Public Markets 3d Briefing
×Last updated: August 20, 2026, 8:39 PM ET
Energy & Commodities
Oil futures wsj.com slipped 1.3% in early Asian trade as OPEC+ signaled output increases, retreating from a five-session rally driven by geopolitical tensions. Gold wsj.com wavered near $4,516 an ounce as bond yields rebounded, with Comex gold wsj.com settling 0.6% higher on Tuesday despite inflation concerns from rising oil prices. U.S. natural gas wsj.com futures settled lower after the smallest inventory build of the season offered little support to prices. Copper bloomberg.com held above $14,000 a ton as investors weighed the impact of surprise Treasury buybacks on industrial metals demand. Raw sugar bloomberg.com climbed to its highest level in over a year on signs of buying interest from India, the world’s second-largest producer. Aluminum premiums bloomberg.com slipped as the Trump administration signaled plans to reduce tariffs on Canadian metal imports, easing supply concerns.
Equities
Walmart wsj.com shares tumbled 4.2% after reporting the slowest sales growth in six years, with e-commerce and advertising cited as the primary growth drivers as Americans tighten their wallets. Target wsj.com executives struck an unusually upbeat tone on their earnings call, projecting continued resilience in discretionary spending despite broader retail headwinds. Ross Stores wsj.com raised its annual profit outlook for the second time this year, forecasting EPS of $8.61 to $8.77 as off-price retail demand remains robust. Pop Mart wsj.com warned it may miss its 20% full-year sales target after a sharp downturn in first-half results following the explosive growth of its Labubu collectibles. La-Z-Boy wsj.com swung to a first-quarter loss as furniture sales slid 3% to $475.7 million, missing analyst forecasts. Deere reported higher profit and revenue driven by surging demand for construction equipment, offsetting weakness in agricultural machinery. Analog Devices wsj.com posted strong gains as AI data center demand fueled semiconductor sales. Super Micro wsj.com cleared senior management in an alleged chip smuggling scheme, ending an internal investigation into employee misconduct.
Fixed Income
Treasury buybacks wsj.com provided only brief relief as bond yields resumed their climb, with the 10-year Treasury yield approaching 4.7% amid concerns over mounting U.S. debt levels. Japanese government bonds extended losses as the Bank of Japan maintained its yield curve control framework despite growing pressure from rising global rates. Indian bonds bloomberg.com fell sharply as Reserve Bank of India policy minutes signaled potential tightening amid inflation risks. Korean bonds saw their steepest yield curve since 2021 as long-end slumps deepened across Asia. Manulife CQS bloomberg.com is seeking $1 billion for a significant risk transfer fund, touting 13% IRR returns to investors. AT1 bonds bloomberg.com proved surprisingly stable amid bond market turbulence, defying expectations of wider stress in risky credit markets.
Corporate Finance & Deals
Holcim bloomberg.com agreed to acquire part of James Hardie’s European business for €840 million ($981 million), expanding its building materials footprint. James Hardie wsj.com confirmed the sale of its European Fermacell business as it refocuses on higher-growth markets. JBS bloomberg.com launched a $1.2 billion offer to acquire the remaining shares of Pilgrim’s Pride it doesn’t already own. Vylor bloomberg.com raised $1.1 billion in investment-grade bonds to fund a payout related to its upcoming spinoff from Corteva. PGIM bloomberg.com agreed to purchase up to $3 billion of Green Sky home improvement loans under a three-year arrangement. KKR bloomberg.com doubled down on its data center strategy with a major Nvidia partnership, positioning itself for AI infrastructure growth.
Technology & Innovation
Nvidia ft.com appears well-positioned to benefit from the next phase of the AI boom, leveraging its balance sheet to seed new markets. Anthropic bloomberg.com added Citigroup to its IPO banking roster, signaling growing Wall Street interest in the AI startup’s planned public debut. Broadcom bloomberg.com is in talks to raise over $60 billion in debt for an AI chip financing deal benefiting Anthropic and other companies. Stripe ft.com made a strategic acquisition of Open Router, betting that an AI-driven world still requires middleware services. SpaceX wsj.com continued racking up wins in Washington, securing lucrative contracts amid the Trump administration’s deregulatory push. Oklo wsj.com is building America’s first nuclear reactor in a generation at Idaho National Lab, marking a milestone in nuclear energy revival.
International Markets
Chinese humanoid robot wsj.com maker Unitree soared 460% in its Shanghai debut, becoming the first mainland-listed robotics company despite U.S. export restrictions. YMTC bloomberg.com moved closer to a domestic IPO after rival CXMT’s record-breaking share sale, highlighting China’s push for semiconductor self-reliance. SK Hynix bloomberg.com may add $130 billion in shareholder returns through next year, according to JPMorgan, following its blockbuster U.S. offering. Sony wsj.com showcased its successful pivot from hardware to entertainment, with CEO Hiroki Totoki outlining the company’s transformation strategy. European indexes wsj.com opened mixed as global tech selloffs lost momentum, though autos and semiconductors showed resilience. Nikkei wsj.com gained 0.6% as Wall Street’s overnight climb lifted regional sentiment.
