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Last updated: August 11, 2026, 8:33 PM ET

Public Markets

Equities

U.S. stocks slid for a second straight session as investors remained cautious ahead of Wednesday’s inflation data, with the Nasdaq losing 0.6%. Asian stocks were poised to follow Wall Street lower, with traders holding back from riskier bets ahead of key inflation data and remaining wary over US-Iran developments. European indexes were boosted by energy stocks due to a rise in oil prices. Taiwanese stocks are gaining favor over South Korea’s on steadier earnings prospects, as the two AI-bellwether markets look to recover from July’s rout. European markets are defying doom-laden forecasts, with European defense stocks set for continued growth as the region’s rearmament cycle enters a new stage. A buying opportunity may be forming around S&P skeptics’ refusal to give up, as anxiety about geopolitics and inflation keeps animal spirits at bay. Volatility tumbled as markets shrugged off Middle East risks, with the Vix ‘fear gauge’ falling to prewar levels even as oil rose. Systematic buyers are getting ready to reload on stocks again after a massive unwind, according to Citadel Securities. Hong Kong’s main tech index is set for a revamp to include more companies representing AI and robotics sectors. BSE Ltd. is set for inclusion in the Nifty, which could lead to passive flows of about $741 million. Wipro Ltd. exit from the Nifty 50 marks a shift from an outsourcing-led boom to one powered by growth in exchange operators. India’s equity fund flows moderated in July even as investors continued to pour money into small- and mid-cap strategies. European markets are charging ahead, defying forecasts that the Iran war would tip the region into stagflation.

Fixed Income

ICE bond sale of $3.75 billion of US investment-grade bonds came less than two weeks after announcing a $6 billion deal to acquire Market Axess Holdings Inc. Blue Owl Capital sold $750 million of high-grade debt, up from initial discussions of $500 million. Barclays said a shift in the buyer base of US Treasuries toward value-oriented mutual funds has helped propel 30-year yields to multi-decade peaks. Trend-chasing funds record short bets against global bonds are lifting the stakes for US inflation reports. Gilts dropped as the oil rally revived inflation worries. The WSJ Dollar Index ended Tuesday’s session flat. 30-year Treasury yields offer a rare buying opportunity for investors.

Commodities

Gold steadied as traders weighed prospects for a deal to reopen the Strait of Hormuz while awaiting US inflation data. Silver fell 0.5%, snapping a two-session winning streak. Oil held a four-day gain as traders monitored efforts to reach a deal that could restore energy flows through the Strait of Hormuz. US natural gas futures gave back some gains as soft LNG demand and comfortable storage levels kept a lid on rallies. Aluminum extended gains to a seven-week high after a key alumina producer slashed production. Copper shipments from Indonesia are suffering delays after the smelter that processes ore from the Grasberg mine was halted. Chile lowered its copper production forecast for a second straight quarter. Colombian coffee exports are largely paused after a devastating earthquake.

Currencies and Monetary Policy

The yen edged closer toward 160 per dollar, raising concerns over Japanese authorities stepping in to prop up the currency. The effects of a recent Japanese government intervention on the yen are already fading. The yuan may resume its march against the dollar next month. Emerging-market assets fell on Tuesday, with a currency gauge snapping a four-day winning streak. A proposed Hong Kong “big bang” tax reform aims to target trading firms as part of a push to compete with Singapore for financial talent. Deutsche Bank became the first European clearing bank for renminbi.

Geopolitics and Risk Factors

The US now expects oil supply disruptions from the US-Iran war to reach about 600,000 barrels per day. Iran is preparing for worsening economic malaise. The Panama Canal fees hit a record high as weather and war choke shipping. Italy’s Deputy PM Salvini proposed a windfall tax on Italian bank profits.

Corporate and Earnings

Nvidia commitments to backstop the AI boom helped soothe jittery credit markets. CoreWeave shares jumped 12% as revenue doubled, with a $104 billion backlog. Super Micro Computer reported a quarterly profit of $1.17 billion, up from $195.2 million. Cava Group said climbing customer traffic boosted its profit in the second quarter. Constellation Software profit rose to $274 million, up from $56 million. Smithfield Foods cut its outlook for the year. On Holding tempered its sales outlook, expecting growth in the low-20% range. H&R Block revenue increased to $1.14 billion and raised its quarterly dividend by 10%. Cardinal Health had a mixed fiscal fourth quarter but expects growth in both segments. Chobani cut its annual earnings forecast due to rising material costs. Buc-ee’s trademark blitz sparked backlash.