Public Markets 3 Days

Last updated: August 19, 2026, 8:55 PM ET

Gold & Precious Metals

Gold held near $4,500 an ounce, marking its biggest six-month gain after the Treasury Department's surprise move to rein in long-term borrowing costs sent yields lower. Gold prices climbed 2% amid a weaker dollar and falling bond yields following the Treasury's announcement to double its buyback operations. Gold edged below $4,400 as traders weighed inflation and rate outlooks while long-duration bond yields climbed globally.

Treasury Market Volatility

Bond yields dove after the Treasury increased its buyback program, with the maximum size per operation rising from $2 billion to at least $4 billion. Treasury yields cooled from early highs as weak economic data prompted a reassessment of rate hike expectations. The 30-year yield reached its highest level since 2007, reflecting investor anxiety over surging government spending and sticky inflation. Treasury buybacks sparked a long-end debt rally as Secretary Scott Bessent made a fresh attempt to rein in borrowing costs from multi-year highs.

Equity Markets

U.S. stocks rose after the government announced expanded bond repurchases, easing pressure on a market that had pushed borrowing costs to nearly two-decade highs. Stocks climbed as Treasury steps to support bonds calmed investor nerves following days of intense volatility. Asian stocks looked set to gain as bond market pressure eased after the Treasury unveiled plans to buy back longer-dated debt.

Corporate Earnings & M&A

Fortescue Ltd.'s full-year profit fell despite buoyant iron ore prices as China's property slowdown and negotiations with the state-backed buyer persisted. AIA Group reported 13% growth in new business value in the first half, led by strong sales in Hong Kong and China. Moderna shares surged 177%, delivering a $5.5 billion blow to short sellers who had bet on the vaccine maker's continued slump.

Energy & Commodities

Oil futures rose for a fourth straight session as transit remained restricted through the Strait of Hormuz, keeping supply concerns alive. Energy stocks closed at their first record since March as investors saw diminishing prospects for a near-term ceasefire in the Iran conflict. US crude oil stockpiles rose by 4.4 million barrels for a third consecutive build, according to the Energy Information Administration.

International Markets

Canadian stocks jumped after President Trump said he would delay new 50% tariffs for three days, signaling that trade negotiations were progressing. European markets started the week mostly higher, with the Stoxx 600 gaining on strength in technology and pharmaceutical sectors. The Nikkei rose 0.5% amid weaker second-quarter GDP data and Bank of Japan policy decisions.

Currency & FX Markets

The WSJ Dollar Index fell 0.76% to 95.34, marking its third decline in four trading days. The dollar tumbled by the most in three weeks after the Treasury's unexpected bond buyback announcement reversed a market rout. The Philippine peso hit a record low against the dollar as oil prices climbed, pressuring the central bank toward intervention.

Private Markets & Alternative Investments

BlackRock's HPS and Oaktree Capital Management took over a Hollywood production services firm, wiping out as much as $900 million in debt obligations. Private credit risks remain elevated as regulators and investors monitor strain in the direct loan market amid tightening conditions.

Technology Sector

Stripe agreed to acquire OpenRouter, expanding its footprint in the AI infrastructure space with one of the fastest-growing gateways to artificial intelligence models. Google struck a $12 billion AI chip deal with Marvell, expanding the partnership with options for share purchases. OpenAI introduced "Chat GPT for Teens" with automatic conversation limits to better protect young users amid growing safety concerns.

Healthcare & Pharmaceuticals

Moderna and Merck reported that their experimental mRNA vaccine prevented melanoma recurrence in high-risk patients, delivering positive late-stage trial results. Baidu's profit continued to fall as the Chinese tech giant poured money into AI, autonomous driving, and chip design while its advertising business shrank.

Infrastructure & Real Estate

Hong Kong banks turned to student housing as a property bright spot, with bankers frequenting the aging Regal Oriental Hotel which has become a popular venue for financial meetings. Data center revenues have transformed Loudoun County, Virginia into a major tax generator, though some officials worry about over-dependence on the sector.

Financial Services

Citi plans to go long on Zambia's bonds, anticipating credit upgrades following recent elections in the copper-producing nation. The University of California system offloaded $1 billion in private equity stakes to Harbour Vest Partners, marking one of the largest secondary market transactions in recent years.

Retail & Consumer

TJX Companies raised its full-year targets as cost-conscious shoppers continued to flock to its discount retail chains, despite self-inflicted sales issues in its U.S. apparel business. Lowe's trimmed its full-year sales and profit targets, signaling that price-conscious homeowners are delaying major renovations and compounding back-half headwinds. Target profits doubled after receiving a $1 billion tariff refund from the government, with higher sales providing additional momentum.

Industrial & Manufacturing

Carlyle joined a $1 billion investment round in Castelion, valuing the hypersonic munitions maker at $13 billion alongside JPMorgan Chase and Andreessen Horowitz. L3Harris ousted its CEO after an investigation into workplace conduct violations, replacing Christopher Kubasik following the completion of the Air Force One conversion project.

Commodities & Resources

Copper prices surged as a key supply spread reached its highest level since 2021, highlighting tight market conditions in the industrial metal sector. BHP's copper pivot is paying off as prices surge, validating the mining giant's strategic shift toward the red metal with its ubiquitous industrial applications.