Last updated: August 7, 2026, 12:25 AM ET
Oil, Energy & Commodities
Oil prices rose in early Asian trade amid concerns over supply disruptions in the Middle East, with crude extending gains on reports that Iran attacked "hostile targets" in the Strait of Hormuz. Oil extended gains as prospects for a lasting agreement to reopen the critical waterway remained elusive, with Tehran seeking to bar US ships from the area. U.S. stocks fell in a jittery session amid doubts about the reopening of the Strait of Hormuz, while the Dow industrials led U.S. stocks mostly lower as oil prices rose amid uncertainty in the Middle East.
The dollar finished its best day in two weeks as oil prices advanced amid fading optimism over easing tensions in the Middle East. US imports of Saudi Arabian oil dropped to zero in July, the first time that's happened for an entire month since 1985, according to preliminary government data. America's fuel-makers are maxed out as they try to fill in the gaps of the global fuel supply crunch, with "refine, baby, refine" becoming the industry's new mantra.
Repeated heat waves and droughts this summer have put Europe's power system on high alert, with shrinking hydro reserves in key markets threatening to drive electricity prices higher later in the year. Copper headed for a record close in London after strong gains fueled by signs of tighter supply across the global market. Nickel declined to the lowest level since mid-July on renewed speculation that Indonesia will grant a higher ore-production quota to one of the country's largest mines, potentially boosting supplies.
Gold edged higher in early Asian trade as markets monitored signs of diplomatic progress in the Middle East conflict, while gold moved in a narrow range as traders assessed the impact of a reported Iranian attack on the Federal Reserve's path for interest rates. Comex gold settled 0.09% lower at $4,242.00, with gold and silver prices dropping and snapping two- and three-day winning streaks, respectively. Chinese solar stocks were whipsawed this week by a combination of domestic efforts to end below-cost sales and renewed tariff threats from the US.
Currencies & Central Banks
The yen is heading into the end of the week having surrendered nearly half of its intervention-driven gains, fueling speculation among traders that authorities may step into the market again. Japan said it intervened in the currency market three times during the spring Golden Week holiday to prop up the yen, going beyond its recent twin-punch playbook with an additional round. The US blindsided the European Central Bank last week with its historic currency intervention to help Japan, only informing its counterparts in Frankfurt after it sold euros to buy the yen. Christine Lagarde and Scott Bessent spoke only after Washington's historic intervention, according to the Financial Times.
The U.S. is bolstering the yen, as it did with the Argentine peso, and the reasons are not solely economic, according to analysis from the New York Times. A rarely used Federal Reserve liquidity facility saw no activity last week, suggesting Japan didn't use the tool in its latest effort to support the yen. Traders are rushing to hedge against swings in the US dollar ahead of Friday's payroll numbers as Federal Reserve Chairman Kevin Warsh leaves Wall Street guessing at his next move.
The U.S. nonfarm payrolls report due out Friday could shape the dollar's next move, with Asian currencies consolidating ahead of the data release. The Colombian peso continues to be the best performing currency in emerging markets as investors shrug off the central bank's efforts to slow the currency's rally and instead focus on its carry appeal. China is accelerating its push to internationalize the yuan as domestic banks add new foreign currencies available for direct settlement to bypass the dollar in cross-border trade.
Global Equities
European shares advanced for a fourth straight day as strong earnings boosted sentiment, with WPP Plc leading gains in the media sector. Corporate earnings drove European stock indexes higher in early trade, with the Europe-wide Stoxx 600 index up and led by consumer-facing stocks and healthcare. Japanese stocks were lower in early trade as uncertainty over the Middle East conflict and energy costs persist, with the Nikkei falling 0.7% dragged by chip-related stocks.
The Dow industrials led U.S. stocks mostly lower as oil prices rose amid uncertainty in the Middle East, with the Dow breaking its winning streak after falling 460 points. Wall Street bulls are flocking to S&P 500 calls as the rally broadens, with traders unable to get enough of options betting on more gains in the index. Fujifilm Holdings Corp. shares fell by the most on record after the Japanese company reported weaker-than-projected quarterly results.
Siemens shares fell as its digital industries division, which focuses on factory controllers and software, faces excess customer inventories, while weak demand in China and cautious spending delayed a broader recovery. Shares of memory giants dropped on soft guidance, with computer memory stocks slumping and oil prices jumping. Six Flags Entertainment Corp. shares slumped after the company's second-quarter revenue and attendance fell short of estimates.
