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Last updated: August 11, 2026, 11:38 AM ET

Equities

US stock futures were slightly up before the bell on Tuesday as oil erased an earlier advance, while traders awaited key inflation data for guidance on Federal Reserve policy. The S&P 500 finished last week at a new all-time high, but anxiety about geopolitics and inflation is keeping animal spirits at bay, which some see as a buying opportunity. European indexes were boosted by energy stocks on the oil rise, and the region continues to defy doom-laden forecasts of stagflation from the Iran war. The FTSE 100 saw gilts drop as the oil rally revived inflation worries. Demand for protection against a drop in stocks has fallen to its lowest since Trump’s tariff capitulation.

In single-stock moves, CoreWeave shares have been on a roll, and its earnings after the close Tuesday will test whether the rally is sustainable. Intel investors are banking on a comeback as AI mania transforms demand. On Holding tempered its sales outlook after lower-than-expected Q2 running-shoe sales. Rocket Lab narrowed its loss and reported rising revenue with a backlog of $2.36 billion. Hims & Hers Health boosted its revenue target to $3.1-$3.3 billion despite swinging to a Q2 loss. Trump Media & Technology Group reported a Q2 loss of $238.1 million versus $20 million a year earlier.

Fixed Income

Bonds retreated and stocks ticked lower as rising oil prices revived inflation concerns ahead of US CPI data. Treasury yields rose as hopes for a US-Iran deal over the Strait of Hormuz faded. The dollar strengthened further against the yen despite official efforts to prop up the Japanese currency. A rare buying opportunity is emerging in TIPS bonds offering real yields. The world’s busiest airport, Atlanta Airport, is coming to market with a $1.1 billion municipal bond sale. A performing arts school in Los Angeles is planning a $117 million bond deal, the largest private school muni deal in two years.

Commodities

Oil prices climbed as stalemate over the Strait of Hormuz hardened, with Brent crude touching $90 a barrel. The real squeeze is happening in refineries, where the Iran war, Ukrainian attacks on Russia and China’s fuel export restrictions have removed millions of barrels of refined products. Gold prices were broadly flat ahead of US inflation data, though precious metals pushed higher with gold adding 0.5%. Aluminum extended its rally to a seven-week high after a key alumina producer slashed production. US natural gas futures rebounded on hotter weather and Middle East supply concerns. Russia’s crude oil exports tumbled to their lowest since May as a lull in drone strikes allowed refiners to boost runs.

Currencies

The yen sank as the effect of joint US-Japan intervention faded, giving up roughly half its gains. The currency is approaching 160 per dollar, raising speculation of renewed Japanese intervention. The yuan is expected to resume its march against the dollar next month as seasonal factors boost the Chinese currency. The Singapore dollar was steady, supported by stronger-than-expected Q2 GDP growth. Emerging-market currencies weakened as fading chances of a Hormuz deal hit oil-sensitive assets. Traders are piling into Taiwan dollar options to bet on a rebound after the currency’s worst July since 2015.

Energy & Utilities

Oil surged with no Hormuz deal in sight, as President Trump made sweeping new demands on Iran. A dozen ships continued to shuttle oil outside the strait, keeping flows functioning in the face of attacks. Iran’s oil terminals have appeared largely idle this month due to the US naval blockade. Saudi Aramco pushed back restart of its Jazan refinery to late August after a weekend attack. Trump’s anti-wind crusade has redirected funds toward fossil fuels. Phillips 66 announced a $5 billion, 900-mile pipeline from Texas to Phoenix and Los Angeles.

Private Credit & Structured Finance

Private-credit firms are clamping down on loan sweeteners such as PIK provisions, fearing “shadow defaults” as borrowers have delayed interest payments on billions of dollars. 777 Partners filed for bankruptcy after creditors sought liquidation. The SEC exempted data-center bonds from key securitization rules, potentially opening the door for more debt sales. Gainwell Technologies started a $5.8 billion debt overhaul, the US software sector’s biggest junk-debt financing of 2026.

Deals & M&A

Intercontinental Exchange began selling US investment-grade bonds to fund its $6 billion acquisition of Market Axess. Ari Emanuel’s Mari Group agreed to buy ATG Entertainment for $6 billion, including 7 Broadway and 10 West End theaters. TPG acquired a 61.2% stake in Lotte Rental for $925 million. Hanwha Aerospace made a $1.2 billion offer for Austal’s US business. Samsung SDI bought GM’s stake in their US battery joint venture. AstraZeneca’s $400 billion tie-up with Bristol Myers unravelled after an FT report. Adani Group secured an $800 million loan for data centers as US charges were dropped.

Economy & Policy

US small business confidence rose to 99.8, its highest since August 2025. Fed’s Hammack said “some number” of rate hikes may be needed. Colombia inflation unexpectedly slowed. Morgan Stanley launched a $1.5 trillion infrastructure initiative. Deutsche Bank became the first European clearing bank for renminbi. India’s retail traders lost $9.6 billion in equity derivatives in the year to March.

Equity Markets – Asia & Emerging

Hong Kong’s tech index is set for an overhaul to include more AI and robotics firms. BSE Ltd. may see $741 million in passive flows from Nifty 50 inclusion. Wipro’s exit from the Nifty 50 reflects waning clout of Indian IT giants. Tencent early success with Work Buddy offers AI turnaround hope. DayOne Data Centers confidentially filed for a $5 billion US IPO. Chinese robot maker Unitree IPO was 5,500 times oversubscribed by retail investors. Turkey’s stock swings put the nation at risk of MSCI exclusion. India equity fund flows eased in July but small-caps stayed hot.

Miscellaneous Market News

Volatility tumbled as the Vix fell to prewar levels even as oil rose to $90. AI stock risk is spreading to the broader equity market. Boeing sold three autonomous flight subsidiaries to Archer Aviation for a 16.5% stake. Braskem creditors push Petrobras for capital ahead of a bankruptcy deadline. JBS returned leadership to the Batista clan as scion named CEO. CSN got financial relief as a $1 billion debt exchange was approved.