Public Markets 8 Hours

Last updated: August 10, 2026, 2:38 PM ET

Equities

U.S. stocks opened little changed on Monday, with the S&P 500 hovering near record highs as traders awaited chipmaker earnings and inflation data later this week. Demand for portfolio protection has collapsed: Investors abandoned hedges at the fastest pace since last year’s tariff capitulation, pushing put/call ratios to extremes. Tractor Supply hit an all-time high after strong earnings, while Strategy Inc. sold more Bitcoin to bulk up its cash pile. Intel announced a $15 billion common stock offering, citing AI-driven customer demand. Cloudflare plans a $2.175 billion convertible note offering after a guidance boost sent shares to an intraday high. Emerging-market stock valuations have sunk below half of the S&P 500’s for the first time in two decades, a potential bargain signal. Trump continues to dismiss AI and data center concerns even as voters grow anxious, while Meta bets heavily on open AI models to catch up in the race. Waymo’s rapid expansion to 15 cities is generating unexpected “edge cases” that challenge its autonomous systems.

Deals & Corporate Finance

A Glencore-backed group is leading a second investor consortium to rescue cobalt refiner Sherritt International, while a separate Glencore consortium made an alternative bid. Wall Street giants including Apollo, Blackstone and Goldman Sachs are partnering with Nvidia on a $500 billion AI financing deal for data centers. Braskem’s bondholders are pressing Petrobras for a capital injection as the petrochemical producer nears a bankruptcy deadline. Teledyne agreed to buy Varex Imaging for about $1.1 billion, while Boeing sold three autonomous flight subsidiaries to Archer Aviation in exchange for a 16.5% stake. A Bezos-led consortium is closing in on a stake in Liverpool FC that could value the club at over $6 billion. Shein pitched its IPO to investors at a sub-$30 billion valuation, a ~70% drop from four years ago. Erebor, a start-up bank backed by Palmer Luckey, is set to raise $1.5 billion at an $8 billion valuation. Barrick Mining settled its Nevada dispute with Newmont for $1.95 billion, paving the way for a public listing of its North American assets. The US pledged $2 billion to support battery and materials producers.

Fixed Income

Treasury yields rose ahead of the week’s inflation data, while the largest private school bond deal in two years hit the muni market: a Los Angeles performing arts school is borrowing $117 million. IBM tapped the Canadian bond market for the first time since 2012, joining a record year of foreign issuance. The US high-grade bond market saw 19 issuers Monday, the most in seven months. The SEC exempted data-center bonds from key securitization rules, potentially unlocking more debt sales for tech firms. Duke Energy plans to raise $1.75 billion via equity units to pay down debt. A column explores financial repression as an alternative method to reduce government debt.

Currencies

The yen gave up roughly half its gains from recent US-Japan intervention, as investors cited a lack of unified central bank messaging. The dollar strengthened against the yen, with Goldman Sachs suggesting a BOJ rate hike next month would help the yen long-term.

Commodities

Iran’s oil terminals appeared largely idle this month as the US maintains a naval blockade, while Hormuz oil remains in limbo as Trump bets he can wait Iran out. Iran insists the Strait of Hormuz will stay closed until Trump meets its demands. U.S. natural gas futures rebounded Monday on hotter weather forecasts, and US natural gas surged by the most in over two months as short-covering triggered a rally. The sugar market is oversupplied, according to French trader Sucden, but futures are rallying amid data gaps. Kenya plans to import 1 million bags of corn after a crop failure. A chicken glut is dragging down meatpackers and lowering grocery bills as flock sizes rise. Italy fined utility A2A €5 million for power market manipulation during the 2022 energy crisis.

Energy & Utilities

A new report finds that AI will boost oil and gas production more than green energy, stoking debate over greenhouse gas emissions. Oil futures were flat in early trading as Adnoc Gas boosted its growth outlook. Peter Abdo will lead UK’s Grain LNG terminal from October.

Technology & AI

The AI trade is stealing crypto’s thunder, with investors dumping Bitcoin for AI stocks. FanDuel and DraftKings are pivoting to prediction markets as a hedge. Truth Social traffic fell sharply in June and July. A Tech, Media & Telecom roundup covers Apple, Net Link NBN and Cambricon Technology. Diageo is reviving three lagging liquor icons: Crown Royal, Smirnoff and Captain Morgan.

Regulation & Policy

The FDA ordered new food guidelines requiring companies to notify regulators before adding new ingredients, while FDA delayed RFK Jr.’s ultraprocessed crackdown. Mike DeWine said only Trump can pull off immigration reform. Netanyahu walks a tightrope on Trump’s Gaza disarmament deal ahead of a tough election. India police used tear gas to break youth protests over government job exam irregularities. Iran named Mohsen Rezaei to a top security post, signaling consolidation of power.

Corporate & Auto/Transport

An Auto & Transport roundup covers Wizz Air, Hero Moto Corp and Qantas. Minnesota’s Democratic Senate primary pits Angie Craig against Peggy Flanagan in a test of left-wing energy.

Miscellaneous Market Notes

The hidden leverage of AI hyperscalers is enormous, according to an FT Markets piece. A Ukraine drone attack on a Russian industrial city killed at least.