Public Markets 24 Hours

Last updated: August 24, 2026, 11:11 PM ET

Global Equities

US stocks ended mixed as a drop in oil prices was offset by persistent concerns about the debt incurred to fund the AI boom, leaving the major indices without clear direction to begin the week. Technology names led the decline as investors geared up for a busy stretch of economic data and Nvidia Corp.’s earnings, with chipmakers under pressure amid questions over whether the payoff from massive AI infrastructure spending will materialize as quickly as valuations suggest. The Nasdaq fell as tech stocks started weak, while the Dow edged higher on strength in energy and defensive names. Market participants are positioning for a pivotal week where Nvidia earnings will test Wall Street's faith in the AI trade, alongside comments from key policymakers. The market no longer trades on AI alone, and catalysts are broad, according to investors.

Asian equities slipped as investors reduced tech exposure ahead of those same deliverables, with the regional decline broad after the overnight weakness on Wall Street. Japan's Nikkei led the decline, losing ground as electronics stocks dragged the index lower in early trade, tracking US peers. European stocks, by contrast, stabilized as tech pared losses from earlier in the session, with sentiment supported by thin volumes and an eye toward macro data. The steadiness in Europe helped hold the FTSE steady, though the overall trading environment remains fragile across regions.

South Korea & China

The world's most extraordinary stock rally turned cautionary as a slow-motion collapse in South Korea's Kospi index erased $2.5 trillion in value, punishing investors who crowded into AI-exposed names on the promise of a semiconductor supercycle. Korean regulators now face a staff exodus as the government proposes relocating the agency out of Seoul — a majority of employees say they would resign rather than move. In China, tech stocks came under pressure as mega-cap fundraising plans hit supply concerns, with chipmaker YMTC's IPO filing clouding the sector. A Hong Kong court approved Logan Group's restructuring, though China's $119.9 billion investment program runs late, potentially blunting its impact.

India

Indian traders brace for the first monthly derivatives expiry under the new auction-based pricing system, which has faced criticism over sharp end-of-day swings. Despite that, Indian equity capital markets are booming, with record deals driven by domestic mutual funds and insurers. Regulators rejected settlement bids from funds with Adani-linked positions, while a JPMorgan unit will argue any breach was technical.

Oil & Commodities

Oil futures slipped as Washington readied sanctions on countries doing business with Tehran. Crude edged higher on firm sanctions-risk, though trackers cannot verify US claims of oil flowing through Hormuz. One supertanker shipment now costs about $20 million to transit the strait, said Total's CEO. Goldman notes Europe may need prices above €100/MWh to build winter inventory, while Bangladesh seeks more LNG cargoes. Iran's oil shipments have dried up before the new measures.

Gold settled 0.36% higher at $4,640.80 a troy ounce, a fourth consecutive session in the green. A fifth day of gains was driven by central bank appetite, with XS.com saying gold has potential to move toward $5,000. Fidelity has doubled its gold holdings, while the WSJ Dollar Index crept higher.

FX & Rates

The dollar index rose 0.13% to 95.45, though yuan gains are being tempered by trade tensions and PBOC preferences for a measured appreciation. Treasury bonds are gaining at the start of a pivotal week, with remarks from Bessent and Warsh set to determine direction. Treasury buybacks face criticism: Citadel Securities called it "financial repression", and Goldman says buybacks won't cut long rates. Bessent's moves are temporary band-aids, per FT. The Canadian dollar tumbled the most in two months after trade talks collapsed, while carry trades ride high on bets the dollar weakens.

Energy & Utilities

Natural gas futures inched up as forecasts turned hotter, and US natural gas settled slightly higher on air-conditioning demand. German finance minister blamed Trump's Iran war for surging yields globally. The UK is tightening supply-chain security after an Iran-linked cyberattack, with potential consequences for energy firms reliant on Chinese suppliers. Saudi Arabia holds talks over state-backed war insurance as costs jump. Zijin warned its copper target is under pressure after a Congo mine flood, while PLS Group flagged a lithium supply shortfall and an expansion decision.

Equity Offerings & Private Markets

Oura and Dunkin' brands are ready for an IPO wave, while Shein seeks a $27bn valuation in Hong Kong, a quarter of its peak. The pitch should be more Meta than H&M, says the FT. Aggreko filed for a US IPO after a turnaround. BlackRock is sounding out buyers for TCP Capital assets worth $671 million. South African telecom units of Vox and Frogfoot raised $900 million. Pimco is the dominant player in Colombia's local debt after a buying spree. Siemens Energy tapped Goldman to sell a majority stake and its steam turbine business. Shell drew interest from Exxon and Lyondell Basell on an $8bn sale. Thames Water creditors plan a board shake-up to avoid nationalisation. Clearlake-backed Ivanti earnings sank 21%.

Trade & Tariff Wars

US-Canada trade talks collapsed, and Trump threatened 50% tariffs on cars, trucks and steel as the countries edge toward a full-blown trade war. Economists say US tariffs could price Canadian firms out of the market and threaten thousands of jobs. Canada's historic rejection resonates beyond borders, and Mexico is optimistic on reaching a separate deal. Canada's retaliation has drawn praise from China, exposing a rift in the administration. The collapse of talks left Canadian stocks higher, based on precious metals miners, despite the trade uncertainty.

Technology & Corporate

Executives want AI to read employee Slack messages. XPeng's loss widened to $199M amid heavy AI investment. Polestar says the Trump Administration strung it along before its US ban. Broadcom's credit risk rises as it backstops mega AI debt packages. SEC subpoenas cover Wall Street banks over Situational Awareness, the AI-focused fund that nearly collapsed. Nvidia and Warsh will test the market in a mid-rotation period. Canada's banks face a high bar ahead of reports, while JPMorgan says the bond market can handle the supply.

Washington & Politics

The Supreme Court allowed mail voting limits for now, an order creating "citizenship lists" and directing the Postal Service. That effort was part of a quiet push to transform US elections. The court also allowed plans to restrict ballots, says the NYT. An arbitrator ordered the Washington Post to rehire Karen Attiah after her firing. In New York, mayor Mamdani is in a tussle with Amazon over delivery workers, and a business group sued over municipal grocery stores. Trump is backing Darline Graham against Ralph Norman in the South Carolina runoff.

Economics

US farming communities face a depleted Agriculture Dept. and trouble obtaining loans and services. The national debt has passed $40 trillion, and farmers are living off land values as crop prices plunge. India lifted its wheat export ban to boost a war-hit global supply, and Moody's upgraded Pakistan's rating on an improving outlook.