Public Markets
Last updated: August 5, 2026, 11:30 PM ET
Global Markets React to Geopolitical Tensions and Economic Data
Gold advanced in early Asian trade, building on overnight gains driven by a softer dollar and lower Treasury yields. U.S. stocks finished mixed as optimism about the reopening of the Strait of Hormuz was tempered by continued volatility in artificial-intelligence wagers. The Nikkei fell 1.3%, dragged down by electronics stocks, following a sharp rise in the previous session led by artificial intelligence-related shares. Asian stocks were poised to ease as investors digested gains in technology shares and watched for fresh signs of progress toward a deal to reopen the Strait of Hormuz. U.S. Treasury yields edged slightly lower ahead of the Bureau of Labor Statistics employment report, following weaker-than-expected private payrolls data. The WSJ Dollar Index fell 0.16% to 96.01, marking its sixth decline in the past seven trading days. Comex gold settled 0.38% lower at $4033.70, down for a second consecutive session, while silver rose 0.1%, up for three of the past four sessions. Copper prices rose for the third consecutive trading session, ending at fresh records, with gold and silver prices also settling higher.
Corporate Earnings and Outlooks Show Mixed Performance
MetLife Inc.’s second-quarter earnings surpassed Wall Street’s expectations, bolstered by strong underwriting, volume growth, and the success of a five-year plan. Prudential Financial Inc. reported second-quarter results that beat analyst estimates, as revenue from its asset manager surged. DBS Group Ltd. delivered better-than-expected second-quarter profit, driven by a surge in wealth-led fee income, and raised its 2026 guidance. Wynn Resorts reported second-quarter profit of $140.1 million, compared with $66.2 million a year earlier, as revenue rose on demand from wealthy customers. Western Digital reported a more than elevenfold increase in its fourth-quarter profit, driven by continued strong demand for its memory technology. Motorola Solutions lifted its outlook, expecting full-year adjusted earnings between $17.62 and $17.72 a share on revenue of about $12.98 billion. News Corp saw revenue growth across all segments, with digital-only subscriptions to The Wall Street Journal averaging nearly 4.5 million in the quarter. EBay reported higher revenue of $3.13 billion and now expects gross merchandise volume to grow between 11.5% and 12.5% in 2026, as the Depop acquisition closed and revenue rose.
Technology and AI Sectors Face Volatility and Investment Shifts
SpaceX shares sank on the company's AI spending plans, with the Elon Musk-led rocket company spending $15.8 billion on AI projects in the second quarter and not planning to slow down. SpaceX stock dropped on ballooning AI bills, with Google reshuffling senior AI ranks and Shake Shack drawing an activist. Nasdaq fell after a morning rally, with the Nasdaq Composite retreating, while the Dow industrials advanced. Celestica Inc. is looking to raise $3 billion from selling new shares, joining a flurry of companies raising funds for data centers to power the artificial intelligence buildout. China's rapid progress in low-cost artificial intelligence is strengthening the investment case for the country's internet giants after years in the shadow of chipmakers, market participants say. A spate of well-known hedge funds reported steep losses in July as AI shares tumbled, most notably forcing the highly leveraged Situational Awareness to sell most of its stock portfolio at a deep discount. Palantir Technologies Inc. shareholders have watched their positions lose more than 40% of their value since the stock hit a peak in November, as the company is stuck in a worst-of-both-worlds bind with AI and software. Chip giant SK Hynix Inc. suffered its second short-lived share plunge in about a week, raising fresh questions about trading volatility on South Korea’s alternative stock exchange.
