Public Markets 24 Hours

Last updated: August 13, 2026, 5:35 PM ET

U.S. Equities

The S&P 500 closed at a fresh record high Thursday after a report of moderated wholesale inflation eased interest-rate fears. The benchmark index rose alongside other major averages as bond yields fell, with traders driving stocks higher on more evidence of cooling price pressures that reinforced bets the Federal Reserve will hold rates steady next month. U.S. futures were also higher, though oil, Treasury yields, and gold were all lower as investors weighed the data.

Bond traders stopped fully pricing in a Federal Reserve interest-rate increase for this year amid a retreat in oil prices that reinforced positive sentiment on the inflation outlook. Wall Street now expects the central bank to refrain from hiking next month. The market's optimism stands in contrast to the jobs picture, with one analysis suggesting the jobless boom has arrived — the stock market thinks the economy is accelerating, but don't expect jobs to follow.

Fixed Income & Credit

The U.S. government sold 30-year bonds at the highest interest rate in a quarter of a century, a testament to investors demanding more compensation to finance the nation's growing deficit. Yields have jumped amid concerns over mounting public debt and persistently high inflation, serving as a warning to Scott Bessent. This costliest bond sale since 2001 saw the 30-year yield climb to its highest level in over two decades.

A flood of debt sales by U.S. tech companies is rippling through credit markets, triggering an inadvertent rise in risk metrics for some of the world's safest firms. Big Tech's massive borrowing is increasing supply and pressuring spreads, even for companies with no direct AI links. Meanwhile, inflation protection is on sale via TIPS, which look like a bargain for the near term despite being far from perfect.

Currencies & Macro

Supporting the yen will take more than government intervention and will need hawkish signals from the Bank of Japan, said BlackRock's Rick Rieder. The Japanese drama is no sideshow for U.S. markets, as developments in Tokyo have global repercussions. In Europe, European equities finally matched U.S. exuberance, with the Stoxx 600 hitting records. European indexes were mostly higher, though London's FTSE 100 was hit by a production guidance cut from Antofagasta.

Foreign investors pulled money out of Brazilian equities on Tuesday at the fastest pace in over five years as concerns over the presidential election made them increasingly wary. In Chile, a new institutional investor known as the FAPP is poised to plow billions of dollars into corporate bonds over the next few years, promising a boon for the capital market. Sri Lanka is reducing dependence on foreign borrowing while raising more money domestically through longer-term bonds, as it seeks to make its debt more sustainable under an IMF program.

Commodities & Energy

Oil prices fell after days of gains, with the U.S. and Iran both claiming to have control over the Strait of Hormuz. A wave of Middle Eastern crude is making its way to U.S. shores, offering some respite to a market squeezed by wartime demand. A second supertanker was seen moored at Saudi Arabia's main oil export terminal, a further sign that loadings may be picking up. U.S. natural gas futures retreated after the EIA reported an above-estimate 36 Bcf weekly inventory build, extending the storage surplus.

Gold traded either side of $4,400 an ounce after a subdued U.S. inflation report relieved pressure on the Fed, but Comex gold settled 1.03% lower, snapping a four-session winning streak. Aluminum fell after one of the Middle East's biggest smelters announced plans to restore production earlier than expected. The price of niche rare earth erbium jumped on fears of renewed Chinese export controls. India urea offers declined 12% as the war-driven supply squeeze eased.

Company Earnings & Deal Flow

Applied Materials posted higher profit and revenue, driven by continued AI demand for its semiconductor solutions. AMD is set to raise $4.75 billion in the chipmaker's biggest-ever U.S. dollar bond sale, adding to the wave of debt tied to the AI boom. Cisco reported a sharp jump in profit as AI orders rolled in. China's SMIC recorded a surge in net profit and revenue, cashing in on robust orders for legacy chips. Cerebras Systems swung to a second-quarter loss of $450.5 million but lifted its full-year outlook.

Workday shares surged after a report that private equity firm Silver Lake is in talks to purchase the software provider. Tapestry said its Coach brand led sales growth for another quarter while giving a soft outlook, leaving investors wondering how long Coach can excel. Tyson Foods said it would close several additional beef plants amid a prolonged U.S. cattle shortage that has squeezed meatpackers. Hapag-Lloyd earnings recovered on strong Asia exports and better U.S. demand. Adyen shares jumped more than 9% after first-half earnings increased and it raised its sales outlook.

Sports Finance & Major Transactions

Facing a federal investigation and a liquidity crunch, Lakers owner Mark Walter needed only 72 hours to accept a $12.5 billion offer to sell the team to Joshua Kushner and Bob Iger. The transaction, hashed out last weekend, reflects the huge profit potential of major sports franchises. The billionaires taking over sports teams represent a risk for fans, as franchises risk getting caught up in the disparate affairs of their financier owners.

Birch Resources is in advanced talks to be acquired by Diversified Energy Co. for more than $1.7 billion in cash. Canary Wharf Group sold an office building leased to Société Générale in a £625 million deal. OpenAI said Chief Revenue Officer Denise Dresser will be stepping down after less than a year.