Public Markets 8 Hours

Last updated: September 3, 2026, 2:41 PM ET

Market Overview

US stock futures posted modest gains Thursday as bond yields stabilized near multi-year highs and investors digested the latest commentary from Federal Reserve Governor Christopher Waller, while chip stocks felt pressure. Treasuries rose after Waller said he’d be inclined to leave interest rates unchanged as long as inflation continues to slow. His next decision on rates will be “heavily influenced” by August inflation data due next week. The Fed also debated over the right sports analogy, with Waller pushing back on Warsh’s framing. Meanwhile, the US trade gap widened sharply in July to the largest since early 2025, reflecting a surge in imports of computers and other technology equipment. The deficit hit $88.6 billion as spending on data centers to feed the A.I. boom drove up imports.

Energy & Commodities

Oil jumped for a fourth straight day and diesel neared record highs as renewed strikes by the United States and Iran strained the flow of energy. In Europe, the diesel crack spread rose above $100 a barrel for the first time, leaving diesel at more than twice the cost of underlying crude. Ukraine attacked a small service ship involved in planned repair works at the key CPC oil terminal in the Black Sea, vital to Kazakhstan’s crude exports. Russia’s oil revenue slumped to a six-month low in August, reflecting lower export prices. U.S. natural gas futures rose on forecasts for hot weather extending beyond Labor Day. A war-fueled ETF has become a good bet given the US-Israel war with Iran. The Dutch central bank moved gold from New York to London, shifting 78 metric tons worth $11 billion to improve trading ability. El Nino is on track to be the strongest in at least 70 years, threatening global agricultural markets. Venezuela bonds have jumped since the Trump administration moved to take control of a huge swath of the country’s oil reserves, with investors factoring in higher crude production. US oil companies are expanding in Venezuela and the Middle East as Washington exerts its power.

Deals & Corporate Finance

Nvidia has agreed to buy Hugging Face in a $12.9 billion deal, extending its AI spending spree and underscoring its emphasis on open-source technology. The model and data repository had turned down big investment from Jensen Huang’s chip group last year to preserve independence. Canada has picked Alstom to build passenger railcars in a multibillion-dollar deal, with Prime Minister Mark Carney saying the government would spend about C$4.7 billion (US$3.4 billion() on new-generation cars for Via Rail. Revolut has won a provisional US banking licence, a milestone for the UK-based fintech seeking American expansion. Harvey Nichols’ sale is set to cost luxury brands millions, with brands including Chloé and Victoria Beckham set to recover less than 15p in the pound after Frasers Group buys the department store chain. Cerba Healthcare has filed a request to start court-supervised restructuring proceedingsin France as it attempts to tackle a debt pile of around €5 billion ($5.8 billion(. Blackstone’s flagship private credit fund has again capped redemptionsat 5% for a second consecutive quarter, providing an early glimpse at pressures facing the $1.8 trillion market. The $43bn fund was hit with notices from investors to pull 10%of the vehicle’s value in the third quarter. India’s central bank faces an ~$11 billion billon its foreign deposits plan after tapping the diaspora for a record $127 billion through a special program. Volkswagen is reshaping US leadershipagain after steep sales declines, with veteran executive Marco Schubert taking over North American operations. The automaker also faces a downgradeto “junk” status without sweeping cuts, with top investor Union Investment urging the supervisory board to vote through a restructure that would axe 100,000 jobs in Germany.

Earnings & Company News

Tyson Foods has cut its revenue guidanceciting cattle pressure, now expecting fiscal 2026 revenue growth of 1.5% to 2%, down from a previous range of 2.5% to 3.5%. Shares of the meatpacker plungedas it again cut its outlook, signaling the beef industry’s pains amid a shrinking US cattle herd are far from over. Campbell’s shares slumpedon a sales drop, dividend cut and weaker outlook, marking its fourth straight quarterly sales decline. The company swung to a losson higher costs that weighed on margins as well as softer demand. Victoria’s Secret has lifted its outlookdespite cooling sales growth, now expecting sales of $7.1 billion to $7.18 billion. Entain is exiting the FTSE 100in surprisingly good shape, with the gambling group potentially creating value by slimming down. Corporate America is axing the “micro-team” bossat Uber and elsewhere, as managers with small fiefdoms have become an especially vulnerable target. Chicago is projectingan $882 million budget deficit for 2027, underscoring financial pressures on bond and pension costs.

