Guido Mieth/DigitalVision via Getty Images By Shannon Saccocia Valuations in U.S. large-cap stocks have fallen meaningfully, creating attractive, cross-sector opportunities. De-escalation in the Middle East conflict only supports this. We have written here previously about why we expected equity dispersion to define returns this year, a view reinforced by the divergent impact on risk assets of con...
Guido Mieth/DigitalVision via Getty Images By Shannon Saccocia Valuations in U.S. large-cap stocks have fallen meaningfully, creating attractive, cross-sector opportunities. De-escalation in the Middle East conflict only supports this. We have written here previously about why we expected equity dispersion to define returns this year, a view reinforced by the divergent impact on risk assets of concerns around AI capex, business model obsolescence, and the Middle East conflict. That dispersion—the spread of individual stock returns—has now reached levels seen only in major crises or dislocations, precisely the environment in which skilled stock selection commands a premium and investors are rewarded for looking through near-term turbulence. While fragile, the two-week ceasefire declared last week between the U.S. and Iran is a welcome development that markets rightly rallied on. But it doesn't change our view that dispersion will continue to define returns and create attractive opportunities, particularly in formerly out-of-favor segments like U.S. large-cap stocks. Compelling Entry Points Valuation was, for some time, the primary hindrance to a more constructive view on U.S. large caps. That has changed. Multiples across financials, technology and consumer discretionary, among other sectors, have come down meaningfully. Notably, the ‘Magnificent 7’ mega-cap technology companies have seen their forward price-to-earnings compress from approximately 30x to 24x (between October 2025 and April 9), and, more broadly, many large caps that also looked expensive six months ago now offer compelling entry points. The broader backdrop reinforces the case. The U.S. remains less energy-reliant than most developed economies, manufacturing is re-accelerating, and the labor market shows no meaningful signs of deterioration. Set against the risk of a European Central Bank policy misstep, lackluster U.K. growth, and Japan's significant energy exposure, the U.S. arguably looks like the...
Nvidia (NASDAQ:NVDA) remains the undisputed heavyweight champ of AI chips, and CEO Jensen Huang seems to be ready to keep rising above the competition. It’s hard to tell just how much of a lead that Nvidia holds, as some of its rivals in the Magnificent Seven spend hundreds of billions of dollars on efforts, which ... The Silicon Showdown: Can Nvidia Defend Its Moat Against Google’s TPUs?
Nvidia (NASDAQ:NVDA) remains the undisputed heavyweight champ of AI chips, and CEO Jensen Huang seems to be ready to keep rising above the competition. It’s hard to tell just how much of a lead that Nvidia holds, as some of its rivals in the Magnificent Seven spend hundreds of billions of dollars on efforts, which ... The Silicon Showdown: Can Nvidia Defend Its Moat Against Google’s TPUs?
Andrii Dodonov/iStock via Getty Images Virtus Investment Partners ( VRTS ) said on Monday that its preliminary AUM as of March 31 stood at $149.0B, while other fee-earning assets came in at $1.6B for total client assets of $150.6B. The figure compares with preliminary AUM of $155.9B and other fee-earning assets of $1.7B for total client assets of $157.6B as of February 28 . Notably, the S&P 500 In...