Economic Trends and Policy Debates Shape Market Sentiment
Traders in India are dialing back October rate-hike bets after dovish remarks from the Reserve Bank of India, with the earliest anticipated rate hike now in December. The Japanese yen will strengthen about 6% against the dollar by year-end following coordinated currency intervention, according to revised expectations from Bank of America Corp. Emerging-market carry trades are showing resilience even after joint U.S.-Japan currency intervention dented the appeal of this yen-funded strategy. The way Scott Bessent's yen trade is being conducted should raise concerns that the Federal Reserve is being drawn into easing monetary conditions. Global bond and currency investors are debating if it's time to dust off last year's "Sell America" trade after a flurry of economic-policy decisions out of Washington over the past two weeks. The U.S. suspended government activities in the Mexican state of Michoacan, affecting imports of avocados from the largest producing region in the country to the U.S. Ghana's central bank incurred losses of 22 billion cedis ($1.9 in 2025 under a domestic gold purchase program aimed at boosting the country’s foreign-exchange reserves.
Regulatory and Legal Developments Impact Industries
Federal agents are using flight manifests to arrest travelers with lapsed visas, drawing objections from airlines over safety and protocol. The F.D.A. approved Moderna’s mRNA flu vaccine after initially refusing to review the application but reversing course after a public outcry. A Senate panel scheduled a vote on contempt of Congress for Dr. Anthony Fauci after he declined to answer questions at a hearing last week, raising legal issues. Prosecutors are probing whistleblower claims that JPMorgan mishandled fraud cases, with a former executive alleging the bank improperly denied reimbursements of more than $100 million to victims of financial scams. The U.S. is halting key metal waste exports in a push to break reliance on China, as Washington races to secure raw materials crucial for defense and other industries. The federal government is ending its contract with a Kentucky nonprofit after reports of abuses, stating the organization pressured medical workers to remove organs from patients who were getting better.
Dealmaking and Investment Activity Continue Amidst Market Shifts
Visa is acquiring Bio Catch, a fraud-reduction platform that uses artificial intelligence, for $2.4 billion in cash. Two private credit funds managed by Blue Owl Capital Inc. bought back a combined $90 million of shares, marking a consecutive quarter of repurchases as the asset manager sought to steady the vehicles’ value. Apollo Global Management reported record revenue from fees as it vies to be one of Wall Street’s largest lenders. Infinx Services Pvt. a healthcare revenue cycle management company, is considering an initial public offering of as much as $300 million in India, according to people familiar with the matter. Bodycote is facing separate bids from CVC and Veritas, valuing the FTSE 250 industrials group at about £1.8 billion including debt. Glencore plans a secondary listing in Australia, as the miner has long complained its London shares are undervalued. LIV Golf is pursuing a “grand bargain” with Saudi Arabia’s Public Investment Fund and BC Partners, with potential investors seeking assurances that the tour’s star players will remain.
Company-Specific News and Strategic Moves
TikTok is laying off 250 employees in its Nashville office, which was home to members of the app’s content moderation team. Etsy will cut 12% of its workforce as the CEO focuses on the core marketplace, with these cuts not driven by cost-cutting initiatives or artificial intelligence. Goodyear swung to a loss of $204 million, or 71 cents a share, compared with a profit of $254 million a year ago, due to lower tire volume and higher costs. Zillow posted a loss of $4 million as restructuring costs of $36 million weighed on the bottom line despite higher revenue, but Zillow’s revenue jumped 18% from a year earlier to $772 million, with rentals offering a "bright spot." Duolingo Inc. shares fell as much as 12% after the company’s conservative revenue outlook for the current quarter overshadowed user growth. Block raised its full-year guidance and reported higher second-quarter revenue as growth in its commerce and financial solutions businesses helped offset declines in Bitcoin. Spotify climbed to 300 million premium subscribers, reporting a 14% quarterly revenue increase from a year earlier. Honda doubled profit and lifted guidance on a weak yen, aiming to improve its hybrid EV offerings to bolster its car business’s profitability.
Labor Market and Workforce Adjustments
The New York City parking sticker of shame has returned after 14 years, with the city again slapping stickers on cars that do not move for street sweepers. Gen Z is finding it difficult to afford a first date in New York City, with crushing economic factors creating a barrier to romance. The mayor of New York is firing corporate leaders from a city fund’s advisory board, signaling a change in how power brokers access City Hall. Wildfires forced 60,000 evacuations in Spokane. A 37-year-old man was arrested on suspicion of arson in a Spokane wildfire after a witness reported seeing him near the ignition site, as winds were forecast to increase.
