Public Markets 3 Days

Last updated: August 9, 2026, 5:33 AM ET

Equities

U.S. stocks notched fresh records after a surprisingly weak July payrolls report eased rate‑hike fears, with the S&P 500 and Nasdaq capping their best week since April. The jobs report showed the economy lost 23,000 jobs, far below expectations, prompting traders to scale back bets on further Federal Reserve tightening. Results from the largest U.S. companies have helped ease worries about AI spending and inflation, bolstering the record run. All three major indexes rose Friday after the payroll data, with the Dow industrials also gaining despite earlier uncertainty over Hormuz negotiations. The market’s “risk complex” surged anew amid a deluge of fresh cash, as the financial world’s catalogue of complaints met increasing indifference.

European stock markets are firing on all cylinders, drawing money managers who believe this rally will be more durable than a short‑term trade. Companies in the Stoxx Europe 600 are on track to deliver a 22% increase in second‑quarter profits, lifting the investor momentum. The UK’s FTSE 100 also rose, with one portfolio noting a 4% gain in his fund while on holiday. UK equities were deemed “hotter than below decks in a heatwave”. In Asia, South Korea’s extreme volatility ebbed after a historic selloff flushed out leveraged positions and regulatory curbs calmed the market. The most dangerous phase may be over. Meanwhile, Japan’s FTSE 100 futures eased as Middle East uncertainty persisted, while Indian shares saw the first weekly expiry under a new closing‑price methodology pass largely without disruption after a chaotic debut.

Sector‑wise, tech and memory stocks faced headwinds: shares of memory giants dropped on soft guidance, and the Dow broke its winning streak as chip stocks slid. Shares of memory giants declined. Honeywell Aerospace shares plunged after the group slashed its outlook due to supply‑chain bottlenecks that limited its ability to convert strong demand into sales. The supply snarls proved severe. Six Flags shares slumped after second‑quarter revenue and attendance missed estimates, while Lyft’s bookings climbed but the company expects growth to moderate to 15‑19% in the current quarter. Option traders piled into bullish Draft Kings bets ahead of earnings, and the sports‑betting firm’s CEO later blasted prediction‑market wagers on earnings calls. Bullish DraftKings bets were notable.

Fixed Income

Short‑term Treasuries capped their biggest weekly rally since May after the unexpected contraction in July payrolls prompted traders to further dial back expectations for Fed rate hikes. Two‑year yields fell sharply as the employment report cemented the strongest weekly gain in months. Longer‑dated Treasury yields also fell, with the 10‑year note declining after the Bureau of Labor Statistics data showed job losses. The Treasury market responded swiftly. However, the U.S. Treasury itself triggered debate this week about auction cutbacks to temper yields, challenging a long‑held belief about the government’s debt sales. The auction cutbacks sparked discussion. Elsewhere, Japan’s four largest life insurers reported combined unrealized losses on domestic bonds increased 7% in the three months through June, reaching $96 billion as soaring interest rates weighed on their portfolios. The bond paper losses highlight the risks. Bonds and the dollar were also weighed down by Washington policy decisions, as investors pondered whether the “Sell America” trade is returning. Policy decisions kept markets on edge.

Currencies

The dollar fell to a seven‑week low against a basket of major currencies after the weak U.S. jobs data reduced expectations for Fed rate hikes. The greenback weakened as the unexpected decline in nonfarm payrolls surprised markets. Meanwhile, hedge funds sharply reduced bearish bets on the yen after coordinated efforts by U.S. and Japanese officials helped stabilize the currency. The joint intervention led to a significant reduction in short bets. Goldman Sachs expressed skepticism that U.S. support for Japan’s yen‑propping efforts would threaten the dollar’s reserve‑currency dominance, arguing the intervention is unlikely to damage its status. Goldman’s view was clear. Yet the broader intervention underscores the dangers of monetary experiments, with Tokyo and Washington’s desire for stability possibly creating long‑term risk. Yen intervention remains a contentious tool. The real reason behind Trump’s yen intervention may be more geopolitical than economic, as the U.S. bolsters the yen similarly to its earlier support for the Argentine peso. Trump’s yen intervention has multiple dimensions. Currency interventions overall have a mixed record, as macro forces often overpower FX moves. Currency interventions have limited lasting impact.

