BX · 10-Q · 2026Q2 · Full report

Macroeconomic Factors Impact

Blackstone Inc. · 2026-08-07 · Importance 56 · Surprise 82 · In source text

Major equity markets appreciated significantly in the second quarter of 2026, supported by resilient economic growth and large-scale artificial-intelligence ecosystem capital spending; the S&P 500 returned 15.2%, while the energy sector declined 13.4% as West Texas Intermediate fell 31.4% to $69.50 per barrel. U.S. IPO volume increased 628% year-over-year, including SpaceX’s $75 billion IPO, and announced U.S. merger-and-acquisition volume rose 99% year-over-year. U.S. real GDP growth slowed to an annualized 1.5% quarter-over-quarter in the second quarter from 2.1% in the first quarter, although retail and food-services sales increased 6.7% year-over-year and unemployment was 4.2% in June. Management said continued U.S. strength, aided meaningfully by AI-related spending, supported market sentiment and transaction activity, while geopolitical conditions, interest-rate uncertainty, AI disruption and the ongoing Middle East conflict remain relevant to future market conditions.

Key facts

• Initial public offering volumes increased 628% year-over-year in the period referenced, buoyed by the $75 billion initial public offering of SpaceX. source
• U.S. announced merger and acquisition deal volumes rose 99% year-over-year. source
• The information technology sector total return was 31.8% in the second quarter of 2026. source
• The price of West Texas Intermediate crude oil decreased 31.4% to $69.50 per barrel. source
• CPI increased 3.5% year-over-year in June, compared to 3.3% growth in March 2026. source
• The Bureau of Economic Analysis’ advance estimate of U.S. real GDP indicated annualized growth of 1.5% quarter-over-quarter in the second quarter, compared to 2.1% in the first quarter. source
• The total return of the S&P 500 Index was 15.2% in the second quarter of 2026. source
• The industrial sector total return was 14.9% in the second quarter of 2026. source

Impact estimates