Public Markets 8-Hour Briefing
×Market Moves
US Stocks Rise as better-than-expected ADP jobs data and a strong ISM services report offset lingering Middle East conflict worries. Citadel Securities' Scott Rubner turned bullish, citing technical signals and predicting a March bounce, joining a more optimistic Wall Street chorus. Money-market fund assets surged to a record $8.27 trillion as investors fled to cash amid the Iran war and rate uncertainty.
ETF Flows
Investors continued favoring emerging-market ETFs despite the equity rout, signaling confidence the conflict won't broadly derail risk assets. The FRDM ETF, focused on freedom-weighted markets, saw notable inflows after years of modest performance. This selective appetite contrasts with a broader flight to safety that also lifted Treasury holdings.
IPOs & Deals
The MiniMed IPO from Medtronic sparked analyst debate over its valuation versus growth prospects. Baker Hughes is planning a $10 billion cross-border bond sale to fund its Chart Industries acquisition. Separately, TKO Group Holdings, the UFC and WWE owner backed by Silver Lake, launched a nearly $1 billion leveraged loan.
Geopolitical Impact
Shipping through the Strait of Hormuz has nearly collapsed, forcing supertankers to abandon voyages and prompting the US to consider naval escorts. The disruption has airlines and shippers panicking to hedge jet fuel as prices surge, while oil storage fills across the Middle East. Supertankers are already rerouting, and Wizz Air cut profit guidance citing flight suspensions and fuel costs.