Public Markets 3 Days

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

Equities

U.S. equities faded for a second straight session as stocks slid amid rising oil prices and caution ahead of key inflation data. The major indexes turned lower after the S&P 500 had finished the prior week at a record high. In Asia, the Nikkei was flat at 66,988.82 as gains in financial and energy shares offset declines in electronics and pharmaceutical stocks. Sanrio shares tumbled as much as 20%, their most in over 12 years, after first-quarter operating income missed estimates, while Rakuten shares dropped the most in six months following disappointing earnings. CoreWeave shares jumped 12% as revenue doubled from a year earlier, fueled by a $104 billion sales backlog. Super Micro Computer reported a quarterly profit of $1.17 billion, up from $195.2 million a year ago, as gross margins improved. Cava said climbing customer traffic boosted its quarterly profit, with sales already bouncing back from recent cyclospora outbreaks. Constellation Software posted a second-quarter profit of $274 million, up from $56 million a year earlier, as acquisitions boosted revenue. Hims & Hers Health swung to a second-quarter loss but raised its full-year revenue target to between $3.1 billion and $3.3 billion. On Holding tempered its outlook, now expecting sales growth in the low-20% range for the year after deliberately restraining wholesale channel growth. Smithfield Foods cut its annual outlook as inflation-weary consumers remain choosier at the grocery store. Tractor Supply is lowering prices, closing pet-specialty stores and scaling back expansion as shoppers delay purchases. Diageo is looking to revive lagging liquor icons like Crown Royal and Captain Morgan. Cracker Barrel CEO Julie Masino plotted a turnaround but quietly opened the door to her own exit amid a rebranding backlash. Intel investors are banking on a comeback fueled by AI mania. Nasdaq agreed to acquire Leve L Markets, an off-exchange equity execution venue. Activist investor Anson Funds is urging Lionsgate Studio Corp. to put itself up for sale. India’s small and mid-cap funds remain hot with investors, having comfortably outpaced large caps this year. Global investors are favoring Taiwanese stocks over South Korea’s on steadier earnings prospects as both AI-bellwether markets recover from July’s rout. China earnings will test a rotation from AI infrastructure into internet stocks this week. Tencent is seeing early success with Work Buddy, which may give the Chinese internet giant a chance to catch up in the AI race. DatVietVAC is advancing a Vietnam IPO as it looks to replicate South Korea’s entertainment success. Shein is valued at $22 billion to $25 billion ahead of its IPO, according to Bloomberg Intelligence. Indonesian stocks neared bull-market territory as economic worries recede. Emerging-market stock valuations have fallen to less than half of U.S. equities, the first time in at least two decades. European indexes were boosted by energy stocks on higher oil prices. European markets are charging ahead this year, defying forecasts of stagflation from the Iran war.

Fixed Income and Credit

The U.S. high-grade bond market saw the most issuers since January, with 19 firms storming the market on Monday. Intercontinental Exchange sold $3.75 billion of U.S. investment-grade bonds to fund its $6 billion Market Axess acquisition. Blue Owl Capital sold $750 million of high-grade debt, up from initial discussions of $500 million, after strong investor demand. Jane Street is repaying $5.5 billion of floating-rate loans as part of an overhaul of its $11 billion debt load. Gainwell Technologies started the bond leg of a $5.8 billion debt overhaul, the U.S. software sector’s biggest junk-debt financing of 2026. Barclays said a shift in the buyer base of U.S. Treasuries toward value-oriented funds has helped propel 30-year yields to multi-decade peaks. Trend-chasing funds have record short bets against global bonds, raising the stakes for U.S. inflation reports. TIPS bonds offer a rare buying opportunity with real yields elevated, according to a Wall Street Journal analysis. Indonesia’s bonds, the worst performers in Asia, may have seen the worst of selling as a new central bank chief supports the currency. Hawaii is tapping the municipal market to finish the first U.S. driverless rail line. Atlanta Airport is coming to market with a more than $1 billion municipal bond sale. China is reviving its Shanghai free-trade zone bond market after a 2023 crackdown on local government borrowing. Private-credit firms are clamping down on loan sweeteners like PIK provisions, fearing “shadow defaults” as borrowers delay interest payments. Nvidia’s show of financial force soothed credit markets as six major finance firms help ease investor anxiety over its AI commitments. Nvidia credit risk eased after the CEO clarified the company would limit exposure in a $500 billion AI financing plan. The SEC exempted data-center bonds from key securitization rules, potentially opening the door for more debt sales. CSN of Brazil got enough support to push through a $1 billion debt exchange, providing fresh financial relief.

Currencies and Foreign Exchange

The Singapore dollar weakened against the greenback as investors await U.S. inflation data. Yen traders are ramping up options market activity ahead of the data, turning to derivatives for flexibility amid a lack of consensus on the currency’s direction. The WSJ Dollar Index ended Tuesday’s session flat. The katsu curry index rivals the Big Mac gauge to show how weak the yen really is, according to a Bank of New York Mellon strategist. Yen intervention is wearing off, while oil jumps again. Emerging-market assets fell on Tuesday as fading hopes for a U.S.-Iran deal weighed on sentiment. Traders are piling into Taiwan dollar options to bet on a rebound after the currency suffered its worst July since 2015. The dollar rose, but MUFG Bank said it was at risk of falling due to uncertainty over the Fed’s response to the energy-price shock. Deutsche Bank became the first European clearing bank for the renminbi, as China seeks to increase international use of its currency.