Geopolitics & Policy
Trump nytimes.com boasted of declassifying secrets while withholding key election files from public release, drawing criticism from transparency advocates. Iran-U.S. standoff nytimes.com continues with no diplomatic progress but also no full-scale conflict, as each side believes it can hold out longer. UAE embargo nytimes.com on Iran transactions tightened regional economic isolation, affecting trade flows across the Gulf. China nytimes.com sentenced Evergrande founder Hui Ka Yan to life in prison, capping the downfall of a property empire that triggered a prolonged economic crisis. Russia nytimes.com intensified missile attacks on Kyiv as Ukraine’s interceptor stockpiles dwindle, worsening the civilian death toll. North Korea ft.com fired a barrage of ballistic missiles, escalating regional tensions amid ongoing diplomatic stalemates.
Commodities & Agriculture
Ghana cocoa bloomberg.com harvest is projected to fall 13% next season due to adverse weather and disease, potentially boosting global prices. India sugar bloomberg.com allowed duty-free imports to cool record local prices, marking a rare intervention in the agricultural sector. Exxon bloomberg.com warned that Kazakhstan’s top oil field is nearing peak output, with production expected to slump sharply in coming decades. Gulf oil nytimes.com giants are expanding overseas stockpiles as regional conflict threatens supply routes, securing reserves in Japan and South Korea. Five grain ships were attacked near Russian Black Sea ports as Moscow struggles to maintain grain exports amid heightened Ukrainian strikes.
Financial Services
Citibank bloomberg.com turned bearish on the U.S. dollar, warning that Treasury buybacks may only provide temporary relief amid election uncertainty. Dollar wsj.com remained the most reliable defensive currency during equity and bond selloffs, with the WSJ Dollar Index rising modestly. Emerging market currencies bloomberg.com saw mixed performance as Treasury buyback optimism proved short-lived, allowing the dollar to rebound. BlackRock and Aviva shifted toward short-dated bonds as long-end slumps continued to weigh on fixed-income portfolios. Pimco bloomberg.com warned that wealth firms are retreating from private credit amid ongoing exit restrictions at major direct lending funds.
Healthcare & Biotech
Moderna ft.com saw shares nearly triple after its mRNA cancer vaccine showed promise, reviving investor confidence in the biotech pioneer. Novartis wsj.com led Europe’s Stoxx 600 after posting organic sales growth ahead of consensus estimates, driven by strong demand for its biological products. Healthcare sector wsj.com market talk highlighted insights on Moderna, Merck KGaA, and Novonesis amid ongoing innovation in drug development pipelines. Tick-borne diseases nytimes.com research gained attention as scientists explore prevention strategies for conditions like Alpha-Gal Syndrome, raising questions about future healthcare investments.
Real Estate & Infrastructure
Housing affordability bloomberg.com worsened for the first time in nearly three years as higher borrowing costs consumed a larger share of new homebuyers’ earnings. Hovnanian wsj.com swung to a third-quarter loss while navigating a stagnant housing market, citing elevated mortgage rates and reduced buyer demand. Dulles Airport bloomberg.com governing board proposed $15.5 billion in bonds to finance a multi-year overhaul backed by the Trump administration’s infrastructure agenda. Australian housing bloomberg.com slump created clear winners and losers among companies exposed to the property downturn, as high interest rates and tax reforms reshaped the sector.
Media & Communications
New York Times nytimes.com lost a defamation lawsuit in Alabama, with a jury awarding $9.25 million in damages over a 2023 article incorrectly reporting a University of Alabama basketball player at a deadly shooting scene. Seattle Times nytimes.com columnist Matt Calkins resigned after editors refused to publish his piece on transgender athletes in women’s competitions. ABC nytimes.com sued the Trump administration over FCC threats to its TV licenses, accusing the agency of violating First Amendment rights. Guggenheim ft.com loan traded in distressed territory after investor concerns resurfaced regarding CEO Mark Walter’s business practices. Binance nytimes.com faced renewed legal pressure as two employees were detained in the UAE, signaling ongoing regulatory scrutiny in key markets.
Special Situations
Christine Hunsicker ft.com was sentenced to five years in prison for a $300 million fraud scheme, with the judge acknowledging that a head injury contributed to her criminal behavior. PublicSquare wsj.com collapsed after racking up costs and shifting into fintech, resulting in a 99% stock drop that wiped out billions in valuation. Rebel Ice Cream nytimes.com filed for bankruptcy less than a month after losing a packaging lawsuit requiring it to pay nearly $24 million to Van Leeuwen. Lyntris bloomberg.com shares fell 14% on their first day of trading after the defense-tech firm raised $297.5 million in a downsized IPO. Klarna wsj.com shares tumbled as the payments company lowered its outlook for the year and announced a CFO search amid slowing growth.