store beauty services, and a return to growth. Vail Resorts discounted its Epic Pass for Gen Z skiers to make the sport more accessible.
Regulatory & Governance
The House Committee wants Goldman Sachs General Counsel Kathryn Ruemmler to testify regarding Jeffrey Epstein. The SEC pushed back against a new wave of high-leverage ETF plans in a rare group call with issuers. BNY Mellon CIO Leigh-Ann Russell discussed upskilling employees with an internal AI platform.