Public Markets 3 Days

Last updated: August 11, 2026, 5:32 PM ET

Equities

U.S. stocks slid Monday as deadlocked negotiations over the Strait of Hormuz pushed oil prices higher, with the Nasdaq losing 0.7%. Major indexes turned lower after Iran said the waterway would remain closed, reversing earlier gains and sending stocks lower. European indexes were up in early trading, boosted by energy stocks on the oil price rise, while the Stoxx Europe 600 charges ahead, defying doom-laden forecasts of stagflation. Investors returning to European stocks cited strong earnings lifting the Iran war gloom, with companies on track for a 22% increase in profits. A growing share of equity leverage is riding on the same AI names, risking spread to the broader market. A buying opportunity is forming around S&P skeptics’ refusal to give up, as anxiety keeps animal spirits at bay despite record highs. Stock funds are up 10.6% so far in 2026 amid a turbulent month.

Fixed Income

A record pace in US investment-grade bond issuance continued with 19 firms, the most in seven months, storming the market. The NYSE parent ICE is set to raise $3.75 billion from a bond sale two weeks after announcing a $6 billion deal. A shift in the buyer base of US Treasuries toward value-oriented funds has propelled 30-year yields to multi-decade peaks, according to Barclays. Record short bets against global bonds by trend-chasing investors are raising the stakes for CPI this week. Blue Owl Capital sold $750 million of high-grade debt, upsized from initial $500 million discussions. These bonds offer a rare buying opportunity with 3% real yields on TIPS. Nvidia’s show of financial force soothed jittery credit markets after the company said it would limit exposure in a $500 billion financing plan. Bond traders subsequently dialed back measures of credit risk associated with Nvidia. The SEC is weighing direct funding for a costly market-tracking database after Citadel Securities won a lawsuit. The SEC also exempted data-center bonds from key securitization rules, potentially opening the door for more debt sales. Private-credit firms are clamping down on loan sweeteners fearing ‘shadow defaults’ as borrowers delay interest payments.

Energy & Commodities

Oil prices edged up in a choppy session on skepticism over a Hormuz deal, with Brent crude touching $90 a barrel as a stalemate in the Strait of Hormuz dragged on. The US now expects oil supply disruptions to reach about 600,000 barrels per day through 2027 as the conflict crimps shipments. Iran’s oil terminals have appeared largely idle this month as the US continues a naval blockade. Emerging-market assets extended losses as Iran hopes faded and oil neared $90. Gold rose to nearly $4,400 an ounce as traders weighed the standoff and inflation data. Silver fell 0.5%, snapping a two-session winning streak, while gold settled 0.5% higher for a third consecutive session. US natural gas futures gave back some gains, but later rebounded as near-term weather forecasts added heat. Heatwaves pushed European gas prices close to Iran war highs. Russia’s crude oil exports tumbled to their lowest since May as refiners boosted runs. Chile lowered its copper production forecast for a second straight quarter. Colombia coffee exports are largely halted after a deadly earthquake. Wheat climbed with the USDA seen tightening global grain supply. The real oil squeeze is happening in refineries, as the war has taken millions of barrels of refined products off global markets.

Currencies & Rates

The yen slid as the effect of US-Japan intervention faded, approaching 160 per dollar and raising intervention concerns again. The dollar edged higher amid concerns over Hormuz negotiations, while Treasury yields rose further alongside oil prices. The dollar is at risk of falling due to uncertainty over the Fed’s rate path, according to MUFG Bank. Gold was flat ahead of key US inflation data. Colombia’s inflation unexpectedly slowed, easing pressure on rates. The Philippine central bank is ready to tighten further despite weak GDP growth. US household delinquencies improved in the second quarter, according to the NY Fed quarterly report, with measures of newly delinquent debt stabilizing.

Technology & AI

Super Micro Computer reported fourth-quarter profit surging to $1.17 billion, with sales nearly doubling. CoreWeave reported a new revenue high of $2.6 billion as its sales backlog grew to $104 billion. Nvidia’s two big AI buildout problems remain scarcity and profit margin. A longtime OpenAI exec is stepping down. Target hired its first chief AI officer. Meta unveiled an open-source version of its most powerful AI model. The AI data center boom is ‘maxing out’ P&C insurers, AIG’s CEO said. A flight-tracking platform sued Kalshi over flight cancellation prediction markets. Bernie Sanders called on AI companies to pause development to ‘avoid disaster’. Healthcare investing is now an AI short in disguise. Intel investors are banking on a comeback. A UK start-up backed by the UK government aims to build Britain’s answer to OpenAI. AI stock-heavy ETF risks are spreading to the broader equity market.

Deals, Activism & Corporate

Nasdaq will acquire Leve L Markets. TPG agreed to buy a 61.2% stake in South Korea’s Lotte Rental for $925 million. Curaleaf plans a hostile bid for rival Aurora Cannabis valued at $272 million. Gainwell Technologies kicked off the bond part of a $5.8 billion debt overhaul. Ari Emanuel’s company acquired theatre group ATG for £4.5bn, including 7 Broadway theaters. Anson Funds is pushing Lionsgate for a sale. Barrick named a new CEO for its ex-North America unit ahead of a potential IPO. General Motors set up a $4.5 billion safety net to avoid parts shortages. Adani Group secured an $800 million data center loan. Boeing is selling 3 autonomous flight subsidiaries to Archer Aviation. DayOne Data Centers confidentially filed for a $5 billion IPO. Uber exited its Serve Robotics stake as the delivery alliance unraveled.

Earnings & Outlook

Cava posted earnings of $23 million as same-store sales rose 9%. Smithfield lowered its outlook on consumer caution and softer markets. On Holding tempered its outlook as running-shoe sales underwhelmed. Cardinal Health logged mixed sales but sees growth in the new year. Chobani cut its annual earnings forecast on rising material costs. CSN got financial relief as a $1 billion debt exchange was approved. OMERS returned 4.8% in the first half, fueled by stocks and the US dollar. JBS seeks US margin recovery with a new CEO pledging continuity. Diageo looks to revive three lagging liquor icons. Domino’s is set to release a new individual-size pizza for solo diners.

Economy, Regulation & Politics

US small business confidence rose last month to its highest level since August 2025, according to the NFIB. A chicken surplus is dragging down meatpackers and lowering your grocery bill. Behind high credit-card delinquencies are stale, charged-off loans, according to the New York Fed. The SEC alleged a fund adviser misled investors in pre-IPO schemes. Deputy PM Salvini proposed a windfall tax on Italian bank profits. The US opened an in-depth antitrust review of the Kone-TK Elevator deal. The Trump administration killed the annual Arctic Report Card. Trump nominated a Project 2025 co-author for an Interior role. The FCC moved to scrap broadcast ownership caps.

Geopolitics & Trade

The Strait of Hormuz remained in focus as oil rose on growing doubts it can reopen soon. Iran is pushing for a return to the June MOU, using the strait as leverage. A dozen ships are continuing to shift oil outside Hormuz as the US touts transits. Adnoc Gas is exploring a new LNG export plant to bypass the Strait of Hormuz. China is bypassing shipping chokepoints with an ‘Ice Silk Road’ through the Arctic. Colombia’s deadly earthquake killed at least, with rescuers hunting for survivors. Four were killed in a Houthi strike on a Red Sea ship. A Ukrainian drone attack killed 13 deep inside Russia. The US missile stockpile is dangerously low after the Iran war.