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The index provider reviews the S&P 500 every quarter using rigorous criteria on market capitalisation, profitability, liquidity and sector balance to ensure it reflects the largest and most representative top 500 US companies.

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The latest update will bring Vertiv Holdings, Lumentum Holdings, Coherent Corp. and EchoStar Corporation into the index.

They replace Match Group, Molina Healthcare, Lamb Weston Holdings and Paycom Software, with the changes taking effect before the market opens on Monday 23 March.

With trillions of dollars in assets tracking the S&P 500, the rebalance typically prompts buying from passive funds, often providing a short-term lift to new members.

Shortly after the S&P Global announcement, on Friday 6 March, all four companies’ shares rose on average 8% as investors began anticipating the increased flow.

Three out of the four incoming firms supply critical infrastructure for the AI boom, from power and cooling systems to high-speed optical components.

According to S&P Global, the changes show how sustained AI investment has become a structural force in the market, to the point that it is reshaping the index composition.

Big Tech is guiding for roughly €600bn in AI spending this year alone.

Vertiv

Vertiv Holdings specialises in critical digital infrastructure, offering power management, thermal management and modular systems that support high-density computing in data centres.

The company has seen explosive demand for liquid cooling and high-power solutions as AI workloads drive energy consumption far beyond conventional levels.

According to Vertiv’s fourth quarter 2025 earnings, released in February, organic orders grew 252% year-on-year in the final quarter, pushing its backlog to $15bn (€13bn) –– a 109% rise from the previous year.

The book-to-bill ratio reached approximately 2.9 times and full-year 2026 guidance points to organic sales growth of 27% to 29%, indicating very strong requisition.

The firm’s strong performance reflects its central role in enabling the hyperscalers’ expansion of AI infrastructure.

Inclusion in the S&P 500 is expected to increase visibility and liquidity through passive fund inflows. This milestone underscores Vertiv’s evolution into a key enabler of the physical infrastructure powering AI growth.

Lumentum

Lumentum Holdings develops advanced optical components, lasers and transceivers that deliver the ultra-high-speed connectivity required inside data centres and across communications networks.

Its products are essential for handling the massive bandwidth demands of AI model training and inference.

In early March, Nvidia announced a multi-year strategic partnership with Lumentum that includes a $2bn (€1.7bn) investment to expand capacity, advance US-based manufacturing and deepen research and development collaborations.

This partnership came alongside multibillion-dollar purchase commitments for advanced laser components.

The S&P 500 addition elevates the profile of optical technologies as a foundational layer in next-generation AI infrastructure.

For Lumentum, the move reinforces its position as a critical supplier in the race to scale AI systems efficiently and at unprecedented speeds.

Coherent

Coherent Corp. focuses on photonics and laser technologies, with a strong emphasis on silicon photonics and high-speed optical interconnects designed for large-scale AI computing clusters.

The company has repositioned its portfolio to tackle latency and power-efficiency challenges in hyperscale environments.

Similar to Lumentum, the company recently disclosed a parallel strategic partnership with Nvidia, also including a $2bn (€1.7bn) investment and multibillion-dollar purchase commitments for advanced optics.

The collaboration targets technologies vital for future data centre architectures and supports expanding US manufacturing.

The S&P 500 inclusion recognises Coherent’s transformation and the structural demand from global AI build-outs.

Greater institutional interest and enhanced liquidity are widely expected once the rebalance takes effect. This development cements the company’s role as an indispensable partner in the infrastructure underpinning rapid advances in AI.

EchoStar

EchoStar Corporation is the outlier of the group as it is the only company being added to the S&P 500 that is not directly tied to the expansion of AI infrastructure.

The firm delivers satellite communications, video entertainment and broadband services, primarily through its DISH network operations.

The addition brings dedicated exposure to the communications sector, balancing the heavy tilt toward AI infrastructure providers in this quarterly update.

In line with its fellow entrants, EchoStar has delivered triple-digit gains over the past year, reflecting resilience in the telecom space amid broader technology shifts.

The move complements the data centre focus of the other new companies and underscores how communications continues to shape the composition of the US’ flagship equity index.

