Markets Today
Fed holds steady, energy markets shift east, and a big Hong Kong IPO stumbles
By Vivian "The Ticker" Dow
Market-moving headlines were relatively thin on Thursday, but a few threads stood out against a backdrop of geopolitical and policy noise.
Fed stays put. The Federal Reserve left interest rates unchanged, according to CBS News' The Takeout with Major Garrett, keeping monetary policy on hold as investors continue to parse the central bank's next move.
Energy flows are being redrawn. Al Jazeera reported that uncertainty over crude oil supplies through the Strait of Hormuz is pushing Asian buyers, including Japan, toward Canadian crude via the TMX pipeline — a sign that geopolitical risk in the Middle East continues to reshape global energy trade. Separately, BBC Business highlighted how a U.S. Gulf county once wiped out by a hurricane has rebuilt itself into the world's largest exporter of liquefied natural gas, underscoring the broader realignment of global energy supply chains.
IPO stumble in Hong Kong. CNBC reported that shares of Zhongji Innolight, a Chinese optical transceiver maker and AI supplier, fell on their Hong Kong Stock Exchange trading debut following a $6.8 billion IPO — a notable setback for one of the region's larger recent listings tied to the AI infrastructure buildout.
Policy overhang. President Trump renewed criticism of the Supreme Court's rulings against his tariff program and birthright citizenship order, claiming on Truth Social that the decisions are costing the country "trillions and trillions" of dollars, per The Hill. The remarks keep trade-policy uncertainty in the headlines even as no new tariff actions were reported today.
Overall, it was a quiet news day for markets, with the Fed's steady-as-she-goes stance, shifting energy trade patterns, and a soft Hong Kong debut for a Chinese tech supplier the main threads worth watching.
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