Commodities

Oil prices settled higher Friday but ended the week with sharp losses. West Texas Intermediate rose 1.2% to $78.18 a barrel, yet fell 7.7% for the week; Brent gained 1.3% to $83.55, down 5% on the week. Oil futures were dragged lower by doubts over a Hormuz reopening and persistent Middle East tensions. Earlier in the week, oil steadied as traders monitored progress toward a deal between Iran and Oman to restore shipping through the Strait of Hormuz, though Iran’s demand for a U.S. withdrawal complicated talks. Latest oil market news reflected the uncertainty. Analysts remain stumped by the case of “missing barrels” in global supply data. Missing oil barrels puzzle the market. A diesel squeeze spurred by wars in the Middle East and Ukraine is setting the stage for a worse crunch this winter as demand rises ahead of colder months. Diesel squeeze is a growing concern. U.S. natural gas futures posted their seventh consecutive weekly loss, with strong production and soft LNG feedgas offsetting high seasonal power demand. Natural gas futures extended their losing streak.

Copper surged towards record highs as the global market tightened. A surge in shipments to the U.S. and rising orders in China depleted LME inventories, raising the risk of a spike in futures. Copper market crunch is brewing. London copper headed for a record close, driven by signs of tighter short‑term supply. Copper record close was in sight. Gold jumped more than 3% after the weak U.S. payrolls data, extending its rebound from below $4,000 an ounce. Gold jumped on the employment shock. Comex gold settled 0.09% lower at $4,242.00 earlier in the week, snapping a winning streak. Comex gold later declined.

Global food prices rose in July to the highest in more than three years, driven by renewed concerns over grain export corridors and adverse weather across major growing regions. Food prices hit a three‑year high. China’s central bank extended its gold‑buying streak to 21 months, adding to reserves as bullion prices built support above $4,000. Gold buying continued. The People’s Bank of China is also stockpiling more gold in Hong Kong, supporting the city’s push as a bullion hub. Stockpiling gold in Hong Kong. In sugar markets, global traders are losing trust in Brazil’s cane‑crush data, the most‑trusted indicator for world supply. Sugar data becomes more opaque. India’s record sugar prices are prompting mills to advance cane crushing to bolster supplies and rein in costs ahead of the festival period. India sugar mills are responding.

IPOs & Deals

SpaceX shares climbed after the expiration of insider lock‑up agreements that released as many as 911.5 million shares worth about $100 billion. The stock rose for a second day, nearing the company’s $135 IPO price after a $327 billion rally. SpaceX shares climb as investors digested the unlock. The company’s $300 billion swing in market value this past week put Elon Musk back in grind mode, having to execute on high‑flying promises made in the lead‑up to the biggest IPO ever. Selling the dream proved the easy part. Bloomberg journalists hosted a live Q&A on SpaceX’s big week. SpaceX unlock Q&A answered investor questions.

Private‑equity firms are eagerly pouncing on the hot IPO market, as sluggish dealmaking has made it difficult to find buyers for portfolio companies. More firms are taking companies public, with the hot IPO market providing an exit route. Shopping app Whatnot nearly doubled its valuation in less than a year, securing new funding at a $20 billion valuation. Whatnot valued at $20B. AI‑battered hedge fund Situational Awareness made a big bet on stealth chip startup Source Foundry, investing $400 million in a private company aiming to reinvent chip manufacturing. Situational Awareness bet was a standout. Meanwhile, CICC has become the dominant financier in Beijing’s drive to compete with the U.S. in the AI tech race, leading China’s AI listings bonanza. CICC leads the IPO wave.

Earnings Highlights

A flurry of earnings reports boosted stocks across sectors. Allianz posted an 11% rise in group operating profit, reaching a new record despite a lower net profit amid portfolio reshuffling. Allianz profit hit a record. Hindalco Industries’ first‑quarter profit jumped 75%, beating estimates after supply disruptions from the Middle East war drove metal prices higher. Hindalco profit surged. State Bank of India reported better‑than‑expected net income, benefiting from strong credit growth in the world’s fastest‑growing major economy. India top bank shares rose. Con Edison’s second‑quarter profit rose to $308 million from $246 million a year earlier. Con Edison profit increased. Under Armour lowered its revenue outlook on soft demand, with traffic trends weakening in North America and Asia‑Pacific. Under Armour revenue outlook fell. Sweetgreen lowered its full‑year outlook due to a cyclosporiasis outbreak, expecting same‑store sales to drop 7‑8%. Sweetgreen outlook slashed. Instacart shares rose as revenue increased to $1.04 billion, beating expectations. Instacart shares climbed. Burger King’s revamped Whopper struck a blow in fast‑food wars, driving Restaurant Brands International’s profit higher. Burger King Whopper boosted sales. Peloton Interactive forecast a revenue decline as subscriber losses deepened, overshadowing fourth‑quarter profit gains. Peloton forecast muted. Warby Parker swung to a profit on a tariff refund, offsetting costs of its upcoming AI eyewear launch. Warby Parker profit swung positive. Blackstone’s BDC profit dropped 94% as holdings declined, though loan performance steadied. Blackstone BDC profit plunged.