Public Markets 24 Hours

Last updated: August 8, 2026, 11:36 AM ET

Equity Markets

U.S. stocks surged to fresh records Friday after a weaker-than-expected July jobs report dampened rate-hike fears. The S&P 500 and Nasdaq capped their best week since April, while the Dow also posted solid gains. Traders sharply scaled back expectations for a Federal Reserve rate increase next month after data showed the economy lost 23,000 jobs in July, a surprise contraction that reversed the spring hiring surge. Major indexes rose broadly as odds of a September hike fell below 20%. The rally extended across sectors, with airline and transport stocks benefiting from lower rate expectations, while energy and utility shares showed mixed performance amid geopolitical tensions. Meanwhile, BlackRock’s Rick Rieder argued the payrolls contraction reflects a “productivity revolution” fueled by AI, keeping the economy on track for 6% nominal GDP growth.

Fixed Income

Treasury yields fell sharply after the July employment report, with the 10-year note dropping to session lows as investors priced in a more accommodative Fed. The yield decline was the steepest in months, reversing a recent uptrend. The US Treasury separately sparked a heated debate by floating potential auction cutbacks to temper yields, challenging the long-held assumption that government debt sales will always find sufficient demand. In Europe, a solar eclipse is expected to tighten the continent’s electricity squeeze, as heatwaves already stress power systems and reduce solar generation. The UK’s Allianz Trade plans to cut credit cover for Vistry’s suppliers, exacerbating cash-flow pressures on the struggling housebuilder. London housebuilders are finally catching a break with a pickup in construction, but merely returning to normal won’t meet the government’s ambitious targets.

Currencies

Coordinated US-Japan intervention stabilized the yen, prompting hedge funds to slash their bearish bets. The intervention, combined with verbal warnings, triggered a sharp reversal in speculative positioning. However, currency interventions have a mixed record — you can’t fight macro forces with FX action alone. The US’s yen intervention exposed a financial weak spot: America’s reliance on foreign capital flows. Meanwhile, Chinese diplomats described Trump’s soybean tariffs as a “tortuous experience” that disrupted trade flows between the world’s two largest economies.

Commodities

Oil futures rose Friday but posted steep weekly losses amid ongoing Middle East supply disruptions. WTI settled 1.2% higher at $78.18 a barrel but lost 7.7% for the week; Brent crude climbed 1.3% to $83.55, still down 5% on the week. An Iranian missile struck a UAE tanker, even as Tehran said it was close to a deal with Oman to reopen the Strait of Hormuz. Iran’s oil exports have stalled amid a US blockade that is halting tankers from Kharg Island. Natural gas futures posted a seventh consecutive weekly loss, despite strong power-sector demand, as production and soft LNG feedgas kept a lid on prices. A diesel squeeze driven by wars in the Middle East and Ukraine is setting the stage for a winter crunch as demand rises. In Australia, unionized workers at BHP’s Port Hedland iron ore hub began rolling 24-hour strikes, escalating a pay dispute. European power markets are bracing for a solar eclipse that will reduce solar output during a heatwave, while Italy’s heat is spreading westward, exacerbating wildfire risks.

Crypto & Digital Assets

A tough week for crypto had traders downing drinks at a Bitcoin bar, but sentiment remained cautious. A landmark crypto bill has stalled in the Senate despite a $225 million spending push by lobbyists, as lawmakers spar over digital asset regulation. Wyoming Senator Cynthia Lummis argues that passing the Clarity Act is a matter of national security — if the US doesn’t set terms, crypto activity will migrate to lightly regulated foreign venues. Meanwhile, the SEC dropped an insider-trading lawsuit against a former healthcare executive who was pardoned by President Trump. Draft Kings CEO Jason Robins blasted prediction bets on earnings calls, saying it’s not good for bettors to place wagers on what executives say.