The quarterly adjustments follow a pattern of the S&P 500 evolving alongside technological shifts. While passive inflows deliver an immediate boost, the longer-term impact lies in better alignment with the sectors driving the modern economy.

The global energy landscape is facing its most volatile period in decades following the US-Israeli strikes against Iran on 28 February that triggered a wider and potentially prolonged conflict in the Middle East.

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What began as a targeted military operation has rapidly escalated into a direct confrontation with global economic implications.

Based on claims by Iranian state media and regional reports, the Islamic Revolutionary Guard Corps (IRGC) has ostensibly adopted a strategy of “energy blackmail” to leverage the international community into pressuring the US and Israel to cease its attacks.

The $200 per oil barrel threat was first articulated shortly after the conflict began.

On Sunday 1 March, a senior IRGC spokesperson warned that if “cowardly anti-human actions” continued, the world should prepare for a massive price surge, even as high as $200 per oil barrel.

This rhetoric has since become a central pillar of Tehran’s messaging.

As recently as this Wednesday, Ebrahim Zolfaqari, the spokesperson for Iran’s Khatam al-Anbiya military command headquarters, told state media: “Get ready for the oil barrel to be at $200, because the oil price depends on the regional security which you have destabilised.”

Iran’s tactical disruption

The IRGC’s current strategy relies on “internationalising” the cost of the conflict.

By disrupting the flow of nearly 20% of the world’s oil and liquefied natural gas (LNG) through the Strait of Hormuz, Iran aims to drag the global economy into the fray.

This is why the IRGC has targeted vessels from neutral nations, including ships sailing under Thai, Japanese and Marshall Islands flags, among others.

According to energy analysts, this disruption is designed to create domestic political pressure within Western nations, to in turn force the US and Israel to pull back on military action in exchange for energy stability.

By striking countries that have not attacked them directly, Tehran is signaling that no maritime trade is safe as long as the strikes on its soil continue.

The main vector of this strategy is precisely the disruption of energy markets, an element Iran can influence directly through its geographical advantage.

A history of oil price shocks

While $200 per barrel sounds astronomical, oil has approached similar levels in the past when adjusted for inflation.

The highest nominal price ever recorded was around $147 in 2008, driven by peak oil fears and rampant speculation just before the global financial crisis. When adjusted for 2026 inflation, that 2008 peak represents roughly $211 per barrel.

Previous major shocks, such as the 1973-74 Arab Oil Embargo and the 1979 Iranian Revolution, saw prices quadruple and double respectively from pre-crisis levels.

In 1980, prices hit a nominal peak of about $39.50, which would be approximately $160 in today’s terms.

However, the current crisis involves a total physical blockade of one of the world’s most critical maritime chokepoint, increasing the risk of a price “moonshot”.

Market response and reserves

At the time of writing, Brent crude is trading just above $100 per barrel, a sharp increase from the $60 range seen in mid-February before the Iran war began.

The International Energy Agency has attempted to stabilise the market by orchestrating the largest-ever coordinated release of strategic reserves, but the continuation of Iranian strikes agaisnt oil infrastructure and tankers has largely neutralised the effort.

With insurance providers cancelling war-risk coverage and shipping companies redirecting fleets, the market remains in a state of high anxiety.

If the blockade on the Strait of Hormuz persists, the $200 figure may shift from a political threat to an increasingly likely scenario.

In a recent report, Oxford Economics identified $140 per barrel as the threshold at which the global economy tips into mild recession, reducing world GDP by 0.7% by year-end and pushing the UK, the Eurozone and Japan into contraction.

WASHINGTON — House lawmakers were digging into Jeffrey Epstein’s sprawling financial portfolio on Wednesday as a committee deposed his former accountant and tried to understand his connections to some of the world’s wealthiest men.

Richard Kahn, who worked closely with Epstein for years and now serves as an executor of his estate, appeared for the closed-door deposition on Capitol Hill. He told lawmakers that he had not personally seen evidence of Epstein’s sexual abuse, but provided a fuller picture of how Epstein acquired his wealth. The wealthy financier made hundreds of millions of dollars over two decades, during which he struck up friendships with some of the world’s most powerful men.

