Public Markets 24 Hours

Last updated: August 8, 2026, 8:34 AM ET

Macro & Policy

A surprisingly weak July payrolls report showing the US economy lost 23,000 jobs triggered a broad market reassessment. The data nearly eliminated expectations for near-term Federal Reserve rate hikes, though officials remain focused on inflation still above the 2% target. BlackRock's Rick Rieder argued the contraction reflects a "productivity revolution" from AI, not economic weakness. Meanwhile, President Trump restarted his battle to fire Fed Governor Lisa Cook, sending a letter saying it is "considering" removing her after a previous Supreme Court rebuff. Christopher Phelan was confirmed as chairman of the White House Council of Economic Advisers. The Senate passed a sanctions bill targeting Russia and Iran, spurred by the sudden death of Senator Lindsey Graham. Todd Blanche was confirmed as Attorney General after overcoming GOP concerns. The Senate also passed a stopgap spending bill to avert a shutdown, avoiding a messy fight before the midterms.

Equities

All three major US indexes surged to fresh records after the jobs report, with the S&P 500 and Nasdaq capping their best week since April. The market rally was driven by the surprise job losses, which traders interpreted as reducing the risk of further rate hikes. Wall Street's risk complex surged anew amid a deluge of fresh cash, with markets showing indifference to a growing list of geopolitical concerns. Index funds that seem to invest the same way are performing very differently this year, driven by a few hot stocks. Private-equity firms, eager for exits, are pouncing on the hot IPO market as sluggish dealmaking has made it hard to find buyers. SpaceX shares neared their $135 IPO price again after staging a $327 billion rally. AI-battered hedge fund Situational Awareness made a $400 million bet on chip startup Source Foundry. Video-game publisher Take-Two Interactive reported higher sales but widening losses due to a title's discontinued development. Under Armour lowered its revenue outlook on soft demand in North America and Asia-Pacific. Wendy's withdrew its outlook and slashed its quarterly dividend as its turnaround struggles to take hold. Draft Kings CEO Jason Robins criticized prediction bets on earnings call commentary. Whatnot, a live-shopping platform, was valued at $20 billion in new funding, nearly doubling its valuation in less than a year.

Fixed Income & Currencies

Short-term Treasuries rallied, capping their biggest weekly gain since May after the soft jobs data prompted traders to dial back rate-hike bets. Treasury yields fell after the Bureau of Labor Statistics report showed the economy lost 23,000 jobs in July. The US Treasury sparked debate over auction cutbacks to temper yields, challenging an article of faith about the world’s biggest bond market. The dollar ended the week at its lowest since May as rate-hike bets faded, falling to a seven-week low against a basket of currencies. The yen surged 1% against the dollar after the US jobs data, with speculation that authorities could intervene again. Hedge funds sharply reduced bearish yen bets after coordinated US-Japan efforts stabilized the currency. A recent FT analysis notes that currency interventions have a mixed record, as you cannot fight macro with FX interventions. Another piece argues the US has bared its financial weak spot via yen intervention. San Juan, Puerto Rico, saw blowout demand for its rare $121 million muni-bond sale. B3, Brazil's exchange, faced scrutiny after its worst-ever trading outage hit Latin America's biggest economy.

Energy & Commodities

Oil futures settled higher on Friday, with WTI up 1.2% at $78.18 a barrel, but fell 7.7% on the week. Brent rose 1.3% to $83.55 for a 5% weekly loss. Iran's oil exports have stalled and Kharg Island is idling under a US blockade, with naval interdiction halting tankers. A diesel squeeze spurred by wars in the Middle East and Ukraine is setting the stage for an even worse winter crunch. US natural gas futures posted their seventh consecutive weekly loss due to strong production and soft LNG feedgas. Union workers at BHP's Port Hedland hub started rolling 24-hour strikes, escalating a pay dispute. Ukraine's grain exports could slump by more than half this season after Russian attacks disrupted Black Sea ports. A Chinese diplomat said Trump's tariffs created a "tortuous experience" for soybean trade between the world's two largest economies. Canada's PSP is said to mull a $1.5 billion sale of roads in India. Fitch Ratings is skeptical that tax cuts approved by Chile’s Congress will boost growth enough to offset the revenue drop. Hungary is facing a "dramatic" economic impact from drought and a nuclear production outage. Gainwell Technologies kicked off a $5.8 billion debt overhaul, the year's biggest software refinancing. Syracuse megamall bonds that were once AAA face a $350 million loss as the developer buys back the mortgage for cents on the dollar.