Public Markets 8 Hours

Last updated: August 13, 2026, 8:36 PM ET

Equities

U.S. stocks rose and the S&P 500 closed at a record high Thursday on relief over moderated wholesale inflation, while cool inflation data propelled equities to fresh records. Asian stocks are poised to extend gains Friday, and European equities have also hit record levels, matching US exuberance. Reddit surged more than 10% after the bell on news of S&P 500 inclusion, while Workday jumped on a report that Silver Lake is in talks to purchase the software provider. In contrast, Hertz tumbled after Bill Ackman’s Pershing Square sold its stake, and Ackman’s new fund underperformance is “frankly absurd,” he said. Coach owner Tapestry tumbled amid mixed sector moves.

Fixed Income & Currencies

The US sold 30-year bonds at the highest borrowing costs since 2001, as yields jumped on public debt and inflation concerns. Wall Street now expects the Federal Reserve to hold rates steady next month. BlackRock’s Rieder said the yen’s rebound needs more than government intervention and will require hawkish signals from the Bank of Japan.

Commodities

Gold steadied after retreating below $4,400 an ounce as traders weighed the Fed rate path and Mideast tension, but Comex gold settled 1% lower at $4,363.60, snapping a four-session winning streak. Oil held its decline as traders monitored efforts toward a deal to reopen the Strait of Hormuz, while Middle Eastern crude shipments arrived at US ports, offering supply relief. A second supertanker loaded at Saudi Arabia’s main oil export terminal. U.S. natural gas futures fell after an above-estimate 36 Bcf weekly inventory build extended the storage surplus.

Crypto & Digital Assets

The SEC delayed a Friday meeting where new plans for digital assets were expected, as crypto legislation remains stalled. A judge ordered Kalshi to stop offering most prediction market contracts in Washington state, calling them likely illegal gambling. Gemini posted a loss despite revenue increasing 37%, while nearly 14,000 crypto holders face security risk after a Trezor data breach. Chime is exploring bringing stablecoins into its consumer banking platform.

Deals & Corporate Finance

Charter received final state approval for its $21.9 billion Cox deal after affordability concessions. Diversified Energy is in advanced talks to acquire Elliott-backed Birch Resources for more than $1.7 billion. Tyson Foods will exit more beef plants as cattle supplies fall to their lowest in 75 years, and Tyson said it would close several additional plants. Applied Materials reported higher profit and revenue on continued AI demand. Goldman Sachs bought active ETF issuer SPYI and QQQI, pushing further into actively managed funds. Housing crisis fuels a surge in mortgage muni bond securitizations. OpenAI chief revenue officer Denise Dresser is stepping down. Fermi found its first customer for the giant Texas AI power bet and named a new CEO. The Lakers’ owner accepted a $12.5 billion offer to sell the team in 72 hours. UWM is a government mortgage canary, an opinion argues, as the struggling lender used FHA taxpayer guarantees for risky bets.

Legal & Regulatory

A judge dismissed the Trump administration’s antisemitism lawsuit against Harvard, calling the incidents “isolated and episodic.” An appeals court sidestepped a key question over Trump’s use of the Alien Enemies Act, dismissing the case. Luigi Mangione faces federal charges of stalking that resulted in the death of a health insurance executive, and a guilty plea is expected in his federal case. The NYC pied-a-terre tax can proceed for now after an appeals court temporarily put a hold on a lower court order blocking the plan.

Energy & Environment

A BP-led gas deal brings UAE and Qatari firms into Venezuela for the first time. The recovery in wind energy is picking up speed on stronger commercial and strategic grounds. Trump orders the Navy to restore older steam catapult technology on aircraft carriers, costing billions.

Tech & Security

AI has opened big holes in cyber security, requiring great investment in defenses. Trump gives a green light for US companies to hack cybercriminals, aligning more closely with countries like China and Russia. Trump enlists tech groups for a cyber privateering push echoing American Revolutionary War-era strategy.

Politics & Society

Deaths of 3 ICE detainees prompt questions about medical care at a Newark facility. Trump’s immigration spies program is detailed, and his immigration policy echoes the 1920s crackdown but without Congress. The US investigated left-leaning groups during a Minnesota immigration crackdown, conducting expansive surveillance. Israeli settlers resumed a West Bank siege after eviction. Female Afghans have been erased from public life in five years of Taliban rule. The Kennedy Center board voted to inscribe Trump’s name on the building. Topos Azteca, a Mexican volunteer rescue group, helped with rescue efforts after a Colombia earthquake.

Infrastructure & Transport

Bird remains were found in the engine of a Ryanair plane that depressurized over Greece; FAA required fixes on the Boeing 737 model by July 2028. Seoul Incheon has become the world’s busiest international airport, boosted by war in Iran hitting Middle East transfer passengers. Burnham warned water companies against treating customers like a “blank cheque” after a decision to allow bill hikes. A train derailed near Lewes in East Sussex; no injuries were reported.

Notable Items

FirstFT covers the battle for control of India’s biggest conglomerate, Anthropic investors betting on a $2tn valuation, and Sanae Takaichi slamming Putin’s visit to disputed islands. Billionaires taking over sports teams poses a risk for fans as franchises get caught up in owners’ affairs. A salvage company hoping to sell Titanic artifacts challenges the court’s role in governing the shipwreck. EY vaulted to the top of the Big Four US audit quality league table. The FBI seized the phone of a Guggenheim executive in a probe of Mark Walter’s business empire. Selena Gomez is accused of fraud by investors in her mental-health startup. The economy’s true potential is tough to measure, an analysis notes.