Private Equity
Last updated: August 5, 2026, 11:30 PM ET
Dealmaking Activity and Valuations
KKR is set to acquire Integer Holdings in an all-cash transaction valued at approximately $5.7bn. This move will take the NYSE-listed medical device company private. KKR is also acquiring a 50% stake in Total Energies’ European onshore solar and wind business for €1.8bn, following a prior $1.25bn acquisition of Total Energies' North American solar business. The firm is deploying insurance capital into this €1.8bn renewables portfolio. In a significant transaction for the sports industry, Clearlake co-founder Behdad Eghbali is nearing a record $3.9bn deal for the San Diego Padres, which would be the most expensive franchise sale in Major League Baseball history.
Bodycote plc has confirmed receipt of two competing conditional cash offer proposals from CVC and Veritas Capital Fund IX, both valuing the company at £1.56bn. Veritas Capital is also acquiring environmental consultant Trinity Consultants from Oak Hill. Bain Capital is in the process of acquiring Gong cha, a chain of tea beverage shops, from TA Associates. PE-backed ContextLogic is set to acquire chemicals manufacturer gChem from Eagle Tree for $850m. Thoma Bravo is selling its software and platform technology provider for the heavy building materials industry, Command Alkon, to Francisco Partners. In the beverage sector, Axum Capital has agreed to acquire Barcode, a plant-based and hydration drink brand.
Nordic Capital is acquiring BWX Technologies' medical business for up to $800m, focusing on radiopharmaceuticals. Ridgemont has acquired environmental remediation and geotechnical construction services firm Entact from JFLCO. Wynnchurch-backed Trimlite purchased doormaker Barnett Millworks, expanding its geographic reach into the Southeast market. Waterland is taking a majority stake in Norisol, a Danish provider of technical insulation, scaffolding, and marine solutions, which posted an operating margin of over 13% in 2025 and expects revenue to exceed DKr1bn in 2026. Sheridan Capital has acquired Carolina Components Group, a provider of custom-engineered bioprocessing assemblies.
Fundraising and Investor Strategies
The EQT-managed Scaleup Europe Fund has made its first investment, co-leading a €450m round into Finnish satellite imaging company ICEYE at a €10bn valuation. TPG is raising $17bn for its third healthcare fund, TPG X, as part of its $94bn Capital platform. Nextalia has held a first close of over €1.1bn on its second flagship fund, Nextalia Private Equity II (NPE , attracting commitments from more than 200 investors since February. Adams Street doubled its fund size with its latest flagship secondaries raise, securing $2.7bn for Fund 8 as part of a $5bn secondaries program, aiming for a 50/50 split between LP-led and GP-led deployment.
Singapore's sovereign wealth fund GIC is preparing to sell around $1bn worth of private equity fund stakes on the secondary market. MetLife Investment Management has closed its third managed secondary transaction, raising approximately $1.2bn for Met Life Investment Private Equity Partners Fund III, with Lexington Partners serving as the lead investor. LGT Capital has launched its debut credit secondaries strategy, focusing on LP-led, GP-led, and opportunistic deals with an emphasis on senior lending. US investors have contributed an additional $100m to the specialist impact investing firm's debut dedicated secondaries fund.
Carlyle's chief Harvey Schwartz noted that the firm's US buyout strategy distributed capital at more than double the industry rate. Carlyle increasingly views Alp Invest as a corporate finance business rather than a standalone secondaries unit. Ryan Moore venture capital investor and Draft Kings seed investor, has closed on $78.5m for Revenant Ventures' debut fund. Boston Retirement has issued a request for proposal for up to an $85m private equity mandate. New York Teachers' Retirement System (NYSTRS) plans to invest up to $2.7bn in private equity commitments for fiscal year 2027.
