Public Markets 3 Days

Last updated: August 11, 2026, 2:35 AM ET

Equities

US stocks edged back from record highs on Monday, with the S&P 500 finishing last week at a new high but declining in afternoon trading as investors turned to chipmaker earnings and CPI data. Demand for protection against a drop has fallen to the lowest level since Trump’s tariff capitulation, with investors abandoning hedges to chase the rally. A growing share of equity leverage is riding on the same AI names, raising concern that AI stock heavy ETF risks could spread to the broader market. Despite turbulence, diversified stock funds are up 10.6% so far in 2026, according to a market report.

In corporate news, Nvidia is working with Wall Street to assemble a $500 billion AI infrastructure funding package. Intel announced a $15 billion common stock offering, citing strong AI demand. Tencent’s early Work Buddy success may help it catch up in the AI race. TSMC could find a new growth driver in central processing units, Bernstein analysts said. Meta returned to open AI models, releasing its most powerful open-source model, Muse Glimmer.

In M&A, Boeing will fold its flying-taxi venture into rival Archer Aviation, receiving a 16.5% stake. Teledyne Technologies agreed to buy Varex Imaging for about $1.1 billion. South Korea’s Hanwha made a nonbinding $1 billion offer for Austal USA. Barrick Gold’s chairman John Thornton faced investor backlash as he seized control from the CEO. Berkshire Hathaway’s Greg Abel ended a selling streak, plowing a net $20 billion into stocks.

European stocks started the week mixed, with the Stoxx 600 and Germany’s DAX extending record highs, while the CAC 40 and FTSE 100 fell. FTSE 100 futures held steady as an oil rally drove focus, but UK stocks were set to fall. Getting Europe back on the radar, European stocks are up 12% this year. Indonesian stocks neared bull-market territory. Emerging-market stock valuations have fallen to less than half of US equities for the first time in two decades.

Shein pitched its IPO at a valuation below $30 billion, a ~70% drop over four years. London’s public markets need capital, the LSE’s deputy CEO said. BSE could receive $741 million in passive flows if added to the Nifty. Hong Kong’s tech index is set for an overhaul to include AI and robotics firms. HFTs are shunning India’s closing auction over SEBI short-selling rules. A Chinese billionaire’s brokerage faces a Beijing crackdown on offshore flows.

Gautam Adani won dismissal of US securities fraud charges. Trump Media reported a $238.1 million second-quarter loss. Rocket Lab narrowed its loss with revenue surging and a $2.36 billion backlog. Hims & Hers Health boosted its revenue target to up to $3.3 billion. AST SpaceMobile reaffirmed a 2026 revenue outlook of up to $200 million. Diageo looks to revive lagging liquor icons. Tractor Supply stock climbed to record highs after strong earnings. SpaceX’s $300 billion swing in market value put Elon Musk back in grind mode. Westpac shares dropped as the Australian lender reported declining mortgage applications.

Fixed Income

Bonds fell on inflation concern as government bonds in Asia Pacific followed Treasuries lower ahead of US CPI data. Treasury yields rose as Middle East tensions and fading Hormuz deal hopes increased inflation fears. The dollar strengthened further against the yen. Morgan Stanley launched a $1.5 trillion infrastructure initiative.

A record pace in US investment-grade issuance continued Monday with 19 firms, the most in seven months, per market data. IBM sold C$2.75 billion ($1.97 billion) of Canadian corporate bonds, its first Canada bond sale since 2012. Cloudflare plans to sell $2.175 billion of senior convertible notes. Duke Energy seeks to raise $1.75 billion via equity units. SEC exempted data-center bonds from key securitization rules. Chicago hired a Fitch senior director as its new CFO. Meiji Yasuda is examining an industrywide increase in policy cancellations as rates rise. Private-credit managers report liquidity differently, with some using aggressive math, according to WSJ. The largest private school bond deal in two years hit the muni market, a $117 million borrowing by a Los Angeles performing arts school, Bloomberg reports.

