Last updated: August 15, 2026, 11:35 PM ET
Equities
S&P 500 logged its third consecutive weekly gain, lifted by renewed bets that the Federal Reserve will hold rates steady in September, while U.S. stocks slipped Friday after weak July retail sales data tempered AI-driven enthusiasm. Corporate earnings are blowing past Wall Street expectations, adding to the rosy backdrop for a stock market trading near record highs, though stocks slipped back from records as inflation remains above target.
Reddit shares surged more than 10% after the bell after S&P Dow Jones Indices said the social networking platform will join the S&P 500 next week as part of an off-cycle change. Berkshire Hathaway added to its stakes in Delta Air Lines and Alphabet, while Berkshire also bought home builders during the second quarter as CEO Greg Abel began tapping into the company's massive cash pile.
Levi Strauss posted a third-quarter earnings beat but warned of uncertainty, while Tapestry shares tumbled after Coach sales missed estimates amid aggressive discounting. Workday soared after raising its full-year forecast, and Caterpillar is pivoting to feed a booming market for machinery used in AI data centers.
Fixed Income
Bonds have become really difficult to trade as fixed-income markets respond more to geopolitical risk and inflation rather than traditional economic signals. Treasuries rose as weak retail sales data further eroded expectations for Federal Reserve interest-rate hikes, with the two-year yield falling for a third straight week.
The dollar touched its lowest level since May after unexpectedly weak retail sales data dimmed Fed rate hike expectations. Treasury markets have become a hedge fund playground, creating toxic codependency, while TIPS offer inflation protection at bargain prices for the near term.
Germany's pension reform is about to hand modern fund managers a new empire of cash to deploy, representing one of the biggest shifts in the country's pension system since Bismarck founded it. Money managers are chasing €500 billion in this historic shift as Germany turns to capital markets to fix its retirement system.
Commodities
Oil futures ended the week higher as the situation in the Strait of Hormuz remained unresolved, with both the U.S. and Iran claiming control over the waterway. Natural gas futures edged up on recovering LNG feedgas and strong pipeline exports to Mexico, while precious metals inched higher to close the week with gold settling up 0.4% and silver rising 0.2%.
Copper spot prices are surging above later-dated futures on the London Metal Exchange in a condition known as backwardation, signaling a deepening squeeze on supply. Russian diesel exports dropped to a fresh multiyear low in early August as Moscow restricted fuel exports in the face of attacks on its refineries.
M&A & Corporate News
The Lakers were sold for a record $12.5 billion, eclipsing the $10 billion paid for the franchise just last year, while Jeff Bezos made his first known investment in a sports team by buying a piece of Liverpool Football Club. John Henry took Liverpool from crisis club to a $7 billion juggernaut by importing data analysis techniques honed in baseball.
MSG Sports filed to spin off the New York Rangers from its New York Knicks operations, creating a new company to manage the Rangers business separately. Carlyle and CVC are exploring a joint takeover of security systems provider Bauwatch, while Polestar faces a lawsuit from a New Jersey dealer seeking at least $25 million in damages over its U.S. exit.
OpenAI faces internal upheaval as Sam Altman readies an IPO push, with executive exits and safety team changes unsettling staff. Nvidia downsized plans for a $250 billion guarantee of an OpenAI data center, while Nvidia disclosed a $21 billion stake in SpaceX following Elon Musk's announcement of an exclusive arrangement to kit out data centers.
AI & Technology
AI companies face roughly $70 billion in shadow credit backstops that don't appear on major balance sheets, even before Nvidia's $500 billion financing partnership. Jane Street paid £200 million to keep its debt private, highlighting the premium placed on confidentiality in the AI-driven trading world.
Jane Street suffered a $15 billion hit after a meltdown at Situational Awareness, while the Texas hedge strategy that led to Big Losses at Situational Awareness illustrates how Wall Street's risk-amplifying bets can go wrong. Situational Awareness used this strategy to bet big on artificial intelligence.
Big Tech earnings are inflated by one-time gains from investments in companies like Anthropic, revealing the circular nature of the AI boom. Amazon and Alphabet profits reveal how technology companies' fortunes are increasingly linked through AI investments.
Google enabled AI features for K-12 schools, allowing student access to Gemini in its Classroom app. Elon Musk is leaning into fossil fuels for AI, with SpaceX planning a Texas natural gas plant to power a new chip facility.
Financial Services
Berkshire Hathaway increased stakes in Delta and Alphabet as Greg Abel tapped cash reserves, while Goldman Sachs is bullish on active ETFs, acquiring the issuer of SPYI and QQQI to push further into a market where investors pay for specificity.
BofA's Hartnett sees a Republican Senate win fueling a stock rally, with success in midterm elections and the Texas gubernatorial contest setting up further gains. OpenAI and Anthropic are in a price war as Chinese AI rivals gain ground, releasing cheaper models after new challenges to their trillion-dollar ambitions.
