Public Markets 8-Hour Briefing
×Market Turmoil
US stocks endured their worst week since April as the Iran war and weak jobs data rattled investors. Treasury yields jumped to their highest levels since April amid inflation concerns. Bond traders piled into inflation hedges as surging oil prices drove demand for inflation-protected securities.
Energy Crisis
Oil prices surged above $70 a barrel, with some analysts warning of "triple-digit" prices if the Iran conflict extends. US crude shippers resorted to using smaller vessels as tanker rates soared. Energy Secretary Wright called to reopen the Indian Point nuclear plant to meet surging power demand.
Fed Policy
Federal Reserve officials signaled rates will remain on hold for an extended period. Cleveland Fed President Beth Hammack emphasized two-sided risks to rates. Fed's Hammack said rates should stay on hold for quite some time.
Jobs Market
US employers unexpectedly cut 92,000 jobs in February, pushing the unemployment rate higher. The weak jobs report added to market jitters about economic fragility. Reaction to the February jobs report ranged from concern to calls for policy reassessment.
Corporate Moves
Vertiv and EchoStar will join the S&P 500 in the latest rebalance. Cerebras Systems tapped Morgan Stanley to lead its IPO return. SK Innovation laid off 958 workers at its Georgia plant amid EV sales slowdown.
Geopolitical Developments
Iran's Revolutionary Guards challenged Trump to have the US Navy escort oil tankers through the Strait of Hormuz. Saudi Arabia increased diplomatic efforts with Iran to contain the conflict. Russia provided Iran with information to help strike US military targets, according to sources.
Market Structure
The SEC and CFTC discussed moving into the same building complex in Washington. Kennedy-Wilson bondholders organized to push back on a tender offer. Private debt investors eyed secondary assets as redemptions mounted.
International Markets
Sri Lanka is in a "good position" to absorb oil price shocks, according to its central bank governor. Brazil's antitrust regulator cleared the sale of Braskem shares to IG4 Capital. Kuwaiti F/A-18's triple friendly fire shootdown investigation continues.
Technology & AI
Oracle and OpenAI scrapped a deal to expand a Texas data center. Meta is in talks to take up additional computing capacity. US agencies drafted strict new AI guidelines amid industry pushback.
Financial Services
Goldman Sachs faced internal finger-pointing over a junior banker fashion shoot. Millennium Management hired four Citadel stock traders amid post-bonus churn. Pimco warned private debt faces a "full-blown default cycle."
Trading & Markets
Kalshi and Polymarket are each eyeing roughly $20 billion valuations. Tiger Global alum bets on prying people off screens through hybrid work and AI. BofA downgraded Nexi on weaker growth outlook and lower cash generation.