Last updated: August 13, 2026, 2:37 PM ET
US Equities
U.S. stock futures edged higher after a subdued inflation report that reinforced expectations the Federal Reserve will hold rates steady. The S&P 500 headed toward a record, with AI enthusiasm and receding rate-hike bets lifting markets. Treasury yields retreated as bond traders stopped fully pricing in a Fed rate increase this year, helped by a retreat in oil prices. Wall Street traders drove stocks higher and bond yields fell as more evidence of moderating inflation reinforced bets the Fed will refrain from raising rates next month. U.S. stocks were mixed as deadlock in the Middle East offset relatively benign consumer-inflation data and an artificial-intelligence earnings bonanza, according to a separate report from the WSJ.
Corporate Earnings
Cisco reported a sharp jump in profit as AI orders rolled in. AMD plans to raise as much as $5 billion from what would be its biggest-ever U.S. dollar investment-grade bond sale, adding to a wave of debt tied to artificial intelligence. Adyen shares soared more than 9% after first-half earnings increased, and the Dutch payments provider raised its 2026 sales outlook following its first-ever acquisitions. Cerebras Systems swung to a second-quarter loss of $450.5 million but still lifted its full-year outlook. Tapestry said its Coach brand led sales growth for another quarter, while giving a soft outlook for its new fiscal year. Brinker International guided for another year of profitable growth as its Chili’s chain continues to attract value-seeking diners. Stub Hub failed to turn a profit in the second quarter despite surging revenue from the World Cup as costs climbed, sending its stock down. JLR owner Tata Motors reported a lower-than-expected quarterly profit, stung by weakness in its UK luxury unit at Jaguar Land Rover. JD.com reported better-than-expected results in the second quarter as the Chinese e-commerce titan made steady progress narrowing losses at its food-delivery business. Hapag-Lloyd’s second-quarter earnings surged on strong Asia exports and better U.S. demand. ANZ’s profit climbed in the third quarter as the bank grew customer deposits and lending expanded in its business and private banking division. Origin Energy shares rose the most in six months after full-year profit beat estimates, with uptake of electric vehicles and home batteries accelerating in Australia. Treasury Wine Estates shares jumped as signs of growth in its critical China market outweighed a steep drop in full-year earnings. CK Hutchison’s profit rose sharply in the first half, driven by hefty gains from recent asset disposals by the Hong Kong conglomerate. Thyssenkrupp raised the low end of its full-year profit guidance as it reported strength at its steel and naval divisions. Old Mutual shares began trading on Zimbabwe’s dollar-denominated stock exchange, six years after they were suspended. SMIC, China’s biggest chip foundry, recorded a surge in net profit and revenue in the second quarter, cashing in on robust orders for legacy and specialty semiconductors. ASX shares capped their best day in six years after Australia’s main exchange operator gave a positive outlook on its listings business ahead of Anthony Attia’s arrival as CEO. Orsted reported that second-quarter profit fell on impairments, but said all projects are on schedule. Antofagasta posted higher earnings but cut its production guidance after heavy rain in Chile temporarily closed a mine. Qatar’s CSN reported a 10th consecutive loss as it grapples with stifling debt and rising financing costs. La Caisse de Depot et Placement du Quebec posted a 5% first-half return but fell short of its benchmark as losses on private equity holdings pulled down the overall result. Lenovo shares jumped 19% after an AI-driven revenue beat sent the stock to a new record. Two Sigma Investments’ billionaire co-founder John Overdeck offered his wife $633 million in their divorce case, her lawyer said.
European Markets
European indexes were mostly higher, boosted by financials and technology sectors, but the FTSE 100 was down as miners fell after Antofagasta cut its production guidance. The FTSE 100 joined a global rally after the UK economy unexpectedly grew in June, while the pound steadied. Europe’s AI stocks drove Stoxx 600 gains despite the region’s low overall tech exposure. DWS Group is partnering with life insurance consolidator Frankfurter Leben as the asset manager owned by Deutsche Bank seeks to access the industry’s vast capital pools. Canary Wharf Group sold a Société Générale office building in London for £625 million in a deal between the district’s own investors. Maersk shares rose after the shipping group raised its full-year guidance for the second time in less than three months, citing higher freight rates and strong demand in Asia. The Maersk chief called for an investment push to ease trade strains as port bottlenecks boosted freight rates and profits.
