Public Markets 24 Hours

Last updated: August 4, 2026, 2:31 PM ET

Market Performance and Global Indices

European stocks closed at a record high, buoyed by strong earnings and a rally in mining shares, alongside optimism for a Middle East truce. The S&P 500 reached a record high as investors shrugged off concerns, with Iranian and Omani negotiators agreeing on a temporary shipping arrangement. European indexes opened strongly, with defense and AI-related stocks showing gains. The AI trade is currently faltering, but market gains have broadened, pushing the S&P 500 towards another record. Booming corporate profits are driving the S&P 500 near another record, dampening concerns about war, inflation, and other issues.

Commodities and Energy Markets

Oil futures extended their decline on hopes for a U.S.-Iran deal, with Treasury Secretary Scott Bessent suggesting an agreement might be reached soon. OPEC’s crude oil production rose in July, led by gains in Kuwait, Saudi Arabia, and Iraq, though tracking the group's output was complicated by opaque shipping data. The price of oil fell sharply amid hopes that talks were progressing on reopening the Strait of Hormuz. Emerging-market stocks and currencies remained under pressure as the lack of progress on U.S.-Iran talks lifted oil prices back above $86 a barrel. Saudi Aramco reported a 33% profit surge despite war-related disruptions, with higher oil prices driving the quarterly earnings jump for the Saudi energy giant. U.S. natural gas futures traded lower, continuing a pattern of daily fluctuations as solid production and soft LNG feedgas offset high seasonal power-sector demand. BP plans to sell its U.S. biogas unit as its oil profits surge, with the British oil major intending to sell its Archaea biogas business as oil trading and higher energy prices boosted profits. Russia is expanding its shadow LNG fleet to circumvent an EU crackdown, with a growing number of ships expected to help Moscow continue exporting liquefied natural gas as sanctions tighten next year. The European Union eyes winter liquefied natural gas buys as storage hits near a two-decade low.

Deals, Mergers, and Acquisitions

The consumer-goods giant Procter & Gamble agreed to purchase supplements maker Thorne for $3.8 billion to enhance its presence in the beauty and wellness sector. Jefferies Financial Group Inc. has been informed that some invoices supporting its financing to iron ore trader Sapphire Minmetals Corp. are not genuine. Baker Tilly has abandoned plans for a roughly $3 billion leveraged loan that was intended to refinance private credit debt and fund a dividend. Segro has accepted a £14 billion takeover offer from its U.S. rival Prologis, a deal that adds to a spate of takeovers of London-listed companies. AbbVie Inc. is seeking to raise at least $8 billion from an investment-grade bond offering to fund a portion of its acquisition of Apogee Therapeutics Inc.

Corporate Earnings and Outlooks

Novo Nordisk maker of Wegovy, lifted its guidance after a strong second quarter, with the Danish drugmaker now expecting annual sales and operating profit to fall less than previously anticipated. Novo Nordisk A/S raised its forecast for the second time this year, citing higher expectations for its obesity and diabetes drug sales. Pfizer's quarterly results surpassed expectations, driven by strong sales of cancer and heart drugs, which helped offset steep declines for its Covid-19 products. Merck has slashed its full-year profit forecast due to charges associated with its acquisition of cancer biotech company Terns Pharmaceuticals.