FN2 Research
Markets, explained.
Cited, no-noise breakdowns of why stocks move — earnings reactions, macro shifts, and the data behind the headlines.
The Issuance Floodgates Are Open: What July 2026 Reveals About the IPO and Capital-Raising Pipeline
The 2026 IPO market is running at its hottest pace ever, with $132 billion raised in the first half alone. July brings SK Hynix's record $26.5B foreign listing, Jersey Mike's S-1, Rivian's dilutive $1.2B raise, and the first SpaceX lockup expirations — all testing whether the market can absorb the supply.
Hormuz Ceasefire Collapses: Tanker Traffic Halts as Oil Logs Best Week Since April
Three tankers struck in the Strait of Hormuz broke the June 17 US-Iran ceasefire, collapsing Omani-route transits to zero and sending oil to its best weekly gain since April. The IEA now projects the first annual decline in global oil demand since 2020.
The Ceasefire That Wasn't: Brent's 5% Week and the Hormuz Traffic Collapse
The US-Iran ceasefire collapsed this week after tanker strikes in the Strait of Hormuz. Brent posted a 5% weekly gain, but the real signal is the shipping traffic collapse — Omani-route transits fell to zero as war insurers advised owners to pause voyages.
SK Hynix's Record Nasdaq Debut Tests Whether the AI IPO Window Stays Open
Hormuz at Near Zero, Oil Easing: Markets Bet on Managed Escalation
Strait of Hormuz tanker traffic collapsed to a near-standstill after Iran struck three vessels and the US bombed 90 targets in Iran. Yet Brent crude is easing toward $76 and equities are rising. Markets are pricing a cycle of skirmishes and truces, not a full closure.
Record Issuance Meets a Market Structure Rewrite: The 2026 IPO and Liquidity Landscape
US equity issuance is running at its fastest pace since 2021, with 194 IPOs raising $155.8 billion through early July. SK hynix's $26.5 billion listing, the largest foreign IPO in US history, headlines a wave that UBS and Goldman Sachs argue signals market health rather than a ceiling. Simultaneously, the SEC's proposed rescission of the Order Protection Rule and new overnight trading price bands represent the most significant market structure changes in two decades.
Hormuz Near Standstill, Yet Oil Retreats: The Containment Bet
Tanker traffic through the Strait of Hormuz has collapsed to near-standstill levels after the US-Iran ceasefire unraveled, yet Brent crude has retreated from $80 toward $76. The market is pricing containment — but the quiet indicators beneath the calm deserve scrutiny.
SK hynix's $26.5 Billion Nasdaq Debut Meets an Equity Funding Market Already Cracking
SK hynix prices a $26.5 billion Nasdaq listing as equity repo funding costs hit their highest since December 2024, dealer balance-sheet exposure hovers near records, and a low VIX conceals 20-year-low implied correlation. The IPO pipeline and the plumbing are both flashing strain.
Hormuz Standstill: Iran Ceasefire Collapses, Oil Surges — But Energy Stocks Sell Off
Iran's tanker strikes halted Hormuz Omani-route traffic entirely, collapsing the three-week ceasefire. Brent surged 8% to $80, yet energy stocks sold off — the market is pricing demand destruction, not supply profits. The 60-day MOU free-passage clock expires in August.
The IPO-Liquidity Crossroads: Can the Market Absorb What's Coming?
SK Hynix's $28 billion Nasdaq listing — the second-largest share sale ever — prices into a market where memory stocks are rolling over, Hong Kong faces a $274 billion lockup wall, and equity funding costs hit the 99th percentile. The IPO pipeline is full; the liquidity to absorb it may be thinning.
Ceasefire Collapse, Chip Rally: Markets Split on Iran Escalation
Fresh US strikes on Iran, retaliatory attacks on American bases in Bahrain and Kuwait, and a revoked oil sanctions waiver have killed the June 18 ceasefire. But the market's tell is the split: record $5.4 billion semiconductor inflows versus energy stocks selling off on rising oil.
The Issuance Flood: SK hynix's $28B Nasdaq Debut Meets SpaceX's Lockup Gauntlet
U.S. equity issuance hit a record $251B in H1 2026. Now SK hynix's $28B Nasdaq listing and SpaceX's staggered lockup expirations test whether the market can absorb the supply.