Public Markets 3 Hours

Last updated: August 13, 2026, 2:42 PM ET

Equities & Funds

Billionaire investor Bill Ackman described the stock price of his Pershing Square USA fund as “frankly absurd” after it trailed the broader market since April. The chief revenue officer of OpenAI is departing less than a year into the role, the company said. In technology sector credit, Cerebras Systems and memory maker CXMT were noted in the latest market talk.

Fixed Income & Housing

The nation’s affordable-housing shortage is fueling a surge in mortgage muni bond securitizations, as lenders package multifamily mortgages to free up capital for new loans.

Commodities

Gold settled 1.03% lower at $4,363.60, snapping a four-session winning streak, while silver also fell 1%. U.S. natural gas inventories posted an above-average build, lifting the surplus over the five-year average to 198 billion cubic feet. India urea offers declined 12% from June as war-driven tightness in the fertilizer market eases. Prospects for wind energy are improving on hard-nosed commercial and strategic grounds, according to the FT.

Energy & Oil

A second supertanker was seen moored at Saudi Arabia’s main oil export terminal in the Persian Gulf, suggesting loadings may be picking up. A longshot U.S. oil drilling project is shaking up Greenland, with locals lining up against the proposal. The energy and utilities roundup highlighted oil futures, Orsted and RWE.

Cyber Security & Crypto

AI has opened big holes in cyber security, requiring urgent investment in defences, the FT warns. Nearly 14,000 holders of Trezor hardware wallets face security risks after a data breach exposed personal details. Donald Trump is enlisting corporate America in the fight against cyber crime, echoing a revolutionary war-era privateering strategy. Separately, fintech Chime is exploring how to bring stablecoins into its consumer banking platform.

Transport

Seoul Incheon has overtaken Dubai as the world’s busiest international airport, boosted by war in Iran hitting Middle East transfer passengers. A passenger train derailed near Lewes in East Sussex with no injuries, British Transport Police said. The auto and transport roundup provided insight on Hapag-Lloyd and Maersk.

Politics & Policy

A Trump-led board voted again to close the Kennedy Center for renovations, a decision that will be reviewed by a federal judge. After Supreme Court losses, the administration continues pushing, either defying the court or pursuing lawful alternatives. California may let residents choose “Jewish” as an ethnic identifier on state forms, a step supporters say acknowledges the complexity of Jewish identity. The U.S. government conducted expansive surveillance of left-leaning groups during a Minnesota immigration crackdown, infiltrating group chats and obtaining financial records of organizations never accused of crimes. Prime Minister Burnham warned water companies not to treat customers like a “blank cheque” after Ofwat allowed larger-than-expected bill hikes. The Mexican volunteer rescue group Topos Azteca helped with rescue efforts after a Colombia earthquake, having also worked after Sept. 11.

Other

Selena Gomez is accused of fraud by investors who claim she failed to deliver on promises to use her celebrity to promote her mental-health startup.