International Markets
Singapore stocks have outperformed the world over the past month, boosted by high dividend yields and resilient balance sheets under a "Goldilocks" economic backdrop. EM currencies capped their best streak since 2024 as emerging-market stocks rose on easing US inflation worries and bullish AI sentiment.
Peru's economy unexpectedly slowed in June due to a slump in fishing and agriculture output amid unusual weather conditions. Malaysia's Anwar vowed faster reforms after electoral defeats, saying he will speed up the pace of reforms and strengthen an anti-corruption drive to rebuild public support.
Colombia's bond market is rebounding after four years in the doldrums as the election of a market-friendly government stokes investor demand. Africa's domestic debt outshines EM peers as high-yield chase intensifies, with local-currency debt outperforming emerging-market peers due to attractive yields and economic reforms.
Energy
Vestas shares surged on improved wind power outlook, highlighting wild swings in investor sentiment toward renewable energy. China Tech earnings renewed focus on hardware stocks over internet platforms as Chinese tech firms cash in on robust orders for legacy semiconductors.
Banking & Finance
JPMorgan ended banking relationships with Polymarket over regulatory concerns, even as the prediction platform seeks a $20 billion valuation. Trump's crypto venture received banking license approval, making President Trump's business interests a political flashpoint.
Polymarket lost banking services from JPMorgan over regulatory concerns, while Braskem remains optimistic on creditor talks as it seeks to restructure its finances. Braskem beat Q2 estimates amid supply disruptions, benefiting from war-related issues affecting petrochemical supplies.
Central Banks & Policy
Xi Jinping urged a shift to prevention in disaster management, saying safety and resilience should be integrated into planning and development. PBOC conducted mid-month overnight reverse repos for the first time, injecting ¥349 billion in liquidity as China's central bank signals support for the economy.
Trump's tariffs targeting Chinese drone technology will impose up to 100% levies on unmanned aircraft and their components. Trump-linked drone makers rallied after the White House announced tariffs on imports of unmanned aircraft systems, benefiting two companies with family ties.
Labor & Employment
Worker pay isn't keeping up with inflation once again, as new research shows wages failed to keep pace when prices spiked in 2021-22, and the pattern is repeating. Stockpickers continue to perform poorly, with only 13% of U.S. large-cap funds outperforming indexes over the past decade.
Real Estate & Housing
Housing crisis fuels a surge in mortgage muni bond securitizations as the affordable-housing shortage drives lenders to securitize portfolios of multifamily mortgages. Labour's renters rights act disrupts the student market, locking international students out of housing while pushing prospective tenants into double rents.
Healthcare
Aviva reported first-half profit growth but cut full-year expectations for its health business. Selena Gomez faces fraud accusations from investors in her mental-health startup who claim she failed to deliver on promises to leverage her celebrity status.
Transportation
Hapag-Lloyd earnings recovered on strong Asia exports, with growth driven by robust exports out of Asia and better U.S. demand following operational disruptions in the first quarter. Stellantis may sell its Toronto-area plant, as pressure mounts from President Trump for car companies to shift operations to the U.S.
Retail & Consumer
StubHub profits were wiped out after a World Cup ticket fiasco, as revenue surged but so did expenses from customer complaints and refunds. Pickle flavor is taking over the snack aisle, driven by Gen Z consumers seeking sour, briny snacks.
Media & Entertainment
Disney built its media empire partly through ESPN, which served as the perfect multidecade funding source for acquisitions and theme parks. Paramount faces questions about whether its brinkmanship over a California lawsuit will work, as David Ellison threatens to pull the company out of the state.
Climate & Environment
Heat deaths in Belgium warn Europe of a lethal lack of readiness as June heat waves exposed vulnerabilities, with another wave now hitting the continent. Wildfires have turned Britain into a "tinderbox," with the prime minister visiting fire scenes as he considers controversial moves to water down EV sales targets.
Politics & Regulation
Sherrod Brown seeks a Senate comeback in Ohio at age, hoping his populist pitch still resonates as Democrats count on him to retake control. Democrats made South Carolina the first contest in the 2028 presidential primary calendar, pushing back Iowa and New Hampshire as the party finalized its new order.
Sports Business
Sports team valuations keep hitting new highs, with the Lakers' $12.5 billion sale setting a record that eclipses last year's $10 billion transaction. Liverpool transformed from crisis club to $7 billion juggernaut under John Henry's data-driven leadership, proving that sports analytics can revolutionize football.
Technology Hardware
Lenovo shares jumped 19% on a revenue beat, with the company expecting to grow revenue to $100 billion this fiscal year after AI hardware demand helped first-quarter results exceed analyst estimates. SMIC posted an earnings beat as mature-node orders surged, recording triple-digit net profit growth in the second quarter.
