Public Markets 3 Days

Last updated: August 20, 2026, 5:42 PM ET

Energy & Commodities

Oil futures rose for a fifth straight session as the U.S. planned what President Trump called unprecedented economic isolation on Iran, pushing energy stocks to records on fading deal hopes. Gold settled 0.6% higher at $4516.30, extending gains for a second consecutive session despite mixed signals from the Fed. Natural gas futures settled lower with little consolation from the smallest inventory build of the season to date. Aluminum premiums tumbled after the Trump administration indicated it would lower tariffs on certain Canadian exports, while palm oil climbed to a 20-month high on rising biofuel demand and El Niño production risks. Copper coking coal futures surged as supply tightened after a deadly accident in Shanxi, while raw sugar hit a year-high on Indian buying interest. Corn futures breached $5 a bushel for the first time in 18 months as weaker-than-expected U.S. crop tour results fueled global supply concerns.

Fixed Income & Currencies

Treasury yields cooled from early highs after fresh data indicated weakness in the U.S. economy, though global bond yields had earlier surged to multiyear highs. US long-term bonds reversed gains from the Treasury's buyback surprise, with 30-year yields rising despite the Fed's efforts. Germany sold 30-year bonds at the highest yield since 2011 as investors fretted about rising government debt. Japan's 20-year bond auction tested demand as global yields surged, while Egypt held rates for a fourth meeting amid Iran war uncertainty. The US dollar turned bearish as Citi warned on buyback risks, while emerging market currencies were mixed as Treasury buyback effects proved short-lived. Australia's unemployment unexpectedly rose to 4.5%, prompting traders to pare rate-hike bets.

Corporate Earnings & Deals

Ross Stores boosted its outlook as second-quarter profit and sales gained on higher traffic, now forecasting EPS of $8.61 to $8.77 for the year. Deere reported higher profit and sales in its fiscal third quarter, driven by construction equipment growth, while Home Depot posted a 5.7% sales increase and backed its outlook as homeowners took on smaller maintenance projects. Walmart saw sales growth slow to a six-year low, planning to use nearly $2.9 billion in tariff refunds for price cuts, while Alibaba posted weaker earnings amid heavy AI investments. Carlsberg lifted the lower end of its guidance as nonalcoholic drinks delivered 7.8% growth, and Moderna surged 177% as its mRNA cancer treatment showed promise. TAMKO saw earnings drop over 50% after borrowing to fund a dividend, while FinThrive reported a 17% earnings decline and drew on a $150 million credit line.

M&A & Capital Markets

Holcim acquired part of James Hardie's European business for just under €840 million ($981 million), while CapitaLand and IOI neared a deal to buy Singapore's iconic One Raffles Place for $1.9 billion. Thales sold a €1 billion bond to fund its Exail acquisition, and KME planned a German IPO of its Cunova unit potentially valuing it at €1 billion. Vylor raised $1.1 billion in investment-grade bonds ahead of its Corteva spinoff, while PGIM agreed to buy up to $3 billion of Green Sky home improvement loans. BlackSun raised $1 billion for its inaugural sports and media fund targeting $7 billion, and Ripple tapped the private placement bond market for $275 million.

Technology & Innovation

Broadcom sought more than $60 billion in debt for an AI chip financing deal benefiting Anthropic, while Google struck a $12 billion AI chip deal with Marvell. Nvidia positioned itself to benefit from the next phase of the AI boom, and SK Hynix planned over $28 billion in share buybacks. Stripe bet on an AI world still needing middlemen with its acquisition, while OpenAI introduced "Chat GPT for Teens" amid growing safety concerns. ShengShu, backed by Alibaba, considered a Hong Kong IPO, and Unitree saw shares surge 600% in its Shanghai debut.

IPOs & Fundraising

Orion180 filed for a U.S. IPO targeting the specialty homeowners and flood insurance market, while PWRX prepared for an AI and power demand ETF listing on the Texas Stock Exchange. Kakao Mobility eyed a U.S. ADR listing after SK Hynix's success, and Cantor offered clients access to Kalshi prediction markets. Private equity firms including TPG backed Korean ride-hailing expansion, while Carlyle joined a $1 billion investment round in hypersonic missile startup Castelion.

Geopolitics & Policy

China sentenced Evergrande founder Hui Ka Yan to life in prison, capping the downfall of a property empire that triggered a prolonged economic crisis. Trump boasted of declassifying secrets while withholding key election files, and Iran remained in an uneasy standoff with the U.S. as both sides tested each other's resolve. Canada reached a deal with Trump to pause tariffs after intense negotiations, while Venezuela maintained opaque oil deals with unclear terms. India allowed tax-free sugar imports to cool prices, and Liberia agreed to take 1,200 deportees from the U.S.

Banking & Financial Services

Citi turned negative on the dollar over buyback risks, while Deutsche Bank strategist said stocks can power through rate rises if oil stays below $100. UBS warned of margin pressure risks for stocks by 2027, and Manulife CQS touted 13% IRR returns in a $1 billion SRT fund pitch. Ping An saw profits rise 36% as China's stock rally boosted returns, while Starwood lent $672 million for U.S. outdoor storage lots. Guggenheim faced loan volatility amid ongoing probes, with executives reiterating improved third-quarter earnings.

Real Estate & Infrastructure

Stockland rose most since 1987 as tax rules favored new builds, while Fletcher Building waited for meaningful recovery in New Zealand demand until 2027. Hovnanian swung to a third-quarter loss amid housing market challenges, and Lodge Cast Iron marked 130 years under family control. Super Micro cleared senior management in an alleged chip smuggling scheme, while SpaceX racked up wins in Washington with lucrative contracts.

Healthcare & Biotech

Moderna shifted focus to cancer, lifting its stock 177% after years of decline, while Novonesis led Europe's Stoxx 600 on a sales beat and guidance raise. Coty guided for first-quarter sales decline amid selective consumer spending, and Xiaomi saw net profit drop 20.5% due to memory cost pressure. Cancer treatments reshaped biotech outlooks as mRNA vaccines showed promise, while healthcare market talks covered insights on Moderna, Merck, and Novonesis developments.

Market Overview

US stocks fell as bond yields rose alongside crude prices, with Walmart sinking after weak earnings reports. European stocks extended their worst losing streak in three years, while FTSE 100 dropped as miners and oil stocks weighed. Energy stocks hit records as oil rose on fading deal hopes, and chip stocks weakened across Europe. Bitcoin extended gains beyond $72,000 after record short liquidation, while crypto stocks surged after Trump reaffirmed support for the Clarity Act. Quant funds were rocked as Treasury boosted buybacks and Moderna shares leaped, creating turbulent sessions for momentum trades.