Corporate Earnings
WPP Plc shares soared the most since its 1995 IPO after the advertising agency reported its turnaround efforts are gaining momentum, with shares jumping more than 25% as the overhaul begins to bear fruit. WPP said revenue less pass-through costs, a closely-watched metric, fell less sharply last quarter thanks to a recovery in its media-buying operations. SoftBank Group Corp. reported a smaller-than-expected decline in quarterly net income, helped by a rally in its chip-stock holdings while it awaits further gains from its bets on OpenAI. The Japanese technology investment company has vowed to become a leading builder of AI data centers and a major investor in AI-powered robotics.
Draft Kings Inc. reported second-quarter sales and earnings that missed analysts expectations as the sportsbetting industry confronts a new challenge from prediction-market players, with the online sports betting company posting a loss of $67.6 million compared with a profit of $157.9 million a year earlier. Options traders were piling into bullish wagers on Draft Kings ahead of the sports betting firm's earnings report. Airbnb said it now expects revenue to increase by at least a mid-teens rate this year, up from its prior projection for growth in the low- to mid-teens, as AI bets pay off. Lyft's second-quarter gross bookings rose to $5.5 billion, though the rideshare company expects bookings in the current quarter to rise at a slower pace of 15% to 19%.
Instacart reported revenue increased to $1.04 billion from $914 million, exceeding Wall Street expectations of $1.03 billion, with shares rising on the strong outlook. Monster Beverage's 20% rise in second-quarter sales was driven by growth among customers outside the U.S., as international growth powers the energy drink maker. Rocket Companies reported higher second-quarter revenue as its market share in both purchase mortgages and refinancings rose. Restaurant Brands International's profit rose in the second quarter, driven by a standout performance at Burger King U.S. that bucked a broader trend of slowing fast-food demand.
Consolidated Edison posted a second-quarter profit of $308 million, up from $246 million a year earlier. American International Group Inc. reported second-quarter results that surpassed Wall Street expectations, roughly two months after Eric Andersen took over as chief executive officer. Nintendo's profit surged 54% on stronger game software sales and the "Mario" movie hit, with the Japanese company maintaining its annual sales forecast of 16.5 million Switch 2 consoles. Kirin Holdings Co. shares rose 2.4% to near record levels after the Japanese beverage maker announced a deal to acquire Toronto-based Jamieson Wellness Inc. that values the Canadian vitamins and supplements maker at $1.4 billion.
Peloton Interactive issued a muted revenue outlook for fiscal 2027 as subscriber losses continue to deepen, overshadowing fourth-quarter profit gains and virtually flat revenue. Planet Fitness Inc. cut its profit outlook as it invests in marketing and tinkers with pricing to boost sluggish member sign-ups. Papa John's cut its outlook for the year and suspended its dividend, as the pizza chain's North American business continues to face a soft consumer environment. Krispy Kreme once again narrowed its loss and expanded margins during its latest quarter, as the doughnut chain continued to make progress with its turnaround plan.
Swiss Re AG's first-half profit beat estimates as the re-insurer saw all key business units perform in line with targets, while the firm announced a fresh round of cost cuts. Zurich Insurance Group AG reported a 13% gain in profit for the first half of 2026 and said it doesn't expect to have any material exposure to the impact of extreme heat and ongoing wildfires. East African Breweries Plc's annual profit grew at the fastest pace in four years, even as accelerating inflation in its home market Kenya eroded spending power.
Wizz Air swung to a loss of almost €200 million between April and June, with the low-cost carrier warning that high fuel costs may wipe out profits. Molson Coors Beverage said second-quarter sales fell as the company tries to balance sluggish customer demand with higher supply costs. Celsius Holdings Inc. shares tumbled after the energy drink maker's second-quarter revenue missed expectations as competition hurt sales of its namesake brand. Keurig Dr Pepper logged higher sales in the second quarter and said it continues work to separate into two companies.
Warner Bros. Discovery Inc. reported a steep drop in sales as it copes with the loss of National Basketball Association rights and a movie lineup that compared poorly with last year, though streaming revenue improves as HBO Max expands its subscriber and advertising base. Warner Bros. CEO expressed confidence the Paramount deal will close, with David Ellison making commitments on news provision, investment and programming to win government approval. Paramount agreed safeguards for UK approval of the $110 billion WBD deal. Datadog posted growth in the second quarter but shared a full-year sales outlook that was below Wall Street estimates, saying lower usage from a major AI customer could dent growth.