Asian Markets
South Korean stocks jumped 22% in 10 days as a revival in the global AI trade pushed them into a technical bull market, with a bit less excess this time after Seoul curbed the use of leveraged ETFs. Korean stocks are on fire again as the chip rally regained steam, marking a dramatic turnaround from last month’s historic rout. Japan’s producer price gains stayed high as BOJ officials consider whether to proceed with additional rate hikes. The Japanese drama is no sideshow for U.S. markets, as the yen’s moves matter more than ever for global bonds. South Korea ordered new investors to take classes after a single-stock trading frenzy, tightening curbs on controversial leveraged ETF products. Asian stocks were set to gain on the U.S. inflation data, as markets rallied. TSMC and Sony partnered as China’s AI stocks surged.
Fixed Income & Currencies
The U.S. government sold 30-year bonds at the highest interest rate in a quarter of a century, reflecting a relentless selloff that has stirred speculation the nation will tilt borrowing further toward shorter-term debt. Inflation protection is on sale via TIPS, which look like a bargain at least for the near term. Big Tech’s debt sales are driving up credit risk for safe firms with no AI links, as a flood of borrowing by tech companies ripples through the market and triggers an inadvertent rise in risk metrics. Bond investors want the Fed to raise rates, according to an opinion piece. The 351 conversion ETF offers the ultimate tax deferral, pushing the tax-efficiency benefits of ETFs further than ever. Goldman Sachs is doubling down on investor hunger for “boomer candy” ETFs that use derivatives to get stocklike returns while limiting the downside. In currencies, Sri Lanka is reducing dependence on foreign borrowing while raising more money domestically through longer-term bonds. Chile has a new institutional investor poised to plow billions of dollars into corporate bonds over the next few years, promising a boon.
Commodities & Energy
Gold settled 1% lower, snapping a four-session winning streak, as tame inflation tempered rate-hike bets. Gold wavered near $4,400 an ounce after a subdued U.S. inflation report relieved pressure on the Fed to hike rates. Precious metals climbed on tame July inflation, with gold settling 0.6% higher for a fourth consecutive session. Crude futures pulled back after days of gains, with oil prices falling amid rising U.S. inventories and both the U.S. and Iran claiming control over the Strait of Hormuz. Oil futures ended little changed in cautious trading with the market still focused on the Strait of Hormuz. A second supertanker was seen loading at Saudi Arabia’s main oil export terminal inside the Persian Gulf, a further sign that loadings at the hub may be picking up as the kingdom’s alternative shipping routes are tested amid the conflict. U.S. fuel prices will likely stay high for a while, as costs at the pump are unlikely to come down significantly until Donald Trump can strike a lasting deal with Iran. Americans have never paid this much for fuel so late in the year, with gasoline and diesel prices at record highs for this time. Russian diesel exports dropped to a fresh multiyear low in early August as Moscow restricted fuel exports in the face of drone attacks on the country’s refineries. Russian diesel flows are at their lowest in years as drones hit refiners. U.S. natural gas futures rose on hotter weather forecasts, while inventories increased more than usual last week, raising the surplus over the five-year average to 198 billion cubic feet. U.S. natural gas inventories saw an above-average build, with futures dipping ahead of the EIA report. Aluminum extended its fall from a seven-week high as supply fears eased after one of the Middle East’s biggest smelters announced plans to restore production earlier than expected. India urea offers declined 12% as the war-driven supply squeeze eases, signaling that tightness in the global fertilizer market is fading. The price of niche rare earth erbium surged on fears of renewed Chinese export controls, as China dominates production of the metal used widely in infrastructure. Colombian coffee exports partially resumed through Buenaventura port after the earthquake. The recovery in wind energy is picking up speed on hard-nosed commercial and strategic grounds, with prospects looking up. Rio Tinto got a $1.8 billion bailout for Australia’s biggest aluminium smelter, following similar deals by the Australian government to save vulnerable industrial operations. North Sea oil producers were told to speed up well closures, as the NSTA has fined one company more than £16 million this year and vows to enforce deadlines. August heat helps lift U.S. natural gas futures. A second supertanker seen loading at Saudi oil hub in Persian Gulf.
