Skip to Content Skip to Menu Skip to Footer

Daily Update — November 3, 2026

Energy Transition in US Elections; Shifting Private Markets Environment; and AI Anxiety or Opportunity

Today is Tuesday, November 3, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

Subscribe

Energy Expansion

Affordability, energy transition on ballot in US state elections

 

Gubernatorial and utility commission races in the US midterm elections Nov. 3 could reshape how states meet growing electricity demand and who pays for the necessary infrastructure, with implications for power supplies, utility investment and customer bills. Data center development puts pressure on states to expand generation and grid infrastructure while protecting existing customers from the costs of serving large electricity users.

 

Governors influence energy development through legislation, permitting policy and regulatory appointments, while utility commissions decide rates, infrastructure spending and power supply plans. Those decisions shape which projects advance, how costs are recovered and who bears the investment risk.

Private Markets

Listen: From Efficiency to Resilience: Navigating a New Era in Private Markets

 

In this episode of the “Private Markets 360°” podcast, hosts Jocelyn Lewis and Chris Sparenberg welcomed Thomas Friedberger, co-chief investment officer of Tikehau Capital, to discuss the shifting macro environment in private markets.

 

Friedberger also shared Tikehau’s low-leverage approach and focus on enablers of resilience, including the energy transition, aerospace and defense, as well as opportunities across credit and debt.

Artificial Intelligence

AI Anxiety or Opportunity?

 

US equity markets have been volatile recently, following up a sell-off in tech stocks with a rebound as investors struggle to assess the sustainability of AI, with the S&P 500® index up 1% month to date. Anthropic’s public IPO filing brings a key question into focus: Is the market’s reliance on AI-related optimism a cause for anxiety or an opportunity for investors?

 

As fears have grown over the impact of AI capital expenditure on corporate balance sheets, stock-level correlations have risen for the Technology Select Sector index and declined for the S&P 500 Ex-Information Technology index since the end of the third quarter, suggesting the rest of the market has been relatively immune. Yet investors may not be convinced that the rest of the market can stay insulated. The implied volatility for the S&P 500 Ex-Information Technology relative to the S&P 500 has risen, narrowing its gap with the Technology Select Sector, which may signal that the equity market sees the risks of AI spreading beyond the tech sector.

In case you missed it

  • High prices for frozen boneless chicken legs from Brazil and Thailand earlier in 2026 prompted Japanese buyers to gradually switch to processed or precooked products from China and Thailand, multiple Japanese trade sources told Platts, part of S&P Global Energy, in October.
  • Oil product stockpiles at Fujairah in the United Arab Emirates rose 23% in the week to Oct. 26, led by a 49% increase in light distillates such as gasoline and naphtha, according to Fujairah Oil Industry Zone data published Oct. 28.
  • Heightened geopolitical tensions and fuel price volatility continue to affect European airports, leading to a divergence in performance. While the sector has demonstrated short-term resiliency, macroeconomic uncertainty and competitive pressures continue to weigh on the outlook for 2027.

Upcoming events

Content Type

Newsletter

Segment

Marketing