Public Markets 24 Hours

Last updated: August 8, 2026, 2:36 PM ET

Equities

U.S. stocks rallied sharply after a weaker-than-expected July jobs report eased fears of further rate hikes. The S&P 500 and Nasdaq notched fresh records, capping their best week since April. The labor market unexpectedly shed 23,000 jobs, prompting traders to scale back rate-hike expectations. Major indexes rose across the board, with the Dow also gaining. The Wall Street risk complex surged anew as a deluge of fresh cash fueled risk appetite. U.S. stocks rose Friday after payroll data came in far weaker than expected, giving the Fed reason to hold off on raising rates next month.

Berkshire Hathaway’s Greg Abel ended a three-year selling streak, plowing a net $20bn into stocks. Pfizer faces “a world of hurt” as sliding vaccine revenues and overpayment concerns pressure CEO Albert Bourla. WuXi AppTec got a temporary reprieve after a U.S. judge blocked its designation as a Chinese military company. Trip.com, China’s largest travel site, was fined RMB518bn for market abuse. Sainsbury’s needs a dose of Big Tech boldness, says the FT, as the UK’s second-largest supermarket delivered terrestrial returns. London housebuilders finally catch a break as construction picks up, but merely returning to normal won’t meet government targets. Vistry faces a credit squeeze after Allianz Trade cut cover for its suppliers. SpaceX shares neared their $135 IPO price again after a $327 billion rally. Mike Ashley called Harvey Nichols a “death spiral” even as he vies to acquire it. A fintech that soared on a Trump crypto deal sold its core business for $12 million. Army test ranges are now open to private industry, helping defense contractors expedite weapons development.

Fixed Income & Credit

Treasury yields fell sharply after the July jobs report showed a loss of 23,000 jobs. Treasury yields declined as traders reduced rate-hike odds. The U.S. Senate passed a stopgap bill to avert a shutdown, avoiding a pre-midterm skirmish. In the UK, Prime Minister Burnham’s talk of fiscal flexibility could backfire by destabilizing financial markets, Treasury officials fear. City bosses urged Burnham to rule out changes to pension lump sums in the next Budget to avoid speculation. In credit markets, highly-indebted companies are increasingly ditching private credit loans for cheaper bank loan capital, a shift underscoring higher-for-longer interest rates. First Brands urged a court to approve a bankruptcy settlement that would fund lawsuits pursuing billions in claims from an alleged fraud scheme.

Currencies & FX Intervention

Currency interventions have a mixed record — you can’t fight macro with FX intervention. The yen intervention points to the squishy underbelly of American weakness, according to the FT. Hedge funds sharply reduced bearish yen bets after coordinated U.S.-Japan efforts stabilized the currency.

Commodities

Oil futures settled higher on Friday but posted steep weekly losses amid Middle East supply disruption concerns. WTI rose 1.2% to $78.18 a barrel, but fell 7.7% for the week. Brent gained 1.3% to $83.55 for a 5% weekly loss. Iran’s oil exports have stalled and Kharg Island sits idle under a U.S. blockade. Tehran says the U.S. must rectify its behavior before the Strait of Hormuz reopens, and issued a list of demands dampening hopes of reopening. The Houthis claimed an attack on a Yemeni military camp, killing, as Yemen teeters on civil war amid the Hormuz stalemate. A diesel squeeze spurred by wars sets the stage for a winter fuel crunch. Ukraine struck two Russian oil refineries, sparking a fire at the Ilsky refinery. U.S. natural gas futures posted a seventh consecutive weekly loss as strong production offset high demand. A solar eclipse threatens to tighten Europe’s electricity squeeze, as Italy’s heat spreads to Western Europe. In Australia, unionized workers at BHP’s Port Hedland iron ore hub started rolling 24-hour strikes, threatening export revenue. Venezuela takes to the streets as the country is hit by daily blackouts.

Geopolitics & Policy

The U.S. Senate passed a sanctions bill targeting Russia and Iran, championed by the late Senator Lindsey Graham. The Trump administration restarted its battle to fire Fed Governor Lisa Cook, sending a letter saying it was “considering” her removal. Ukrainian President Zelenskyy made a landmark visit to Serbia as Russian influence wanes. The U.S. is burning through weapons in Iran, and Russia and China are taking note. The SEC dropped an insider-trading lawsuit against a former healthcare executive who was convicted and then pardoned by President Trump. A federal appeals court upheld a block on Trump ballroom construction, making it likely the Supreme Court will decide.

Crypto & Tech

It was a tough week for crypto, but by Thursday evening fans were downing drinks at a Bitcoin bar. A landmark crypto bill stalled in the U.S. Senate despite a $225 million lobbying push. AI is changing everything — a decade ago a computer did something no human would have done, now the world is full of such moments. Moonshot, a Chinese AI startup, revamped its structure for a Hong Kong IPO. Whatnot was valued at $20 billion in new funding, nearly doubling in less than a year. Wonder takes a gamble on robots, drones and AI-generated menus to lower food prices.

Other Sectors & Market Talk

Medicare Advantage perks are getting scrutiny — officials said no to plans covering medical marijuana, streaming services, and shopping clubs, with changes coming in 2027. America’s electric vehicle honeymoon is over as drivers who got hooked on lease deals now look at hybrids and gas cars. Canada offered concessions in trade talks but demands a comprehensive deal as Prime Minister Carney tries to prevent 50% tariffs. New York City homeowners are challenging the second-home tax rollout, arguing improper targeting. One in three UK first-time buyers starts a family before having a home of their own, as the age of first-time buyers rises.

Finally, Energy & Utilities Market Talk offers insights on Brazilian oil-and-gas companies and Oklo, while Auto & Transport Market Talk covers Lyft and Daimler Truck.