Real Estate & Infrastructure
The housing crisis is fueling a surge in mortgage muni bond securitizations, as lenders securitize portfolios of multifamily mortgages to free up capital for new loans. Singapore’s biggest property-focused firms reported improved first-half profit, helped by growing fee-related business and new project launches. Thailand’s Minor International postponed plans for its first real estate investment trust, valued at about $1 billion, as market conditions soured. Housing market jitters grip Australia’s banks, dragging down share prices and underscoring pressure on profitability as a fall in home prices makes financial conditions more restrictive, according to a senior central bank official who said it helps efforts to reduce demand. South Korea stepped up its home supply push by raising the cap on household debt growth and pledging more homes in the Greater Seoul area, intensifying efforts to contain a relentless housing rally that is becoming a political liability for the president. The Trump-led board voted again to close the Kennedy Center for renovations, a decision that will be reviewed by a federal judge who previously said the board had not thoroughly evaluated the president’s plan. Retail parks are the real threat to the British high street, as outdoor commercial complexes are hot property with supermarkets, stores and discount chains elbowing for room. Outdoor dining is expected to resume year-round in New York City; the City Council is poised to approve a package of bills loosening restrictions on roadway dining structures.
Central Banks & Macro Data
Traders pared bets on Fed rate hikes as the inflation outlook improved, with bond traders no longer fully pricing in a rate increase this year. The jobless boom has arrived: the stock market thinks the economy is accelerating but don’t expect jobs to follow, according to a WSJ analysis. Brazil’s Congress approved measures to curb spending growth in a move that aims to signal greater budget discipline backed by President Luiz Inacio Lula da Silva ahead of his reelection bid. Foreign investors fled Brazil stocks at the fastest pace since 2021 as concerns over the presidential election make them increasingly wary of the outlook. Indonesia’s President Prabowo nominated three senior Bank Indonesia officials to fill the central bank’s top leadership positions, reinforcing expectations of policy continuity. Traders will watch whether Prabowo’s state budget speech can convince investors that fiscal discipline remains a priority, helping restore confidence in the country. Nigerian Central Bank widened access to Open Market Operations, allowing all eligible investors including individuals to participate in the purchases. The Bank of Japan is considering additional rate hikes as producer prices continue to rise at an elevated pace. Monetary policy and supply shocks are creating “the most difficult dilemma” for central banks, as U.S. lettuce prices drop but inflation persists.
ESG & Climate
Europe is once again in the grip of extreme heat, with the latest round of extreme temperatures, the fifth since May, disrupting daily life and testing the region’s resilience. As Europe faces heat waves and wildfires, travelers are forced to adapt, with soaring temperatures and dried-up rivers transforming tourism. “An English Summer Is Not the Same Anymore” as with forecasters warning of very high temperatures, this summer is on track to be one of the hottest yet. Climate change risks are ringing alarm bells for investors as damage from wildfires in Europe should be a wake-up call to pay more attention to environmental risk. The US race to compete with China on lithium runs into water battles, as Trump-backed plans to build production of the critical element are undercut by community resistance in water-scarce regions. How sustainability fell out of fashion: voluntary commitments by fashion brands to tackle climate change have largely fallen by the wayside, leaving the industry wondering what happens now. The recovery in wind energy is picking up speed.
Corporate & M&A
The $12.5 billion deal for the Los Angeles Lakers has been hashed out, reflecting the huge profit potential of major sports franchises. How Bob Iger and Joshua Kushner’s bromance led them to the Lakers; the former Disney CEO and the venture capitalist are buying the team, with their wives having set them up. Joshua Kushner, the new Lakers co-owner, is an influential venture capitalist with big bets on AI and health insurance. Wall Street’s basketball billionaire mess: two NBA owners are facing trouble in their Wall Street businesses. Airbnb is exploring how to bring stablecoins into its consumer banking platform, in the latest sign that the new form of money is evolving beyond crypto markets into everyday payments. Elon Musk, the world’s most famous EV pioneer, is now leaning into fossil fuels: SpaceX is planning a Texas natural gas plant to power a new chip facility, while gas turbines are already being used for campuses in Tennessee and Mississippi. AI’s biggest energy impact might be in the oil patch, not the data center, as China’s surging clean-tech exports and lithium-free batteries also feature. The ultimate tax deferral: inside the 351 conversion ETF. Will Paramount’s brinkmanship work? The media company’s leader, David Ellison, is threatening to pull the company out of California in the face of a lawsuit by states seeking to block its big deal. Paramount has discussed creating a board to ensure CNN’s independence, talks that began before a lawsuit to block the Warner deal was filed. Harrods is fighting with the Al Fayed estate over hundreds of sex abuse claims, wanting the billionaire’s estate to pay for settlements and seeking to remove his widow as executor. The board of Peace Road Map for Gaza gives hope.
