Public Markets 3 Days

Last updated: August 8, 2026, 11:32 AM ET

Macro & Policy

U.S. stocks notched fresh records after a surprise contraction in July payrolls. The economy lost 23,000 jobs, far below expectations, which prompted traders to scale back rate-hike bets. The markets rallied on the data, though manufacturing jobs remained a bright spot. Some officials warned the weak report does not eliminate the prospect of an interest rate rise, as the Fed remains focused on inflation. Treasury yields fell sharply, cementing the biggest weekly gain in short-term notes since May. The dollar ended the week at its lowest since May. The WSJ Dollar Index fell 0.2%, down six of the past seven trading days, as the dollar hit a seven-week low. The Senate passed a stopgap bill to avert a shutdown more than a month before the deadline. Meanwhile, the Trump administration restarted its battle to fire Fed Governor Lisa Cook. The Senate confirmed Christopher Phelan as CEA chairman. Bessent declared the widening gap between rich and poor "dead," despite contrary data.

Equities

European stocks gained for a fourth straight week. Berkshire Hathaway’s Greg Abel ended a more than three-year selling streak, ploughing a net $20bn into stocks. The Bank of America sentiment gauge hit its most extreme bullish level since 2021. Wall Street bulls are flocking to S&P 500 calls as the rally broadens. The Wall Street risk complex is surging amid a deluge of fresh cash. WPP shares soared the most since its 1995 IPO. Motorola Solutions lifted its full-year outlook. Block raised its guidance on financial solutions growth. Expedia boosted its revenue forecast to as high as $16.22 billion. Duolingo shares fell as much as 12% despite user growth. Pfizer grapples with sliding vaccine revenues and fears of overpaying for new drugs.

Fixed Income & Currencies

The US Treasury sparked debate over auction cutbacks to temper yields. Short-term Treasuries capped their biggest weekly rally since May after weak jobs data. The bond market is signaling rising risks, meaning hardship for home buyers and higher hurdles for AI data centers, but a boon for retirees. On currencies, the yen surged 1% against the dollar after US jobs data. Hedge funds slashed bearish yen bets after coordinated US-Japan efforts. Japan confirmed a three-day yen intervention during the spring Golden Week holiday. The dollar rose for its best day in two weeks as oil prices advanced. The US bares its financial weak spot as yen intervention points to American vulnerability. Currency interventions have a mixed record, as you cannot fight macro with FX interventions.

Commodities & Energy

Oil futures settled higher Friday, with WTI up 1.2% at $78.18 a barrel, but down 7.7% for the week. An Iranian missile targeted a UAE tanker despite talks to reopen the Strait of Hormuz. Iran’s oil exports have stalled and Kharg Island idles under the US blockade. The diesel squeeze spurred by wars in the Middle East and Ukraine sets the stage for a winter crunch. Global food prices hit a three-year high in July. Copper headed for a record close on tighter supply, with a copper crunch brewing as the US and China compete for metal. US natural gas futures posted their seventh consecutive weekly loss. Gold and silver prices dropped, snapping winning streaks. Lumber prices surged despite the housing slump.

Energy & Utilities

A solar eclipse threatens to tighten Europe’s electricity squeeze, with the power system already under stress from heatwaves. Italy’s heat will spread to Western Europe ahead of the eclipse. Over-investment in natural gas could drive up US electricity bills, as a new report finds meeting data center demand with gas creates financial risks. AI data centers are driving a gas plant boom. The collapse of solar developer GoldenPeaks Capital followed seemingly fraudulent transactions. BP’s North Sea exit presents a wake-up call on Scottish energy. BHP union workers struck in a pay dispute. Some Chinese iron ore buyers stopped dealing with Radiant World, while Deutsche Bank and KBC froze some Radiant World funds in Singapore.

Geopolitics & Trade

Canada offers US concessions in trade talks but demands a comprehensive deal, as Carney attempts to prevent 50% tariffs. Carney called talks "nasty" after Trump's criticism. Yemen teeters on civil war as conflict with Houthi rebels escalates. Houthis claimed an attack on a Yemeni military camp that killed. Saudi Arabia, Turkey and Pakistan signed a defence pact in Mecca. Trump’s tariffs created a "tortuous experience" for soybean trade, a Chinese diplomat said. The Senate passed a sanctions bill targeting Russia and Iran. New intelligence warns Russia may provoke NATO amid dwindling US munitions. Ukraine struck Russian refineries while Kyiv was also struck. Ukraine’s grain exports could slump by more than half after strikes on Odesa. Zelenskyy won Serbian pledges as Russian influence wanes.

