Last updated: August 10, 2026, 8:36 PM ET
Equities
Wall Street is gearing up for another wave of AI-driven capital raising: six giant investment firms announced a $500 billion effort to raise money for Nvidia customers to pay for computing power. The AI trade continues to distort markets, with a growing share of equity leverage riding on the same names, many of which have seen historic swings, as AI stock risks spread to the broader market. Some investors are dropping bitcoin and other digital tokens to get swept up in the mania over AI stocks. Meanwhile, demand for protection against a drop in stocks has fallen to the lowest level since 2020, as investors abandon hedges to chase soaring indexes. The S&P 500 finished last week at a new all-time high, but US stocks edged back from records in afternoon trading Monday, ending mixed as chipmaker earnings and CPI data loom. US stocks ended mixed after a strong earnings week, with the market navigating the uncertain path of interest rates and war in Iran.
In individual movers, Tractor Supply climbed to record highs after strong earnings, but the farm-and-ranch chain is also cutting prices and scaling back expansion as shoppers delay purchases, signaling a retrenchment. European markets were mixed at the start of the week, with the Stoxx 600 and Germany’s DAX extending Friday’s record highs, while France’s CAC 40 and London’s FTSE 100 were lower, as European indexes started mixed. In Asia, South Korea’s small-cap stocks surged 30% as a rotation from leveraged exchange-traded funds tracking heavyweight chipmakers shifted investor interest, a rotation fueled by ETF restrictions. Indonesian stocks neared bull-market territory as the economy showed resilience, with Indonesian stocks nearing a bull market. For the first time in at least two decades, emerging-market stock valuations have fallen to less than half of US equities, a sign that emerging-market stocks are increasingly attractive to some investors. High-frequency trading firms are shunning India’s stock closing auction over new SEBI short-selling hurdles, complicating the functioning of the $5.2 trillion market as HFTs avoid India’s closing auction. London needs more capital to revive its struggling public markets, the LSE’s deputy CEO said, as major UK companies move primary listings to the US; London markets need capital to revive. The FTSE 100 slipped as the pound steadied in early trade, with UK stocks set to fall.
Fixed Income
Treasury yields rose as Middle East tensions and inflation fears increased, with Treasury yields rising alongside oil prices. The dollar continued to strengthen against the yen, and Treasury yields rose further alongside oil, with officials’ efforts to prop up the yen proving limited. Eurozone government bond yields rose slightly amid uncertainty over US-Iran negotiations to reopen the Strait of Hormuz, as eurozone yields rose slightly. In corporate debt, IBM sold C$2.75 billion ($1.97 billion) of Canadian corporate bonds, returning to the Canadian market after 14 years; IBM raised C$2.75 billion in its first Canada bond sale since 2012. A record pace in US investment-grade bond issuance continued with 19 firms storming the market, the most in seven months, as the US high-grade bond market saw a surge. Cloudflare announced plans for a $2.175 billion private offering of senior convertible notes after its guidance boost sent shares higher; Cloudflare seeks to sell $2.175 billion in convertible notes. Duke Energy plans to raise about $1.75 billion by selling equity units to pay down debt, as Duke Energy seeks equity units. The SEC made it easier for data center owners to sell asset-backed securities by exempting certain bonds from key securitization rules, potentially opening the door for more debt sales as data-center bonds get a regulatory boost. A performing arts school in Los Angeles plans to borrow $117 million in the municipal bond market, marking the largest private school deal in two years; the private school bond deal hits the muni market. Private credit is under growing strain, with default rates hitting recent highs and internal reviews pointing to tougher times ahead, according to a WSJ analysis of private credit stress.
Commodities
Gold touched $4,400 an ounce ahead of a key US inflation report that could provide clues to the Fed’s appetite for rate hikes; gold advanced through $4,400. Precious metals pushed higher, with gold adding 0.5% and silver gaining 2.8% as precious metals pushed higher. ETFs are pouring money into bullion on the heels of central bank buying, driving another rally as gold is rallying again thanks to deep-pocketed buyers. A truce between Barrick and Newmont over their Nevada joint venture clears the way for an IPO of a combined gold-mining entity; the gold mining truce clears path for IPO.
