Public Markets 3 Days

Last updated: August 5, 2026, 2:30 PM ET

US Stocks and Markets

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 sell-off in technology stocks. Stocks lost steam around midday after a morning rally, with the Nasdaq Composite now retreating. The Dow industrials and S&P 500 advanced. European indexes rose strongly after the opening bell, with defense and AI-related stocks gaining. Australia’s stock climbed to a record on easing concerns over the US-Iran conflict and supportive signals in the domestic economy. European stocks traded steady near a record high as falls in HSBC Holdings Plc and Novo Nordisk A/S helped erase early gains. European green bonds are rebounding to take share from 'greenhushed' US issuance, which is expected to drive global sales to a record high this year.

AI and Technology Sector

SpaceX spent $15.8 billion on AI projects in the second quarter and doesn’t plan to slow down, leading to a slide in its shares. The Elon Musk-led rocket company's first earnings release following its record initial public offering is one of the most anticipated reports of the summer. SpaceX reported higher-than-expected AI-related outlays, which overrode other positive earnings reports. 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. African tech hubs, developers are picking China’s cheap, freely available artificial intelligence models over more powerful U.S. ones. The AI revolution is stalling because companies don’t want to admit that integrating the technology is expensive and slow and requires human effort. Shopify quieted fears of a midyear slowdown, forecasting accelerating third-quarter sales growth as artificial intelligence-driven search and broad merchant expansion fuel market-share gains.

Corporate Earnings and Deals

Disney shares rose as the entertainment group increased its buyback plan, boosted by the box office success of 'Toy Story 5' and a rebound in its U.S. theme parks. Its third-quarter revenue increased 7% to $25.2 billion, driven by growth from the company’s experiences unit. Disney will sell its stake in A+E Global Media to Hearst for about $1.2 billion, giving Hearst full ownership of brands like Lifetime and The History Channel. Bloomin’ Brands raised its adjusted earnings outlook, as customers at its Outback Steakhouse chain are paying more for pricier steaks. Shake Shack reported higher second-quarter sales, but profit slipped as operating expenses increased. Kraft Heinz had a narrower loss and lower sales in the second quarter, but raised its sales outlook as it aims to mitigate higher supply costs by raising prices. Eli Lilly reported higher net income and revenue in the recent quarter, fueled by continued surging demand for its GLP-1 weight-loss drugs. CVS Health said it will revamp its weight management program through a partnership with Eli Lilly as the company lifted its full-year outlook and reported a nearly threefold increase in its second-quarter profit. Eli Lilly and Novo Nordisk raised their profit outlooks as demand for weight-loss drugs soars, though investors are taking a dim view of Novo's over-reliance on obesity treatments. European drugmakers’ share prices diverged as investors took a dim view of Novo Nordisk’s over-reliance on obesity treatments. Pfizer’s quarterly results beat expectations on cancer and heart drugs, with rising sales of these medications helping to offset steep declines for Pfizer’s Covid-19 products. DuPont de Nemours reported a higher profit in the second quarter as sales rose across the chemicals and materials company’s segments.

Commodities and Energy Markets

Copper futures on New York’s Comex climbed to a record high as investors awaited a decision on US tariffs, while also tracking a push to reopen the Strait of Hormuz that lifted demand for risk assets. Copper advanced to its highest level since mid-May, topping $14,000 a ton in London, as traders monitored ballooning volumes held in the US ahead of an expected decision on an import tariff by President Trump. Copper is pouring into the US at the fastest rate in at least 12 years as traders position ahead of President Donald Trump’s decision on tariffs on refined imports. Chinese institutional investors have swooped on gold in recent weeks, helping to arrest the precious metal’s decline and keep prices above the key threshold of $4,000 an ounce. Gold prices jumped 4% on a weaker U.S. dollar and lower Treasury yields, while traders closely watched developments in the Middle East and U.S. data for cues on the monetary policy outlook. Commercial crude oil stockpiles were up by 2.5 million barrels in the week ended July 31. Inventories were expected to have fallen by 1.2 million barrels. The US shipped a record amount of distillate fuel overseas last week as domestic stockpiles fell again, the latest sign that the global scramble for diesel is increasingly draining US supplies. U.S. natural gas futures inched up in early trading.

Financial Services and Investment

BC Partners’ credit arm is leading a group of investors looking at lending money to LIV Golf, according to people familiar with the matter. Carlyle Group Inc. is seeing a thaw in capital markets that is quickening the tempo of exits from investments across multiple industries, Chief Financial Officer Justin Plouffe said. Separate offers from CVC and Veritas value the FTSE 250 industrials group Bodycote at about £1.8bn including debt. Partners Group is nearing a €2bn deal for the French asset manager Eurazeo’s stake in beauty group Aroma-Zone. Paul Malloy, who oversaw roughly $300 billion in municipal assets at investment titan Vanguard Group, has left the firm after over two decades. Volatile markets and huge stock offerings have been fueling profits on Wall Street, leading bankers to bet on supersize bonuses this year. The U.K.’s top financial regulator is changing its rules around information sharing tied to initial public offerings, as London seeks to become a more attractive listing destination. Companies planning to go public in Australia may gain greater freedom to market themselves before filing a prospectus under new proposals from the nation’s financial regulator. India’s largest stock exchange was severely hit by the central bank’s tighter funding rules implemented last month, with spending on derivatives slumping to a 17-month low.

Global Markets and Geopolitics

Colombian authorities intercepted a bus rigged with explosives in the country’s southwest on Wednesday, underscoring security concerns ahead of President-elect Abelardo de la Espriella’s inauguration. The Islamic Republic of Iran is determined to retain a degree of control over the Strait of Hormuz shipping route. Iran says it has reached an agreement with Oman on the Hormuz shipping route. The Houthis threaten to expand Red Sea attacks, and claim a strike on a Saudi tanker. Saudi Arabia has not commented on the claim by the Houthis, who are backed by Iran and have vowed to close “all access routes” to Saudi oil shipments. Israeli and Lebanese negotiators were holding talks in Rome aimed at fostering a long-term diplomatic settlement, while Israel strikes Lebanon after accusing Hezbollah of a cease-fire violation. At least 17 people were killed in Russia’s missile attack on Kyiv, as the country runs desperately low on interceptor missiles that could fend off Russian bombardments. The combatants in the war above Russia and Ukraine are producing ever larger numbers of innovative aerial weapons, hoping for a breakthrough as ground combat is largely frozen. A drone carrying explosives was found at Leipzig airport, say German police, marking an escalation after two years of drone incursions at European airports.

Economic Trends and Policy

The US Treasury on Wednesday retained its previous guidance for future debt issuance, signaling no change in note and bond auction sizes well into 2027 even as federal borrowing needs climb. US crude oil inventories posted a weekly increase of 2.5 million barrels in the week ended July 31. Steep duties on Canadian lumber, wildfires and sawmill closures have cut supply and pushed up prices, leading to lumber prices being at their highest in years despite sputtering home-building. The US shipped a record amount of distillate fuel overseas last week as domestic stockpiles fell again. Trump’s criticisms of Big Oil echo the strategy used by his predecessor, as he targets high gas prices. The European Union will carry out an audit in Brazil at the end of August that could allow the country’s poultry exports to avoid a ban due to take effect on September 3. The US is to halt key metal waste exports in a push to break China reliance, as Washington races to secure the raw materials that are crucial for defense and other industries.

Political and Social Issues