Legal & Regulatory

Leon Black has sued the congressional panelinvestigating Jeffrey Epstein, skipping a deposition and seeking to block House committee subpoenas demanding nondisclosure agreements. The private-equity titan is among Wall Street figurestargeted by the committee for their ties to the late sex offender. Federal prosecutors have charged an ICE agentwith lying about a Minnesota shooting, a rare instance of the Justice Department accusing a federal agent of breaking the law while on the job. Trump has moved to strip tax exemptionsfrom schools that aid minority students, with Treasury rules targeting race-based programs. A wake-up callabout AI risks has emerged after the Hugging Face attack, where agents involved exhibited alarming behaviors including suppressing ethical qualms. The Athletic has foundthat Dianna Russini’s relationship with Mike Vrabel violated its standards, giving the appearance of a conflict of interest. Trump’s “economic D-Day” against Iran faces an uphill battle,with concerns over China’s overcapacity going global. An island paradise has become a secret hubfor Russian sanctions evasion.

Geopolitics & Defense

Rival Ukrainian intelligence units have opened fireagainst each otherin Kyiv, with President Volodymyr Zelensky describing the shootout as an“absolutely shameful event” and ordering an investigation. New jet-powered drones are breeding anxietyin Ukraine, as these Russian drones are more destructive, faster and harder to shoot down. Lloyd’s of London faces £1.4bn lossesfrom the US-Iran war, as attacks on critical infrastructurein the Gulf lead to rise in insurance claims. Pete Hegseth’s military is under examinationin a New York Times investigation of the department during his tenure. EVs have helped make China Hormuz-proof,and they are still just getting started, while Europe needs to refill its gas reserves. US oil companies are expandingas Trump reshapes global energy, seizing opportunities to diversify production. Concerns over China’s overcapacity have spread globally,with the US saying it’s fed up withthe issue.

Real Estate & Luxury

The son of a UAE billionaire has been revealed as the buyerof a £190mn London mansion, set to make one of the UK’s most expensive purchases. Watch fairs are mushroomingin face of industry gloom, with collectors as enthusiastic as ever but the proliferation of events stretching brands’ budgets. Hollywood’s new shows are taking aim at Big Tech,portraying innovators trading their lofty virtuous ambitions for profits and power. Retail media rivals have hosted an upfront-style eventto court ad buyers, while mac and cheese grows up as Barilla bites on healthier Goodles.

Markets Roundups

Health care stocks are in focuswith insight on AstraZeneca, Bayer, Regis Healthcare and more. Tech, media & telecom companiesare covered including Deutsche Telekom, Telstra, Tencent. Auto & transport namesinclude Volkswagen, Aston Martin, Hyundai. Energy & utilities firmssuch as Petronas, Chevron, BP are analyzed. Investors looking to diversify their U.S.-heavy portfolios should check fund namescarefully, as overseas ETFs may include heavy concentrations of American stocks. Auditors in the AI era face a new dawnof subject matter expertise, with a look behind the bond-market selloff.

Obituaries & Culture

Gloria Steinem, the personification of the women’s movement,has died at. She challenged sexist assumptions, helping women develop self-worth and gain equality at work, at home and in society. Steinem, a stalwart of the US feminist movement,championed equal rights for women for more than six decades using her skills as a writer, activist and public speaker. She came to New Yorkto be a writer but became a movement, with her 1983 book“Outrageous Acts and Everyday Rebellions” a master class in grit, empathy, curiosity and hustle. Her glamour was a means to an end,with the glasses, hairdo, bell bottoms and hip-slung belts all wrapped up in her feminist cause. Scientists have reconstructedthe sounds of Jurassic forests from fossil insect wings, spending over a decade to create the first accurate soundscape. A start-up that helps people diehas launchedin New York, as medical aid in dying is now legal and a team of clinical professionals decided to create a practice. Clancy’s lawyer, Kevin Reddington, has become a heroto her supporters, with themes present in Lindsay Clancy’s trial not unfamiliar to the veteran defense lawyer.