Public Markets 8-Hour Briefing
×Market Turmoil
Asian stocks were poised for early declines Friday as US equities and bonds extended a week of whipsawing moves amid escalating Middle East tensions. The Dow Jones Industrial Average turned negative for 2026 as the Iran war roiled the old-economy gauge, undermining President Trump's claims of economic effectiveness. Oil prices surged to their biggest gain since 2020, with US benchmarks topping $81 as investors priced in a protracted US-Iran conflict.
Tech & AI
Nvidia shares sank on reports of global AI chip export rules that would require countries to invest in America for access to advanced semiconductors. Meanwhile, Together AI was reportedly in talks to raise $1 billion at a $7.5 billion valuation, highlighting continued investor appetite for AI infrastructure despite geopolitical headwinds.
Corporate Moves
Nike announced a $300 million charge from cost-cutting efforts primarily tied to employee severance costs as the company evaluates opportunities to operate more efficiently. Marvell Technology raised its sales outlook, expecting full-year revenue in fiscal 2027 to grow more than 30% from the prior year, approaching $11 billion on increased AI developer spending for data centers.
Macro & Policy
The dollar eyed its best week since 2024 as the US strike on Iran triggered a flight to safety, with traders turning to Friday's jobs report to gauge whether the rally would continue. Bond traders saw increasing chances of no Federal Reserve cuts this year as the Middle East conflict boosted oil prices and threatened to push up inflation. The SEC ended its lawsuit against crypto billionaire Justin Sun, while US regulators said banks won't face extra capital charges on tokenized securities.
Energy & Commodities
Saudi Arabia hiked oil prices to Asia by the most since August 2022 as the Iran war roiled markets and effectively closed the shipping chokepoint at the Strait of Hormuz. Former US Energy Secretary Ernest Moniz warned that triple-digit oil prices were possible if the strait remained closed, while Costco posted higher second-quarter profit on rising sales and membership fees despite inflationary pressures.
Aviation & Shipping
Airline troubles mounted as flight cancellations to Middle East hubs surpassed 23,000 since the conflict began, compounding financial and logistical challenges for the global aviation industry. The Middle East conflict stranded ships carrying fresh food and live animals as shipping companies struggled to reroute vessels, causing congestion at ports outside the Gulf. Heathrow Airport faced mounting cancellations and parked planes from the war, posing an "operational challenge" for the London hub.
Real Estate & Housing
Homeowners stayed put at record levels, with the typical homeowner remaining in their home for 12 years as of December—almost double the median tenure of two decades ago—stifling the US housing market. Sub-6% mortgage rates vanished as the Iran war sparked inflation fears, forcing US homebuyers to act fast last week to secure the first sub-6% rates in more than three years.
Global Politics
President Trump called on Iranians to take back their country, saying any member of the military could give up and accept immunity. The US was set to launch strikes deeper into Iran as the US-Israeli war entered its sixth day with no end in sight. Meanwhile, China pushed Iran for safe passage through the Strait of Hormuz, highlighting the complex geopolitical dynamics at play as global powers navigated the escalating crisis.