Public Markets 8-Hour Briefing
×Market Moves
The S&P 500 fell 1.2% marking its first two-week loss since June, reflecting investor caution amid geopolitical tensions. Robinhood launched a new platinum credit card aimed at wealthy customers, signaling a push into premium services. Australian mining stocks slid on ex-dividend trades, as investors reacted to dividend payouts.
Macro & Policy
China set a 2026 GDP target of 4.5%-5%, outlining stimulus plans as iron ore rose. The U.S. pledged to maintain a strong military force in the Korean Peninsula, while China vowed to tackle its property crunch with city-specific policies. The Middle East conflict pushed gold prices higher, with the risk-off sentiment driving demand for safer assets.
Deals & Corporate Activity
Entrata is working with Goldman Sachs and JPMorgan on an IPO, highlighting continued M&A activity. Morgan Stanley announced plans to lay off 2,500 employees, while Goldman Sachs noted low non-payment rates in private credit. Francisco Partners completed a $2.2B take-private of Jamf, capitalizing on the medical tech sector's strength.
Commodities & Currency
Gold advanced 1% as the dollar weakened, with the Middle East conflict reinforcing its safe-haven appeal. The Australian dollar faced pressure amid concerns over rising LNG prices, particularly impacting South Korea and Taiwan. South Korean stocks rebounded after a sharp sell-off, led by bargain hunters.
Market Sentiment
The Fear Index showed traders bracing for more selling in Indian shares due to Middle East conflict uncertainty. Apple shares rose on robust iPhone demand, while Nvidia CEO Jensen Huang noted demand "went from very high to higher than that." Amazon cut jobs in its robotics unit, contrasting with Cracker Barrel efforts to repair its business.