Public Markets 8 Hours

Last updated: August 12, 2026, 2:38 PM ET

Macro & Policy

The July CPI report showed inflation eased only slightly, keeping the Fed on edge. A benign inflation print would reduce the urgency for a September rate rise, while energy prices injected volatility amid the war with Iran. The consumer-price index methodology was also in focus. Consumer debt data showed overall health but persistent divides, while homeowners tapped equity as cash ran short. The labor market slowed as employers grew cautious, and the latest business report provided context. China’s commodity markets defied the economic rulebook, complicating Beijing’s inflation struggle, and the El Niño climate event is likely to be one of the strongest on record, hitting the world economy. Record-breaking El Niño is already causing dry spells and crop failures on three continents.

Equities

US stocks climbed, led by tech, after inflation fears eased. S&P 500 earnings were so strong investors began to worry, while Yardeni raised his S&P 500 target to 8,400 on “fabulous earnings.” New York City’s pensions gained 13% on surging stocks, and the Norway fund posted record first-half returns, though its CEO said he’s more nervous. Foxconn reported a strong quarter, ramping up AI server production, and optical stocks soared as the market’s favorite momentum play resurfaced. Brinker International revenue climbed on Chili’s growth, while Performance Food logged higher sales on higher prices. Carnival’s CFO discussed restoring the balance sheet after the pandemic, and GM set a $4.5B supply-chain safety net. A premium sneaker brand throttled wholesale growth, and Home Depot’s CEO took a medical leave of absence. Tata Group erased $4.5B in value as the chairman plans to step down, while Nelson Peltz prepared a bid for Wendy’s. Paramount’s brinkmanship was questioned as David Ellison floated a Hollywood exit, and the Lakers owner sought cash to pay down loans amid a DOJ probe. The EV market is getting tougher, with readers sharing experiences, and America’s largest home lender fell out of the “hamster wheel.” Anthropic’s auditor was identified as EY, and a judge dismissed Adani fraud charges. The S&P 500 earnings strength led to worry—a doozy indeed.

Fixed Income

Treasury yields and the dollar recovered partially from morning declines, and the 10-year bond auction sold at the highest yields since the financial crisis. Emerging-market company bonds beat US peers as the Hormuz closure boosted demand, and the world-beating rand carry lured traders to South African bonds. Air Baltic bonds slumped on a debt-for-equity swap plan, and a real estate fund is set to lose a Boston life science investment. The data center QTS held investor calls ahead of a potential debt sale.

Currencies & Carry Trades

The dollar strengthened, reversing morning losses, while a favorite carry trade got a dose of Brazil election jitters. The rand carry remained lucrative, attracting foreign investors.

Commodities

Gold settled 0.6% higher at $4408.90, up for a fourth consecutive session, and corn yields saw a surprise USDA cut to 180.7 bushels per acre. U.S. crude oil stockpiles posted an unexpected build of 17.4 million barrels, while natural gas futures rose on a hotter weather outlook. Crude futures moved lower awaiting news on Hormuz talks, and OPEC again cut its oil-demand forecast. Russia’s daily oil output was almost a million barrels below its OPEC+ quota, and Black Sea tanker rates surged to a record on drone attacks. Saudi Arabia reported a million-barrel output rebound in July, and Gulf oil giants are spending billions to build ways around the Strait of Hormuz. Greenland oil wildcatters delayed controversial drilling plans, and a divisive plan to build a gold mine in Lake Clark National Park split the community.

Energy

U.S. commercial crude stockpiles rose, while natural gas gained on heat. Germany sought bids for nationalized Uniper, and Scottish North Sea tax revenues dropped, fuelling debate on the oil and gas industry’s future. Vestas’ CEO said the EU prevents mergers needed to compete globally.

Sectors & Companies

In auto & transport, China’s EVs were in focus, and the tough EV market saw drivers seeking deals or switching to hybrids. In tech, media & telecom, Super Micro Computer and bitcoin were discussed, while emotion tracking cameras raised privacy concerns. Target hired its first chief AI officer. The west gave China keys to the medicine cabinet, outsourcing antibiotic production. AI problems were debated, with fortunes hiding in ignored markets. Switzerland pushed ahead with a post-Credit Suisse crackdown, and China is winning the Ice Silk Road race as Arctic melting unleashes geopolitical tussles.

Other Markets & Notable

Prediction firms are flagging insider traders, but many will not face charges. The Wisconsin primary saw a moderate win, while polls were wrong in the governor’s race, and Hong’s defeat showed limits of the progressive movement. An ICE agent pointed a gun at a woman in Virginia, and RFK Jr. stirred vaccine fears in Pennsylvania years before a measles outbreak. Safety subterfuge looked at Trump’s exit from Turkey. A space expert hoped to use the eclipse as science class, but DJs had other plans, and a frenzy for solar eclipse glasses took over London. Europeans braced for a 5th heat wave of 2026. The King Charles III England Coast Path is now open to all, and the office dress code is evolving—slow growth doesn’t mean the labor market is doomed.