Andrii Dodonov/iStock via Getty Images Virtus Investment Partners ( VRTS ) said on Monday that its preliminary AUM as of March 31 stood at $149.0B, while other fee-earning assets came in at $1.6B for total client assets of $150.6B. The figure compares with preliminary AUM of $155.9B and other fee-earning assets of $1.7B for total client assets of $157.6B as of February 28 . Notably, the S&P 500 Index declined by 5.09% during March to close at 6,528.47 points. Virtus Investment's March AUM by product type is as follows - Open-End Funds: $50.2B, Closed-End Funds: $13.1B, Retail Separate Accounts: $37.3B, and Institutional Accounts: $48.3B. By asset class, Equity accounted for $70.1B of the total AUM, Fixed Income for $39.4B, Multi-Asset for $21.6B, and Alternatives for $18.0B. More on Virtus Investment Virtus Newfleet Multi-Sector Short Term Bond Fund Q4 2025 Commentary Virtus Investment Partners, Inc. (VRTS) Q4 2025 Earnings Call Transcript Virtus Investment Partners, Inc. 2025 Q4 - Results - Earnings Call Presentation Virtus Investment Partners reports prelim February-end AUM of $155.9B Virtus Investment Partners reports prelim January-end AUM of $158.4B
Octogenarian incumbent contrasts his health with challenger Flávio Bolsonaro, who fainted during a TV debate The Brazilian president, Luiz Inácio Lula da Silva, is seeking to lunge and leg press his way to a historic fourth term, as the octogenarian politician uses a flurry of workout videos to convince voters he is fighting fit ahead of October’s crunch election. Lula looks set to face off agains...
Octogenarian incumbent contrasts his health with challenger Flávio Bolsonaro, who fainted during a TV debate The Brazilian president, Luiz Inácio Lula da Silva, is seeking to lunge and leg press his way to a historic fourth term, as the octogenarian politician uses a flurry of workout videos to convince voters he is fighting fit ahead of October’s crunch election. Lula looks set to face off against a senator almost half his age in what will be the leftist’s seventh presidential campaign since he first sought Brazil’s top job in 1989, when he was 44. Continue reading...
Vertigo3d/E+ via Getty Images Nexstar ( NXST ) will no longer use segments from national networks like ABC ( DIS ), NBC ( CMCSA ), and CBS ( PSKY ) during its local newscasts and will instead use content from its own NewsNation cable channel instead. According to sources cited by Bloomberg, Nexstar, the largest owner of local TV stations in the U.S., ended its agreement with NBC ( CMCSA ) to share...
Vertigo3d/E+ via Getty Images Nexstar ( NXST ) will no longer use segments from national networks like ABC ( DIS ), NBC ( CMCSA ), and CBS ( PSKY ) during its local newscasts and will instead use content from its own NewsNation cable channel instead. According to sources cited by Bloomberg, Nexstar, the largest owner of local TV stations in the U.S., ended its agreement with NBC ( CMCSA ) to share nationally reported segments and will allow remaining agreements with other broadcast networks to terminate as they expire. In a letter to the chairman of the Federal Communications Commission, Brendan Carr, regarding the pending merger with TENGA, Nexstar CEO Perry Sook telegraphed his company’s intention to end national broadcast agreements and “expand its investment in local news and programming after its acquisition of TENGA is complete,” adding that Nexstar ( NXST ) remains dedicated to “preserving the independence of our local newsroom at a time when national media organizations increasingly dictate the news agenda.” “We remain committed to operating both our existing stations and those we will acquire from TENGA in a manner that serves the public interest and strengthens the local communities they serve,” Sook said in his letter. TENGA stations have a news licensing agreement with CNN ( WBD ), currently part of a merger agreement with Paramount Skydance ( PSKY ). Although the $3.5B Nexstar/TENGA merger was approved, a California federal judge halted the integration while an antitrust lawsuit led by a coalition of state attorneys general and DirectTV ( TPG ) is resolved. The lawsuit claims that the merger will impede competition for broadcast TV and result in higher fees. Nexstar ( NXST ) shares are down more than 7% into Monday’s open. More on Nexstar Media Nexstar Stuck In Limbo As Judge Halts Tegna Integration Nexstar Media's Aim For Scale Drives Instant Value, But Shares No Longer Cheap Nexstar Media Group, Inc. (NXST) Presents at Deutsche Bank 34th Annual Media,...
Yesway ( YSWY ) announced on Monday that it has commenced an initial public offering of 13.95M shares of its class A common stock. The initial public offering price is expected to be between $20.00 and $23.00 per share. Yesway expects to grant the underwriters a 30-day option to purchase up to an additional 2.09M shares of its Class A common stock at the initial public offering price, less the und...
