Public Markets 3 Days

Last updated: August 13, 2026, 11:30 PM ET

Public Markets

Asian memory-chip stocks climbed, as a bullish outlook from Sandisk Corp. boosted optimism on longer-term benefits from the artificial intelligence boom. The yen consolidated against other G-10 and Asian currencies but may be buoyed by prospects of BOJ rate increase. Every intervention to prop up the yen is also creating a fresh opportunity to sell it. Asian stocks were poised to extend gains Friday as further evidence of moderating US inflation and a pullback in oil prices reinforced bets that the Federal Reserve will refrain from raising interest rates.

Equities and ETFs

Reddit Inc. will join the S&P 500 next week as part of an off-cycle change, S&P Dow Jones Indices said Thursday, sending the social networking platform’s shares surging more than 10% after the bell. U.S. stocks rose and the S&P 500 closed at a record high after a report of moderated wholesale inflation eased interest-rate fears. Wall Street now expects the Federal Reserve to hold rates steady next month, as cool inflation data propels stocks to fresh records. U.S. stocks were mixed as deadlock in the Middle East offset relatively benign consumer-inflation data and an artificial-intelligence earnings bonanza, with CPI data playing a key role.

Commodities and Energy

Oil edged lower in early Asian trade amid mixed signals, with crude futures showing little movement. Gold struggled to extend its rebound despite softer-than-expected U.S. PPI data, which suggests the next leg higher for gold prices might not be straightforward, said OCBC, as gold prices wavered. Gold was little changed after retreating below $4,400 an ounce, as traders weighed the Federal Reserve’s interest-rate path and prospects for a deal to reopen the Strait of Hormuz. Oil prices fell after days of gains, with the U.S. and Iran both claiming to have control over the Strait of Hormuz and still limited shipping through the waterway, leading to oil price dips.

Fixed Income and Rates

Yields on eurozone government bonds rose as investors exercise caution ahead of U.S. CPI inflation data, with US CPI data being a key focus. Bond traders stopped fully pricing in a Federal Reserve interest-rate increase this year amid a retreat in oil prices that reinforced positive sentiment on the inflation outlook, as bond traders pare bets on Fed rate hikes. U.S. natural gas futures retreated after the EIA reported an above-estimate 36 Bcf weekly inventory build, extending the storage surplus to 198 Bcf from 195 Bcf, despite hot weather spurring high electricity demand, impacting natural gas futures. Yields have jumped amid concerns over mounting public debt and persistently high inflation, with US 30-year bond yields reaching their highest since 2001.

Corporate News and Deals

Applied Materials Inc. reported its third-quarter profit and revenue rose on continued demand for its semiconductor solutions, driven by artificial-intelligence adoption, as AI demand continues to surge. Tyson Foods Inc. said it would close several additional beef plants, in the latest sign of the US beefpacking industry’s restructuring amid a prolonged US cattle shortage, as Tyson Foods faces a cattle supply squeeze. Uber Technologies Inc. and Pony AI Inc. plan to deploy more than 2,000 robotaxis across Europe, accelerating the race to commercialize autonomous mobility in the region, with Pony AI leading the charge. Diversified Energy Co. is in advanced talks to acquire Elliott Investment Management-backed oil and gas company Birch Resources for more than $1.7 billion in cash, according to people familiar with the matter, marking a significant Birch Resources deal.

Global Markets

The rupee has been steadier than the Indonesian rupiah and Philippine peso, with India's rupee showing reduced volatility. As demand slumps at home, Chinese cars are flooding other markets—and testing the shipping industry, with Chinese car exports creating a crunch. China’s central bank injected liquidity through overnight reverse repos on Friday, marking its first such operation in the middle of a month, signaling a move by the PBOC. Support from Beijing has helped power a 29% gain for the Star 50 index this year, as Chinese tech valuations surge amid the AI boom.

Economic Indicators and Policy

New Zealand annual immigration continues to show signs of a tentative recovery, rising to a 17-month high in June as fewer people departed, with New Zealand immigration showing a modest uptick. Sri Lanka is reducing dependence on foreign borrowing while raising more money domestically through longer-term bonds, as it seeks to make its debt more sustainable under an International Monetary Fund program, with Sri Lanka's debt management a priority. India’s inflation was broadly steady in July, holding within the Reserve Bank’s 2%-6% target range and cementing expectations policymakers will keep interest rates unchanged for some time, indicating stable India inflation. The Securities and Exchange Commission canceled a Friday meeting where the agency was expected to unveil new plans for digital assets as landmark crypto legislation remains stalled in Congress, indicating a setback for crypto regulation.

Other Markets

Kalshi was told by a judge to stop offering most of its prediction market contracts in Washington state, after regulators said they likely constituted an illegal gambling operation, with Kalshi's operations facing restrictions. A Virginia federal court has awarded the salvage company the rights to collect, but not sell, items from the shipwreck, but the company says its earliest retrievals are governed by a French court, as the Titanic artifacts dispute continues. British company BP is among the winners of an offshore licence in Venezuela less than nine months after the US toppled Caracas's strongman, marking a return to the country's oil sector, with BP entering Venezuela. Arab Gulf companies are making their debut in Venezuela through an offshore natural gas project to be operated by BP Plc, signifying further international involvement in the country's energy sector, as UAE and Qatari firms enter Venezuela.

Legal and Regulatory

A Justice Department report released on Thursday found that inmates at two state-run women’s prisons routinely had their rights violated, though state officials say they have already put reforms in place, highlighting concerns over prison conditions. In a preliminary injunction, a state judge barred the prediction market Kalshi from allowing residents to place bets on the bulk of its offerings, indicating a significant regulatory challenge for the company, as Kalshi is halted in Washington state. The U.S. Navy spent years fighting the president’s push to go back to steam catapults, with the president ordering the Navy to restore older technology on aircraft carriers, costing billions, as steam catapults become a point of contention. The court dismissed a case over the Alien Enemies Act in a messy conclusion to a long-running legal battle that had seemed destined to end up before the Supreme Court, as an appeals court sidesteps a key question.

Geopolitics and International Relations

The U.S. to impose up to 100% levies on unmanned aircraft and their components, as Trump imposes tariffs targeting Chinese drone technology. The U.S. government conducted expansive surveillance, infiltrated group chats, and obtained financial records of organizations never accused of crimes during a Minnesota immigration crackdown, raising concerns about the scope of US surveillance. A bill would allow Jews to identify themselves as an ethnic group on state forms, with supporters arguing it’s a step toward acknowledging the complex nature of Jewish identity, as California considers ethnic identifier options. Prime Minister Sanae Takaichi of Japan has been a public critic of Mr. Putin, who has denounced her country’s sanctions against Russia over the Ukraine war, as Putin visits disputed islands.