Kahn “was under the impression that Epstein made his money as a tax advisor and a financial planner,” said Rep. James Comer, the Republican chair of the House Oversight Committee. Lawmakers argued that a fuller picture of Epstein’s finances could help the public understand how, for years, he was able to get away with trafficking and sexually abusing underage girls.

“Jeffrey Epstein’s sex trafficking ring would not have been possible without Richard Kahn, who managed Epstein’s money for years, authorized payments, including payments to victims and survivors,” said Rep. James Walkinshaw (D-Va.), who added that Kahn told them he was unable to recall details of some of the transactions and communications that he was asked about.

Kahn has said that he was unaware of Epstein’s sexual abuse and had not seen any of his victims.

Comer (R-Ky.) also said that lawmakers confirmed during the deposition that Epstein received significant amounts of money from former retail shopping chain executive Les Wexner, hedge fund manager Glenn Dubin, tech entrepreneur Steven Sinofsky, investor Leon Black and the Rothschilds, a wealthy banking family.

None of those people have been accused of wrongdoing in their relationships with Epstein, but Democrats on the committee argued that anyone with ties to the wealthy financier should be scrutinized. Wexner was deposed by the committee last month, and Comer has also called on Black, among several others, to appear for transcribed interviews.

Kahn also told lawmakers that Epstein had financial ties to Ehud Barak, who was the prime minister of Israel from 1999 to 2001, according to Democratic Rep. Suhas Subramanyam. Barak has not been accused of wrongdoing and has said he regrets his friendship with Epstein.

Comer also said Wednesday that the committee has reviewed over 40,000 documents that it subpoenaed from JPMorgan Chase and Deutsche Bank. Epstein was connected to at least 64 business entities, according to Comer.

Republican President Trump has strongly denied any wrongdoing in his own ties to Epstein, and Comer said that Kahn had never seen any financial transactions between Epstein and Trump. Comer said that Kahn is the latest witness to testify that they had never seen Trump doing anything wrong with Epstein.

“The investigation’s about getting the truth to the American people, trying to figure out how the government failed, answer questions we all have,” Comer said.

Groves writes for the Associated Press.

The EU’s six largest economies are urging Brussels to accelerate the long-awaited integration of capital markets to “strengthen Europe’s growth potential”, according to a letter sent on Tuesday to the Eurogroup boss and several EU commissioners.

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The finance ministers of France, Germany, Italy, the Netherlands, Poland and Spain say that making tangible progress on the rebranded “Savings and Investment Union” has become an “urgent necessity,” pledging to push “this important project forward”, in a letter addressed to EU economy chief Valdis Dombrovskis and Eurogroup President.

“Deeper and more integrated capital markets would strengthen Europe’s growth potential, enhance its economic sovereignty and provide a stronger foundation for financing common priorities,” the letter said.

In particular, the ministers call on EU institutions to reach an agreement among member states by summer on one of the key elements of the capital markets integration agenda: the Market Integration and Supervision Package (MISP).

The MISP is a set of legislative proposals by the European Commission aimed at strengthening the supervision of financial market infrastructures across the bloc and improving how they operate.

“A central purpose of the package is to remove national barriers and to improve cross border distribution of investment funds, so investors have better access to the EU capital markets and companies benefit from deeper pools of capital”, the letter says.

The six countries also ask the EU to advance its digital payments agenda, specifically by promoting private pan-European payment networks that can compete with US-based Visa and Mastercard, and by accelerating the adoption of the digital euro.

Agreement by the summer

Capital markets allow companies and governments to raise funds by selling assets such as shares or bonds to investors.

To strengthen and integrate these markets across the EU, the European Commission has proposed a series of legislative measures under the Savings and Investment Union package.

In recent months, EU countries and institutions have signalled a more ambitious goal, aiming for an agreement among co-legislators on most of the SIU legislation by June.

However, EU countries are not fully aligned on the technical aspects of capital markets integration, causing delays to the broader strategic agenda.

Another key legislative proposal is the revisions of the securitisation framework, which are EU rules introduced in 2019 with the objective of ensuring safer market practices, to avoid other financial crisis such as the 2008 global shock.

The revision, which aims to simplify certain requirements and reduce high operational costs, is to be approved by autumn 2026, according to signatories.

