MCCAIG/iStock via Getty Images Apollo Global Management ( APO ) is considering opening a second U.S. headquarters, with south Florida and Texas emerging as leading options as the firm plans for future growth, the Financial Times reported. The move would add to Apollo’s existing base in New York and reflects a broader shift among financial firms expanding into lower-cost regions. The company said t...
MCCAIG/iStock via Getty Images Apollo Global Management ( APO ) is considering opening a second U.S. headquarters, with south Florida and Texas emerging as leading options as the firm plans for future growth, the Financial Times reported. The move would add to Apollo’s existing base in New York and reflects a broader shift among financial firms expanding into lower-cost regions. The company said the decision is tied to accessing a wider talent pool and positioning the firm for long-term expansion beyond traditional financial hubs. Apollo would join a growing list of investment firms relocating or adding major operations in the Sun Belt, driven by lower taxes, business-friendly policies and an influx of wealth and corporate activity. Since 2020, hundreds of investment firms managing trillions of dollars have moved headquarters across state lines. Texas has become a major destination, attracting firms such as Fidelity Investments , Vanguard Group and Charles Schwab ( SCHW ) , while Goldman Sachs ( GS ) is expanding its presence in Dallas. Florida has also gained traction, with Wells Fargo ( WFC ) moving its wealth management headquarters to West Palm Beach, alongside relocations by firms such as Citadel LLC and ARK Investment Management . Other regions, including Tennessee and North Carolina, have also benefited from major relocations, highlighting a broader reshaping of the U.S. financial landscape as firms follow talent and capital to new hubs. More on Apollo Global Management Apollo Global: AUM Surge, SaaSpocalypse Fears, And The Manufactured Private Credit Crisis Apollo Global: The Credit Giant Being Treated Like A SaaS Fund Apollo Global: Overdone Credit Fears Create A Buying Opportunity (Upgrade) Blue Owl, peers push back on private credit risks amid market jitters Apollo prices $750 million senior notes offering
A record month for crude, stocks in or near correction territory, bonds under pressure and a growing sense that there are few tools to shield markets from an increasingly entrenched Iran war. That’s the backdrop facing global investors as the Mideast conflict enters a fifth week, with trading in oil, bond and stock futures set to resume in earnest Sunday night at 6 p.m. in New York. Israel struck ...
A record month for crude, stocks in or near correction territory, bonds under pressure and a growing sense that there are few tools to shield markets from an increasingly entrenched Iran war. That’s the backdrop facing global investors as the Mideast conflict enters a fifth week, with trading in oil, bond and stock futures set to resume in earnest Sunday night at 6 p.m. in New York. Israel struck Tehran anew Sunday and Saudi Arabia intercepted almost a dozen drones, a day after Yemen-based Houthi militants entered the war. About 3,500 additional US troops arrived in the Middle East and regional powers including Saudi Arabia and Turkey met in Pakistan to discuss how to end the conflict, which has killed thousands and caused chaos in commodity markets and global trade. “Market behavior reflects a clear shift toward capital preservation,” Wee Khoon Chong , a senior strategist at BNY in Hong Kong, wrote in a note to clients. “Recent outperformers are increasingly vulnerable to profit-taking and position unwinds. However, flows are unlikely to rotate meaningfully into fixed income,” given concerns over rising inflation pressures, he wrote. After weeks holding firm in the face of extreme volatility epitomized by tumult in oil markets amid the closing of the Strait of Hormuz, risk assets showed signs of capitulating in recent sessions. The 3.6% drop in the S&P 500 over Thursday and Friday was its worst two-day decline in a year, leaving the benchmark 8.8% below its January record. The Nasdaq 100’s two-day, 4.3% slide sent it into a 10% correction. Stocks and credit kept falling Friday even after US President Donald Trump pushed back a deadline for Iran to agree to reopen the Strait of Hormuz or face strikes on its power plants. That was in sharp contrast from Monday, when Trump’s walk-back on his threat to bomb Iran’s energy infrastructure sparked a rebound across assets. For a fifth time, investors offloaded risk heading into a weekend. Losses spread despite Trump’s secre...
