Public Markets
Last updated: August 5, 2026, 5:30 PM ET
Market Movers
The S&P 500 finished mixed as optimism over the Strait of Hormuz reopening was tempered by volatility in artificial intelligence investments. The Nasdaq also experienced a retreat after an initial morning rally, while the Dow industrials advanced. Treasury yields edged slightly lower ahead of the Bureau of Labor Statistics employment report, following weaker-than-expected private payroll data. U.S. natural gas futures traded in a range ahead of the Energy Information Administration's weekly storage report. Copper prices rose to new record highs for the third consecutive trading session, with gold and silver prices also settling higher.
Corporate Earnings and Outlooks
Block raised its full-year financial solutions growth outlook and reported higher second-quarter revenue, driven by its commerce segment, which helped offset declines in Bitcoin. Goodyear swung to a loss of $204 million, or 71 cents a share, in the second quarter, compared to a profit of $254 million in the year-ago period, due to lower tire volume and increased costs. Zillow posted a loss of $4 million, impacted by $36 million in restructuring costs, despite an increase in revenue, with its rental segment showing significant growth. App Lovin's quarterly sales fell slightly below analysts' expectations, and the company provided a softer outlook for the third quarter. DoorDash's profit fell as higher costs for revenue, sales, marketing, research and development, and other overhead expenses offset revenue growth from an increase in orders. E.l.f. Beauty's sales climbed 36% to $479.4 million in the first quarter, and the company raised its full-year sales guidance, with Hailey Bieber's Rhode brand contributing to the growth. Expedia increased its annual revenue forecast to a range of $16.05 billion to $16.22 billion, up from its previous projection of $15.6 billion to $16.0 billion.
Technology and AI Investments
SpaceX's stock declined due to significant spending on artificial intelligence projects, with capital expenditures jumping nearly sevenfold from the previous year and revenue also rising. The company spent $15.8 billion on AI in the second quarter and indicated no plans to reduce this investment. Four top Google researchers have formed a new startup, led by Jeff Dean, with backing from Google. The Trump White House is developing a voluntary framework to review security risks associated with closed-source artificial intelligence models. The widespread adoption of artificial intelligence models in Africa sees developers favoring China's cheaper, freely available AI options over more powerful U.S. alternatives.
Financial Markets and Deals
Two private credit funds managed by Blue Owl Capital Inc. repurchased a combined $90 million of shares, marking the second consecutive quarter of such buybacks as the asset manager aimed to stabilize the vehicles. Fitch Ratings is upgrading 30 portions of collateralized loan obligations, adding to the hundreds of tranches previously under consideration for upgrades under a new methodology. CME Group and Fan Duel are scaling back a joint venture focused on prediction markets, acknowledging that they have not gained sufficient traction in a rapidly growing industry. Ares Management Corp. is leading a $2.2 billion direct loan to finance a healthcare services acquisition, representing one of the largest deals since the private credit market experienced significant disruption. BC Partners’ credit arm is exploring a potential lending arrangement with LIV Golf, leading a group of investors in this endeavor. Boeing Co. and Lockheed Martin Corp.'s rocket joint venture plans to issue bonds in the private market to refinance existing debt. Carlyle Group is observing a thawing in capital markets, which is accelerating the pace of investment exits across various industries.
Economic and Trade Developments
The U.S. suspended government activities in Michoacán, a significant avocado-producing region in Mexico, which could impact avocado imports into the United States. U.S. crude oil inventories increased by 2.5 million barrels in the week ending July 31, contrary to expectations of a 1.2 million barrel decline. U.S. distillate exports reached a record high last week as domestic stockpiles continued to fall, indicating a global demand for diesel that is depleting U.S. supplies. Ghana's central bank incurred losses of 22 billion cedis ($1.9 in 2025 through a domestic gold purchase program designed to boost foreign-exchange reserves. China sold long-dated yuan-denominated sovereign bonds in Hong Kong at record-low yields, reflecting strong global investor demand for offshore issuance. India expanded its share sale in state-run insurance giant LIC to $3.3 billion due to strong demand, bolstering public finances amidst economic challenges. Brazil's Cia. Siderúrgica Nacional is seeking at least 15 billion reais ($2.9 for its cement business and anticipates receiving four bids for the unit.