Digital payments

The six EU countries also support the development of additional pan-European private digital payment solutions, viewed as a key pillar of the EU’s strategic autonomy, since most digital payments are currently processed through US-based infrastructures.

According to 2025 European Central Bank data, Mastercard and Visa account for 61% of card payments and nearly 100% of cross-border ones.

In this context, the six countries are also calling for an accelerated rollout of a public digital payment solution: the digital euro. Currently under negotiation, it would be an electronic form of cash issued by the European Central Bank, serving as an additional payment option alongside cash and bank-issued cards.

The project is facing significant delays in the European Parliament. In particular, the leading rapporteur on the file, the Spanish centre-right MEP Fernando Navarrete, is pushing to reduce the scope of the digital euro to offline payments only, in order to avoid competing with other private infrastructure, such as Visa and Mastercard.

“We push for swift conclusions of the legislative process of the digital euro and we invite the European Parliament to follow the Council’s approach to establish the digital euro (in both its online and offline modalities) as a comprehensive, interoperable and sovereign European payment solution for European citizens”, the six countries wrote in the letter.

The co-legislators initially aimed for full adoption of the digital euro by the end of 2026. However, due to delays in the parliament, the six countries have not set a specific adoption deadline.

Brent futures rose sharply on Thursday, spiking above $100 before easing slightly but remaining higher than levels seen earlier in the week as markets stay incredibly volatile.

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This comes despite an unprecedented decision by the 32-member International Energy Agency (IEA) on Wednesday to release a record 400 million barrels to calm markets, more than double the volume released after Russia’s 2022 invasion of Ukraine.

Following the IEA decision, Iran stepped up its offensive campaign and launched strikes on Omani oil storage facilities at the Salalah port and multiple ships in and near the Strait of Hormuz, sending prices higher again.

Record coordinated release of reserves

The US alone is contributing 172 million barrels. Germany, France and Italy also confirmed they would tap their stocks, while Japan said it would begin releases next Monday.

IEA executive director Fatih Birol described the current Iran-related crisis as an “oil market challenge unprecedented in scale”, adding that the collective response reflected “strong solidarity” in defence of global energy security.

Exports of crude and refined products from the region have dropped to 10-15% of pre-war levels, with the Strait of Hormuz, which normally carries one-fifth of the world’s oil, effectively closed to the large majority of tankers.

Iran’s attacks blunt expected price relief

The new Iranian strikes came at lightning speed, directly after the IEA announcement.

Drones targeted fuel storage tanks and silos at Oman’s Salalah port, igniting fires that Omani authorities were still working to contain late on Wednesday.

British maritime security firm Ambrey confirmed damage to the facilities, while Danish shipping giant Maersk temporarily halted port operations.

Omani officials stressed there had been “no disruption to the continuity of oil supplies or petroleum derivatives” inside the country itself, while Iranian state media reported that President Pezeshkian had assured Oman’s sultan the incident would be investigated.

At the same time, six vessels were struck in the Gulf and Strait of Hormuz.

Among the reports, there was confirmation of a projectile hitting a container ship near the UAE and strikes on two tankers in Iraqi waters.

UK Maritime Trade Operations, and other monitoring groups, attributed the incidents to Iranian forces or proxies.

These developments, occurring the very day of the reserves release, appear to have smothered the anticipated calming effect on prices.

As of Thursday, the number of ships struck in the region since the beginning of the conflict rose to at least sixteen.

Record release may signal deeper market concerns

Some analysts note that the sheer volume of the release could itself be interpreted negatively. Previous coordinated actions never exceeded 183 million barrels.

The scale of the release suggests importing nations already view the disruption as the most severe and long-lasting in decades.

Even worse, a record release may not be enough.

Speaking to Euronews, Warren Patterson, Head of Commodities Strategy at ING, was blunt in his assessment.

“A record 400 million barrel release from emergency reserves is helpful, but it’s not going to go very far to offset the roughly 15 million daily supply currently disrupted.”

Patterson also added that “the only solution that will bring oil prices down on a sustained basis is getting oil flowing through the Strait of Hormuz again.”

Oxford Economics echoes this concern, warning that “the economic effect of higher energy costs rises as the oil price increases,” in a report that seemingly indicates the crisis is far from over and we have yet to feel the compounding effect of the initial shock.