Over the last decade, malls were left for dead, casualties of e-commerce and shifting consumer habits, with the pandemic seemingly sealing their fate. Gen Z, however, is bringing malls back, reviving them as social hubs and retail meccas. (Source: Bloomberg)
Over the last decade, malls were left for dead, casualties of e-commerce and shifting consumer habits, with the pandemic seemingly sealing their fate. Gen Z, however, is bringing malls back, reviving them as social hubs and retail meccas. (Source: Bloomberg)
Kathrin Ziegler/DigitalVision via Getty Images Highlights U.S. stocks extended a historically fast rebound that began in early April, although upward momentum slowed in the final quarter of the year. The advance was supported by strong corporate fundamentals, a resilient economy, an ongoing boom in spending on AI, and the Fed's interest rate reductions of 0.25% in October and December. Healthcare,...
Kathrin Ziegler/DigitalVision via Getty Images Highlights U.S. stocks extended a historically fast rebound that began in early April, although upward momentum slowed in the final quarter of the year. The advance was supported by strong corporate fundamentals, a resilient economy, an ongoing boom in spending on AI, and the Fed's interest rate reductions of 0.25% in October and December. Healthcare, a laggard for much of 2025, was the top-performing sector in the S&P 500 Index during Q4. Market review and outlook U.S. stocks gained 2.66% in the fourth quarter, according to the S&P 500 Index, extending a historically fast rebound that began in early April, but at a slower pace. The advance was supported by strong corporate fundamentals, a resilient economy, an ongoing boom in spending on artificial intelligence, and the U.S. Federal Reserve's (Fed's) interest rate reductions of 0.25% in October and December. Amid this favorable backdrop for higher-risk assets, the index closed the year just shy of its all-time high. Value stocks modestly outpaced growth in Q4, while large caps had only a slight advantage over small caps, as investors' appetite for risk waned versus the prior three months. In the fourth quarter, the index's narrow advance was driven by the defensive-oriented healthcare sector (+12%), which particularly shined in November. The growth-oriented communication services sector rose about 7%, benefiting from the transformative potential of generative AI. All other groups lagged the index. Notably, IT, which represented 35% of the S&P 500 Index in Q4, rose about 1%. International developed-market stocks advanced 4.89%, as measured by the MSCI EAFE Index. The discrepancy between value and growth stocks was more pronounced in this index, again in favor of value over growth. The MSCI Emerging Markets Index notched a 4.72% rise. South Korea (+27%) and Taiwan (+10%) were two strong components with sizable representation in this index, bolstered by the strength in te...
RoschetzkyIstockPhoto/iStock via Getty Images Vertical Aerospace ( EVTL ) is close to securing more than $800 million in new funding as it works toward launching commercial operations, Sky News reported Sunday, citing people familiar with the matter. The New York-listed company is in advanced discussions with investors, with a deal that could involve multiple types of financing and may be announce...
RoschetzkyIstockPhoto/iStock via Getty Images Vertical Aerospace ( EVTL ) is close to securing more than $800 million in new funding as it works toward launching commercial operations, Sky News reported Sunday, citing people familiar with the matter. The New York-listed company is in advanced discussions with investors, with a deal that could involve multiple types of financing and may be announced soon. The funding is expected to strengthen its balance sheet as it prepares to begin production of its Valo passenger aircraft within about a year. Founded by entrepreneur Stephen Fitzpatrick, the Bristol-based startup went public in 2021 through a SPAC merger at a valuation of roughly $2 billion. Since then, development delays have required additional capital, including a $175 million raise last year backed by investors such as Mudrick Capital. Leadership includes chairman Domhnal Slattery and board member Jonathan Evans. The company has recently signaled improving momentum, citing renewed customer interest and progress in flight testing. Chief executive Stuart Simpson said the company is advancing key milestones and seeing stronger engagement from customers and partners, while shifting focus toward certification and scaling production. Vertical Aerospace ( EVTL ) has secured orders from operators in India and Monaco, and is targeting certification of its aircraft by 2028, with deliveries expected afterward. Its testing program is being overseen by U.K. aviation regulators. The company is also tightening cost controls as it ramps up investment in testing and manufacturing. It expects increased cash outflows over the next year as development accelerates. More on Vertical Aerospace Vertical Aerospace: Liquidity Crisis Deepens As Transition Delay Triggers Dilution Spiral Vertical Aerospace Ltd. 2025 Q4 - Results - Earnings Call Presentation Vertical Aerospace Ltd. (EVTL) Q4 2025 Earnings Call Transcript Vertical Aerospace shares set record low, reiterates "going concern” w...
