Public Markets 8-Hour Briefing
×Market Turmoil and Oil Shock
US stock futures dropped as oil prices surged past $100 a barrel, stoking inflation fears and triggering the biggest weekly selloff since October. JPMorgan warned of a potential 10% correction in the S&P 500 as war risks build, while traders bet the ECB will hike rates twice as the conflict ignites inflation across Europe.
Energy Crisis Deepens
Oil prices approached $120 a barrel, sparking a "stampede to sell" in stocks and bonds, though crude later pared gains on prospects of government reserve releases. Saudi Arabia began reducing oil production as the Strait of Hormuz closure fills storage tanks, while Russia's Black Sea port resumed oil loading over the weekend, bringing some relief to global markets.
Central Bank Responses
Pakistan held rates at 10.5% as oil surge clouds the outlook, while South African bonds plunged amid inflation fears fueled by soaring oil prices. Mexico's annual inflation accelerated beyond the target range in February, forcing policymakers to reassess their easing cycle.
Corporate Moves and Deals
Strategy Inc. accelerated its Bitcoin buying with a nearly $1.3 billion purchase, the biggest in seven weeks. Bank of America launched a $2.75 billion leveraged loan to fund Nexstar's acquisition of Tegna. Volkswagen is expanding into energy storage as EV battery demand falls short of expectations.
Tech and Innovation
Nvidia and ABB launched a partnership for AI-enabled autonomous robots, while Microsoft added Anthropic AI models to its Copilot workplace tools. Nasdaq partnered with Kraken to plan 24/7 tokenized stock trading.
Market Sentiment and Strategy
JPMorgan turned bullish on US investment-grade bonds, expecting spreads to tighten by 12 basis points. Kalshi and Polymarket entered stock options with S&P 500 bets, offering new ways to wager on market direction.
International Developments
Qatar Energy pushed back a major LNG expansion to 2027 after a drone attack forced the closure of its Ras Laffan plant. Dangote Refinery said it will prioritize fuel supply to Nigeria, while Dangote Fertiliser reported a surge in orders due to the Iran war disrupting supplies.
Regulatory and Legal
Live Nation reached a settlement with the DOJ in its antitrust case, avoiding a potential breakup. Western Alliance faced accusations from Jefferies of making "false" statements over First Brands, escalating a Wall Street dispute.