Public Markets 8 Hours

Last updated: August 7, 2026, 8:38 PM ET

Equities

U.S. stocks notched fresh records after July payroll data came in far weaker than expected, giving the Federal Reserve reason to hold off on raising rates next month. The S&P 500 and Nasdaq capped their best week since April as traders scaled back rate-hike expectations. The economy lost 23,000 jobs, a surprise that drove all three major indexes higher and fueled a broad market rally. The financial world’s risk complex surged anew as the deluge of fresh cash left markets increasingly indifferent to a lengthening catalog of complaints, with risk appetite expanding across asset classes. SpaceX shares jumped for a second straight day, nearing the company’s $135 initial public offering price for the first time since falling below that level last month, staging a $327 billion rally. Private-equity firms, eager for exits amid sluggish dealmaking, are pouncing on the hot IPO market by taking more companies public, accelerating a trend that could reshape listings. Shopping app Whatnot nearly doubled its valuation in less than a year, reaching $20 billion in new funding, reflecting sustained investor appetite for live-shopping platforms. The SEC dropped an insider-trading lawsuit against a former healthcare executive who was convicted in a related criminal case and then pardoned by President Trump, closing a long-running legal saga. AI-battered hedge fund Situational Awareness made a $400 million bet on Source Foundry, a stealth chip startup aiming to reinvent chip manufacturing, signaling big-money conviction in semiconductor innovation. Draft Kings CEO Jason Robins said he does not think it is good for bettors to place prediction-market wagers on what executives say during earnings calls, blasting the practice on company earnings calls. A Singapore billionaire is suing Brookfield for allegedly aborting a planned real-estate joint venture, claiming the asset manager usurped a property deal it had originally pitched, escalating a cross-border financial dispute.

Fixed Income

Treasury yields fell sharply after the weaker-than-expected July jobs report, with the 10-year note declining as traders reassessed the path of monetary policy. A deeper slide in yields followed the Labor Department’s release showing the economy shed 23,000 jobs, reinforcing bets that the Fed will hold off on rate hikes next month. The U.S. Treasury sparked a fresh debate over its plan to cut back on auction sizes, challenging what has long been an article of faith about the world’s biggest bond market—that government note and bond auctions will just keep growing, igniting a yield debate. The era of free-money debt funding for hyperscalers building AI data centers is ending, as bond investors demand higher yields to compensate for rising leverage and construction risks, making AI capital buildouts notably more expensive.

Commodities

Oil futures settled higher Friday but finished down on the week, with West Texas Intermediate rising 1.2% to $78.18 a barrel while Brent added 1.3% to $83.55—still posting weekly losses of 7.7% and 5%, respectively, as Middle East supply-disruption concerns were offset by demand worries. U.S. natural gas futures extended their losing streak to seven consecutive weeks, pressured by strong production and soft LNG feedgas demand that outweighed high seasonal power-sector consumption, with prices continuing to slide. Iran’s oil exports have stalled as a U.S. naval blockade appears to be halting tankers from carrying Tehran’s crude, with Kharg Island idling and the flow of Iranian oil effectively frozen. A Chinese diplomat said President Trump’s trade war created a “tortuous experience” that disrupted the flow of soybeans between the world’s two largest economies, adding to trade tensions in agricultural markets. In Brazil, oil-and-gas companies and the nuclear startup Oklo were among the names discussed in energy and utilities market talk, as sector-specific dynamics played out across regions.

Currencies

Hedge funds sharply reduced their bearish bets on the yen after coordinated efforts by U.S. and Japanese officials helped stabilize the currency, with short positions being slashed as the joint intervention stemmed speculative pressure.

Corporate & IPO Activity

Chinese AI start-up Moonshot is revamping its corporate structure to secure Beijing’s approval for a stock market debut in Hong Kong, targeting a listing that would raise fresh funding for its next development phase. Ford plans to build a four-door version of the Mustang for the first time, a design shift that could broaden the pony car’s consumer appeal. Sports Direct founder Mike Ashley cast doubt over Harvey Nichols’ prospects, calling the department store chain a “death spiral” even as he vies to acquire it, heightening uncertainty around the luxury retailer. In the auto and transport sector, market talk highlighted Lyft and Daimler Truck, with analysts assessing the competitive landscape.

Regulation & Policy

The Senate passed a sanctions bill targeting Russia and Iran, championed by the late Senator Lindsey Graham, whose sudden death last month helped spur quick action on the legislation, tightening financial restrictions on both nations. The Trump administration, rebuffed by the Supreme Court in its first attempt to fire Federal Reserve Governor Lisa Cook, sent her a letter saying it was “considering” removing her from the job, restarting a battle over Fed independence. The U.S. Senate confirmed Christopher Phelan, a former adviser to the Federal Reserve Bank of Minneapolis, as chairman of the White House Council of Economic Advisers, placing a veteran economist in the top policy role. A call to pass the Clarity Act on digital assets was framed as a matter of national security, warning that if the U.S. does not set terms, crypto activity will migrate beyond American laws and law enforcement to lightly regulated foreign venues. A New York City homeowners’ lawsuit against Mamdani’s rollout of a second-home tax argues that the assessment improperly targets high-end pieds-à-terre, complicating the city’s fiscal strategy.

Economic Data

The labor market shifted into reverse during the summer as employers balked at hiring, with a spring surge rapidly fading amid higher prices and more uncertainty, even as companies avoided widespread layoffs—and the July payrolls report confirmed a dramatic cooling in job creation.