Russian sanctions relief remains off the table

With the reserve release failing to calm prices, attention has turned to Russian oil as a potential source of additional supply.

The US Treasury last week granted Indian refiners a 30-day waiver to purchase Russian crude from vessels already stranded at sea, though the measure expires on 4 April and deliberately excludes new shipments.

Following the G7 emergency discussions on Wednesday, French President Emmanuel Macron stated that the group had agreed “the situation does not justify lifting any sanctions” on Russia, emphasising the need to increase global production instead.

The contrast between Washington’s narrow waiver and the G7’s firm collective position leaves little prospect of sanctions relief acting as a meaningful pressure valve, a view shared by analysts.

“Any sanction relief for Russia would see some marginal supply increases, but again not enough, with Russia’s oil output having held up well in recent years despite sanctions,” Warren Patterson of ING told Euronews.

$140-$150 oil barrel possible if conflict is prolonged

Should tensions persist, analysts warn prices could climb substantially higher.

Oxford Economics identifies $140 per barrel as the threshold at which the global economy tips into mild recession, reducing world GDP by 0.7% by year-end and pushing the UK, the Eurozone and Japan into contraction.

The managing director of the IMF, Kristalina Georgieva, also stated that every 10% increase in oil prices, provided they persist for most of the year, will push up global inflation by 0.4% and reduce worldwide economic output by as much as 0.2%.

“The risk is stark,” Patterson warned. “It’s only a matter of time before we see oil prices hitting fresh record highs if the conflict is not swiftly and decisively resolved.”

The IEA’s intervention has provided a temporary buffer, but with little visible impact on prices.

Published on
11/03/2026 – 16:15 GMT+1

A probe has been initiated by the US Justice Department into Iran’s use of Binance, the world’s largest crypto platform, to circumvent US sanctions and provide financial backing to terrorist organisations with ties to the IRGC, according to The Wall Street Journal.

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The US DOJ’s examination stems from company documents and accounts provided by individuals familiar with the matter.

Authorities have contacted people with direct knowledge of the Iranian-linked transactions to request interviews and collect evidence, as per the WSJ report.

A monitor appointed by the US Treasury Department has reportedly asked Binance for details on the Iranian transactions, including information about a business partner responsible for a large share of the flows.

At this stage, it remains uncertain whether the investigation targets Binance for any potential misconduct or if it is confined to activity by customers on the platform.

A spokesperson for the company told the WSJ that Binance “categorically did not directly transact with any sanctioned entities”.

This development brings the company back to the centre of US regulatory attention, just months after its founder received a presidential pardon, highlighting persistent challenges in enforcing sanctions within the rapidly evolving crypto and fintech sectors.

Binance founder Changpeng Zhao, widely known as CZ, was pardoned by President Trump back in October.

The investigation reopens scrutiny of the exchange, which pleaded guilty in 2023 to breaching US sanctions and banking laws. That case resulted in a record $4.3bn (€3.7bn) penalty and a requirement for ongoing US oversight.

Under the terms of the 2023 agreement, Binance must actively screen clients for terrorism financing and sanctions breaches, as well as report suspicious activity promptly to authorities.

US congressional inquiry adds pressure

The developments have also drawn attention from Capitol Hill.

US Senator Richard Blumenthal, a senior Democrat on the Senate Homeland Security Committee, opened a formal inquiry last month into Binance’s handling of the Iranian transactions.

Citing the scale of the unreported flows, approaching nearly $2bn (€1.7bn) to sanctioned entities, and the suspension of internal investigators, Blumenthal questioned whether the exchange had met its obligations under US sanctions and banking laws.

He requested detailed records from Binance, which responded by describing media coverage as inaccurate and highlighting its “best-in-class compliance programme”.

The senator later described that reply as evasive and insufficient to address his concerns.

The timing of the US DOJ’s probe coincides with heightened efforts to disrupt financing networks linked to Iran’s IRGC.

Ahead of joint military actions with Israel against Iran, Washington stepped up measures to cut off revenue streams, particularly those involving crypto assets used to repatriate proceeds from oil sales to China.

In January, the US Treasury Department sanctioned two smaller crypto exchanges for moving large sums to digital wallets connected to the IRGC.

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