BNY's Revolutionary Legacy in Changing Financial Markets

Market Storylines: S&P 500 Streak, Tech Leads Gains + Ceasefire Headlines Drive Global Markets

Eric Criscuolo, NYSE Market Strategist, recaps a strong week as the S&P 500 extends its winning streak and climbs toward fresh record highs. Markets responded to a steady stream of conflicting Iran ceasefire headlines, ultimately pricing in progress toward a near-term resolution. Tech led the way, with semiconductors and AI-linked names driving outsized gains alongside strength in higher-risk sectors. Falling oil prices and lower yields supported equity performance, while Energy and Financials lagged amid shifting macro dynamics. Attention now turns to labor market data, upcoming earnings, and month-end flows as investors assess the durability of the rally.

Public/Private: HarbourVest’s Scott Voss on Where the Two Markets Now Trade

The line between public and private markets has never been blurrier — and Scott Voss, Managing Director at HarbourVest Partners, has a view on both sides. In this episode of Inside the ICE House, Voss joins NYSE Vice Chair Michael Harris to map the forces reshaping capital markets in 2026: record buyouts, the rise of the secondary market as a mainstream liquidity path, and a handful of AI companies that could collectively raise as much equity as the entire global IPO market did last year. They cover what AI disruption really means for software valuations and private credit, why infrastructure and defense have become the new growth trade, and how the push for national self-sufficiency is redrawing the global investment playbook. Voss also previews HarbourVest's latest research on the redefinition of sovereignty — from geographic borders to data, compute, and the "pseudo sovereigns" who control them. The conversation closes with a warning: in a world of dispersion and consensus risk traps, the fundamentals have never mattered more. HarbourVest Partners, LLC (“HarbourVest”) is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes; the information should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. In addition, the information contained in this document (i) may not be relied upon by any current or prospective investor and (ii) has not been prepared for marketing purposes. In all cases, interested parties should conduct their own investigation and analysis of any information set forth herein and consult with their own advisors. HarbourVest has not acted in any investment advisory, brokerage or similar capacity by virtue of supplying this information. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. The information is subject to change without notice and HarbourVest has no obligation to update you. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest.

ETF Central: FLX Networks Founder and CEO Brian Moran

Brian Moran, Founder and CEO of FLX Networks, joins Bilal Little on ETF Central to discuss how his platform is modernizing the connection between asset managers and wealth managers through digitization and workflow automation. Moran explains how FLX has evolved into a two-sided network that helps both sides operate more efficiently in an increasingly complex, fiduciary-driven environment. He highlights how technology, partnerships, and AI are reshaping distribution, client engagement, and growth strategies across the industry.

Episode 534: Apex CEO Ian Cinnamon on the Space Race, Satellite Buses, and Orbital Platforms

Apex CEO Ian Cinnamon goes Inside the ICE House to discuss how he identified a critical bottleneck in satellite production and built Apex to solve it. He explains the company’s focus on productizing satellite buses to enable faster, scalable access to space. Cinnamon outlines Apex’s strategy of partnering with legacy defense and aerospace players rather than competing with them. He also highlights Project Shadow and the role Apex aims to play in advancing space-based defense and national security.

May Markets in Focus: The Kevin Warsh Era Begins + The Market's AI Response

Phil Rosen goes Inside The ICE House to explain how the Kevin Warsh era as Fed Chair is beginning to take shape and what it signals for monetary policy and market expectations. He breaks down how investors are parsing early cues on rates, inflation, and credibility as a new leadership tone emerges at the central bank. Rosen also explores the market’s evolving response to the AI trade, including where enthusiasm remains strong and where skepticism is creeping in.