Public Markets 24 Hours

Last updated: August 8, 2026, 2:33 AM ET

Equities

The week ended with a powerful rally after a surprisingly weak July jobs report sent the S&P 500 and Nasdaq to new highs, capping their best week since April. The S&P 500 closed at a record as traders scaled back expectations for further Federal Reserve interest-rate increases, while the Dow also gained. The Nasdaq surged alongside a broad tech rebound, with Big Tech stocks storming back as AI euphoria resumed. Investor bullishness hit its most extreme level since 2021, a level Bank of America strategists say signals it’s time to reduce risk. European stocks rose for a fourth straight week on strong earnings and M&A chatter, while UK shares also gained.

A soft labor market report also boosted Asian equities. Japan’s GPIF posted a record $152 billion gain for the quarter on the stock rally. China’s quant hedge funds suffered steep losses in July after a rout in AI stocks, with DeepSeek’s funds losing 20%. Unitree Robotics is testing market appetite for humanoid robots with a $900 million IPO. Atlassian shares soared on strong sales, prompting its CEO to buy $250 million in shares. Take-Two Interactive logged higher sales but wider losses due to a discontinued title. Under Armour lowered its revenue outlook on soft demand in North America and Asia-Pacific.

In dealmaking, Dream Finders Homes agreed a roughly $916 million deal to buy Beazer Homes. JBS secured a $2.5 billion investment from Indonesia’s Danantara for a Southeast Asia protein joint venture. Adnoc spent $1.3 billion expanding its tanker fleet. A Singapore billionaire sued Brookfield over an aborted real-estate joint venture. Whatnot, a live-shopping platform, nearly doubled its valuation to $20 billion. Gainwell Technologies kicked off a $5.8 billion debt overhaul, the year’s biggest software refinancing. A private-equity firm pounced on the hot IPO market to exit a holding. Mike Ashley called Harvey Nichols a “death spiral” even as he vies to acquire it. Goodwin Plc, a family-run UK engineering firm, started a strategic review that may lead to a sale. Moonshot, a Chinese AI start-up, is targeting a Hong Kong listing.

Fixed Income

Treasury yields fell sharply after the July employment report showed the economy lost 23,000 jobs, with short-term Treasuries capping their biggest weekly rally since May. The moves cemented expectations that the Fed will delay rate hikes. A US Treasury debate over auction cutbacks to temper yields was triggered this week. Bond traders braced for the data, which tipped the scale on a potential Fed hike. The bond market is signaling rising risks that investors should heed, with higher hurdles for stocks and AI data centers but a boon for retirees.

In credit markets, a credit insurer is cutting cover for UK housebuilder Vistry’s suppliers, exacerbating a cash squeeze. The US software sector refinancing of the year began. Once-AAA bonds on a New York megamall face a $350 million loss. San Juan saw blowout demand for its $121 million muni-bond sale. Japan’s top insurers reported combined unrealized bond losses of $96 billion in the quarter. Allianz posted a record operating profit despite a lower net profit amid a portfolio reshuffle. Porsche SE called for a faster overhaul at Volkswagen after a $3.5 billion impairment hit.

Currencies & FX

The dollar ended the week at its lowest since May, sliding after the soft jobs data reduced expectations for Fed rate hikes. The yen jumped 1% against the dollar on the data, with markets eyeing possible further intervention after the US and Japan’s joint efforts. Hedge funds sharply reduced bearish bets on the yen following those joint efforts. The US decision to sell euros to support the yen without warning European policymakers is adding to geopolitical risk, according to BlackRock. A Chinese diplomat said Trump tariffs created a “tortuous experience” for soybean trade.

In emerging markets, India’s forex reserves are set to rise to a near-record high. The State Bank of India beat profit estimates on strong credit growth. Germany, France and Spain balked at yuan bond sales after bank talks. Fitch is skeptical that Chile’s tax cuts will boost growth enough to offset lost revenue. The worst-ever Brazil market outage put B3’s near-monopoly in focus.

Commodities

Oil futures settled higher on Friday but finished down for the week, with WTI at $78.18 and Brent at $83.55, amid persistent Middle East supply concerns. A diesel squeeze spurred by wars is setting the stage for a winter crunch. Ukraine’s grain exports could slump by more than half after Russian attacks on Black Sea ports. Iran’s oil exports have stalled and Kharg Island is idling under a US naval blockade. Oil analysts are stumped by the case of the missing barrels. US natural gas futures extended losses to seven weeks.

Copper is heading for new highs as the US and China squeeze buffers, depleting LME inventories. A copper market crunch is brewing as the two countries compete for metal. Hindalco profit jumped 75% as metal prices surged. China’s central bank extended its gold buying streak to 21 months. Global food prices rose to a three-year high in July. Some Chinese iron ore buyers stopped dealing with Radiant World. A strike at BHP’s Port Hedland iron ore export hub escalated a pay dispute.

Central Banks & Policy

The Federal Reserve remains focused on inflation even as the weak jobs report does not eliminate the prospect of a rate rise. President Trump restarted his battle to fire Fed Governor Lisa Cook after a Supreme Court rebuff. A weak jobs report poses a new test for Warsh and the Fed. The SEC dropped an insider-trading lawsuit against a former healthcare executive pardoned by Trump. The CFTC warned prediction markets against using American-style gambling odds. The Senate passed a sanctions bill targeting Russia and Iran. Christopher Phelan was confirmed as chairman of the White House Council of Economic Advisers. A US judge blocked the Defense Department from enforcing its Chinese military label on WuXi App Tec. The UK Treasury warned Burnham’s fiscal “flexibility” talk could backfire. City bosses urged Burnham to rule out changes to pension lump sums in the next Budget. Canada offered US concessions in trade talks.

Economy & Housing

The labor market shifted into reverse as employers balked at hiring, with the economy losing 23,000 jobs in July. A productivity revolution driven by AI helped buoy GDP even as hiring slowed, said BlackRock’s Rieder. The UK housing market is in “suspended animation” with prices unchanged in July. London’s housebuilders caught a break as construction picks up, but returning to normal won’t be enough for government targets. UK first-time buyers are getting older, with one in three starting a family before buying a home. The Barbican residents in London are battling a planned 20-story office tower.