Public Markets 3 Hours

Last updated: August 20, 2026, 10:27 AM ET

Equities

US stocks fell at the open on Thursday as a rally in government bonds sputtered, sending yields higher, and oil prices rose. Walmart shares slumped after the retail giant reported its slowest US sales growth in six years and pledged to use tariff refunds for price cuts. Target painted a rosier picture on its earnings call, with executives offering few discouraging words despite ongoing consumer caution. Europe emerged as a secret outperformer, with stronger cash generation, broader earnings, and lower tech concentration deserving more investor respect. Novonesis led Europe’s Stoxx 600 after posting organic sales growth ahead of consensus estimates, prompting a guidance raise. Meta shares remained under pressure as a trial accusing its social media platforms of targeting children added a trillion-dollar risk to a stock already struggling with AI spending questions. Pop Mart reported a sharp downturn in first-half results after the explosive Labubu surge, raising concerns about missing revenue goals as sales momentum fades. KKR saw its data center chief vault to prominence following a $500 billion pact with Nvidia to finance AI chips, underscoring Wall Street’s deepening AI infrastructure push.

Fixed Income

US long-term bonds slid despite Treasury intervention, with the yield on 30-year Treasuries rising as attempts to at least double purchases of securities failed to soothe investors. Treasury buybacks provided only brief relief, as analysts noted that concerns about high levels of debt and government spending continue to weigh on market sentiment. Bessent may have put the Fed in a bind, with the Treasury Department’s bond intervention plan calming markets but raising fresh worries about inflation and monetary policy fallout. Fund managers continued to favor stocks despite elevated bond yields, suggesting that professional investors are not letting the rise in global bond yields deter their bullish stance. Canada producer prices rose 0.6% in July, buoyed by gas and diesel costs amid a resumption of conflict in the Middle East, adding to inflation pressures north of the border. PGIM announced plans to buy $3 billion of Green Sky home improvement loans under a three-year arrangement, expanding Prudential Financial’s asset-management footprint in consumer lending. India private credit is shifting toward homegrown rivals, with local firms wresting a growing share of lending deals from global credit giants thanks to larger capital pools and bigger transaction appetites.

Commodities

Oil gained further, with Brent crude climbing above $94 a barrel as concerns about stalled talks to reopen the Strait of Hormuz pushed the geopolitical risk premium higher. Ukraine said it struck Russia’s Taneco refinery and a small oil terminal on the Black Sea overnight, worsening Moscow’s fuel shortages as it battles a second wave of gasoline rationing. Venezuela-US oil deals remain clouded in secrecy, with companies signing contracts but operating under opaque rules and uncertain regulatory frameworks. Raw sugar hit a year high on signs of buying interest in India, where prospects of easing import duties amid tight supplies fueled demand hopes. Hovnanian swung to a third-quarter loss as the home builder continues to navigate a continually challenging housing market, with elevated mortgage rates and soft buyer demand weighing on profitability.

Venture Capital & Private Markets

California attracted a record $366 billion in venture capital inflows, driven by the state’s AI boom, which is drawing more VC cash than any other region and helping patch up the state budget. Kakao Mobility is considering listing shares held by TPG Capital on a US exchange, seeking to tap global appetite for Korean companies highlighted by SK Hynix’s blockbuster offering last month. Crypto will get market structure rules one way or another, according to the CFTC chair, who said regulation is coming regardless of whether Congress passes landmark legislation.

Geopolitics & Policy

Prince Harry and Meghan are moving back to the U.K. after six years in the United States, though what they will do next—and much else—remains unclear. Elon Musk leaned further into fossil fuels this week, as a triple-digit crack spread and a new Arctic shipping route reshaped energy market dynamics. Driverless tanks are being tested as a novel approach to put out wildfires fueled by World War II-era ammunition stockpiles, blending military tech with environmental response. Claw arcades are bringing new life to malls as retailers experiment with interactive entertainment to draw foot traffic. Dynamic pricing is facing new scrutiny from the FTC, which says greater disclosure is needed as algorithmic pricing becomes more prevalent across retail sectors.