Venture Capital and Technology Investments
Global venture funding reached $65bn in July, marking a 100% year-over-year increase and setting a record for the highest number of billion-dollar venture rounds in a single month. Menlo Ventures' Matt Murphy highlighted that the firm is deploying $3bn in new capital, with AI driving larger deal sizes. Index Ventures raised a new $2bn fund specifically for AI investments. A new venture capital firm backed by 244 limited partners includes prominent AI researcher Yann LeCun among its backers.
Moove has raised $250m to expand its role in scaling autonomous vehicle fleet management, with ambitions to eventually own robotaxis. WindBorne Systems secured a $37m Series B round to scale its weather balloons and AI-powered forecasts. Zurich-based Exclaim Robotics has emerged from stealth, raising $4.95m. Plural has backed a $43m round for next-generation battery startup Ore Energy. A16z has invested in Happy Robot at a $1.2bn valuation.
Robinhood is launching a fund that will allow retail investors to back Y Combinator startups. Lightspeed partners are discussing their social media strategies and podcast, Lightwork, which was instrumental in finding new hires. June has raised $20m in pre-seed funding to simplify AI adoption. Magic School AI an edtech startup founded by an educator, has raised $63m from venture capitalists.
Industry Trends and AI Integration
The music industry is experiencing significant deal activity, with AI playing a crucial role in improving administration, metadata management, royalty processing, and licensing efficiency, according to Josh Love of Reed Smith. Graphite's Mike Tilbury suggests that the rise of AI-generated content could lead to a re-rating of data assets, as companies with "rights-clean" data are essential inputs for AI development. He believes the market currently undervalues these critical data assets. Mutares completed its largest deal to date, acquiring SABIC's engineering thermoplastics business in the Americas and Europe for $450m, rebranding the unit as Nex Point Materials.
Integrating AI into product strategies can enhance valuation, but it can also inadvertently reduce exit value, according to strategic adviser Itay Sagie. Njord Partners' Arvid Trolle noted that AI is becoming a "natural part" of how the firm operates and is key to operational improvements, observing resilience in the value segment and exit market. The European Union has officially launched its €5bn tech superfund to support the sector. Nscale will provide compute resources to AI researchers at Oxford, UCL, and Imperial.
The integration of AI is also impacting physical environments, requiring a "bravery to change the process". The language used by founders to describe their work, such as "sweaty" and "insane," offers insights into their experiences. The skills developed in product management may be as relevant for leadership roles in tech as traditional paths like COO or CFO.
Market Dynamics and Sector Focus
The U.S. Navy budget exceeds $300bn, attracting significant private equity interest due to its substantial size and economic impact. KKR is considering a GP-led strategy launch, believing it can build a "world-class" business targeting this sub-segment. The secondary market
Sector Investment
Last updated: August 5, 2026, 11:30 PM ET
Infrastructure Fundraisings and Strategy
KKR has achieved a final close of $19.2bn for its latest flagship infrastructure fund, marking the largest fundraising to date for the firm and surpassing the $17bn raised for its predecessor in March 2022. Agallas Equities is planning an inaugural Caribbean-focused infrastructure fund with a target of $5bn, attracting early interest from Gulf state family offices for major projects in the Dominican Republic and surrounding areas. Industriens Pension a Danish fund with €37bn in assets, is maintaining a "business as usual" approach to infrastructure investments despite current geopolitical turbulence, according to Mikkel Kjaersgaard, Head of Infrastructure. Aware Super is in discussions to merge with Prime Super, which would add approximately A$8bn in assets under management to Aware Super's already substantial capital pool.
Deal Activity and Sector Focus
Altaris is set to acquire the Life Sciences & Healthcare business from Clarivate, a significant move within the healthcare private equity space. While transport assets may not appeal to all infrastructure purists, the decision ultimately rests with limited partners on whether to accept such investments. Kuwait has secured the largest foreign direct investment deal ever, part of a substantial $16bn infrastructure pipeline. The healthcare sector is also seeing activity in areas like medical spas, with discussions around growth and capital strategy involving figures like Amanda Blank, CEO of Founders Beauty Group.