Public Markets 8-Hour Briefing
×Market Volatility
Nvidia shares slid 1.2% despite strong earnings, as AI spending fears resurfaced across tech stocks. Salesforce eased AI concerns with robust guidance and announced major buybacks, contrasting the broader sector weakness. Tech stocks are now trading at valuations nearly as cheap as consumer staples, creating potential opportunities for value investors.
Corporate Moves
Victory Capital launched a bidding war for Janus Henderson with a cash-and-stock offer aimed at topping Trian Fund Management's existing deal. Trafigura secured a $700 million court award after proving Indian tycoon Prateek Gupta orchestrated a "fraud on a grand scale." Walmart agreed to a $100 million FTC settlement over alleged deception of drivers about earnings potential.
Financial Sector
Federal Reserve Vice Chair Michelle Bowman said regulators have reached consensus on revising the Basel III endgame capital proposal. Royal Bank of Canada is positioning itself to capitalize on Canada's expected defense infrastructure and energy spending boom. State Farm announced a record $5 billion dividend to auto-insurance customers following strong underwriting profits.
Energy & Commodities
BP is aggressively expanding shale drilling while many rivals maintain flat output, seeking to reverse years of anemic production. U.S. power-plant pollution rose sharply in 2025, marking a rare uptick in an otherwise long-term downward trend due to increased coal burning. Copper manufacturer Revere is ramping up U.S. investment as tariffs and data center demand boost earnings at America's oldest copper maker.
International Markets
China's yuan hit a 35-month high as the dollar continued falling amid tariff uncertainty. Colombia's dollar bonds fell across the curve and the peso led emerging-market losses after a poll showed leftist Senator Iván Cepeda with a wide lead in the presidential race. Argentine stocks are missing out on Latin American equity gains as corporate earnings growth remains elusive under President Milei.
Technology Sector
C3.ai slashed 26% of its workforce as CEO admitted failure to deliver and "burning too much money." Broadcom expects to sell 1 million 3D stacked chips by 2027, capitalizing on AI infrastructure demand. Nutanix shares soared 23% on an AMD partnership and solid quarterly results, demonstrating continued strength in enterprise software.
Economic Indicators
U.S. jobless claims rose by less than expected to 212,000 for the week including Presidents Day. Mortgage rates fell below 6% for the first time in over three years, potentially stimulating housing market activity. HSBC cut U.S. exposure while boosting emerging market equities amid shifting global investment flows.
Regulatory & Policy
The European Central Bank recorded its third straight annual loss, marking its worst run since creation as crisis-era policies continue weighing on results. Canada's securities watchdog was rebuked by court over forex trading case, with record legal costs awarded to My Forex Funds. Swiss bank MBaer faces potential loss of U.S. financial system access over alleged links to Iran and Russia.
Real Estate & Infrastructure
Premier League announced plans to launch a streaming service in Singapore next season, with potential international expansion. Houston is experiencing a "nice turnaround" as energy company relocations underscore its role as the industry's linchpin in the Americas. UK homeowners have fared worse than renters since 2022, with high interest rates creating a significant financial squeeze.
Private Markets
Blackstone is marketing a new bond for its publicly-traded private credit fund one day after disclosing continued stress in one of its largest investments. Lazard veteran Arif Joshi is joining Bramshill Investments to help launch a hedge fund focused on emerging market opportunities. Activist hedge fund Irenic Capital made an unsolicited offer for Reservoir Media, whose catalog includes songs by Joni Mitchell and Sheryl Crow.
Healthcare & Consumer
Shake Shack reported higher fourth-quarter profit with sales growth and operational improvements maintaining margins amid industry headwinds. Papa John's is closing hundreds of pizza shops as the broader sector struggles with turnaround efforts. Krispy Kreme saw shares jump as its turnaround gained momentum, though revenue fell after exiting underperforming locations.