Deals & M&A
Nielsen Holdings agreed to buy Double Verify in a deal with an enterprise value of about $2.15 billion. The Trump administration has agreed to roughly $4 billion in settlements this year to cancel planned offshore wind projects, including a $1.22 billion deal with German utility RWE announced Thursday. Jane Street is in talks to shift its $11 billion in debt to investors including Pimco, in a private credit deal that would allow the secretive trading firm to make further investments in AI. BlackRock BDC moved $523 million in loans to a Pantheon-backed fund, a deal involving nearly half of BlackRock TCP Capital's debt investments.
Partners Group is nearing a €2 billion deal for beauty group Aroma-Zone, with French asset manager Eurazeo in talks to sell its stake in the group that sells face serums and food supplements. Airtable is selling itself to Bending Spoons for just under $2.3 billion, a cut-price sale that signals more software also-rans may follow. Commerzbank AG unveiled a fresh share buyback as CEO Bettina Orlopp seeks to demonstrate that her strategy delivers strong returns while Italian rival UniCredit SpA is preparing to engage, with the German bank announcing a €1.2 billion buyback. Commerzbank's CEO appealed for constructive dialogue with UniCredit after the Italian bank achieved a near majority stake in its German rival.
SpaceX shares held steady on Thursday as investors digested the release of as many as 911.5 million shares worth about $100 billion from lock-up agreements that had prevented insiders from selling. Some analysts are raising an eyebrow while retail sees an "insane opportunity to buy" as SpaceX true believers propel shares past the end of the epic lockup. Alphabet Inc. has received about $115 billion of orders for its latest jumbo bond sale, signaling renewed investor appetite for debt tied to the artificial intelligence boom after a recent selloff. Deutsche Telekom raised its full-year buyback program by up to $3.5 billion after posting higher revenue in the second quarter.
Fixed Income & Rates
Treasury yields rose ahead of Friday's U.S. payrolls report, as job-cut plans remained calm in July alongside low weekly jobless-claims figures. Global yields are moving higher, supported by firmer oil prices as optimism over a reopening of the Strait of Hormuz fades, with Asian government bonds falling amid rising oil prices. Bonds fell on inflation concerns as traders awaited the US jobs report for clues on the path of interest rates, with oil rising as prospects for a lasting agreement to reopen the Strait of Hormuz remained elusive.
Investors are pondering whether the 'Sell America' trade is back as bonds and the dollar are weighed down by Washington policy decisions. Japanese companies have already sold more corporate bonds with investor protection this year than in all of 2025, as lower-rated borrowers increasingly turn to the bond market instead of relying solely on bank loans. Daiichi Life Group Inc. has been stepping into bankers' shoes and contacting companies directly to see if they want to issue bonds, in an unusual investment tactic for an insurer.
India & Emerging Markets
Global funds are piling back into India IT stocks after selling for months, with smaller IT firms faring better than their larger counterparts during the June quarter. For much of the first week of trading under India's new auction system to set closing stock prices, traders were convinced that one of the most consequential market structure reforms in years was faltering. The first weekly expiry for India's BSE Sensex Index under a new closing-price methodology passed largely without disruption, easing concerns after the mechanism's turbulent debut earlier this week.
Philippine economic growth dramatically slowed in the second quarter, defying expectations of a pickup, as the protracted Middle East conflict stokes inflation and drags down consumer spending. Standard Bank Group Ltd.'s Kenyan unit plans to double its retail footprint across the East African nation in three years as the continent's biggest lender seeks to capture more clients and revenue. Indian sugar producers are set to start crushing cane earlier than usual in the upcoming milling season as the government seeks to bolster supplies and rein in record prices ahead of the festival period. Indonesia's plan to overhaul commodity exports is still in flux, with a lack of consensus within the government on what form it will ultimately take.
China Markets
No longer just a producer of cheap consumer goods, China is exporting more high-value items that underpin global manufacturing, according to the Wall Street Journal. China's central bank is stockpiling more gold in Hong Kong, according to people familiar with the matter, in a move that's likely to support the city's push to become a major bullion-trading hub. China booked another flurry of US soybean cargoes, as the country makes headway toward fulfilling the purchase pledge made as part of a trade truce struck last year. Insurance and bank stocks slid amid a China tax crackdown fears, with a move to impose a levy on returns from policies that serve as investment products causing consternation in Hong Kong.
AI & Technology
Google is shifting AI power back to co-founder Sergey Brin as DeepMind's Demis Hassabis steps aside, with the Silicon Valley parent consolidating control as the London lab's scientific culture gives way to urgency to build AI products. Alibaba's latest AI model puts it back in the great game, as the ecommerce and cloud company hopes to recoup some of its lost shine with Monday's release of Qwen 3.8 Max. AI has created the first synthetic viruses, with a genomic language model showing huge potential to redesign organisms such as bacteria. OpenAI says Apple's trade secrets lawsuit aims to stop employees leaving, with the ChatGPT maker seeking to dismiss the blockbuster case as it prepares to launch its own AI device.
