Public Markets 3 Days

Last updated: August 13, 2026, 2:30 AM ET

Global Equities Rally

Global stocks climbed toward a record as a subdued US inflation report eased concerns about an imminent interest-rate hike by the Federal Reserve. The S&P 500 is approaching new highs, with Ed Yardeni raising his target to 8,400 on "fabulous earnings momentum." US futures were higher ahead of the key inflation report, with stocks and bonds rising as Fed rate-hike bets eased. However, US stocks were mixed as deadlock in the Middle East offset the benign inflation data and an AI earnings bonanza, with the Nasdaq losing 0.6% on Wednesday.

Asian Markets Surge

Asian markets joined the global rally, with the UK's FTSE 100 set to participate as the pound steadied. South Korean stocks surged into a technical bull market, climbing 23% in 10 days as the chip rally regained steam. Japan's Nikkei rose 1.8%, led by chip and electronics stocks, as fears over Fed rate increases eased. The Hong Kong tech index is set for a major overhaul to include more AI-focused firms, while Australia's ASX shares jumped the most in six years after an upbeat listings outlook. Singapore Exchange is exploring new ETF offerings and partnerships to bolster its position.

Tech and AI Earnings Drive Momentum

The AI trade continued to dominate, with Lenovo shares surging 19% after a 43% increase in quarterly revenue beat estimates, reinforcing AI optimism. Adyen boosted its revenue outlook as clients processed more payments. Cisco reported a sharp jump in profit as AI orders rolled in. CoreWeave shares jumped as revenue doubled, with a $104 billion sales backlog showing strong demand. Cerebras swung to a quarterly loss of $450.5 million but lifted its full-year outlook. Lambda wrapped up a $926 million leveraged-loan deal for AI chips, while DayOne Data Centers confidentially filed for a $5 billion IPO.

Wealth Management and AI Millionaires

The rise of equity-rich tech workers is shifting power in wealth management. Wealth managers are cutting fees to win AI's paper millionaires, particularly those from Anthropic and OpenAI. Anthropic investors are betting on a $2 trillion valuation in what could be a record IPO. Legal AI start-up Legora is seeking funds at a $10 billion valuation, having been valued at $5.6 billion just four months ago. Goldman Sachs is doubling down on investor hunger for "Boomer Candy" ETFs that offer stocklike returns with limited downside.

Corporate Earnings and M&A Activity

Thyssenkrupp raised the low end of its profit guidance on strength in steel and naval divisions. Origin Energy shares rose the most in six months after earnings beat estimates, boosted by EV uptake. Treasury Wine shares jumped as China demand countered a drop in earnings. ANZ profit climbed on deposit growth and business loan expansion. Brinker International guided for continued growth on Chili's momentum, with Q4 revenue hitting $1.54 billion. Shoprite climbed the most in 11 months as e-commerce fueled its profit jump. In dealmaking, investor Nelson Peltz is preparing a bid for Wendy's. Aurora Cannabis is reviewing a $272 million takeover bid from rival Curaleaf.

Tata Group and Indian Markets

A boardroom battle at India's $280 billion conglomerate heralds the start of the "Noel Tata era". Tata investors are turning focus to succession and strategy as the