Public Markets 8 Hours

Last updated: April 13, 2026, 5:30 PM ET

Public Equities & Geopolitics

The S&P 500 Index rallied to fully erase losses incurred since the start of the Iran conflict, as optimism over a temporary ceasefire agreement spurred a multi-session climb, bringing the benchmark back to pre-conflict levels eight straight sessions. This risk-on mood led BlackRock strategists to shift back to an overweight stance on US equities, viewing the Middle East conflict’s impact on global growth as "likely contained." However, the geopolitical backdrop remains fraught, with shipping through the Strait of Hormuz slumping again as caution mounted ahead of the declared US naval blockade, which itself follows Iran-linked vessels slipping through ahead of the enforcement.

Energy Markets & Trade Curbs

The escalating standoff involving the Strait of Hormuz has sent shockwaves through energy trading, prompting the International Energy Agency to warn that oil prices will soon reflect the true severity of the supply crunch, despite current market pricing. The closure of the Strait hit Gulf producers hard, causing OPEC production to drop by the largest volume on record in March, even as Russia’s crude output remained flat in the same month after three prior declines hampered by Ukrainian attacks. Amid these supply fears, the UN urged nations against restricting fertilizer and energy shipments, noting historical precedent where such curbs exacerbated global food price spikes.

Financial Sector Activity & Regulation

Wall Street activity saw a mixed picture, with Goldman Sachs successfully launching a three-part investment-grade bond sale to self-fund following its first-quarter results, while the bank otherwise proved resilient against market anxieties like AI selloffs and the Middle East crisis spinning uncertainty into profit. In private markets, Thoma Bravo is dissolving its dedicated growth equity unit less than five years after its debut, choosing instead to concentrate capital on firm ownership strategies. Meanwhile, the SEC’s Paul Atkins dismissed concerns that private credit poses a systemic risk, even as Bank of England Governor Andrew Bailey cautioned that one-off hits might threaten broader sector confidence prompting investor withdrawals.

Corporate Developments & Legal Matters

Luxury goods behemoth LVMH reported weaker revenue of $22.42 billion for the quarter, citing that the Middle East conflict dimmed hopes for a swift rebound in luxury spending, a trend echoed by LVMH’s peer group where LVMH sales were dented. In the consulting space, Bain & Co.’s vulnerability was exposed shortly after a similar incident at McKinsey, as hackers exploited a publicly available username and password to access Bain’s Pyxis platform. Separately, Texas authorities are probing Lululemon Athletica regarding the alleged use of "forever chemicals" in its apparel, though the company maintains it has ceased using the substances.

US Politics & Domestic Economy

The US political sphere continued to see turbulence, as President Trump’s remarks that Iran desired a deal caused the dollar to weaken substantially after earlier tightening amid the blockade announcement. On domestic matters, the administration is seeking information from farmers to aid a Justice Department probe into soaring costs for fertilizer and machinery inputs. Meanwhile, the pace of US listings is picking up, with life science firms marketing over $693 million in aggregate IPOs, even as bankers nervously eye volatility ahead of $15 billion worth of planned issuances hitting the market soon.

International Markets & Political Shifts

European markets reacted to political shifts, with Hungarians celebrating the concession by Prime Minister Viktor Orban, whose defeat signaled less an ideological swing and more a fundamental political reckoning. The election winner, Peter Magyar, subsequently vowed to maintain relations with the central bank Governor Mihaly Varga to address the nation's difficult financial standing, though Magyar later stated Hungary should adopt the Euro at some unspecified future date. Elsewhere, Colombian presidential candidate Paloma Valencia pledged a dramatic 50 trillion pesos ($14 cut to the national deficit, coupled with an increased push for oil production.