Currencies & Rates

The yen has erased half of its rally from recent interventions, with the currency underperforming among G-10 pairs. The effect of US-Japan joint action is fading, as the yen sinks giving up roughly half its gains. The Aussie-yen is set to approach a three-decade high on the RBA’s hawkish stance. Traders are piling into Taiwan dollar options after the currency’s worst July since 2015. The yuan’s calm run may end in September as seasonal factors lift the Chinese currency. The Singapore dollar was steady, supported by stronger-than-expected 2Q GDP. Most emerging-market currencies weakened as the US-Iran standoff lifted the dollar. The renminbi’s hardest mile is only beginning. The BoJ faces a challenge after the weak US jobs report. Will the yen need another intervention? WSJ asks.

On rates, Fed’s Beth Hammack said a number of rate hikes may be needed. The Philippine central bank is ready to tighten further. The BoE needs more parliamentary attention. China’s inflation eased to the slowest in six months, reviving deflation risk. Colombia’s inflation unexpectedly slowed, easing rate pressure. Egypt’s inflation quickened for the first time since March.

Commodities

Oil surged as the Strait of Hormuz impasse continued, with oil holding a four-day gain after Trump’s demands on Iran complicated the outlook. Brent futures rose as hopes for a deal faded. Oil prices climbed on the stalemate, with Tehran pushing for a return to the June MOU. Iran’s oil terminals appeared largely idle this month. The Saudis delayed restarting the Jazan refinery to late August. China’s independent refiners may boost Iranian crude buying. Iranian demands harden as Tehran says the US must meet new conditions before reopening the strait. Trump’s low-key pivot leaves oil in limbo.

Gold rallied, climbing above $4,400 an ounce to a two-month high, with gold advancing ahead of key US inflation data. Gold also gained on a weaker-than-expected US jobs report. The rally is driven by ETF inflows and central bank buying, according to Bloomberg. Precious metals pushed higher to start the week, with silver gaining 2.8%.

Aluminum hit a seven-week high as the Hormuz impasse threatened supply, with aluminum advancing for a seventh day. Copper shipments from Indonesia are delayed after the Grasberg smelter outage.

European natural gas prices jumped as Hormuz deal prospects remained murky, with gas surging. US natural gas futures rebounded as near-term weather forecasts added heat. US natural gas futures also spiked on a swing in weather forecasts triggering short-covering.

In agriculture, a chicken glut is dragging down meatpackers and lowering grocery bills, with poultry surplus from larger flocks. Sucden warned of sugar oversupply as futures rally. Kenya plans to import corn after crop failure. Record-low Danube levels strain Black Sea grain exports, constraining flows, according to Bloomberg. Australia widened orders on Chinese investors in a rare earths firm. The US backed Australian rare earth miner Sunrise Energy with a $400 million loan. London plotted a digital gold pivot to protect bullion trading. Chile granted an unprecedented reprieve to state copper miner Codelco, allowing it to reinvest profits. AI will boost oil and gas production more than green energy, a report found. Glencore-backed group looks to rescue cobalt refiner Sherritt. Braskem’s bondholders press Petrobras for capital as deadline looms.

Macro & Policy

Germany lifted its Sunday lorry ban as drought hits Rhine shipping, with economists warning of a GDP hit. Indonesia’s coal producer battles to keep lights on as price controls discourage supply. Vietnam bets on Korean-style chaebols to boost growth. Asian carmakers cash in as US demand for hybrids jumps a fifth in July. The AI threat to India’s IT jobs is mounting. US brands see overseas sales outpacing domestic growth. The FCC moves to scrap broadcast ownership cap to save broadcast TV.

Private equity is stuck with 33,575 unsold businesses as exit opportunities remain challenging. 777 Partners filed for bankruptcy after creditors sought liquidation. First Brands urges court to approve a bankruptcy settlement to fund fraud claims. The SEC alleged a fund adviser misled investors in pre-IPO schemes. Banks’ refusal to take on crypto firms risks stunting UK industry growth, lawmakers say. A landmark crypto bill stalled in the US Senate despite a $225 million lobbying push. Hong Kong’s tax reforms aim to include trading firms to compete with Singapore. The US pledged $2 billion for battery producers. The EU carbon tax will hit budget airlines hard. Revolut won a French banking licence, accelerating European expansion. Start-up bank Erebor, backed by Palmer Luckey, nears a $1.5 billion raise at an $8 billion valuation. Hargreaves Lansdown ordered staff back to the office three days a week. Solar eclipse threatens to tighten Europe’s electricity squeeze as heatwaves stress the power system. Romania extended reactor output by nine days after Danube blasts increased river flow. The other way to reduce government debt is financial repression.