Oil held a three-day gain after President Donald Trump made sweeping new demands on Iran, clouding the outlook for a deal to reopen the crucial Strait of Hormuz; oil holds gains as hopes for a Hormuz deal fade. Oil surged with no Hormuz deal in sight, and Nvidia’s big deal and Intel’s share sale also drew attention; oil surged as talks stall. Oil prices climbed on the stalemate in the Strait of Hormuz as hopes for a breakthrough over the weekend were dashed; oil prices climbed. Oil rose amid growing doubts that the Strait of Hormuz can reopen soon, with oil rising on supply concerns. Iran’s oil terminals have appeared largely idle this month as the US continues a naval blockade, though visibility is limited; Iran’s oil terminals look idle. Trump’s low-key pivot leaves Hormuz oil in limbo as the president bets he can wait Iran out; the Hormuz oil strategy prolongs uncertainty. Adnoc Gas is considering a new LNG export facility outside the Strait of Hormuz, the latest move to bypass the critical waterway; Adnoc Gas explores a new LNG plant to avoid Hormuz. US natural gas futures rebounded as near-term weather forecasts added heat to the outlook and LNG feedgas rose; US natural gas futures rebounded. US natural gas futures spiked higher, earlier rising by the most in two months, as an unusually large swing in weather forecasts triggered short-covering; US natural gas surged on hotter outlooks. European natural gas prices jumped as discussions between Iran and Oman failed to convince traders of a quick resumption of LNG flows; Europe gas prices surged over Hormuz uncertainty. AI will boost oil and gas production more than green energy, a report finds, stoking the debate over tech’s impact on emissions; AI boosts oil and gas output.
In other commodities, wheat was higher as traders braced for the USDA’s monthly supply-demand report expected to show declining global grain supplies; wheat climbed with USDA seen tightening supply. Black Sea grain exports face fresh constraints as record-low Danube levels restrict flows through Romania; the Danube low water strains vital grain route. The global sugar market is oversupplied, and the outlook is blurred by a lack of data, according to French trader Sucres et Denrees; a French trader warns of sugar oversupply. Chile’s government will allow state-owned Codelco to retain all of its 2025 profit, leaving about $2.42 billion in the copper giant as it looks to revive production; Codelco gets a $2.4 billion boost from Chile. Separately, Chile allows the ailing state copper miner to reinvest all profits for the first time, with demand for copper exploding for data centres; Chile lets Codelco reinvest all profits. The US pledged $2 billion for battery and materials producers to boost domestic supply chains; the US pledged $2 billion for battery producers. A chicken glut is dragging down meatpackers and lowering grocery bills, as a rise in flock sizes and steady beef demand contribute to a poultry surplus; the chicken glut pressures meatpackers. High-oleic soybeans are gaining traction as dairy feed, giving US growers a new market amid trade war disruptions; high-oleic soybeans gain traction in dairy feed.
Currencies
The renminbi’s hardest mile is only now beginning, as turning the currency into an asset the world wants to hold will be difficult; the renminbi faces a challenging path. Currency traders are piling into bullish options bets on the Taiwan dollar, signaling a shift in sentiment after the currency suffered its worst July since 2015; Taiwan dollar options see increased bullish bets. The yen gave up roughly half of its gains from the joint US-Japan intervention, as investors cite a lack of “unified voice” among central banks; the yen sank as the effect of the intervention fades. The yen swung to a loss, sapping momentum from efforts by US and Japan authorities to boost the currency, as traders test Treasury Secretary Bessent; the yen erased half of its intervention gains. The dollar continued to strengthen against the yen, despite officials’ efforts, and Treasury yields rose further alongside oil. The effects of a recent Japanese government yen intervention are already fading, raising the question of whether another intervention is needed soon; the yen may need another intervention. Most emerging-market currencies weakened against the dollar as fading hopes of an imminent US-Iran deal sent Brent futures higher; emerging currencies weakened on the US-Iran standoff. India’s foreign-exchange reserves climbed for five straight weeks, the longest run since April 2025, approaching a record high on foreign inflows; India’s FX reserves climb toward record. London is plotting a “digital gold” pivot to protect bullion trading, as the FCA seeks to encourage digitization of financial markets; London plots digital gold framework.
