Public Markets 24 Hours

Last updated: August 7, 2026, 4:18 PM ET

Equities

Major U.S. stock indexes gained after the July jobs report came in much cooler than expected, prompting traders to scale back rate-hike expectations. The Dow rose after the U.S. economy unexpectedly shed jobs in July, according to data released Friday. Stocks pared gains as the weak payrolls number shifted focus to the Federal Reserve's next policy move. Big Tech stocks stormed back as fears over profligate AI spending faded and euphoria resumed, leading the market higher. European indexes edged higher in cautious trade ahead of the U.S. jobs data and Middle East developments. European stocks rose for a fourth straight week, lifted by a stronger-than-expected earnings season and growing M&A chatter. Bank of America's sentiment gauge hit its most extreme bullish level since 2021, signaling it may be time to reduce exposure to risky assets.

Private-equity firms are pouncing on the hot IPO market as sluggish dealmaking has made it hard to find buyers, pushing more companies public. Whatnot, a live-shopping platform, is now valued at $20 billion, nearly doubling its valuation in less than a year. Dream Finders Homes agreed to buy Beazer Homes for about $915 million, following several months of negotiations. Take-Two Interactive recorded higher sales in its fiscal first quarter, but losses widened due to discontinued development of a title. DraftKings' second-quarter revenue fell, hurt by promotions, posting a loss of $67.6 million versus a year-earlier profit. Under Armour lowered its revenue outlook on soft demand, noting weakening traffic in North America and Asia-Pacific. Wendy's withdrew its outlook and slashed its dividend as its turnaround struggles to take hold. Shares of memory giants dropped on soft guidance, while the Dow broke its winning streak amid Hormuz deal doubts.

Fixed Income

Treasury yields fell after a much weaker-than-expected U.S. jobs report, as traders dialed back rate-hike bets. US Treasuries rallied after data showed employers unexpectedly cut jobs in July, reducing the Federal Reserve's willingness to raise interest rates. The bond market is signaling rising risks as yields move higher without a Fed rate hike, creating hardship for home buyers and higher hurdles for AI data centers. The US Treasury sparked debate over potential auction cutbacks to temper yields, challenging years of faith in the world's biggest bond market. Bond traders are eyeing the jobs data for clues on whether the Fed will raise rates at its September meeting. Japan's 15-year JGB yield presents a curious case, not moving as high as some might expect. British engineering firm Goodwin started a strategic review that may lead to the sale of a key business.

Currencies

The dollar fell to its lowest level since May after soft U.S. labor data reduced expectations that the Federal Reserve will raise interest rates. The dollar hit a seven-week low against a basket of currencies following an unexpected decline in U.S. nonfarm payrolls in July. The yen jumped 1% against the dollar after the jobs data, with speculation that authorities could intervene again on the currency. The yen surged against a weaker dollar on the weak payrolls report, offering fresh fodder for intervention speculation. Japan confirmed a three-day yen intervention in the spring during Golden Week to prop up the currency, going beyond its usual twin-punch playbook. Goldman Sachs is skeptical of dollar-dominance threats after U.S. support for yen intervention. Wellington Asset Management reduced its exposure to US Treasuries and shifted into German bonds after doubts about the Fed's inflation-fighting credentials.

Commodities

Oil futures shook off early weakness as the market waited for news on a deal to reopen the Strait of Hormuz. Oil analysts are stumped by the case of the missing barrels, as supply disruptions persist. Gold is set for its best week since January as dip-buyers supported prices above a key technical level, looking past Hormuz tensions. China's central bank extended its gold buying streak to 21 months, ramping up additions last month as bullion prices built support above $4,000 an ounce. Copper headed for a record close on signs of tighter short-term supply across the global market. A copper market crunch is brewing as the US and China compete for metal, with shipments to the US surging and Chinese orders rising. Global food prices rose to a three-year high in July, driven by adverse weather and renewed concerns over key grain export corridors. Food prices rose in July as weather and wars lifted costs, compounded by the near-total closure of the Strait of Hormuz and expectations of a strong El Niño. U.S. natural gas futures picked up some ground following losses on the expanding inventory surplus. Iran's oil exports stalled as Kharg Island idled under a U.S. blockade, with naval interdiction appearing to halt tankers. A refining crunch keeps fuel prices high even as crude retreats, a boon for US refiners but a political problem for Donald Trump. El Niño threatens to disrupt the world's most-traded commodities, raising the risk of food shortages and inflation.

