Public Markets 8 Hours

Last updated: September 25, 2026, 2:07 PM ET

Public Markets

Bonds & Rates

U.S. Treasury yields resumed their march higher to end the week, with the long-end posting fresh post-2004 highs as new indications of economic resilience fueled rate expectations. A separate bond sell-off pushed long-term yields to record levels for the cycle, though the move eased slightly as oil prices retreated. Treasury volatility is heading for its biggest jump in more than a year as bonds churn. The Federal Reserve now faces the prospect of another interest rate increase just before the midterm elections, with markets pricing nearly 70% odds of a move. Meanwhile, one bond investor warns that France’s outlook echoes Greece in 2010, while Argentina’s 10% yields are tempting bond buyers as election risks build. Prospect Capital is discussing a yield of about 8% on its first junk-bond sale. Investors should be wary of bond funds that claim to beat the market, as hidden risks often drive returns.

Equities & Currencies

U.S. stocks gained on Friday as a drop in oil overshadowed a decline in consumer confidence, with the S&P 500 and Nasdaq posting modest advances. Rising rates have been no problem for the stock market’s shadiest nook, as the most-shorted names continue to rally despite higher yields and geopolitical tensions. Gold futures picked up as the U.S. dollar eased, recovering after four sessions of declines. India’s forex reserves fell the most in two years as the central bank stepped in to support the rupee. The hard and soft data divergence that once dominated market chatter is no longer being discussed, suggesting a shift in investor focus.

Energy & Commodities

Oil futures fell as hopes of reopening the Strait of Hormuz eased supply fears, with the broader commodity complex under pressure. U.S. natural gas futures pulled back, giving back some of the previous session’s hefty gains. Brussels is pushing the Trump administration to maintain the "free flow" of diesel, warning the continent faces its worst winter energy crisis. Italy will convene oil refiners next month as it seeks to boost fuels output. South America has become big oil’s top hunting ground, with exploration accelerating since Exxon’s blockbuster discovery. Paraguay is increasing beef exports to the U.S., though it hasn’t been allocated an export quota. Zambia says diesel pipeline open access will resume by January.

Deals & Corporate Finance

German chemicals giant BASF has made a takeover approach for rival Evonik, in what would be a significant step in consolidating Europe’s fragmented chemicals industry. Private equity-backed Brightline, the Florida high-speed railway, has filed for bankruptcy to slash $6 billion in debt. Cineplex, Canada’s largest movie theater chain, is likely to receive offers for half the price of its 2019 bid. Actis LLP has merged 11 Indian road assets from two funds into a $1 billion infrastructure investment trust. DP World is shifting routes as costs from war disruptions rise. In the crypto space, Bitget was hit by a $390 million hack that the company said was "highly consistent" with North Korean criminal methods. The In-N-Out spatula hero turned a bizarre late-night standoff into free burgers for customers.