Last updated: August 27, 2026, 3:04 PM ET
Equities
US equities advanced as a bullish sales outlook from Nvidia Corp. bolstered confidence that the rapid expansion in artificial-intelligence spending is set to run for longer. The chip darling's blockbuster forecast lifted tech stocks and key equity indexes Thursday morning, adding to investor optimism about the AI cycle. Nvidia's profit doubled to $59.69 billion on quarterly revenue of $96.22 billion, both topping Wall Street expectations. The company projects 70% sales growth next year, saying financing deals with customers are "excellent" investments with "limited" risk. Nasdaq futures jumped after the bumper earnings, and software shares surged premarket after the results quieted investor pessimism on the sector. The chip giant's earnings suggest the AI boom has more room to run, though investors remain worried about the return on investment from massive AI spending. Nvidia's dominance raises the question of whether an AI revolution would exist without it. The company's supply-chain gamble involves using financial muscle to win the supply battle, but it comes with downsides. Software stocks also rallied, with Salesforce and Okta reporting strong results that prompted guidance increases. Salesforce's profit and revenue rose as it expanded its partnership with Anthropic's Claude, bumping up its full-year forecasts. Okta lifted its full-year outlook as AI agents spur demand, now expecting revenue of $3.22 billion to $3.23 billion. HP reported higher revenue in Q3, though personal-computer sales volumes declined. Urban Outfitters' sales rose 10% to $1.66 billion in the second quarter, driven by Free People. Aker shares climbed after Nscale signed a $45 billion contract to provide AI compute capacity at its Monarch site in West Virginia.
Alphabet has lost $692 billion in market value as AI questions rise, a stark reversal for the Big Tech stock that investors once bet was the most-likely winner from the artificial intelligence boom. European stocks dropped on French political concerns weighing on banks, while European indexes were mixed at market open, though AI-related stocks jumped following Nvidia earnings. The FTSE 100 may miss out on the Nvidia-fueled rally as the boost remains confined to tech. Asian stocks were mixed after Nvidia's record Q2 earnings, helping to set the tone for trading in Asia. India's Sensex experienced a brief flash crash of about 3% during a 20-minute closing auction Thursday, exacerbating concerns over thin liquidity and manipulation during that window. Uncertainty around HDFC Bank's CEO term is weighing on its stock, according to Macquarie. South African precious-metal mining stocks are on track for their biggest monthly jump in at least two decades as gold and platinum prices recover from a steep decline. Harmony Gold's headline earnings per share rose 87% on higher gold prices. Nvidia posted another record quarter while investors worry about ROI, and J.M. Smucker raised its outlook as sales climbed.
Retailers offered mixed results. Dollar Tree issued a soft quarter outlook, expecting profit to come under pressure as it reinvests tariff refunds into its business. Dollar General lifted its full-year outlook as consumers relied on the company for low-cost goods. Build-A-Bear cut its annual sales guidance to between $500 million and $525 million, down from $530 million to $500 million, and fired an executive after sales fell. Best Buy raised its full-year guidance, now forecasting adjusted EPS to $6.70 to $6.90. Hormel Foods cut its annual sales expectation to $12.1 billion to $12.2 billion. Burlington Stores recorded higher second-quarter sales and plans to use tariff refunds to lower prices. Pernod Ricard warned Americans aren't drinking enough, with organic declines of 14% and 19% in its U.S. and Chinese markets, respectively.
Fixed Income & FX
US Treasury yields rose for a second day as investors geared up for Federal Reserve Chairman Kevin Warsh's Friday speech at Jackson Hole, where some expect him to strike a hawkish tone. Traders are increasing hedges for a stronger dollar ahead of the speech. The Fed chair must reassure markets in his forthcoming address, stepping into a bond-market battle over deficits. A regime change in the relationship between the Treasury and the Fed could shift government borrowing toward shorter-term debt and reduce the supply of longer-dated Treasuries, potentially fueling a bond rally. Investors should not read too much into recent Treasury yield moves according to some analysts, who argue yields are marking up expectations for long-run economic growth in the US rather than a voter sentiment shift. However, even as Treasury investors had a rough summer, the situation is even uglier abroad, with countries with large debt burdens like France, Italy, the U.K., and Japan under the heaviest pressure.
The dollar remained steady with the DXY index unchanged as Jackson Hole began. Gold traded flat with limited downside at $4,654.70 a troy ounce, torn between expectations of higher U.S. rates and worries over U.S. sovereign debt, but rebounded to push back above $4,600 an ounce as focus turned to the Fed's rate path. Gold's fork in the road status offers big upside if investors pile in, given its small share of Western portfolios. The dollar was steady as the market's attention shifted to Jackson Hill, though traders hedged for a bigger dollar rebound on Warsh's speech. The ECB yield curve indicators European bond yields edge higher as gas prices become a focus. France has replaced Italy as European bond investors' biggest worry as borrowing costs stay elevated. The eurozone bond market is also reflecting political fragility and how risk premiums depend on power organization.
In Asia, Japan's regulatory watchdog warned that single-stock leveraged ETFs aren't good for the market, as they can amplify volatility. Thailand's yield curve may flatten as easing inflation and a slowing economy draw demand for longer-dated bonds. Indonesia's rupiah and bonds slipped for a third day on Thursday as investors kept an eye on a protest in Jakarta. China's industrial profit growth slowed for a third straight month to the weakest pace this year. Australia's household spending rose more than expected in July, and economists from Goldman Sachs to Commonwealth Bank now predict another interest-rate increase as early as next month after hot CPI data. Hedge funds are betting the Aussie will outperform the Kiwi as prospects for higher Australian rate hikes bolster the currency, while New Zealand faces election risks.