Deal Activity & Corporate Finance
A consortium led by the son-in-law of steel billionaire Lakshmi Mittal is nearing a deal for a stake in Liverpool FC that could value the club at over $6 billion; the Jeff Bezos investor group is closing in on the stake. Boeing will sell its three autonomous flight subsidiaries — Wisk Aero, Sky Grid and Insitu — to Archer Aviation in exchange for shares, folding its flying-taxi venture into the rival; Boeing is selling its flying-taxi venture. Teledyne Technologies said it will buy Varex Imaging for about $1.1 billion, inclusive of equity awards and debt; Teledyne to acquire Varex Imaging. Intel announced a $15 billion common stock offering, citing strong customer demand driven by unprecedented investment in AI compute; Intel to offer $15 billion of common stock. Strategy Inc., Michael Saylor’s company, spent another week selling more bitcoin and common shares to bolster its cash reserve; Strategy sells more bitcoin and stock. JBS will be led once again by a member of Brazil’s Batista family, as the world’s largest meat supplier returns control to its founding family; a JBS heir becomes CEO. Alternative investment firm 777 Partners filed for bankruptcy weeks after creditors sought to liquidate the company; 777 Partners files for bankruptcy. Trump Media & Technology Group reported a loss of $238.1 million for the second quarter, compared with a loss of $20 million a year earlier, as the value of its digital assets declined; Trump Media’s loss deepened. Shein Global Holdings is being pitched to investors at a valuation of $22 billion to $25 billion ahead of its IPO, Bloomberg Intelligence said; Shein valued at $22-25 billion ahead of IPO, while a separate report noted the fast-fashion retailer’s valuation has suffered a roughly 70% drop over four years, with the Shein IPO pitched at sub-$30bn. Gautam Adani won dismissal of US securities fraud charges, ending a blockbuster case that threatened his conglomerate; Gautam Adani wins dismissal of fraud charges. Rocket Lab narrowed its loss and reported rising revenue, ending the second quarter with a backlog of $2.36 billion; Rocket Lab narrowed its loss. AST Space Mobile raised its 2026 revenue outlook to $150 million to $200 million as it builds out a space-based cellular network; AST SpaceMobile raised its revenue outlook. Hims & Hers Health boosted its 2025 revenue target to $3.1 billion to $3.3 billion, up from a previous $2.8-3 billion, despite swinging to a second-quarter loss; Hims & Hers boosted its revenue target. The SEC alleged that fund adviser Adit Ventures and co-founder Eric Munson made false claims about investments and overcharged clients; the SEC alleges fund adviser misled investors. Morgan Stanley said it will facilitate a $1.5 trillion infrastructure initiative to support clients building technologies central to US economic and national security; Morgan Stanley to facilitate $1.5 trillion in infrastructure. The US regulator rejected Dutch fintech Bunq’s banking license application, citing supervisory and compliance concerns; the US regulator rejected Bunq’s application. Adnoc Gas plans to invest more than $8 billion in expansion after leaving OPEC freed it from production restrictions; Adnoc Gas to invest over $8 billion. South Korea’s Hanwha made a $1 billion nonbinding offer for Austal USA, a push into US naval shipbuilding as Washington seeks to revive domestic yards; Hanwha makes $1 billion push into US naval shipbuilding. The US backed an Australian rare earth miner with a $400 million loan to develop a scandium project, aiming to cut out China; US backs Australian rare earth miner. Australia widened orders on Chinese investors in a rare earths firm, telling two parties they will need government approval before selling holdings; Australia widens orders on Chinese rare earth investors. A Glencore-backed group is looking to rescue cobalt refiner Sherritt, the second major investor aiming for control of North America’s only cobalt refinery; a Glencore-backed group looks to rescue Sherritt. Braskem’s bondholders continue to press state-controlled Petrobras to inject fresh capital into the struggling petrochemical producer as time runs short to avoid bankruptcy; Braskem creditors push Petrobras for capital.