Commodities

Oil rose in early Asian trade, with crude prices remaining volatile amid Middle East developments. Oil advanced for a sixth day on skepticism about a deal to restore energy flows through the Strait of Hormuz. Oil climbed before U.S. CPI data, as traders remained wary about prospects for a Middle East deal. Oil surged with no Hormuz deal in sight. U.S. stocks slid as negotiations about the Strait of Hormuz remained deadlocked. Oil rose ahead of CPI, and U.S. stocks continued to fall after Pakistan said a U.S.-Iran deal was close, though negotiations remained at an impasse. A dozen ships are continuing shuttle transits through the Strait of Hormuz in the face of recent attacks. Iran’s oil terminals have appeared largely idle this month as the U.S. blockade continues. Russia’s crude oil exports tumbled to their lowest since May as refiners boosted runs. China’s teapots may boost Iran oil buying as stockpiles dwindle. The U.S. now expects oil supply disruptions from the Iran war to reach about 600,000 barrels per day through the end of next year. Iran is preparing for worsening economic malaise to withstand Trump’s pressure. Gold edged higher ahead of U.S. inflation data. Gold advanced as traders watched for rate-hike clues. Gold slipped from a two-month high as focus shifted to inflation. Silver fell 0.5% but traders anticipate a demand lift. Aluminum extended its rally to a seven-week high after a key alumina producer slashed production. Copper shipments from Indonesia are delayed by a smelter outage at the Grasberg mine. Chile cut its copper production forecast again as mine woes persist. Radiant World is seeking to sell a $150 million aluminum stockpile. U.S. natural gas futures gave back some gains, pressured by soft LNG demand and comfortable storage levels. U.S. natural gas futures surged as hotter weather forecasts triggered short-covering. Panama Canal fees hit a record high as drought and the Iran war choke shipping. Colombia coffee exports are largely halted after a deadly earthquake.

Energy and Utilities

Adnoc L&S posted a record quarterly profit despite regional disruption. Adnoc Gas plans to invest more than $8 billion in expansion after the UAE’s OPEC exit. Grain LNG appointed Peter Abdo as CEO starting October. Texas power demand forecasts were trimmed after the state imposed a pause on new data center projects. Households near UK grid upgrade projects are in line for lower electricity bills. Heatwaves pushed European gas prices close to Iran war highs. German states suspended the Sunday truck ban as low Rhine levels disrupted shipping. Italy fined utility A2A SpA €5 million for 2022 power market manipulation. The AI data center boom is “maxing out” P&C insurers, according to AIG’s CEO. JBS said its main U.S. beef business is yet to benefit from a restructuring plan. Trump’s anti-wind crusade is boosting U.S. gas. AI will boost oil and gas production more than green energy, a report found. Rooftop panels in cities are no replacement for solar farms, the FT argues.

Financials and Deals

Blackstone and La Caisse pension fund agreed to acquire a 25% stake in Air Canada’s Aeroplan loyalty program for nearly $2 billion. TPG agreed to acquire a 61.2% stake in South Korea’s Lotte Rental for $925 million. Ari Emanuel bought theatre group ATG for £4.5 billion. Ari Emanuel’s company also plans to acquire 7 Broadway theaters and 10 in the West End. Aurora Cannabis is reviewing an unsolicited takeover bid from Curaleaf for about $272 million. Adani Group secured an $800 million data center loan as the U.S. drops charges. General Motors set up a $4.5 billion safety net to avoid parts shortages. Samsung SDI bought GM’s stake in their U.S. battery joint venture. Chobani cut its annual earnings forecast on rising material costs. H&R Block revenue increased to $1.14 billion, and it raised its quarterly dividend by 10%. Cardinal Health reported mixed sales in its fiscal fourth quarter but expects revenue to rise in both segments in the new year. Omers returned 4.8% in the first half of the year, gaining C$6.9 billion. Barrick Mining named Sebastiaan Bock to lead its operations outside North America ahead of a planned IPO. Air Baltic outlined a turnaround plan involving a smaller fleet and a debt-for-equity swap. Erebor, a start-up bank backed by Palmer Luckey, is set to raise $1.5 billion. Revolut won a French banking licence, accelerating its European expansion. Uber exited its Serve Robotics stake as the delivery alliance unravels. Citadel Securities says systematic buyers are ready to reload on levered stock bets after a massive unwind. The SEC is considering direct funding for a controversial market-tracking database. Singapore Exchange is exploring single-stock ETFs and tie-ups to grow. Bitwise cut 14% of its jobs as the crypto industry remains under pressure. Private equity is stuck with 33,575 unsold businesses, unable to exit at required valuations.