Public Markets 3 Hours

Last updated: August 13, 2026, 5:39 PM ET

Equities

U.S. stocks rallied and the S&P 500 closed at a record high after a report of moderated wholesale inflation eased rate fears, with Wall Street now expecting the Fed to hold rates steady next month. The cool inflation data propelled stocks to fresh records, while stocks hit new highs on the relief, though Coach owner Tapestry tumbled and Workday soared. European equities matched US exuberance as the Stoxx 600 and UK indices reached record levels. Workday shares surged after a report that private equity firm Silver Lake is in talks to purchase the software provider.

Corporate Earnings & News

Applied Materials posted higher profit and revenue as artificial-intelligence adoption continued to drive demand for its semiconductor solutions. Tyson Foods will exit more beef plants, squeezed by a cattle shortage that has pushed domestic supplies to their lowest in 75 years, a move also reported by Bloomberg as the company said it would close several additional facilities amid the prolonged US cattle shortage. EY vaulted from bottom to top of the Big Four US audit quality league table, with inspectors citing fewer flaws in the work of the biggest firms.

Deals & M&A

Diversified Energy is in advanced talks to acquire Elliott-backed Birch Resources for more than $1.7 billion in cash. UAE and Qatari firms are making their debut in Venezuela through an offshore natural gas project operated by BP Plc. Facing a federal investigation and a liquidity crunch, the owner of the Lakers needed only 72 hours to accept a $12.5 billion offer from Joshua Kushner and Bob Iger to buy the team.

Fixed Income & Commodities

The US Treasury sold 30-year bonds at the highest borrowing costs since 2001, as yields jumped amid concerns over mounting public debt and persistent inflation. U.S. natural gas futures fell after the EIA reported an above-estimate 36 Bcf weekly inventory build, extending the storage surplus despite hot weather driving high electricity demand.

Legal & Regulation

A guilty plea is expected in the federal case against Luigi Mangione, while a judge dismissed the Trump administration’s lawsuit against Harvard and concerns grew over living conditions aboard the USS Lincoln. The FBI seized the phone of a Guggenheim executive in a probe of billionaire Mark Walter’s business empire, which stretches beyond insurers into securities and asset management. New York’s pied-à-terre tax can proceed for now after an appeals court put a hold on a lower court order blocking the plan.