Luis Alvarez/DigitalVision via Getty Images Perspective: Same Song, Different Verse U.S. equity markets ended 2025 by notching three straight years of double-digit gains, a feat last seen in the late 1990s. On trend with recent history, strong corporate profits and AI momentum powered through a softening labor market and noisy inflation signals. Positive benchmark returns were again attributable t...
Luis Alvarez/DigitalVision via Getty Images Perspective: Same Song, Different Verse U.S. equity markets ended 2025 by notching three straight years of double-digit gains, a feat last seen in the late 1990s. On trend with recent history, strong corporate profits and AI momentum powered through a softening labor market and noisy inflation signals. Positive benchmark returns were again attributable to relatively few companies, concentrated in mega-cap platforms and AI infrastructure beneficiaries, with modest index gains masking sharp reversals in momentum factors and retail-favorite stock baskets. Fund Performance The Virtus Zevenbergen Technology Fund returned 2.32% (Class INST) during the quarter, trailing the S&P North American Technology Sector Index's 3.39% return. Unfavorable positioning in industrials (aerospace) and consumer discretionary (e-commerce) was offset slightly by positive contributions in technology (semiconductors and application software). Alphabet ( GOOG ) and Micron Technology ( MU ) were the largest contributors to performance in the quarter. > Technology conglomerate Alphabet reported above-consensus results, with double-digit growth across its online search, video entertainment, and web services businesses. In addition to the positive earnings report, investors rejoiced over Alphabet's progress on artificial intelligence services. Its Gemini AI assistant has attracted 650 million users, a sevenfold increase from a year ago, and improved its ranking on industry performance evaluations. We believe Alphabet can preserve its perception as an AI leader through further product capability advancements. > Shares of memory chipmaker Micron surged on favorable pricing dynamics for storage semiconductors due to voracious demand for AI "building blocks." Although the company is investing heavily in manufacturing facilities to ease supply conditions, additional production capacity will not likely become available until 2027. Given the beneficial market en...
omersukrugoksu Pakistan said it plans to host discussions between the United States and Iran in the coming days, positioning itself as a mediator as the conflict enters its second month, the Associated Press reported Sunday. There has been no immediate confirmation from either Washington or Tehran, and it remains unclear whether the talks would take place face to face or through intermediaries. Sp...
omersukrugoksu Pakistan said it plans to host discussions between the United States and Iran in the coming days, positioning itself as a mediator as the conflict enters its second month, the Associated Press reported Sunday. There has been no immediate confirmation from either Washington or Tehran, and it remains unclear whether the talks would take place face to face or through intermediaries. Speaking in Islamabad, Foreign Minister Ishaq Dar said Pakistan had been trusted by both sides to facilitate dialogue and was prepared to support meaningful engagement. The announcement followed meetings with senior diplomats from Turkey, Egypt and Saudi Arabia, with further discussions expected. Pakistan has increasingly taken on a diplomatic role, leveraging its working relationships with both countries. Officials say the public offer comes after weeks of behind-the-scenes outreach. The proposal drew skepticism from Iran. Parliament Speaker Mohammad Bagher Qalibaf suggested the idea of talks was being used as a distraction, pointing to the recent arrival of roughly 2,500 U.S. Marines in the region for amphibious training exercises. He warned that Iranian forces are prepared to respond forcefully if U.S. troops engage on the ground. At the same time, tensions are rising elsewhere in the region. In Israel, Prime Minister Benjamin Netanyahu said the military plans to expand operations in southern Lebanon, widening an existing buffer zone as it targets the Iran-backed Hezbollah group. Officials did not provide further details. More on Brent Futures, Crude Oil Futures A Perspective On Why The Oil Price Is More Likely To Reach $150 Than $50 WTI Crude Oil Minor Pullback Over, Start Of New Bullish Leg For Breakout Above $102.25 What AI's Threat Might Do To The March 2026 Job Report BofA strategist sees weak stocks and bonds, strong dollar into Q2 Oil seen rising to start the week
Martin Barraud/OJO Images via Getty Images Market Review The MSCI EAFE Small Cap Index returned 2.68% in the fourth quarter of 2025, capping a strong year in 2025. The Index finished the year up 31.83%. Performance in the fourth quarter was supported by a macro backdrop turning more supportive for ex-US equities, value cyclicals outperforming growth, and falling rate expectations alongside foreign...
