Public Markets 3 Days

Last updated: August 7, 2026, 2:55 PM ET

Equities

U.S. stocks rose after the July jobs report came in much cooler than expected, with the economy losing 23,000 jobs. The S&P 500 hit a record high, rising 1.8 percent and capping a big turnaround from a recent selloff. The Dow industrials notched its 24th high of the year, while the Nasdaq slipped. European stocks rose for a fourth week in a row as a stronger-than-expected earnings season lifted regional benchmarks to fresh records. Big Tech stocks stormed back as AI fears faded, powering a $3.5 trillion increase in the Nasdaq 100's market capitalization in just four days. WPP shares soared the most since its 1995 IPO after the advertising agency reported its turnaround efforts are gaining momentum. SpaceX shares sank on ballooning AI spending plans, with the rocket company spending $15.8 billion on AI projects in the second quarter. The Dow broke its winning streak, falling 460 points as tech wobbles offset hopes for a Hormuz deal.

Fixed Income & Rates

Treasury yields fell after a much weaker-than-expected U.S. jobs report, with the US Treasuries rallying as traders trimmed Fed rate-hike bets. The bond market is signaling rising risks, meaning hardship for home buyers and higher hurdles for A.I. data centers. The US Treasury retained its previous guidance for future debt issuance, signaling no change in auction sizes well into 2027. Treasury yields rose ahead of Friday's payrolls report as job-cut plans remained calm. The US Treasury sparked debate over auction cutbacks to temper yields. Bond traders are spending millions to guard against sharp declines in long-dated Treasuries, risking a bigger bout of volatility in the $31 trillion market. Japan's 30-year bond sale drew firm demand, delivering some calm to a market buffeted by currency turmoil. San Juan triggered a rush for its $121 million muni-bond sale, as investors seized a rare opportunity for exposure to the island.

Currencies

The dollar fell to a seven-week low against a basket of currencies after data showed an unexpected decline in U.S. nonfarm payrolls in July. The yen surged 1% against the dollar after US jobs data, with traders watching for intervention clues. Japan confirmed it intervened in the currency market three times during the spring Golden Week holiday to prop up the yen. The US decision to sell euros to support Japan's currency without warning European policymakers is adding to geopolitical risks, according to BlackRock. Bank of America expects the yen to strengthen about 6% against the dollar by year-end following coordinated currency intervention. The South Korean won rose to the strongest level in almost 10 months as exporters converted dollar earnings. The Colombian peso continues to be the best performing currency in emerging markets despite central bank efforts to slow its rally. India raised $40bn from its diaspora to support the sagging rupee, drawing stronger than expected inflows.

Energy & Commodities

Oil futures moved higher as the market waited for news on a deal to reopen the Strait of Hormuz. 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. Iran said it reached an agreement with Oman on a Hormuz shipping route, determined to retain control over the chokepoint. Copper headed for a record close after strong gains fueled by signs of tighter short-term supply. A two-way pull is depleting LME inventories, raising the risk of another spike in futures contracts. Gold was on track for its biggest gain in more than six months as dip-buyers supported prices above a key technical level. China's central bank ramped up additions to its gold reserves, pushing a buying streak toward the two-year mark. Global food prices edged higher in July to the highest in more than three years. Ukraine's agricultural shipments could fall by more than half this season after Russian attacks disrupted Black Sea ports. Iran's oil exports stall as naval interdiction appears to be halting tankers from carrying Tehran's crude. US diesel exports surged to a record as the global scramble for diesel drains US supplies. The price of a key Chinese steel product dropped to the lowest in almost a decade as a prolonged property downturn sapped demand.

Deals & Corporate News

Private-equity firms are pouncing on the hot IPO market as sluggish dealmaking has made it hard to find buyers. Whatnot, a fast-growing live-shopping platform, has nearly doubled its valuation to $20 billion in less than a year. Dream Finders Homes agreed to buy Beazer Homes for about $915 million. Nielsen Holdings agreed to buy DoubleVerify in a deal with an enterprise value of about $2.15 billion. Kirin Holdings announced a deal to acquire Toronto-based Jamieson Wellness Inc. for $1.4 billion. JBS said the Indonesian sovereign wealth fund Danantara agreed to invest $2.5 billion in a joint venture. Apollo Global Management is investing $1.02 billion in a joint venture with Starwood Real Estate Income Trust. Allianz agreed to buy the asset management unit of Singapore's United Overseas Bank. Disney agreed to sell its stake in A+E Global Media to Hearst for about $1.2 billion. Gainwell Technologies has kicked off a $5.8 billion debt overhaul that would be the US software sector's biggest of 2026. Jane Street is in talks to shift its $11bn in debt to investors including Pimco. Commerzbank unveiled a fresh share buyback as CEO Bettina Orlopp seeks to demonstrate her strategy delivers strong returns. Monte dei Paschi said it is weighing options to preserve its integrity, questioning Intesa Sanpaolo's $35 billion takeover bid.