Technology & AI
OpenAI’s chief revenue officer Denise Dresser will depart after less than a year to pursue other opportunities. Wealth managers are wooing OpenAI and Anthropic staff ahead of IPO windfalls, with the rise of equity-rich tech workers shifting negotiating power towards clients. Anthropic investors are betting on a $2 trillion valuation, according to the FT. Legal AI start-up Legora is seeking funds at more than a $10 billion valuation, just four months after it was valued at $5.6 billion as interest in AI tools for professional services soars. Everybody loves Nvidia – but then, they can’t afford not to, as Wall Street bets on Nvidia’s $500 billion AI data center financing plan. Wall Street giants bet Nvidia’s AI chips will defy the laws of finance, with private capital firms wagering that the crucial hardware will hold its value for years to come. AI has opened up big holes in cyber security; it is too late to prevent the technology from being used as a damaging weapon, so great investment in defences is urgently needed. If you weren’t worried about AI, you should be after the past few weeks: AI agents are hacking companies, and the time to consider halting development is now. A new class of cuddly mascots is selling everything from AI to tap water; Crocs is the latest to join the trend with Niles, a 6-foot crocodile mascot, and ex-Liquid I.V. marketer Stacey Andrade-Wells joins Bobbie to power the formula brand’s next growth spurt. Crocs is the latest to join with Niles, a 6-foot croc. America wants to make its own humanoid robots but that won’t be easy, as China already manufactures them by the thousands and a new generation of U.S. start-ups is betting that there is still time to compete. So you want to build an AI star? Designers at creative studios create fake personas they hope real people will love, distorting culture or mirroring it? The SEC denied Egan-Jones Ratings Co.’s application to re-enter the market for grading government debt and asset-backed securities, the latest sign of regulatory tightening. Treasury scales back scrutiny of U.S. shell companies; the Trump administration will not enforce reporting requirements of the 2021 Corporate Transparency Act intended to crack down on money laundering. Trump is suing over a plan to sell early access to his Truth Social posts.
Regulation & Policy
The Trump administration lets parts of the National Firearms Act lapse, effectively allowing a pillar of the Prohibition-era law to expire. ICE plans to give officers gloves that can deliver electric shocks, described as a “de-escalation device” but critics say it could encourage more force. ICE plans to give officers electric stun gloves as a siege on Palestinian homes continues. A third immigrant detained at Delaney Hall dies after a medical emergency. Trump wants the MMR vaccine split into three separate shots; doctors say it’s a bad idea. New Yorkers who lost insurance after Trump cuts face hard choices. The Supreme Court oral arguments have transformed since Covid-era precautions, with live audio, a new format and new voices having unsettled the court’s signature public ceremony. After Supreme Court losses, Trump keeps pushing – is the administration defying the court or pursuing lawful alternatives? Hegseth is pressed to clarify his lawyer’s role in promotion decisions. Hegseth says the anti-cartel coalition will do “bad things to bad people.” Trump enlists corporate America in the fight against cyber crime, echoing a privateering push that mirrors a U.S. revolutionary war-era strategy of employing civilians to battle adversaries. The US regulator denied Egan-Jones bid to expand ratings business.
Geopolitics & Trade
Mexico presses the U.S. to cut auto tariffs, while AI build-out fuels warehouse demand and the war throttles another chokepoint: the Black Sea. Russia’s blockade of major Ukrainian ports threatens global grain supplies, as deadly strikes are part of a long-running maritime battle and echo battles over other key shipping routes around the world. Sun, sea and bombs in Odesa: Russian attacks are choking off an export lifeline for Ukraine’s grain exports. Russian ghost fleet tankers use ‘Mad Max’ nets to fend off Ukraine’s drones, as defences on sanctioned vessels aim to protect against Ukraine’s vast maritime drone campaign. The battle for control of India’s $280 billion Tata Group: a turbulent transition awaits N Chandrasekaran’s successor at the conglomerate that owns Air India and Jaguar Land Rover. Tata investors turn focus to succession and strategy as the chairman steps