Macro & Policy

The U.S. economy lost jobs in July, prompting traders to scale back rate-hike expectations. A spring surge in hiring rapidly faded as summer brought higher prices and more uncertainty for businesses, even as they avoided layoffs. The weak jobs report does not eliminate prospects of an interest rate rise, as Fed officials remain focused on inflation after five years above the 2% target. BlackRock's Rick Rieder said the surprise payroll contraction reflects a "productivity revolution" from AI rather than economic weakness. Corporate America's adoption of AI tools is paying off, offering relief to investors who questioned massive technology investments. The Senate passed a sanctions bill targeting Russia and Iran, championed by the late Senator Lindsey Graham. Christopher Phelan was confirmed as chairman of the White House Council of Economic Advisers, a former adviser to the Federal Reserve Bank of Minneapolis. Fitch Ratings is skeptical that Chile's tax cuts will boost growth enough to offset the revenue drop, emphasizing fiscal spending reductions.

Emerging Markets & Asia

China's central bank ramped up gold additions last month, pushing a buying streak toward the two-year mark. China's central bank is stockpiling gold in Hong Kong, supporting the city's push to become a major bullion-trading hub. Shanghai is seeking to permit extending commercial land leases upon expiry, according to a notice. The price of a key Chinese steel product dropped to a near-decade low as a prolonged property downturn sapped construction demand. India's top bank, State Bank of India, beat profit estimates in the first quarter, benefitting from strong credit growth. India's foreign exchange reserves are expected to swell to a near-record high within weeks, driven by stronger capital inflows. Philippine economic growth slowed dramatically in the second quarter, defying expectations as the Middle East conflict stokes inflation. Brazil's worst-ever market outage puts B3's near-monopoly in focus, the latest disruption in Latin America's biggest economy. Singapore billionaire Lim Chap Huat sued Brookfield for allegedly aborting a planned real-estate joint venture.

Corporate & Sector Roundup

Under Armour lowered its revenue outlook on soft demand, noting weakened traffic trends in North America and Asia-Pacific. Monster Beverage's sales rose 20% in the second quarter, driven by international growth. Lyft's gross bookings rose to $5.5 billion but the rideshare company expects slower growth of 15% to 19% in the current quarter. Nielsen agreed to buy DoubleVerify in a deal with an enterprise value of about $2.15 billion. Allianz posted record operating profit, rising 11% as Pimco saw €32 billion in inflows. Porsche SE called for a faster overhaul at Volkswagen after a $3.5 billion impairment hit. Daimler Truck plans to launch a second $1.27 billion share buyback tranche in September. Consolidated Edison reported higher profit, with second-quarter earnings of $308 million, up from $246 million a year earlier. Rocket Companies' revenue surged on mortgage market share gains, while Sweetgreen lowered its outlook due to a cyclosporiasis outbreak. AIG's profit beat estimates on strong underwriting, roughly two months into CEO Eric Andersen's tenure. Kirin pushed into vitamin sales with a $1.4 billion deal to acquire Jamieson Wellness. JBS secured a $2.5 billion investment from Indonesia's sovereign wealth fund Danantara for a joint venture focused on the protein market. Atlassian's CEO vowed to spend $250 million buying shares after strong quarterly sales, shaking off the "Saa Spocalypse." Meta was ordered to pay nearly $1 billion over social media harm to children in a New Mexico lawsuit. The FAA ordered inspections of hundreds of Boeing 737 MAX jets after cracks were found in a structural reinforcement around a plane door.