Industry Specifics
The online travel agency Expedia has raised its annual revenue projection to between $16.05 billion and $16.22 billion. Bloomin’ Brands increased its adjusted earnings outlook, as customers at Outback Steakhouse are opting for more expensive steak options. Dine Brands reported higher sales but lower profit in the second quarter, with IHOP's growth compensating for a decline at Applebee's. Lufthansa shares fell after a significant drop in quarterly profit and a more cautious full-year guidance, anticipating a negative impact from volatile jet fuel prices. Deutsche Lufthansa has warned of increased uncertainty for its full-year outlook due to fluctuating jet fuel prices and shorter booking cycles, which are hindering profit growth efforts. Continental anticipates meeting its tire guidance despite rising raw material costs, and is in the final stages of its strategic realignment. The company now expects sales to increase between 13% and 14% for the current fiscal year, following a fourth-quarter revenue of $1.95 billion. Merck has lowered its profit forecast for the year due to charges associated with its acquisition of Terns Pharmaceuticals.
Global and Political Developments
The U.S. has ended its contract with a Kentucky-based nonprofit following reports of alleged abuses, including pressuring medical workers to remove organs from improving patients. The federal government is ending its contract with a Kentucky nonprofit after allegations of pressuring medical workers to remove organs from patients who were recovering. Colombian authorities intercepted a bus laden with explosives in the country's southwest, highlighting security concerns ahead of President-elect Abelardo de la Espriella’s inauguration. At least 17 people were killed in a Russian missile attack on Kyiv, as Ukraine faces a critical shortage of interceptor missiles to counter Russian bombardments. At the same time, Israeli and Lebanese negotiators were engaged in talks in Rome aimed at achieving a long-term diplomatic resolution. The Trump administration is preparing an AI framework to assess security risks, focusing on closed-source models while excluding those that publish their underlying code.
Other Market News
The New York Times' stock plunged 13% as its subscriber growth rate slowed, though total revenue increased by 11% to $762.5 million in the second quarter. Western Digital reported an over elevenfold increase in its fourth-quarter profit, driven by sustained high demand for its memory technology. Sandisk's revenue soared due to demand for data storage solutions supporting the buildout of artificial intelligence, resulting in a net income of $6.9 billion. The death of a Salvadoran immigrant at a federal detention center in Newark has prompted scrutiny regarding the conditions within the facility. The U.S. government is severing ties with a Kentucky nonprofit after allegations of pressuring medical workers to remove organs from patients who were recovering. The mayor of Newark identified the deceased individual as Edwin Lopez-Cornejo, and the New Jersey facility has been under intense scrutiny for its treatment of detainees. Federal immigration officials have recently begun stating they will prosecute elected county sheriffs in Minneapolis and Chicago as a new tactic.
Private Equity
Last updated: August 5, 2026, 5:30 PM ET
Private Equity Dealmaking and Fundraising Activity
KKR is set to acquire a 50% stake in Total Energies’ European onshore solar and wind business for €1.8bn. This deal follows its prior acquisition of the company's North American solar business for $1.25bn. KKR is also taking medical device company Integer Holdings private in an all-cash transaction valued at approximately $5.7bn. In the energy sector, EnCap Flatrock has sold Momentum Midstream to Williams for $5.5bn. Mutares completed its largest deal to date, acquiring SABIC's engineering thermoplastics business for $450 million. This business will be rebranded as Nex Point Materials. CVC and Partners Group are exiting their investment in Żabka Group, Poland's largest convenience retailer, as Alimentation Couche-Tard makes an $8.6bn bid.
Venture Capital and Startup Funding
Global venture experienced a significant surge in July, with startup capital totaling $65 billion, a 100% increase year over year, and a record number of billion-dollar venture rounds. Menlo Ventures is deploying $3 billion in new capital, with a focus on larger deals driven by the current AI landscape. Index Ventures raised a new $2 billion fund specifically for AI investments. Moove has raised $250 million to support the autonomous vehicle industry, aiming to become the backbone for robotaxi fleets. Robinhood is launching a fund that will allow retail investors to back Y Combinator startups.
