Last updated: August 13, 2026, 8:31 PM ET

Public Markets Briefing

Market Overview

A benign inflation report propelled the S&P 500 to fresh records this week as bond traders reduced bets on further Fed tightening. Asian equities were poised to extend gains Friday after the latest CPI data matched expectations, reinforcing the patient approach adopted by many Fed officials. The dollar reversed early losses triggered by the tame inflation reading, while oil prices retreated amid easing supply fears. Futures edged higher with inflation relief driving the mood, though the labor market showed signs of slowing as employers grew wary of hiring.

Global Equities

The S&P 500 closed at a record high following the inflation report that eased rate-hike fears. Reddit shares surged more than 10% after the social networking platform was added to the benchmark index. Workday shares jumped on a report that Silver Lake is in talks to purchase the software provider. However, Hertz tumbled after Bill Ackman's Pershing Square sold its stake. Tapestry gave a soft outlook despite Coach leading sales growth. SpaceX survived its first lockup expiry, with shares rallying since its June listing.

European stocks also reached record levels, with European equities finally matching US exuberance. The Stoxx 600 was driven by AI stocks despite the region's low overall tech exposure. Adyen shares rose more than 9% after first-half earnings increased, while Canary Wharf Group sold a Société Générale office in a £625 million deal.

In Asia, Lenovo shares jumped 19% to a record after AI-driven revenue beat estimates. SMIC net profit tripled as mature-node orders surged. Korean stocks rallied, with Seoul curbing leveraged ETF use to reduce excess. Treasury Wine shares jumped 6.4% on China