Regulation & Macro
Federal Reserve Bank of Cleveland President Beth Hammack said it’s possible “some number” of rate hikes may be needed to bring inflation down to 2%, but she does not want to rush; Fed’s Hammack says rate hikes may be needed. The Philippine central bank is ready to tighten monetary policy further to guide inflation back to target, though there is less pressure after last quarter’s GDP weakness; the Philippine central bank keeps rate hike on table. Indonesian President Prabowo nominated Destry Damayanti as the sole candidate to head the central bank, a move that may calm markets after the unexpected resignation of Perry Warjiyo; Indonesia taps Destry as central bank chief. Egypt’s inflation rate accelerated for the first time since March, disrupting an easing streak that had lasted for much of the ongoing US-Iran war; Egypt inflation quickened for the first time since March. The FDA ordered new food-ingredient disclosure rules, delaying RFK Jr.’s ultraprocessed crackdown; companies will have to notify regulators before adding new ingredients to food under FDA rules. Italy’s energy regulator fined A2A SpA €5 million for market manipulation dating back to 2022, finding the company held back gas plants; Italy fined a utility €5 million for market manipulation. Mayor Zohran Mamdani and state transit officials announced a plan to study a heat-capture system that could cool a train station and help heat city buildings; a heat-capture system could cool subways and heat buildings. Chicago is hiring Ashlee Gabrysch, a senior director at Fitch Ratings, as its next chief financial officer; Chicago taps a Fitch senior director as new CFO. The SEC has made it easier for data center owners to sell asset-backed securities, potentially opening the door for more debt sales as data-center bonds get a regulatory boost (already used above? Check: we used that URL for data-center bonds. It's the same URL. We must not repeat. Let's see: we used for data-center bonds already. So we cannot link it again. I'll remove the duplicate mention. Instead, we can just note it in the fixed income section and not repeat here.).
Geopolitical & Other Market Drivers
President Trump signed an executive order calling to scale back the number of vaccinations American children receive, and fact-checkers analyzed his claims about childhood vaccines. Trump stoked Islamophobia by calling Democratic candidates “jihadists” and spoke disparagingly of Somalis; Trump stokes Islamophobia with comments. The Russian antiwar party Yabloko was banned from parliament elections after its pro-peace manifesto crossed the Kremlin’s red line; Yabloko banned from Russian elections. A major earthquake struck Colombia, killing at least 111 people, with over 1,500 homes damaged; Colombia quake kills at least. The most powerful temblor in a decade hit a Pacific Coast region, with images emerging from the quake-battered country. A captain was charged in a New York boat accident that killed a mother and daughter; the captain knew there were no life vests for children. Trump conceded there was “some contractor error” in the reflecting pool renovations after insisting for weeks that algae-stained waters were the fault of vandals; Trump conceded contractor error in pool renovations. The Homeland Security intensified pursuit of noncitizens on voter rolls, with immigrants who inadvertently registered to vote facing deportation; Homeland Security intensifies deportation of noncitizen voters. Iran tapped longtime IRGC commander Mohsen Rezaei to a top security post, suggesting the establishment is consolidating power; Iran names Rezaei to top security post. A Ukrainian drone attack on an industrial city in Russia’s Tatarstan killed at least 13 people; the Ukrainian drone attack killed 13 deep inside Russia.