Martin Barraud/OJO Images via Getty Images Market Review The MSCI EAFE Small Cap Index returned 2.68% in the fourth quarter of 2025, capping a strong year in 2025. The Index finished the year up 31.83%. Performance in the fourth quarter was supported by a macro backdrop turning more supportive for ex-US equities, value cyclicals outperforming growth, and falling rate expectations alongside foreign exchange moves. Europe and Japan both benefitted from fiscal expansion and easier global financial conditions. Performance Review In the fourth quarter of 2025, the Goldman Sachs International Small Cap Insights Fund performed strongly, returning 4.95% and outperforming its benchmark, the MSCI EAFE Small Cap Index, by 183 basis points (net, I-share). The Fund experienced positive excess returns each month, with the strongest month of outperformance being October. From a factor perspective, our Themes & Trends investment pillar was the strongest contributor to excess returns in the quarter. Our signals seeking to assess industry momentum guided overweight positions within the Materials sector. Our overweight positioning towards these names proved additive to excess returns due to the broad trend of Mining stocks outperforming as gold and copper prices rose. Our Sentiment Analysis pillar was the second largest contributor to performance in the period. Our signals focused on using natural language processing to gauge analyst and management sentiment led to select overweight positioning within the Machinery and Electrical Equipment industries, specifically companies that outperformed due to strong earnings and demand for alternative energy products. The Fundamental Mispricings pillar also contributed positively to performance. Our suite of signals seeking to compare industry specific valuation metrics were able to guide overweight positioning in select oil & gas companies. This positioning contributed to performance as floating solutions for offshore oil gained amid geopolitic...
Iran Allowing 20 More Ships Through Strait Of Hormuz, Pakistan Says Authored by Ryan Morgan via The Epoch Times, Iran has agreed to allow 20 Pakistani-flagged ships to pass through the Strait of Hormuz unharmed, Foreign Minister Ishaq Dar announced on March 28. Dar presented the announcement as a sign of good faith from Tehran, as Iranian forces continue to threaten commercial shipping in the Stra...
Iran Allowing 20 More Ships Through Strait Of Hormuz, Pakistan Says Authored by Ryan Morgan via The Epoch Times, Iran has agreed to allow 20 Pakistani-flagged ships to pass through the Strait of Hormuz unharmed, Foreign Minister Ishaq Dar announced on March 28. Dar presented the announcement as a sign of good faith from Tehran, as Iranian forces continue to threaten commercial shipping in the Strait of Hormuz. Iran has actively targeted shipping in the region as part of its retaliation for U.S. and Israeli attacks on the leadership and military of the Islamic regime for its nuclear program, which have continued since Feb. 28. “I am pleased to share a great news that the Government of Iran has agreed to allow 20 more ships under the Pakistani flag to pass through the Strait of Hormuz,” Dar said in an X post on Saturday. The Pakistani foreign minister said two ships will be permitted to leave through the narrow maritime passage daily. Oil tanker carrying Saudi crude to Pakistan. Map frm @Kpler pic.twitter.com/qSUSTca7k1 — Anas Alhajji (@anasalhajji) March 29, 2026 In recent days, the Pakistani government has stepped forward as a potential intermediary for communications and further peace talks between Washington and Tehran. Dar said Tehran’s decision to allow these 20 ships through the Strait of Hormuz marks “a meaningful step toward peace and will strengthen our collective efforts in that direction.” The move came two days after President Donald Trump announced that Iran had let 10 oil tankers through the key Middle East waterway. “Dialogue, diplomacy, and such confidence-building measures are the only way forward,” Dar wrote on X. Trump has recently cited progress in negotiations with Tehran to end the war, but Iranian officials have downplayed the significance of the communications. In a statement shared by Iranian state media, Iranian Foreign Minister Abbas Araghchi said Tehran had received messages from Washington by way of intermediaries but said, “this is not c...