Semiconductors
China's chip sector is seeing renewed momentum in hardware stocks as Chinese tech firms cash in on robust orders for legacy and specialty semiconductors. Semiconductor shares tumbled three weeks ago during a broader AI rout, but leveraged ETFs have since snapped back as the casino crowd mints $50 billion in gains.
Consumer Discretionary
Caterpillar and Cummins are pivoting to feed a booming market for machinery used in AI data centers, finding new demand in once-prosaic equipment. Sony CEO Hiroki Totoki is shifting focus to entertainment, saying the future of the electronics business is entertainment as the company overhauls its strategy.
Financial Technology
ZUS Coffee is exploring a Malaysia IPO to raise at least $245 million, with the company considering an initial public offering of its Malaysian business to fund expansion. Airtel is planning a London listing for its mobile payments arm, considering having the unit trade in US dollars when it lists later this year.
Private Markets
Jane Street paid £200 million to keep its debt private, highlighting how trading firms place premiums on confidentiality in competitive markets. EdgeConneX is seeking a $2.5 billion bank pledge for data center power, joining a wave of data center builders turning to new financing playbooks to fuel growth.
Emerging Markets
Brazil markets tumbled on election anxiety, posting some of the biggest losses in the world this week amid growing concerns over the October presidential election. Lula saw his lead over Bolsonaro narrow in a new poll, with President Luiz Inácio Lula da Silva's advantage shrinking ahead of Brazil's October presidential election.
Cybersecurity
AI has opened big holes in cybersecurity, creating a situation where it's too late to prevent the technology from being used as a damaging weapon. Trump's cyber push enlists US tech groups for a hacking effort, allowing companies to target cybercriminals in a move that echoes Revolutionary War-era strategies.
Infrastructure
Border infrastructure is moving into Big Bend National Park over environmental objections, as the Trump administration pushes ahead with border wall construction in one of Texas' most beloved parks. Water companies face criticism from the prime minister as customers are treated like a "blank cheque" amid bill hikes approved to pay for new projects.
Manufacturing
Manufacturers are finding new demand in equipping AI data centers, with companies like Caterpillar and Cummins pivoting to feed a booming market for once-prosaic machinery. Ford and GM are locked in a new battle over who's the most American carmaker, sparring over favorable tariffs on imports and batteries amid trade wars.
Energy & Utilities
Energy and utilities markets are seeing mixed signals, with oil futures posting weekly gains as the Hormuz standoff drags on while natural gas futures make modest gains on LNG demand. Hawaiian Electric warns that power outages may last days as severe weather from approaching storm Lala threatens to topple trees and down power lines.
Telecommunications
Tech media and telecom markets are seeing activity across Cisco, Cerebras Systems, and other key players, with market talks covering the latest developments in technology, media, and telecom sectors. Auto transport markets are active with insights on A.P. Moller-Maersk, Air Canada, and other key players in the latest market talks covering auto and transport sectors.
Consumer Staples
Food safety concerns grow as the Trump administration delayed a rule that could have sped up efforts to pinpoint contamination sources, with critics charging that oversight has eroded. Cyclospora outbreak wanes, leaving questions about whether lettuce and other fresh produce are still safe to eat as the largest outbreak in U.S. history subsides.
Utilities
Korea Electric and other utilities are seeing market activity as investors seek insights on energy and utility sectors, with market talks covering key developments in the space. E.ON and other European utilities are navigating changing regulatory landscapes and energy transition challenges, as highlighted in the latest market talks.
Software
Workday soared on strong outlook and buyback authorization, with the enterprise software company raising its full-year forecast amid improving demand. Cerebras Systems and other software companies are seeing renewed interest as AI-driven demand boosts the sector, according to the latest market talks.
Financial Services Roundups
Health care markets are seeing activity across KPJ, Apotex, Novo Nordisk, and other key players, with market talks covering the latest developments in the health care sector. Consumer weakness continues to be a concern as oil and Treasury yields rise, creating headwinds for consumer spending and economic growth.
Technology Roundups
Disney and other tech giants are seeing market activity, with insights on Nvidia, Workday, and other key players in the latest market talks covering technology, media, and telecom sectors. Lenovo and other technology companies are navigating supply chain challenges and AI-driven opportunities, as highlighted in recent market discussions.
Market Overview
FOMO insurance drives options buying spree as stocks rally on, with investors fearing missing out on continued gains despite concerns about valuations. Inflation protection is on sale as TIPS offer attractive entry points for investors seeking to hedge against rising prices, though far from perfect solutions for long-term protection.
Market Sentiment
Sentiment shows a growing disconnect between equity and credit markets, with stocks potentially missing something important as investors navigate uncertain economic conditions. Investor appetite for African local-currency debt is intensifying as high yields and economic reforms drive demand for government securities across emerging markets.