JPMorgan’s Foley Affirms Open Capital Markets Amid Rising Risk Appetite

JPMorgan Chase’s Michael Foley confirmed that global capital markets are functioning robustly, describing them as 'very much open' in a recent remarks. This assessment reflects sustained access to debt and equity financing, even amid broader macroeconomic uncertainty. The statement comes as institutions continue to engage in significant capital-raising activities, particularly within energy and defense sectors. The assertion carries weight given JPMorgan’s dominant role in global underwriting. In the first quarter of 2026, the firm led $18.7 billion in equity underwritings and $34.2 billion in debt issuances, underscoring ongoing market depth. These figures suggest that despite geopolitical tensions and shifting monetary policy expectations, financial intermediation remains active. Key market indicators reflect this environment: the CBOE Volatility Index (^VIX) closed at 16.3, down from a peak of 22.1 in early February, signaling reduced fear in equity markets. Meanwhile, crude oil futures (CL=F) traded at $83.40 per barrel, supported by supply constraints and increased defense sector demand. Apple Inc. (AAPL) shares rose 2.1% to $194.30, buoyed by strong quarterly guidance and continued M&A speculation. The openness of capital markets benefits both public and private issuers, particularly in energy infrastructure and defense technology. Companies in these sectors are advancing new projects with financing secured at favorable rates, indicating confidence in long-term growth trajectories. Investors are reallocating toward cyclical and capital-intensive assets, driven by both earnings momentum and macro policy shifts.