Lumilens, which makes optical gear to speed up data flowing between AI servers, is valued at $5.5 billion in new funding after raising $700 million to replace data-center wires with light. Tech companies are borrowing far and wide to fund their artificial intelligence investments, and even in smaller markets investors are growing increasingly wary of the debt. Data centers are driving a gas plant boom, as AI's gas guzzlers power the infrastructure behind artificial intelligence. A new report finds that meeting data centre demand primarily with gas creates financial risks for utility customers, as over-investment in natural gas could drive up US electricity bills.
Policy & Regulation
A New Mexico judge ordered Meta to pay a $567 million fine, on top of a $375 million fine ordered by a jury that found Meta misled users about the safety of its platforms, with a separate ruling ordering Meta to pay $942 million to address harm to kids from social media. The Trump administration will impose a minimum import price for polysilicon, a key component for semiconductors and solar panels, as well as tariffs for products made with the material. The US is banning exports of lithium ion battery and tungsten waste in a push to break China reliance, while White House AI guidelines exempt U.S. open models from government review.
The IRS workers' union sued over Trump's deal granting sweeping tax protections, marking the first time that anyone had used the courts in an effort to directly kill the sweeping tax protections offered to the president and his family. The Trump administration is deregulating Head Start, the antipoverty program created under R.F.K. Jr.'s uncle, with administration officials saying the changes will save money by lifting onerous requirements while advocates fear the program will be gutted. Vanguard and Norway's sovereign wealth fund struck a cautious response to the SEC's climate risk disclosure shift, as US public pension funds and business groups clash on the regulatory change.
Crypto & Digital Assets
Wintermute, one of many digital currency firms pushing into traditional finance services, aims to take on Jane Street, Citadel and other big market makers after gaining a broker license for Wall Street. The crypto lobby objects on the Clarity Act, saying it closes a payment loophole when it doesn't, while the Senate's Clarity Act for crypto provides clear jurisdictional lines, consumer protections and safeguards against illicit finance. A BTC cold wallet hack bolsters the case for use of spot crypto ETFs, though no system is foolproof. New ETFs to watch include a Nasdaq 100 challenger and a multi-token launch.
Real Estate & REITs
The U.S. market has been best for real-estate investment trusts over the past 10 years, led by funds focused on data centers. Shares in United Wholesale Mortgage fell by a record 49% Thursday, after the country's biggest mortgage lender announced a net loss of $452 million and suspended its dividend for the first time. With the S&P 500 dividend yield near generational lows, chasing income in the stock market is getting tougher for retirees who love dividends but are rethinking their strategy amid the stock market surge.
Other Market News
Taiwan's $49 billion public-sector pension fund is planning to allocate more assets to third-party managers to boost its exposure to global stock markets. Japan's Topix stock index is poised for its biggest overhaul, with more than 600 companies — over a third of its constituents — likely to be gradually removed under new eligibility rules. Naver posted resilient second-quarter earnings despite higher AI-related operating costs, supported by solid growth in its core search platform and e-commerce businesses. Suncor Energy Inc. said Chief Executive Officer Rich Kruger will be stepping down next April and replaced by Peter Zebedee, with a surprise move from its chief financial officer as well.
Conoco Phillips chief Ryan Lance is stepping down after 14 years, with the third-largest US oil and gas company changing leadership as profits climb on war-driven price surge. Rheinmetall cut its sales outlook after Germany scrapped a warship project, with the CEO saying moving into naval was still "the right decision" but admitting to have been "astonished" the F126 project was dropped. Egan-Jones says it stands by the integrity and rigor of its ratings, which have been banned by a key regulator and are the focus of a lawsuit brought by former employees, after the ratings firm was accused of grade inflation for vouching for $40 billion of insurer debt.
Global sugar traders are increasingly losing trust in what is widely considered the most important data piece in the market: the cane-crush indicators from Brazil, the world's top exporter. When Kelly Go founded Auro Chocolate a decade ago, she struggled with what to do with all the leftover powder from grinding cocoa beans, and rising cocoa prices are now pushing processors beyond the candy aisle. Lumber prices are surging despite the housing slump, as supply constraints drive prices higher even as demand weakens. The Rhine conveys vessels and cargo that power European industry, and record low water levels are disrupting supply chains, adding costs and presenting fresh risks to growth.