Welcome to Markets Desk, here's what's moving the needle today.
Jeffrey Gundlach is sounding the alarm on equities, calling the stock market a hollow tree on the verge of snapping. The DoubleLine Capital founder says the surface calm is masking serious structural pressures — rising yields, stretched valuations, and macro headwinds that most investors are choosing to ignore. When the bond king speaks, fixed income traders listen.
Turning to currencies, Japan's prime minister is pushing back on yen weakness, pledging that domestic policy will do what prior intervention failed to accomplish. The yen has been under sustained pressure, and with the U.S. showing limited appetite to coordinate on currency support, Tokyo is signaling it will lean on its own economic credibility to stabilize confidence in the currency.
And in what could reshape the IPO landscape entirely, Anthropic is reportedly targeting a public offering this November at a valuation of roughly two trillion dollars — potentially the largest initial public offering in Wall Street history. The AI firm backed by Amazon and Google would dwarf recent tech listings, and its debut will test whether public markets have the appetite to absorb that kind of scale at this stage of the rate cycle.
That's the tape. Markets Desk, signing off the floor.
