laddawan punna/iStock via Getty Images Key Takeaways Markets: The U.S. fixed income market edged higher during the fourth quarter. The market was supported by central bank rate cuts, resilient economic growth, and overall solid investor demand. These factors more than offset tariff policy, uncertainty, concerns about higher unemployment, and a 43-day government shutdown in the U.S. As expected, th...
laddawan punna/iStock via Getty Images Key Takeaways Markets: The U.S. fixed income market edged higher during the fourth quarter. The market was supported by central bank rate cuts, resilient economic growth, and overall solid investor demand. These factors more than offset tariff policy, uncertainty, concerns about higher unemployment, and a 43-day government shutdown in the U.S. As expected, the Federal Reserve (Fed) lowered its benchmark interest rate 0.25% (25 basis points) at its meetings in October and December. The 10-year U.S. Treasury yield rose three basis points (bps), ending the quarter at 4.18%. Falling US yields on the front end and continued strong demand were supportive of the credit market and kept spreads in a narrow range despite credit making headlines after Tricolor and First Brands quickly filed for bankruptcy. U.S. investment-grade and high-yield spreads marginally widened over the quarter. Primary market activity in the fourth quarter finished strong, capping the strongest year of issuance for both investment-grade and high-yield markets since the low rate environment of 2020-2021. Contributors: Issue selection in the basic industry sector. Detractors: Issue selection overall. Outlook: Positive economic growth, business-friendly tax policy, and an accommodative Federal Reserve should benefit the corporate world. Performance Review Negative credit selection detracted from returns over the quarter. While the tariff-induced flight to the largest and highest rated issuers, regardless of valuation, has abated, in our view, credit events for Tricolor and First Brands late in the third quarter and subsequent “credit cockroach” comments from JPMorgan Chase CEO Jamie Dimon elicited an initial sell off, and a broader risk-off sentiment among the lower quality cohorts of the market. This led to spread widening for credits rated below BB over the quarter, with credits rated CCC and below posting a negative return. Idiosyncratic risks in a handful of our...
An easing of hostilities in the Middle East may create conditions that bolster private equity dealmaking through the rest of the year, according to Blackstone Inc. ’s Joe Baratta . The impact of the war in Iran on “key energy markets is not conducive to a lot of deal flow and a lot of risk-taking,” Baratta, the firm’s global head of private equity, said Wednesday in a Bloomberg Television intervie...
An easing of hostilities in the Middle East may create conditions that bolster private equity dealmaking through the rest of the year, according to Blackstone Inc. ’s Joe Baratta . The impact of the war in Iran on “key energy markets is not conducive to a lot of deal flow and a lot of risk-taking,” Baratta, the firm’s global head of private equity, said Wednesday in a Bloomberg Television interview. “That will have to calm down. I think today it seems like it has.” Global equity markets rallied and oil plunged after the US and Iran agreed to a two-week ceasefire, although continued hostilities throughout the region, including Israeli strikes in Lebanon, threatened to derail the agreement. Read More: US and Iran Agree to Hold Talks Even as Hormuz Stays Blocked Much of the recent stock-market volatility has been driven by concerns over the potential disruption by artificial intelligence, which has particularly affected software and professional services, sectors in which private equity firms have significant exposure, Baratta said. Earlier this year, AI startup Anthropic released new tools designed to automate work tasks in a wide range of industries including legal, data services and financial research. Shares of Blackstone and other publicly traded alternative asset managers tumbled, while those with significant software investments, such as Thoma Bravo and Vista Equity Partners , sought to reassure clients about the health of their portfolios. Baratta said he didn’t subscribe to the view that software-as-a-service is doomed. Technology innovation in any maturing sector can create winners and losers. There will also be companies that can use AI to make their embedded business systems operate more efficiently, he said. Private Equity’s Dry Spell Worse Than 2008 Crisis, Bain Says Thoma Bravo, Vista Seek to Calm Fears Over AI Threat to Software Blackstone Raises $6.3 Billion for Latest Life-Sciences Fund Private equity firms have struggled to sell portfolio companies, ...
Security researchers exposed a spying campaign by a hack-for-hire group that used Android spyware and phishing to steal iCloud credentials and hack victims’ devices.
Security researchers exposed a spying campaign by a hack-for-hire group that used Android spyware and phishing to steal iCloud credentials and hack victims’ devices.
AlexSecret/iStock via Getty Images By Elior Manier The US-Iran ceasefire is now official, and stock market bulls are back in vengeance. Markets have pursued their massive U-turn after what could have been a disastrous geopolitical escalation in the Middle East, which turned out to just be a gigantic TACO. With the official announcement of a two-week ceasefire, the war premium that heavily discount...
AlexSecret/iStock via Getty Images By Elior Manier The US-Iran ceasefire is now official, and stock market bulls are back in vengeance. Markets have pursued their massive U-turn after what could have been a disastrous geopolitical escalation in the Middle East, which turned out to just be a gigantic TACO. With the official announcement of a two-week ceasefire, the war premium that heavily discounted stocks over the last month has suddenly vanished. Market flows have completely reversed, erasing close to 50% of their war-induced moves across major indexes and the FX space. Global equities are wiping out 28 days of severe corrections in the span of a few sessions (with the largest advance today), leading to what looks like a year's worth of gains packed into one massive relief rally. The Nasdaq topped over 3%, dragging its peers higher in a display of pure market ecstasy. Meanwhile, the US dollar took a massive hit, giving up a large chunk of its safe haven gains as risk appetite exploded and plummeting energy prices weighed heavily on the currency. Oil and Dow Jones Inverted correlation. Source: TradingView – April 8, 2026 While the equity side is partying, the commodity space is tumbling. After a gigantic 20% tumble right on the news, WTI crude oil reached a daily bottom around $92 and has started to slowly creep higher. Traders are now digesting the fact that this deal, while incredibly welcome, currently only lasts for 14 days. Smart money is actively looking for further clarity and official guidelines regarding the terms of the US-Iran deal to see if this temporary breather can actually translate into a lasting, long-term peace agreement. Until the Strait of Hormuz is fully clear, oil will remain the ultimate barometer for true de-escalation. After all, the market has welcomed what seems to be a definite change, so let’s get ready for what's next by looking at the intraday charts and trading levels for the major US indexes: the Dow Jones, Nasdaq, and S&P 500. Cur...