BofA Securities lists the "many" pain trades traders didn't have on their bingo cards for Q1. T-bills ( SHY ) beating AI Hyperscaler bonds U.S. dollar ( DXY ) beating bitcoin ( BTC-USD ) Oil ( USO ) ( BNO ) > gold ( GLD ) Yield curve flatteners > steepeners EM stocks ( EEM ) > U.S. stocks ( SPY ) ( QQQ ) ( DIA ) Energy ( XLE ) > Tech ( XLK ) Staples ( XLP ) > Banks ( KBE ) Semis ( SOXX ) ( SMH ) >...
BofA Securities lists the "many" pain trades traders didn't have on their bingo cards for Q1. T-bills ( SHY ) beating AI Hyperscaler bonds U.S. dollar ( DXY ) beating bitcoin ( BTC-USD ) Oil ( USO ) ( BNO ) > gold ( GLD ) Yield curve flatteners > steepeners EM stocks ( EEM ) > U.S. stocks ( SPY ) ( QQQ ) ( DIA ) Energy ( XLE ) > Tech ( XLK ) Staples ( XLP ) > Banks ( KBE ) Semis ( SOXX ) ( SMH ) > Software ( IGV ) Microcap ( IWC ) > Megacap ( MAGS ) There was also a lot of stock pain under the hood of the S&P 500 ( SPY ) ( IVV ) ( VOO ), with 336 stocks, or 67% of the index, down more than 10% and 143 stocks, or 27% of the index, down more than 20% since the liquidity and peak AI capex boom optimism peaked in late October, strategist Michael Hartnett said. Big corrections are always followed by big rallies, Hartnett added. In the past 100 years, in 15 big corrections (S&P down 10-20%) the average 3-month rally from lows has been 15%, he said. But the index won't reach correction territory until it breaks 6,300. More on the markets A Strong Jobs Report May Be Bad News For The Market The 1-Minute Market Report, March 29, 2026 You Survived Q1 2026, Now It's Time To Breathe And Prepare For Q2 Where to lean in a fat-tailed jigsaw puzzle market - Goldman Earnings scoreboard: 100% of S&P 500 earnings reports beat expectations and deliver Y/Y growth this week
Apollo Global Management Inc. is looking to open a second US headquarters and is considering basing it in south Florida or Texas, the company said Sunday. Such a step would make Apollo the latest in a group of financial companies opening headquarters in the Sun Belt after the post-pandemic migration out of high-cost-of-living areas in the Northeast and on the West Coast. “We’ve shared with our tea...
Apollo Global Management Inc. is looking to open a second US headquarters and is considering basing it in south Florida or Texas, the company said Sunday. Such a step would make Apollo the latest in a group of financial companies opening headquarters in the Sun Belt after the post-pandemic migration out of high-cost-of-living areas in the Northeast and on the West Coast. “We’ve shared with our teams across Apollo and Athene that we plan to establish a second headquarters in either Texas or south Florida, alongside NYC,” an Apollo spokesperson wrote in a response to questions. “This decision is driven by the talent we want to hire and the firm we want to be. New York does not have a monopoly on talent, and we expect most of our future growth will take place in our second HQ.” The Financial Times, which earlier reported the plan, named Nashville as another option, citing people familiar with the matter. From the start of 2020 through the end of March 2023, more than 370 investment companies — about 2.5% of the US total, and managing $2.7 trillion in assets — moved their headquarters to a new state. These moves have also been driven by the many billionaires and corporations that have relocated to these states in recent years, buoyed by tax advantages and a booming finance and tech scene. Read More: New York, California Each Lost $1 Trillion as Assets Moved South Finance firms have been expanding in the north Texas region, drawn by access to talent, low taxes and a friendly regulatory environment, with companies including Fidelity Investments and Vanguard Group Inc. choosing the Lone Star State . Goldman Sachs Group Inc. is increasing a push for workers to move out of New York and London and into Salt Lake City or its new $500 million campus in Dallas. Brokerage Charles Schwab Corp. moved its headquarters in 2021 to the affluent Dallas suburb of Westlake from San Francisco. Wells Fargo & Co. is moving the headquarters for its wealth-management business to West Palm Beac...