Tech & AI

SpaceX nears its IPO price again after a $327 billion rally. Situational Awareness bet $400 million on stealth chip startup Source Foundry. AI created the first synthetic viruses using a genomic language model. Taming AI’s wild frontier is urgent as advanced systems evolve faster than safety efforts. Move 37 is the moment AI changed everything. The free money AI bond buildout is gone as hyperscaler debt funding gets pricier. BlackRock’s Rieder sees AI helping buoy GDP even as hiring slows. Wendy’s withdrew its outlook and slashed its dividend. Take-Two logged higher sales but wider losses. Sandisk revenue soared on AI data storage demand, posting net income of $6.9 billion.

Crypto & Digital Assets

A landmark crypto bill stalls in the US Senate despite a $225 million spending push. The Clarity Act on digital assets is a matter of national security. Senator Lummis defends the Clarity Act as providing clear jurisdictional lines. A tough week for crypto had fans downing drinks at a Bitcoin bar. The BTC cold wallet hack bolsters the case for spot crypto ETFs. The CFTC warned prediction markets against American-style odds. DraftKings CEO blasted prediction bets on earnings calls, as Q2 revenue fell to a loss of $67.6 million. Wintermute stepped onto Wall Street with a broker license. Moonshot’s shake-up seeks Beijing’s nod for a Hong Kong IPO.

Corporate & M&A

Apollo’s upmarket plans for easy Jet include premium seats and more charges. Mike Ashley says Harvey Nichols is in a "death spiral." Ares scaled back a €1bn private credit fund after valuation pushback. Private-equity firms eager for exits are pouncing on the IPO market. LIV Golf pursues a "grand bargain" with Saudi wealth fund and BC Partners. First Brands urges court approval for a bankruptcy settlement to pursue billions in claims. The deal that saved Intel involved a government bailout. Gainwell Technologies kicked off a $5.8 billion debt overhaul, the year’s biggest software refinancing. Wonder takes a gamble on robots, drones and AI menus. Rheinmetall cut its outlook after Germany scrapped a warship project. Toms Capital is pressuring Voya Financial to explore a sale.

Housing & Real Estate

The UK housing market is in "suspended animation" as house prices were unchanged in July. One in three UK first-time buyers starts a family before having a home. London’s housebuilders finally catch a break but returning to normal won’t meet targets. How to fix Britain’s housing crisis requires lifting financial and resource constraints. Burnham urged to rule out pension lump sum changes. Allianz Trade plans to cut cover for Vistry’s suppliers, potentially squeezing cash flow. Canada’s PSP mulls a $1.5 billion sale of roads in India. Mamdani faces a lawsuit over the second-home tax. Once-AAA bonds on a Syracuse megamall face a $350 million loss. San Juan saw blowout demand for a rare muni bond sale. Shanghai tackles a chronic land lease issue in commercial property.

Consumer & Retail

Netflix is trying to save a summer slump with a billboard stunt. Sainsbury’s needs Big Tech boldness after two decades of terrestrial returns. Monster Beverage sales rose 20% on international growth. Under Armour lowered its revenue outlook on soft demand. Warby Parker swung to profit on a tariff refund. Outback Steakhouse sees diners buying pricier steaks. The reservation app nightmare is making dining access difficult. Young professionals embrace loafers and oxfords over sneakers. Ford plans a four-door Mustang for the first time. British bike makers try to recover after a tough post-Covid period.

Emerging Markets & Global

The Philippine economy grew at its slowest pace since 2009 (ex-Covid). India’s shadow bank stocks fell after the RBI proposed tighter loan rules. The India bullion exchange CEO resigned, a setback to the four-year-old platform. Venezuelans took to the streets amid daily blackouts. Fitch sees Chile’s budget as key to halting rising debt. The worst-ever Brazil market outage puts B3’s near-monopoly in focus. Hungary warns of a dramatic hit from drought and a nuclear outage. El Niño threatens to disrupt global commodities, raising food shortage risk. Parts of Eastern Europe broke heat records this week, worsening dry conditions. DR Congo launched a probe into uranium-contaminated cobalt exports. Mexico deployed hundreds of troops to secure avocado heartlands after violence prompted US inspectors to withdraw.