Last updated: August 13, 2026, 11:30 PM ET
US Equities and Inflation
U.S. stocks concluded the trading session with gains, and the S&P 500 achieved a new record high. This upward momentum was fueled by a report indicating moderated wholesale inflation, which eased concerns about interest rates. The S&P 500 closed at its highest point following the inflation data. In a separate but related development, cool inflation data propelled stocks to fresh records, with Wall Street now anticipating the Federal Reserve will hold rates steady next month. Cool inflation data has provided significant relief to the market.
Asian Markets and Tech Valuations
Asian stocks were poised to extend their gains, mirroring the positive sentiment from moderating U.S. inflation and a pullback in oil prices. This reinforced expectations that the Federal Reserve will refrain from increasing interest rates. Asian stocks are showing strength. Meanwhile, Asian memory-chip stocks climbed, driven by a bullish outlook from Sandisk Corp., which boosted optimism about the long-term benefits of the artificial intelligence boom. The AI frenzy has also been a significant factor, driving Chinese tech valuations to multiples of their U.S. peers, with Beijing's support contributing to a 29% gain for the Star 50 index this year.
Energy and Commodities
Oil edged lower in early Asian trade amidst mixed signals. Oil futures are experiencing some volatility. Gold struggled to extend its rebound despite softer-than-expected U.S. Producer Price Index (PPI) data, which suggests the path higher for gold prices may not be straightforward, according to OCBC. Gold prices are facing headwinds. In Venezuela, BP Plc is leading a group that includes UAE and Qatari firms in an offshore natural gas project, marking the debut of Arab Gulf companies in the country's energy sector. BP joins Big Oil's return to post-Maduro Venezuela. Diversified Energy Co. is also reportedly in advanced talks to acquire Elliott Investment Management-backed Birch Resources for over $1.7 billion in cash. Diversified Energy is nearing a significant deal.
Fixed Income and Monetary Policy
U.S. 30-year bond yields have reached their highest borrowing costs since 2001, a jump attributed to concerns over mounting public debt and persistently high inflation. US 30-year bond yields reflect these market pressures. In Japan, the yen consolidated against other currencies but may find support from prospects of a Bank of Japan rate increase. The yen is showing signs of consolidation. Carry traders are reportedly exploiting interventions aimed at propping up the yen to rebuild their short positions, suggesting that each intervention may also create a fresh opportunity to sell the currency. Carry traders are capitalizing on market movements.
Corporate News and Deals
Applied Materials reported higher profits and revenue, driven by sustained demand for its semiconductor solutions attributed to artificial intelligence adoption. Applied Materials saw strong results. Tyson Foods Inc. announced it will close several additional beef plants, a move reflecting the ongoing restructuring within the U.S. beefpacking industry amid a prolonged cattle shortage, with domestic supplies at a 75-year low. Tyson Foods is scaling back operations. In the tech sector, Reddit Inc. is set to join the S&P 500 next week, a development that sent its shares surging over 10% after hours. Reddit shares reacted positively to the news. Charter Communications has received final regulatory approval from California for its $21.9 billion deal with Cox, following concessions on affordability. Charter Communications secured clearance for the acquisition.
Global Trade and Tariffs
The United States is set to impose up to 100% levies on Chinese unmanned aircraft and their components, a move that introduces new tariffs targeting Chinese drone technology. Trump launches tariffs on these goods. As demand slumps domestically, Chinese cars are flooding international markets, creating a strain on the shipping industry due to a shortage of vessels. Chinese car exports are testing the global shipping capacity.
Regulatory and Legal Developments
Kalshi, a prediction market, has been ordered by a judge to cease offering most of its contracts in Washington state, as regulators deemed them to be an illegal gambling operation. Kalshi ordered to halt operations. The Securities and Exchange Commission (SEC) canceled a meeting where new plans for digital assets were expected, marking another setback for the cryptocurrency industry as landmark legislation remains stalled in Congress. The SEC delays its regulatory meeting. A judge also dismissed the Trump administration's lawsuit against Harvard University concerning antisemitism during campus protests, ruling that the incidents were isolated. Judge dismisses the case against Harvard.
Immigration and Social Issues
New Zealand's annual immigration figures have risen to a 17-month high, though overall levels remain subdued as fewer people are departing the country. New Zealand immigration shows tentative recovery. In California, a Justice Department report found that inmates at two women's prisons experienced routine rights violations, including sexual abuse, though state officials assert that reforms are already in place. California ignored sexual abuse allegations. The U.S.S. Abraham Lincoln has been deployed for nearly nine months, raising concerns among members of Congress about the crew's well-being. USS Abraham Lincoln deployment raises concerns.
International Affairs and Security
An American missionary pilot, Kevin Rideout, who was kidnapped in Niger last fall, has reportedly been released from captivity, with the White House prioritizing his release. American missionary released from Niger. Oil prices are being influenced by traders monitoring efforts to reopen the Strait of Hormuz, while ongoing attacks on tankers and energy infrastructure maintain market tension. Oil market news reflects geopolitical risks. The U.S. Navy has been ordered by the president to restore older technology, specifically steam catapults, on aircraft carriers, a move that is expected to cost billions of dollars and represents a reversal of previous modernization efforts. Trump orders Navy to restore older technology.