IPOs & Private Placements

SpaceX shares jumped for a second straight day, nearing the company’s $135 IPO price for the first time since falling below it last month, after staging a massive rally. The stock’s surge is drawing attention as private-equity firms, eager for exits, pounce on the hot IPO market. Shopping app Whatnot was valued at $20 billion in new funding, nearly doubling its valuation in less than a year. Situational Awareness, an AI-battered hedge fund, bet $400 million on stealth chip startup Source Foundry, aiming to reinvent chip manufacturing. Chinese AI startup Moonshot is revamping its structure to win Beijing’s nod for a Hong Kong listing. Canada’s PSP is exploring a $1.5 billion sale of roads in India. Meanwhile, Singapore billionaire Lim Chap Huat sued Brookfield over an allegedly aborted real-estate joint venture.

Earnings & Corporate

Berkshire Hathaway’s Greg Abel ended a three-year selling streak, deploying a net $20 billion into stocks, finally putting Buffett’s cash pile to work. Under Armour lowered its revenue outlook on soft demand, with traffic trends weakening in North America and Asia-Pacific. The FAA ordered inspections of 471 Boeing 737 MAX jets for potential cracks in a structural reinforcement near a door. Ford plans a first-ever four-door Mustang to broaden consumer appeal. Mike Ashley called Harvey Nichols a “death spiral” even as he vies to acquire it. China’s Trip.com was fined for market abuse totaling 5.18 billion yuan. Pfizer grapples with “a world of hurt” as Covid revenues slide. Netflix, still looking for this year’s blockbuster, staged a billboard stunt on Sunset Boulevard to promote an upcoming thriller. Sainsbury’s needs a dose of Big Tech’s boldness after delivering terrestrial returns for two decades.

Economic Data & Policy

The July jobs report showed the labor market shifting into reverse, with employers balking at hiring. Job losses surprised economists, though layoffs remained low. The White House Council of Economic Advisers got a new chairman as the Senate confirmed Christopher Phelan. Trump officials are searching for Cuba’s next leader as pressure mounts. The Senate passed a stopgap spending bill to avert a shutdown more than a month before the deadline, reflecting an eagerness to avoid a messy pre-midterm fight. Separately, the Senate passed a sanctions bill targeting Russia and Iran, championed by the late Sen. Lindsey Graham. Trump restarted his battle to fire Fed Governor Lisa Cook, sending a letter saying he is “considering” removal. The US Army is opening test ranges to private industry to break a munitions bottleneck.

Emerging Markets & Geopolitical Risks

Yemen teeters on civil war as the Houthis attacked a military camp, killing, raising fears the 2022 truce will collapse. Ukraine struck Russian refineries and the Wildberries warehouse, while Kyiv itself was hit. Zelenskyy won Serbian pledges as Russian influence wanes. Venezuela is hit by daily blackouts for the first time in seven years, sparking protests. Fitch is skeptical about Chile’s budget as tax cuts may not boost growth enough. Brazil’s market outage — the worst ever — puts B3’s near-monopoly in focus. The US and Canada are in trade talks: Canada offered concessions but demands a comprehensive deal to avoid 50% tariffs.

Tech, Media & Telecom

Wonder is infusing automation with robots, drones and AI menus to lower food prices. The free money AI bond buildout is over as hyperscaler debt funding gets pricier. Taming AI’s wild frontier remains a challenge as advanced systems evolve faster than safety efforts. A superfan recommended thriller books — not market-moving but worth a mention. The WSJ quiz covers CDC chief and AI book deals. Move 37 marks the moment AI changed everything; it’s suddenly happening everywhere. A Chinese diplomat called Trump’s soybean tariffs tortuous. Don Lemon accused the DOJ of vindictive prosecution in a church protest case. The Chagos Islands return was blocked by US-Iran tensions. Naked bike protests split into dueling rides. Cornell students skinned a bear in a dorm kitchen, leading to a ban on dorm bear pastrami. The pointy desert plant could make softer, greener toilet paper. England is turning brown in drought. Weekend weather is a summer stew of heat, humidity and haze. Antidepressant users search for the exit. Cyclospora symptoms may come and go. Ezra Klein answers questions on Thiel, Rufo and the DSA.