Public Markets 24 Hours

Last updated: August 5, 2026, 5:31 PM ET

Public Markets

Tech and AI Drive Market Gains

The Nasdaq Composite showed volatility, experiencing a morning rally before retreating later in the day, while the Dow industrials advanced. Technology stocks have seen a dramatic turnaround, powering a $3.5 trillion increase in the Nasdaq 100's market capitalization over four days, fueled by strong earnings that have emboldened investors. This "tech melt-up" narrative, largely driven by artificial intelligence spending, has the S&P 500 poised for another record. SpaceX reported higher-than-expected AI-related outlays, contributing to the market's optimism, even as its shares experienced a notable slump due to these lavish AI spending plans. Musk's rocket company spent $15.8 billion on AI projects in the second quarter and has no plans to slow down. Despite this quarterly revenues nearly doubled. Chip maker Infineon forecast strong revenue growth, expecting approximately $18.80 billion for the current fiscal year, driven by the booming demand for AI infrastructure. Siemens Energy saw its orders reach record highs, largely due to demand for U.S. data centers and surging global electricity needs. Google's senior AI ranks saw a reshuffle, with four top researchers forming a new startup backed by the tech giant. Citadel's flagship fund experienced a 6% surge after acquiring billions of dollars of AI stocks from Leopold Aschenbrenner's firm.

Corporate Earnings and Outlooks

Block Inc. raised its full-year guidance and reported higher second-quarter revenue, with growth in its commerce and financial solutions businesses offsetting declines in Bitcoin. Zillow Group posted a second-quarter loss of $4 million, primarily due to $36 million in restructuring costs, despite a revenue jump of 18% to $772 million, with its rental segment showing significant growth. annual revenue expectations to between $16.05 billion and $16.22 billion, up from its previous forecast. App Lovin's second-quarter sales were just below analysts' forecasts, and the company provided a softer third-quarter outlook than Wall Street anticipated. DoorDash's profit fell as increased costs of revenue, sales, marketing, and research and development expenses offset revenue growth. Shake Shack reported higher second-quarter sales, but its profit slipped due to increased operating expenses. Bloomin’ Brands raised its adjusted earnings outlook, noting that customers at its Outback Steakhouse chain are opting for pricier steaks. E.l.f. Beauty's sales climbed 36% in the first quarter to $479.4 million, and the company increased its full-year sales guidance, partly driven by the popularity of Hailey Bieber's Rhode brand. Disney's third-quarter revenue rose 7% to $25.2 billion, with strong performance from its experiences unit, including theme parks and "Toy Story," contributing to the results. Comcast's Universal Parks however, experienced a dip in performance compared to Disney's rebound.

Commodities and Energy Markets

Copper prices rose to new records for the third consecutive trading session, with gold and silver prices also settling higher. U.S. crude oil inventories posted a weekly increase of 2.5 million barrels, contrary to expectations of a 1.2 million barrel decline. U.S. natural gas futures traded in a rangebound manner ahead of the EIA's weekly storage report. Phillips 66 anticipates that soaring fuel margins will persist into 2027, according to an executive from the refiner. Glencore Plc reported a significant jump in profits, driven by a trading boom, record copper prices, and its trading unit's strong performance, with energy prices soaring due to the Iran war. Glencore also took a provision on its exposure to iron ore trader Radiant World and ceased new business with the firm. Abu Dhabi's Adnoc Distribution nearly doubled its profit, benefiting from higher fuel sales, inventory gains, and improved margins. US diesel exports surged to a record high last week as domestic stockpiles continued to fall, indicating a global scramble for supply is draining US resources. Oil futures experienced a slight dip in early Asian trade. The Strait of Hormuz remains a point of focus, with Iran stating it has reached an agreement with Oman regarding shipping routes through the chokepoint.

Financial Services and Deals

Two private credit funds managed by Blue Owl Capital Inc. repurchased a combined $90 million of shares, continuing a trend of buybacks as the asset manager aimed to stabilize the vehicles. Ares Management Corp. is leading a $2.2 billion direct loan to finance a healthcare services acquisition, marking one of the larger deals in a quiet private credit market. BC Partners' credit arm is exploring a potential lending group for LIV Golf, according to sources familiar with the matter. CME Group Inc. and Fan Duel are scaling back their joint prediction market venture, having failed to gain significant traction in a rapidly growing industry. JPMorgan has hired M&A banker Amy Lissauer from Bank of America to lead its activism defense practice. Allianz SE agreed to acquire the asset management unit of Singapore’s United Overseas Bank Ltd., its second major deal recently as it targets expansion in Asia. Carlyle Group Inc. is observing a thaw in capital markets, leading to a quicker pace of investment exits across various industries. Vusion is in the early stages of exploring strategic options, including a potential sale. Partners Group is nearing a €2 billion deal for the beauty group Aroma-Zone, with French asset manager Eurazeo in talks to sell its stake.

Global Economic and Trade Developments

The US suspended government activities in Mexico's Michoacán state, impacting avocado imports from the region. European green bond issuance is rebounding and outperforming the US market, with European sales projected to reach record highs this year. Ghana's central bank incurred losses of 22 billion cedis ($1.9 in 2025 under a domestic gold purchase program designed to increase foreign-exchange reserves. India is raising $40 billion from its diaspora to support the rupee, marking a rare push by the central bank to repatriate savings. Kazakhstan plans to re-enter the yuan debt market this year with a $500 million deal, seeking cheaper financing from China. Brazil's Cia. Siderúrgica Nacional is seeking at least 15 billion reais ($2.9 for its cement business and expects four bids for the unit. The European Union will conduct an audit in Brazil at the end of August, which could allow the country's poultry exports to bypass a ban set to take effect on September 3rd.

Other Market and Business News

Goodyear Tire & Rubber Co. reported a second-quarter loss of $204 million, or 71 cents a share, compared to a profit in the prior year, citing lower tire volume and higher costs. The New York Times' stock plunged 13% as its subscriber growth slowed, although total revenue climbed 11% to $762.5 million in the second quarter. Wimbledon has seen a surge in tourism, with fans flocking to the picturesque London suburb of Richmond-upon-Thames, which has long been a popular film location. African tech hubs developers are favoring China's artificial intelligence models over more powerful U.S. alternatives due to their lower cost and availability. United States stocks finished mixed, with optimism about the reopening of the Strait of Hormuz offset by volatility in artificial intelligence investments. US Treasury signals steady debt sales to 2027, offering a "subtle" change in its guidance, signaling no change in auction sizes for notes and bonds through 2027, despite rising federal borrowing needs. Fitch Ratings is upgrading 30 portions of collateralized loan obligations, in addition to hundreds of tranches it had previously considered for upgrades under a new methodology. US hedge funds including Point72 and Citadel, have been targeted by a wave of cyberattacks involving audio phishing schemes. Bikemaker Accell has filed for insolvency four years after a €1.8 billion buyout led by KKR, following four challenging years since it was taken private. Bodycote has received two private equity bids, with CVC and Veritas valuing the FTSE 250 industrials group at approximately £1.8 billion including debt.