Public Markets 8-Hour Briefing
×Market Moves
The S&P500 dropped 1.2% in its worst week since June, marking its first two-week loss since June. Gold edged higher, as war in the Middle East entered a sixth day with no sign of resolution and concerns about US inflation eased. The S&P 500’s decline reflects persistent volatility, while gold’s resilience underscores investor focus on geopolitical risk. Entrata is working with Goldman Sachs and JPMorgan on an IPO, signaling continued M&A activity. Morgan Stanley announced plans to lay off 2,500 employees across the company, a move reflecting broader cost-cutting in the financial sector.
Macro & Policy
Japan may intervene to buy yen amid speculation that the currency has become too weak. Ecuador is eyeing a $4B bond sale return, potentially adding to global liquidity. The ongoing US-Iran conflict continues to shape market dynamics, with gold’s appeal reinforced by geopolitical uncertainty. Malaysia will likely stand pat on borrowing costs, exercising caution as the Iran war unleashes fresh uncertainty on the global economy. Federal Reserve Beige Book showed a weaker consumer weighing on sales, indicating persistent inflation pressures.
Corporate News
Cracker Barrel reported lower profits and revenue in its latest quarter, but its CEO said efforts to turn around the restaurant chain are taking shape. K Bank, a digital lender, is set to make its trading debut in Seoul, entering a market shaken by its worst crash in history. Wizz Air cut its annual profit guidance as the ongoing conflict forces flight suspensions and higher fuel costs. StubHub swung to a loss, reporting a $535.3 million loss including a noncash tax provision.
Tech & Finance
Nvidia’s Huang suggested demand for GPUs is surging, stating it went "from very high to higher than that." Apple leveraged its supply chain might to attack rivals during a memory-chip crunch. Palantir faces a challenge to remove Anthropic from a Pentagon AI software contract. Quantum startup Pasqal will list via SPAC at a $2B valuation, joining the growing list of quantum startups going public. Amazon cut more jobs, this time in its robotics unit, highlighting ongoing automation pressures.
Geopolitics & Energy
The US-Iran conflict drove gold higher, while oil shipment costs to Asia hit a record, though some deals faltered. Iran’s retaliatory attacks tarnished the region’s safe-haven status. US Chemical stocks are set to gain from tighter supply and higher prices fueled by the war. Saudi Arabia and the UAE began pulling supertankers from the Gulf as Hormuz crisis risks mounted. Russia may redirect gas supplies away from Europe, escalating energy market tensions.
Market Sentiment
Individual investors kept buying through stock slides, showing resilience amid volatility. Retail investors continued to hit 'Buy' despite recent market dips. Emerging-market ETFs saw inflows even as shares faced a rout, indicating confidence in long-term fundamentals over short-term conflict impacts. Bitcoin and crypto stocks surged amid a relief rally for risky assets, boosted by Trump’s stance against bank interference.