Commodities
Oil prices pulled back as analysts remained cautiously positive that talks between Oman and Iran could reopen the Strait of Hormuz and fell for a fourth day as traders weighed progress on increasing energy flows through the strait against rising Russia-Ukraine tensions. Crude futures dropped for three sessions on cautious expectations that The US's economic isolation of Iran could bring about a reopening of the strait. The Strait of Hormuz flows are creeping higher as producers across the Middle East boost exports, which is keeping global prices in check. Kuwait and Qatar are sending more crude through the strait, adding to the increase in shipments. The US is nearing a deal for a stake in Venezuela's oil fields, regarding the Hong Kong-based; while some analysts can't find the oil that the US says is flowing through Hormuz. Oil futures settled lower in a choppy trade.
Wheat prices soared to a three-year high as the Black Sea crisis deepened, extending a sharp run-up with Chicago contracts trading around 30% above their end-of-Junior low. Wheat surged again as Russia prepares to escalate its war, boosting concerns that supplies from one of the world's most important breadbaskets will be further disrupted. U.S. natural gas futures rose after storage data came in lower than expected, gaining to their highest level in a month on lingering heat. The Permian Basin is on track to become the largest US natural gas-producing region by the end of the decade, according to Citigroup. Colombian Central Bank Governor Leonardo Villar warned that the soaring peso is putting exporters at a "tremendous disadvantage." He acknowledges that the central bank can do little to curb it. Wheat is also trading at its highest since 2022 as concerns grow over the Russia-Ukraine war. Diesel prices near a record high are hurting consumers but helping oil companies as Iran conflict and Ukrainian attacks on Russian refineries lift costs. South Africa is set to raise the benchmark sugar price to protect domestic growers.
Gold remains a favored hedge against monetary policy risks and sovereign debt, trading around $4,600 an ounce as the annual Jackson Hole symposium approaches. The precious metal’s status in portfolios remains small in the West, suggesting that even a modest shift in allocations could send prices considerably higher. The rich have gone wild for gold, and their faith in the metal is, like the metal itself, untarnished.
Deals
Apollo Global Management is acquiring a co-controlling stake in Atlantic Aviation from KKR at a valuation of nearly $10 billion. Also, KKR is paying a record $250 million to settle a DOJ lawsuit over buyout filings. In another development, Bain Capital is taking an equity stake in RQD Clearing as it joins a wave of new capital entering clearing and custody markets. AQR is making an appraisal arbitrage bet contesting the $8.4 billion buyout of Clearwater Analytics. Vedanta plans a third Rupee bond of at least 10 billion rupees, or $105 million. Fortescue is considering its first panda bond sale at around £446 million. Danantara is a $1 billion private credit mandate to Partners Group, one of its largest investments. EQT AB been in a bidding war for Kakaku.com with a minimal bid increase. Vista Global is exploring a European IPO that could raise over $1 billion. Boliden will buy Nexus Resources for $6.3 billion. Mahle is revisiting an IPO for its Indian business. Li Ka-shing keeps the price for his ports business at $22.8 billion after losing two Panama terminals. Einbridge formed a $1.15 billion JV to expand its natural gas pipeline in British Columbia. Moderna will raise capital of $2 billion from notes to invest in its cancer vaccine business. Domino's Pizza is in talks regarding possible expansion. Total Energies seeks to secure a $1.3 billion loan repayment as it completes its exit from Arctic LNG. Boliden will acquire a majority stake in Nexa Resources. SK Telecom will create an AI data-centre company with KKR investing $2.2 billion. Fujia is to consider selling Hexie Health Insurance.
What's News
The UEFA prepares a criminal complaint against Fifa's Infantino, seeking documents from Joshua Kushner's investment firm. An apartment for the "Butcher of Bosnia" died at. Sweden will donate 10 coast guard vessels to Ukraine for water-based rescue operations. The FAA found LaGuardia air-traffic controllers left work early before a deadly collision, and they are reviewing timecard fraud known as "early shoves." Four states have requested President Trump to remove U.S. troops from Nigeria. Meta is to pay up to for claims it harmed youth in a landmark settlement with 47 states. The Brussels has approved a new drug for pancreatic cancer that could be the first of many. A movement to restrict children's social media use has taken hold globally. The UK regulators reported a record capital gains tax haul of £24.2 billion after raising the rate. UBS Group AG is pushing Swiss capital debates toward a cheaper compromise. The Canadian government is focused on the F-35 deal, with one premier saying it makes no sense to buy American warplanes under the Chinese. The Qatar PM will travels to Tehran as the war nears the six-month mark. Sweden is donating 10 Coast Guard vessels, to Ukraine. A former A Wall Street banker and JPMorgan executive was formerly for the Epstein case, saying he had consensual sex with one of Epstein's "assistants." The company gave a Chicago a union about the acquisition. a man faced three felonies as a Florida man faces over the vandalism of a plastic reproduction of a license plate reader. The U.S. is heading to expand deportation flights to Haiti. The FBI would extended its contract. A judge Allows US Postal restrictions for mail voting, for now. How The New York Times covers Harry, Meghan, and the Royal Family's return. An ice avalanche is an initial assessment to be the cause of the Nepal flash floods. Majah has been charged in an anti-graft probe in Malaysia. The Malaysian ex-Treasury chief wasdetained over a pilgrimage fund probe. The U.S. pulled back from a military model for for. The Fed's Lisa Cook hits back at Trump's attempt to remove her as Fed Governor. Some in Canada want out of the F-35 deal. u/ 15-dollar Jane Street() to settle a $1515bn AI loss. Thames Water creditors and government are in a stand-off. A woman accused in court. Equit Ministers at FIFA seek a criminal complaint at the european soccer. TheQatari PM. The Times provides an appreciation.