Public Markets 3 Days

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

Macro & Currencies

Asian stocks were poised to follow Wall Street lower as traders held back from riskier bets ahead of key US inflation data and remained wary over US-Iran developments. The WSJ Dollar Index ended Tuesday’s session flat. The yen gave up roughly half its gains from a joint US-Japan intervention, edging closer toward the 160 per dollar level and raising concerns over further action by Japanese authorities. Treasury yields and the dollar continued to rise alongside oil prices. Barclays noted that a shift in the buyer base of US Treasuries toward value-oriented mutual funds and households has helped propel 30-year yields to multi-decade peaks. Trend-chasing funds have placed record short bets against global bonds, raising the stakes for US inflation reports this week. Gold rose to nearly $4,400 an ounce as traders assessed the Strait of Hormuz standoff while awaiting a key US inflation report. Gold prices were broadly flat in another session as investors await the data for more cues on the interest-rate outlook. ETFs are pouring money into bullion on the heels of central banks, driving a renewed rally.

Equities

US stocks continued to fall into Tuesday’s close after Pakistan said a US and Iran deal to address the Strait of Hormuz was close, while negotiations remain at an impasse. The S&P 500 fell as oil climbed before inflation data, with Wall Street traders refraining from riskier bets. Demand for protection against a drop in stocks has fallen to the lowest level since Donald Trump’s capitulation on tariffs, as indexes rally to record highs. Citadel Securities said systematic buyers are getting ready to load up on stocks again after a massive unwind. A buying opportunity may be forming around S&P skeptics’ refusal to give up, even as the market sits at records. The leveraged ETF boom is creating new ways to profit from sudden bursts of volatility in tech stocks. CoreWeave shares jumped 12% as revenue doubled from a year earlier, with a mounting sales backlog of $104 billion showing strong demand for cloud computing. Cava Group said climbing customer traffic boosted its profit in the second quarter. Swiss running-shoe maker On Holding now expects sales to grow in the low-20% range after deliberately stymying wholesale channel growth. Super Micro Computer reported a quarterly profit of $1.17 billion, up from $195.2 million a year ago. Constellation Software posted a second-quarter profit of $274 million, up from $56 million a year earlier. H&R Block revenue increased to $1.14 billion, and it raised its quarterly dividend by 10% to 46 cents a share.

Fixed Income & Credit

Blue Owl Capital sold $750 million of high-grade debt, up from initial discussions of $500 million, after receiving a large amount of investor orders. Intercontinental Exchange sold $3.75 billion of US investment-grade bonds, less than two weeks after announcing a $6 billion deal to acquire Market Axess. Gainwell Technologies started the next leg of a broader $5.8 billion debt overhaul that marks the US software sector’s biggest junk-debt financing of 2026. IBM sold C$2.75 billion of Canadian corporate bonds, building on a record year of issuance in that currency by foreign firms. Duke Energy plans to raise about $1.75 billion by selling equity units to pay down debt. Nasdaq announced the acquisition of off-exchange equity execution venue Leve L Markets to advance its vision for always-on markets. Atlanta Airport is coming to market with a more than $1 billion municipal bond sale, boosting issuance in the lagging airport sector. Hawaii is tapping the municipal market to finish the first US driverless rail line.

Commodities & Energy

Oil prices rose amid growing doubts that the Strait of Hormuz can reopen soon, bolstering concerns over supply disruptions. Oil climbed as hopes were dashed over the weekend for a breakthrough on shipping traffic through the critical waterway. A dozen ships continue to shuttle oil through the Strait of Hormuz despite a recent spate of attacks. Iran hardened its rhetoric, saying the US must meet new conditions before reopening the strait. The US now expects oil supply disruptions from the US-Iran war to reach about 600,000 barrels per day through the end of next year. Russia’s crude oil exports tumbled to their lowest since May as a brief lull in drone strikes allowed refiners to boost runs. Saudi Aramco pushed back restarting its Jazan oil refinery to late August following a weekend attack. Adnoc Gas is considering a new LNG export facility outside the Strait of Hormuz. European gas prices were pushed close to Iran war highs by heatwaves, with Wednesday’s solar eclipse expected to fuel demand for gas-fired power generation. US natural gas futures rose as near-term weather forecasts added heat and continuing Middle East conflict fed global supply concerns. Chile cut its copper production forecast for a second straight quarter as weaker output from major mines adds to supply constraints. Gold steadied as traders weighed prospects for a deal to reopen the Strait of Hormuz and awaited US inflation data. Silver fell 0.5%, snapping a two-session winning streak, while gold settled 0.5% higher. Wheat was higher as traders braced for a USDA report expected to show declining global grain supplies. Panama Canal fees hit a record high as El Niño and the Iran war choke shipping.

