Public Markets 8-Hour Briefing
×Global Market Turmoil
Stocks fell as Middle East tensions widened, with Asian markets extending losses for a third consecutive day. The S&P 500 pared some gains following assurances from President Trump, while Wall Street strategists cautioned against betting on Trump to rescue markets rattled by the Iran war.
Commodity Market Shifts
Oil prices surged in wild trading, temporarily becoming a haven before US oil stocks halted gains as the rally was seen as short-term. Gold gained after a 5% drop as conflict worries supported haven demand, while aluminum traders brace for turmoil as the Iran crisis chokes supply. The conflict has municipal bonds seeing their biggest decline since a tariff-fueled selloff.
Asia Market Instability
China's factory activity contracted further in February, with Asian investors repositioning portfolios amid heightened geopolitical risk. The Taiwan dollar dropped to its weakest level since May, while South Korea's AI-fueled stocks unraveled as risk aversion spread across the region.
Corporate Developments
Mongo DB shares plunged over 20% after giving weaker-than-expected forecasts, while CrowdStrike beat estimates as CEO George Kurtz shook off software concerns. Draft Kings is going all-in on its predictions product to overtake industry leader Kalshi. SpaceX added Citigroup to its IPO lineup as it moves closer to a public offering.
Geopolitical Escalation
Iran's attacks on US embassies in the Middle East escalated tensions, with President Trump commenting that the "hit today on new Iran leadership was pretty substantial". Council on Foreign Relations Senior Fellow Rebecca Patterson believes the conflict will leave "no country unaffected" due to its impact on the oil industry.