Public Markets 24 Hours

Last updated: August 8, 2026, 5:36 AM ET

Equities

U.S. stocks notched fresh records Friday after July payroll data came in far weaker than expected, giving the Federal Reserve reason to hold off on raising interest rates. The S&P 500 and Nasdaq capped their best week since April, with traders scaling back rate-hike expectations. The rally marked the second-best week of the year after the economy unexpectedly shed 23,000 jobs in July. Major indexes gained broadly as traders interpreted the soft data as reducing the odds of near-term tightening. BlackRock's Rick Rieder argued the surprise contraction reflects a "productivity revolution" rather than economic weakness, with AI helping buoy GDP even as hiring slows.

Big Tech stocks stormed back as AI fears faded and euphoria resumed, leading the market higher after spending much of the year in the doghouse over profligate AI spending. The Wall Street risk complex surged anew amid a deluge of fresh cash, with markets showing increasing indifference to the financial world's lengthening catalog of complaints. UK shares also heated up, with one FTSE 100 fund gaining 4% during a holiday week. SPACs and IPOs saw private-equity firms pounce on the hot IPO market, eager for exits as sluggish dealmaking has made it difficult to find buyers. SpaceX neared its $135 IPO price again after staging a $327 billion rally, with shares jumping for a second straight day.

Fixed Income

Treasury yields fell sharply after the weak jobs report, with the bond market signaling rising risks that investors should heed. Short-term Treasuries capped their biggest weekly rally since May as traders dialed back expectations for Fed rate hikes. The yield decline cemented the bond market's repricing of tightening odds. A debate was sparked by the US Treasury's discussion of auction cutbacks to temper yields, challenging years of faith about the world's biggest bond market. San Juan saw blowout demand for a rare $121 million muni-bond sale, as investors seized exposure to Puerto Rico.

Wellington Asset Management pivoted from US Treasuries into German bonds after last week's Fed meeting fueled doubts about the dollar's inflation-fighting credentials. The bond market now poses a new test for Fed Chair Warsh as investors increasingly expect rate hikes as soon as next month. Once-AAA rated bonds on a New York megamall face a $350 million loss as Pyramid Management buys back the mortgage for cents on the dollar.

Currencies

The dollar ended the week at its lowest since May as rate-hike bets faded after soft US labor data. The greenback hit a seven-week low against a basket of currencies after the unexpected decline in nonfarm payrolls. The yen jumped 1% against the dollar after the jobs data, with markets speculating authorities could intervene again. Hedge funds sharply reduced bearish bets on the yen after coordinated efforts by US and Japanese officials stabilized the currency. The US's decision to sell euros to support Japan's yen without warning European policymakers is adding to geopolitical risks, BlackRock warned, further dimming the appeal of longer-maturity government bonds.

The yen intervention points to the squishy underbelly of American weakness, exposing the US's financial weak spot. Canada's PSP is said to be mulling a $1.5 billion sale of roads in India as the pension fund explores its options.

Commodities

Oil futures rose 1.2% Friday to settle at $78.18 a barrel for WTI, but finished down 7.7% for the week, while Brent gained 1.3% to $83.55 for a 5% weekly loss. Oil analysts remain stumped by the case of missing barrels. A diesel squeeze spurred by wars in the Middle East and Ukraine is setting the stage for an even worse winter crunch as demand rises ahead of the Northern Hemisphere winter. Iran's oil exports have stalled and Kharg Island idles under the US blockade, with naval interdiction halting tankers from carrying Tehran's crude.

Copper is heading for new highs as the US and China squeeze buffers, depleting LME inventories and raising the risk of another spike in futures. A copper market crunch is brewing as both countries compete for metal, with a surge in shipments to the US and rising Chinese orders setting the stage for a rally to all-time highs. US natural gas futures extended losses to seven consecutive weeks as strong production and soft LNG feedgas offset high seasonal power-sector demand. Ukraine's grain exports could slump by more than half this season after Russian strikes disrupted Black Sea ports, threatening the country's biggest source of export revenue. Unionized workers at BHP's Port Hedland iron ore export hub started rolling 24-hour strikes, escalating a pay dispute. Some Chinese iron ore buyers have stopped dealing with traders Radiant World and Sapphire Minmetals Corp.

Corporate & Deal Activity

Whatnot, the live-shopping platform, nearly doubled its valuation to $20 billion in under a year with new funding. Dream Finders Homes agreed a roughly $916 million deal to buy rival Beazer Homes USA Inc. JBS secured a $2.5 billion investment from Indonesia's sovereign wealth fund Danantara to form a joint venture focused on the protein market in Southeast Asia, Australia and New Zealand. Gainwell Technologies kicked off a $5.8 billion debt overhaul, the US software sector's biggest of 2026. Moonshot, a Chinese AI start-up, is revamping its structure for a Hong Kong IPO to raise fresh funding for its next phase of development.

Apollo revealed upmarket plans for easy Jet, including premium seats and extra services to feed long-haul carriers, as part of its £5.7bn takeover bid. Mike Ashley said Harvey Nichols is in a "death spiral," casting doubt over the department store chain's prospects even as he vies to acquire it. Allianz posted an 11% rise in group operating profit, reaching a new record as it turns to dealmaking to reshape its portfolio. Allianz Trade is set to cut credit insurance cover for UK housebuilder Vistry's suppliers, potentially exacerbating the cash flow squeeze on the struggling company. Veritas-backed Gainwell's refinancing tops the year's biggest software debt overhaul.

Under Armour lowered its revenue outlook after traffic trends weakened, especially in North America and the Asia-Pacific region, prompting stepped-up promotional efforts. Wendy's withdrew its outlook and slashed its quarterly dividend as its turnaround struggles to take hold. Take-Two Interactive logged higher sales in its fiscal first quarter but losses widened due to discontinued development of a title. ConocoPhillips CFO will ascend to the top role amid a fast-food burger battle and new layoff data. Wonder is taking a gamble on robots, drones and AI-generated menus to help its food halls lower prices enough to compete with restaurant takeout and grocery stores. Ford plans a four-door version of the Mustang, a first for the automaker's "pony car" that could broaden its consumer appeal. DraftKings CEO criticized prediction bets on earnings calls, saying he doesn't think it's good that bettors wager on what executives say. Situational Awareness bet $400 million on stealth chip startup Source Foundry after the crash, aiming to reinvent the way chips are manufactured.

Regulation & Legal

The SEC dropped an insider-trading lawsuit against a former healthcare executive who was convicted in a related criminal case and then pardoned by President Trump. The CFTC warned prediction markets to avoid using American-style gambling odds as the regulator fends off legal challenges alleging the platforms are illicit sports betting. A US judge blocked the Defense Department from enforcing its designation of WuXi AppTec as a Chinese military company, granting temporary relief to the major pharmaceutical contractor. VideoAmp cut staff as AI agents take center stage. The FAA ordered inspections of 471 Boeing 737 MAX jets over possible cracks found in a structural reinforcement around one of the plane's doors. The UK's CMA proposed changes to clamp down on Aldi and Lidl using anti-competitive property covenants to block rival store openings. Senator Lummis defended the Clarity Act for crypto, arguing passing it is a matter of national security. The FCA tightened scrutiny on unregulated lenders after the MFS collapse, demanding more information around fraud risks in the wake of the mortgage lender scandal. The Trump administration restarted its battle to fire Fed Governor Lisa Cook, sending a letter saying it was considering removing her.