AI and Technology Investments
AI continues to be a major driver of investment, with several firms actively participating in the sector. Clearlake has partnered with OpenAI, and PE firms like Blackstone, TPG, and EQT are also engaging with AI businesses. Wind Borne Systems secured $37 million in Series B funding for its AI-powered weather prediction balloons. Nscale will provide compute resources to AI researchers at Oxford, UCL, and Imperial College. June, a startup aiming to simplify AI adoption, has raised $20 million in pre-seed funding.
Secondary Market Activity and Investor Strategies
The secondary market remains active, with Singapore's sovereign wealth fund GIC preparing to sell around $1 billion worth of private equity fund stakes. Met Life Investment Management closed its third private equity fund, raising approximately $1.2 billion with Lexington Partners as the lead investor. Adams Street doubled its fund size with a $2.7 billion raise for its latest flagship secondaries fund. LGT Capital has launched its debut credit secondaries strategy, focusing on LP-led, GP-led, and opportunistic deals. Carlyle's chief executive Harvey Schwartz, indicated that cyclical tailwinds supporting the secondaries market are expected to persist for several years.
Fundraising and Firm Activities
EQT's Scaleup Europe Fund has debuted with a €450 million investment in Finnish satellite imaging company ICEYE, valuing the company at €10 billion. TPG is targeting $17 billion for its third healthcare fund, TPG X. Nextalia has held a first close of over €1.1 billion on its second flagship fund, Nextalia Private Equity II. Apollo is roughly halfway to its $22 billion-$25 billion target for its Fund XI. The EU's €5 billion tech superfund is now officially open for business.
Sector-Specific Investments
In the healthcare sector, Nordic Capital is acquiring BWXT's medical isotopes business for up to $800 million. Bodycote plc has confirmed receipt of two competing cash offer proposals, valued at £1.56 billion, from CVC and Veritas Capital. Veritas Capital is also set to acquire environmental consultant Trinity Consultants from Oak Hill. The music industry is experiencing significant deal activity, with AI playing a role in improving administrative and royalty processing efficiencies. Private equity is showing increasing interest in US naval investments, with the US Navy budget exceeding $300 billion.
Venture Capital Firm Strategies and New Hires
Lightspeed partners are focusing on building their social media presence and podcast to attract talent. Yann LeCun joined a new venture capital firm backed by 244 limited partners. Moore's Revenant Ventures has closed on $78.5 million for its debut fund in the venture capital secondaries space.
Other Notable Deals and Market Trends
Permira has agreed to sell its stake in fraud intelligence provider Bio Catch to Visa for $2.4 billion. ContextLogic is acquiring chemicals manufacturer gChem from Eagle Tree for $850 million. TSG Consumer has taken a majority stake in the body care brand Saltair. Waterland has acquired a majority stake in Danish industrial services firm Norisol. Fintech startup Moss has achieved unicorn status with a €30 million Series C round.
Sector Investment
Last updated: August 5, 2026, 5:30 PM ET
Infrastructure Fundraisings and Mergers
Agallas Equities is targeting major projects in the Dominican Republic and surrounding areas with its planned $5bn Caribbean-focused inaugural infrastructure fund. Early interest in this fund has been garnered from Gulf state family offices. KKR achieved a final close of $19.2bn for its latest flagship infrastructure fund. This fund represents KKR’s largest fundraising to date, exceeding the $17bn raised for its predecessor in March 2022. Aware Super and Prime Super are in talks to merge, which would add Prime Super’s approximately A$8bn in assets under management to Aware’s larger capital pool. Industriens Pension a Danish fund with €37bn in assets, is navigating current geopolitical turbulence with a focus on business as usual for its infrastructure investments.
Healthcare and Life Sciences Deals
Altaris has announced its intention to acquire the Life Sciences & Healthcare business from Clarivate. This business segment focuses on providing solutions within the healthcare and life sciences industries. Amanda Blank CEO of Founders Beauty Group, discussed growth and capital strategy within the medical spa sector.
Kuwait's Major Infrastructure Deal
Kuwait has clinched the largest foreign direct investment deal ever recorded, with a pipeline valued at $16bn. This significant transaction highlights substantial investment activity in the region's infrastructure sector.