Yesway ( YSWY ) announced on Monday that it has commenced an initial public offering of 13.95M shares of its class A common stock. The initial public offering price is expected to be between $20.00 and $23.00 per share. Yesway expects to grant the underwriters a 30-day option to purchase up to an additional 2.09M shares of its Class A common stock at the initial public offering price, less the underwriting discount. The shares are expected to trade on Nasdaq under the ticker symbol "YSWY." Morgan Stanley is acting as lead bookrunning manager for the offering. J.P. Morgan and Goldman Sachs & Co. are acting as active bookrunning managers. Barclays, BMO Capital Markets, KeyBanc Capital Markets, Guggenheim Securities, and Raymond James & Associates are also acting as bookrunners. Source: Press Release More on Yesway, Inc. Yesway Restarts IPO For Debt Reduction And Continued Expansion Convenience store chain Yesway files for an IPO Financial information for Yesway, Inc.
After 16 years in power in Hungary, Viktor Orbán has been defeated, marking a huge shift in the European Union. Meanwhile, Keir Starmer has defended potential legislation that will align the UK with European rules – without a vote in parliament. Plus the government confirms the UK will not support Donald Trump’s planned blockade of the strait of Hormuz, but what will it offer instead? Guardian Liv...
After 16 years in power in Hungary, Viktor Orbán has been defeated, marking a huge shift in the European Union. Meanwhile, Keir Starmer has defended potential legislation that will align the UK with European rules – without a vote in parliament. Plus the government confirms the UK will not support Donald Trump’s planned blockade of the strait of Hormuz, but what will it offer instead? Guardian Live: Can Labour come back from the brink? With a difficult set of May elections approaching, Labour under threat from the Green party and Reform UK, and Keir Starmer’s popularity in freefall, can he survive as leader of the Labour party? The Guardian’s Gaby Hinsliff will chair our panel of Guardian columnists including Polly Toynbee, Rafael Behr and Zoe Williams. Continue reading...
Sean Gallup/Getty Images News Aluminum prices rallied to a four-year high Monday after U.S.-Iran peace talks collapsed and President Trump threatened to blockade the Strait of Hormuz, sparking concerns over prolonged disruptions to shipments from an area that accounts for ~9% of global aluminum output and relies heavily on the strait to export the metal and import raw materials needed for producti...
Sean Gallup/Getty Images News Aluminum prices rallied to a four-year high Monday after U.S.-Iran peace talks collapsed and President Trump threatened to blockade the Strait of Hormuz, sparking concerns over prolonged disruptions to shipments from an area that accounts for ~9% of global aluminum output and relies heavily on the strait to export the metal and import raw materials needed for production. Three-month benchmark aluminum futures ( LMAHDS03:COM ) on the London Metal Exchange recently traded up 1.7% to $3,571/metric ton, their highest since March 2022. The aluminum market has tightened severely as concerns rise over regional shipping and production risks, with the spread on cash contracts over those for delivery in three months surging to ~$91.50/ton, a sharp reversal from a $12/ton discount earlier in the conflict, according to ING. Emirates Global Aluminium, the Middle East's top producer, has invoked force majeure clauses on some contracts after its Al Taweelah production plant sustained significant damage in an Iranian attack earlier this month and said it could take up to a year before operations are fully restored. Bahrain's Alba, another top aluminum producer in the region, cut production in March because it was unable to ship metal through the Strait of Hormuz, and Norwegian company Norsk Hydro ( NHYDY ) slowed output at its Qatalum smelter in Qatar. Potentially relevant stocks include Alcoa ( AA ), Century Aluminum ( CENX ), Kaiser Aluminum ( KALU ), Constellium ( CSTM ). More on Alcoa, Century Aluminum, and aluminum futures Alcoa Can See Tailwinds Driven By Geopolitical Risk Century Aluminum: A High-Stakes Strait Of Hormuz Hedge Commodities: Oil Surges Amid Hormuz Blockade Threat