Corporate & M&A

David Ellison told Paramount executives he was considering pulling the company out of California amid a lawsuit brought by state attorneys general over his Warner Bros. deal. Blackstone and Quebec’s La Caisse pension fund have agreed to acquire a 25% stake in Air Canada’s Aeroplan loyalty program for nearly $2 billion. Ari Emanuel bought theatre group ATG for £4.5bn, a major bet on live events. General Motors set up a $4.5 billion safety net to avoid parts shortages. Boeing is selling Wisk Aero and two other autonomous flight subsidiaries to Archer Aviation in exchange for shares. The Justice Department is investigating Kone Oyj’s €29.4 billion purchase of TK Elevator, putting pressure on the deal. TPG Capital has agreed to acquire a 61.2% stake in Lotte Rental Co. for $925 million. Aurora Cannabis is reviewing an unsolicited takeover offer from Curaleaf worth about $272 million. 777 Partners has filed for bankruptcy weeks after creditors sought to liquidate the company. CSN got enough support from holders to push through a $1 billion debt exchange, getting fresh financial relief. Anson Funds is urging Lionsgate to put itself up for sale. JBS will once again be led by a member of Brazil’s Batista family as Wesley Batista Filho takes the top role. Target hired its first chief AI officer as part of its plan to recover from sluggish performance. Longtime OpenAI exec Brad Lightcap is stepping down to “start something new.” Nvidia backed the AI boom with a reported $250 billion commitment, soothing jittery credit markets. Bond traders dialed back credit risk measures on Nvidia after the CEO said it would limit its exposure in a $500 billion financing plan. Smithfield Foods cut its outlook as inflation-weary consumers remain choosy. Chobani lowered its annual earnings forecast due to rising material costs. Trillion reported a loss of $238.1 million for the second quarter, compared with a loss of $20 million a year earlier.

Emerging Markets & Asia

China’s real estate market is racing to defuse a $148 billion time bomb. A rotation into China’s biggest tech firms from AI infrastructure stocks will be tested this week as earnings are due. China is tightening its grip on Europe’s auto supply chain through acquisitions of local parts makers. China’s auto sales fell in July as higher oil prices and a weak macro environment weighed on demand. The yuan may resume its march against the dollar next month, with strong fall exports expected to lift the currency. Taiwanese stocks are gaining favor over South Korea’s on steadier earnings prospects as the markets look to recover from July’s rout. India’s retail traders lost $9.6 billion buying and selling equity derivatives in the year ended March. Flows into Indian equity funds moderated in July even as investors continued to pour money into small- and mid-cap strategies. Wipro’s exit from India’s Nifty 50 to make way for BSE reflects a shift from an outsourcing-led boom to a growth-powered one. BSE could see passive flows of about $741 million from its inclusion in the Nifty. Adani Group secured a loan of about $800 million to help fund its push into data centers. Singapore Exchange is exploring offering a broader suite of exchange-traded funds to bolster its position. Turkish investment funds are urging authorities to crack down on unusual trading activity that has put the nation at risk of exclusion from major equity benchmarks. Kenya plans to import one million bags of corn after a crop failure.

Geopolitics & Policy

Iran is preparing for worsening economic malaise to withstand Trump’s pressure, while a counterintelligence inquiry into Trump’s Russia ties was derailed. President Trump was secretly evacuated last month after a threat against his jet, with Air Force One sent into the skies as a flying decoy. Trump sued New York, Connecticut and Vermont over their laws giving undocumented students in-state tuition. The US fired on a ship it said violated the Iran blockade, as the Pentagon runs low on interceptors. Tehran is holding firm to the Strait of Hormuz, pushing for a return to a June MOU. The Trump administration killed the annual Arctic Report Card after 20 years. Bernie Sanders called on AI companies to pause development to “avoid disaster.” The SEC is considering taking direct control of a controversial market-tracking database. Small business confidence in the US rose last month to its highest level since August 2025. The FDA ordered food-ingredient disclosure, delaying a crackdown on ultraprocessed foods.