Markets Open Lower as Oil Rebounds and Big Moves Roil Trading
U.S. equities opened lower as the S&P 500 fell about 0.7%, the Nasdaq dropped, and the Dow slumped roughly 385 points, amid energy prices rebounds and Iran-war headlines. JPMorgan upgraded Ecolab to overweight with a $295 target, citing potential earnings support from surcharges and the CoolIT acquisition. Apollo Global Management faced 11.2% redemption requests in its private-credit fund, prompting a payout of roughly 45 cents on the dollar and a 5% quarterly withdrawal cap, with shares sliding in premarket trading. Brent crude rose above $101 and WTI traded near $90 as oil stabilized; gold hovered near flat as the dollar strengthens. Asia-Pacific and European markets posted mixed results on the geopolitical backdrop, while Estée Lauder confirmed talks with Puig about a potential merger, with no deal yet.