Public Markets 3 Days

Last updated: August 4, 2026, 11:30 PM ET

Asian Markets and IPOs

Asian currencies consolidated against the dollar in early trade, but may strengthen on hopes for the reopening of the Strait of Hormuz which could bolster appetite for risky assets. Japanese stocks were higher thanks to renewed hopes for a U.S.-Iran deal to reopen the Strait of Hormuz. Australia’s stock market briefly climbed to an intraday record on easing concerns over the US-Iran conflict and supportive signals in the domestic economy. China’s latest initiative to rein in quantitative trading is proving something of a double-edged sword for the stock market as it has reduced volatility, but also sapped turnover. Evoken, the Chinese startup behind AI design agent Lovart, is considering an initial public offering in Hong Kong, people familiar with the matter said, the latest such firm seeking to tap booming investment. India expanded the size of the offering to raise $3.3 billion amid strong demand. Manipal Health Enterprises Ltd. is set for a muted stock market debut in Mumbai after its $960 million initial public offering, as gray market trading signals cooling investor sentiment. Attovia Therapeutics Inc. an early-stage drug developer focused on immune system diseases with high unmet need, raised $289 million in a US initial public offering that priced at the top of its market.

Chipmakers and AI

Shares of SK Hynix Inc. advanced, lifted by an overnight rally in US chipmakers and speculation that the Korean firm may soon unveil buybacks and other details of a broader shareholder return plan. Asian shares tracked Wall Street higher as investors returned to the artificial intelligence trade, helping stoke a rally in semiconductor stocks. The semiconductor index fell into a bear market despite “unprecedented” profit increases. AMD shares fell 8% as Elon Musk commits to Nvidia chips for SpaceX. The company’s sales to data centers doubled in the latest quarter, but its revenue only narrowly beat analysts’ estimates. Whale Rock Capital Management’s flagship hedge fund is one of the biggest losers in last month’s AI selloff, with a 21.7% drop in July erasing about half of its gains for the year. The one-way trade in semiconductor stocks that has defined equity markets this year is coming unglued, triggering stomach-churning volatility as investors grow increasingly concerned that the firehose of AI spending may not be sustainable. The flood of AI spending by big tech companies is “trickling down to the broader economy,” according to Wells Fargo & Co., which says that’s poised to push up industrial stocks.

Energy Markets and Geopolitics

Gold rose in early Asian trade. Markets continue to weigh the conflicting rhetoric between the U.S. and Iran. Oil fell in early trade amid prospects of a U.S.-Iran deal to reopen the Strait of Hormuz, a critical waterway through which one-fifth of the world’s oil is transported. Oil fell for a third day on optimism a deal can be reached to reopen the Strait of Hormuz, potentially freeing up Persian Gulf supplies. Crude futures fell to a three-week low after Treasury Secretary Scott Bessent said the U.S. could be close to an agreement with Iran to reopen the Strait of Hormuz, while Qatar reported progress in diplomatic efforts. U.S. stocks surged and oil fell sharply after Treasury Secretary Scott Bessent said the U.S. could reach a deal with Iran to reopen the Strait of Hormuz “today or tomorrow.” The markets’ moves were the first since President Trump said he had halted a planned U.S. assault on Iran. Gold gained for a third day, as the prospect of an interim deal to reopen the Strait of Hormuz eased concerns about the outlook for inflation and reduced the odds of the Federal Reserve raising interest rates. U.S. natural gas futures lost ground as temperature forecasts were revised lower while production and inventories remained high. OPEC’s crude oil production recouped some more of its wartime losses last month with gains in Kuwait, Saudi Arabia and Iraq, though opaque shipping data complicated the process of tracking the group’s output.

Corporate Dealmaking and Financials

Disney will sell its stake in A+E Global Media to Hearst for about $1.2 billion. The deal will give Hearst full ownership of prominent brands such as Lifetime and The History Channel. Wynn Resorts Ltd. said its first casino located in the Middle East will now open in September of next year. Wynn’s second-quarter revenue came in at $140.1 million, compared with a profit of $66.2 million a year earlier. Visa is acquiring Bio Catch, a fraud-reduction platform that uses artificial intelligence, for $2.4 billion in cash. Prudential Financial Inc. reported second-quarter results that beat Wall Street estimates as revenue from its asset manager surged. HSBC Holdings Plc. said the lender will consider boosting its bonus pool for bankers if strong performance continues. A surge in HSBC Holdings Plc.’s shares to a record has raised the bar for the Asia-focused lender to deliver results that can help sustain the rally, with investors focused on capital returns and buybacks. Apollo Global Management Inc. is investing $1.02 billion in a joint venture with Starwood Real Estate Income Trust, a commercial property vehicle known as SREIT that has struggled to provide liquidity. Cerberus Capital Management is looking to raise at least $4 billion for its latest supply-chain fund that backs investments critical to the national security.

Technology and AI Developments

SpaceX spent $15.8 billion on AI projects in the second quarter and doesn’t plan to slow down. Musk’s rocket company said its capital expenditures jumped nearly seven times from a year ago. Revenue also rose as SpaceX reported soaring AI spending in its first earnings after its IPO. On Thursday, employees and other insiders at Elon Musk’s rocket company will be released from their first stock “lockup” and can start selling some of their shares. The AI Security Institute warns that AI tools undertook ‘potentially harmful activity directed at real people and organisations’. The voluntary review process for AI models will cover closed-source artificial intelligence models, but exclude those that publish the underlying code. The company logged a second-quarter loss of $46.7 million due to higher costs, even as its sales rose 18% thanks to record monthly active users. Pinterest sales climbed on traction with Gen Z.

U.S. Markets and Economic Indicators

The S&P 500 rose 1.8 percent, pushing past its previous peak at the start of June and capping a big turnaround from a recent selloff in technology stocks. Treasury yields cooled amid a busy day of U.S. economic indicators and ahead of Friday’s employment report from the Bureau of Labor Statistics. Bond traders have been spending millions of dollars to guard against sharp declines in long-dated Treasuries that risk igniting a bigger bout of volatility in the $31 trillion market. U.S. stocks were higher thanks to renewed hopes for a U.S.-Iran deal to reopen the Strait of Hormuz. Treasury yields fell on hopes for an Iran deal. The WSJ Dollar Index edged lower — down five of the past six trading days. U.S. stocks surged and oil fell sharply after Treasury Secretary Scott Bessent said the U.S. could reach a deal with Iran to reopen the Strait of Hormuz “today or tomorrow.” The Japanese yen’s rally stalled Tuesday even as U.S. Treasury Secretary Scott Bessent pledged continued support for Japan following a historic joint intervention. One of the most dramatic foreign exchange market interventions in decades aims to stabilize the slumping yen—and stave off a larger crisis. The US Treasury may be using euros rather than dollars to fund its yen purchases to avoid weakening its own currency and casting doubt on its strong greenback policy, according to strategists. Treasury Secretary Scott Bessent’s championing of a Federal Reserve facility Japan can use to boost the yen comes with the benefit of protecting the US bond market from excess sales. Treasuries are starting the week on an optimistic note, buoyed by tumbling oil prices and assurances that tens of billions of dollars in Japanese currency interventions won’t be funded from sales of U.S. debt.