Markets 3h

Public Markets

Market Overview

The Dow industrials fell 3% this week, as the shrinking labor force and surging oil prices impacted trading. The S&P 500 saw a tech surge, with Vertiv and EchoStar leading the charge during a rebalance. Wall Street's safety net is giving way as the Iran war hits markets.

Deals & Corporate Actions

Millennium Management hired four stock pickers from rival Citadel in a battle for talent. Kennedy-Wilson bondholders are organizing to push back on a tender offer. Saks Fifth Avenue is shrinking its footprint, focusing on luxury shoppers.

Macro & Policy

The US may lift sanctions on further Russian oil supplies. The US has also launched a $20 billion reinsurance plan to ease Gulf oil trade. Cleveland Fed President Beth Hammack discussed two-sided risks to rates. She also expects interest rates to be on hold for quite some time.

Earnings & Outlook

Gap's CEO wants to control the controllable after sales and profit fell below expectations. SK Innovation is laying off workers in Georgia due to slowing EV sales.

Geopolitical Risks

The ongoing conflict in the Middle East has given fresh relevance to the legal term "force majeure" found in many contracts. Elliott Abrams believes the US won't put troops in Iran.

Prediction Markets

Kalshi and Polymarket are each eyeing roughly $20 billion valuations.

Other News

Oracle and OpenAI scrapped a deal to expand a Texas data center.

Private Equity

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Sector Investment

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