Public Markets 24 Hours

Last updated: August 12, 2026, 2:35 PM ET

Public Markets — Past 24 Hours

Macro & Fixed Income

The July CPI report showed inflation eased slightly, though prices remain elevated as the war drags on, with energy prices falling after their spring surge but other factors pushing costs higher. Treasury yields recovered partially from morning declines, while the dollar strengthened, reversing earlier losses. A $42 billion auction of 10-year US Treasuries resulted in the highest yield for the benchmark since the financial crisis, luring decent investor appetite. Risk markets rallied after the benign CPI data, with stocks and bonds both rising as concern about imminent Fed rate hikes eased, despite elevated oil prices. Pimco said angst over Fed credibility is unwarranted and that current US bond yield levels look attractive. Eurozone government bond yields rose as investors exercised caution ahead of the US data. The WSJ Dollar Index ended Tuesday flat, while emerging-market currencies pared gains as the tame CPI failed to meaningfully shift Fed bets. Yen traders ramped up options activity ahead of the data, seeking flexibility amid a lack of consensus on the currency’s direction. Korea’s 30-year bond yield hit a record on elevated energy prices and rate hike bets. The benign inflation data would reduce urgency around a September rate rise, according to the latest report analysis.

Equities

Ed Yardeni raised his S&P 500 8,400 target to a new Street-high, citing “fabulous earnings momentum.” US stocks climbed led by the technology sector as inflation fears eased, with futures higher ahead of the key report. S&P 500 earnings have been so good that investors are starting to worry about the strength itself. Optical stocks soared as the market’s favorite momentum bet from earlier this year resurfaced amid rising confidence in AI spending. European indexes were mostly lower as Middle East tensions weighed on sentiment. US stocks slid for a second straight session ahead of the data, with many remaining cautious. Super Micro Computer reported quarterly profit surging to $1.17 billion, up from $195.2 million a year ago, as sales nearly doubled. CoreWeave shares jumped 12% after revenue doubled year-over-year, with a $104 billion backlog signaling strong AI demand.

Foreign Exchange & Commodities

Gold rallied past $4,400 an ounce after the tame US inflation report calmed rate hike fears, extending gains for a fourth consecutive session. Comex gold settled 0.59% higher at $4,408.90, while silver rose 1.2%. Crude futures moved lower as traders awaited news on Hormuz talks, with the standoff derailing supply recovery. US crude stockpiles posted an unexpected build of 17.4 million barrels to 424.4 million barrels. Natural gas futures gained on a hotter weather outlook, though they later gave back some gains as soft LNG demand kept a lid on rallies.

Corporate & Deal Making

Wendy’s is preparing for a bid from investor Nelson Peltz’s Trian Fund Management, alongside Blue Five Capital and Flynn Group, with an offer possible Home Depot CEO Ted Decker will take a medical leave of absence, with a senior VP and the CFO overseeing operations. Air Baltic bonds slumped further into distressed levels after the airline announced a debt-for-equity swap plan. Paramount CEO David Ellison suggested leaving California is on the table as the antitrust battle over its Warner Bros. deal drags on. Jane Street priced a $14.6 billion debt deal with an 8% 10-year yield as part of a broader debt overhaul. Blackstone and La Caisse pension fund agreed to buy a 25% stake in Air Canada’s Aeroplan loyalty program for nearly $2 billion.

Asia & Emerging Markets

Tata Group erased $4.5 billion in market value after Chairman Natarajan Chandrasekaran said he will step down.