Economic Indicators and Outlook
The Indian rupee has demonstrated greater stability compared to the Indonesian rupiah and Philippine peso, a factor that may help attract more foreign investment into the country. Easing India Rupee Volatility could boost foreign money inflows. China's central bank injected liquidity into the market through overnight reverse repos for the first time in the middle of the month, a move aimed at managing liquidity. PBOC conducts reverse repo operations. It remains challenging to accurately measure the economy's true potential, highlighting the complexities in economic forecasting. Why it's hard to measure the economy's potential.
Cryptocurrency and Digital Assets
Gemini Space Station Inc., the digital asset platform led by the Winklevoss twins, posted a loss despite an increase in revenue. Gemini posts loss as revenue increases.
Legal Battles and Investigations
A salvage company is challenging a court's role in the sale of Titanic artifacts, arguing that its earliest retrievals are governed by a French court rather than a Virginia federal court which awarded it collection rights. Salvage firm challenges the court's jurisdiction. Luigi Mangione is expected to enter a guilty plea in his federal case, which could resolve charges of stalking that led to the death of a health insurance executive and potentially complicate a separate state murder trial. Luigi Mangione expects a plea deal.
ESG and Social Justice
Female Afghans have been increasingly erased from public life under five years of Taliban rule, with decrees restricting women's rights to study, work, and travel potentially causing permanent damage to the country, according to experts. Afghan women erased from public life.
Transportation Safety
The National Transportation Safety Board reported that bird remains were found in the engine of a Ryanair plane that depressurized over Greece, indicating a possible cause for the incident. Bird remains found in Ryanair engine.
Market Regulation and Prediction Markets
A judge has ordered Kalshi to stop offering most of its wagers in Washington state, following regulatory claims that these offerings constitute an illegal gambling operation. Judge orders Kalshi to cease operations.
Corporate Governance and Investigations
The FBI seized the phone of Guggenheim's president as part of an investigation into Mark Walter's business empire, extending scrutiny beyond insurers to his securities and asset management entities. FBI seizes phone of Guggenheim executive.
Labor and Employment
Tyson Foods Inc. will close more beef plants due to a shortage of cattle, with U.S. meatpacking companies facing pressure from declining domestic cattle supplies, which are at their lowest level in 75 years. Tyson to close more beef plants.
AI and Technology
Pony AI Inc. plans to deploy over 2,000 robotaxis across Europe in partnership with Uber Technologies Inc., accelerating the commercialization of autonomous mobility in the region. Uber and Pony AI will deploy robotaxis. Rick Perry's Fermi has secured its first customer for its large-scale AI power venture in Texas and has appointed a new CEO following a period of corporate and legal turmoil. Fermi lands customer and names new CEO.
European Equities
European equities are finally matching U.S. market exuberance, reaching record levels. Hot Stoxx summer reflects strong performance in European and UK equities.
Australian Markets
The ASX has lost its bullish rating at UBS following a recent rerate of the stock, indicating a shift in analyst sentiment. ASX loses bulls following stock rerate.
Indian Legal System
India's national regulator for lawyers has reversed an order that barred an entire graduating class from a leading law school from enrolling as advocates, following protests. India Bar Council reverses enrollment ban.
New York City Taxes
The implementation of New York's pied-à-terre tax can proceed for now, as an appeals court has temporarily suspended a lower court's order that had blocked the plan. NYC pied-à-terre tax can proceed.
Cybersecurity Policy
The president has authorized U.S. companies to conduct offensive cyber operations targeting cybercriminals, a policy shift that aligns the U.S. more closely with countries like China and Russia in their use of private hackers for national security. Trump allows companies to hack cybercriminals.
Financial Markets and Oversight
A judge dismissed a case concerning the Alien Enemies Act, marking a complex conclusion to a legal battle that might have reached the Supreme Court. Appeals court dismisses alien enemies act case.
Corporate Restructuring and Legal Turmoil
The startup Fermi, which went public via an IPO last year, has named a new CEO and secured its first customer for its AI power venture, following a period of legal and executive turbulence. Fermi lands customer and names new CEO.
Criminal Justice
Prosecutors are seeking the death penalty against Tyler Robinson, accused of endangering others near Charlie Kirk, who was shot last year. Mr. Robinson's lawyers argue that no one else was in danger. Accused Kirk assassin fights death penalty.
Immigration Enforcement
Concerns have been raised regarding the medical care provided to detainees following the deaths of three ICE detainees, with federal officials defending the treatment offered. ICE detainee deaths raise medical care questions.
International Conflicts and Tensions
Israeli settlers have resumed their siege of Palestinian families in the West Bank after evictions, highlighting the ongoing chaos in the occupied territory. Palestinian families trapped by settler siege.
Corporate Earnings and Demand
The semiconductor solutions provider Applied Materials reported an increase in profit and revenue, driven by sustained demand fueled by artificial intelligence adoption. Applied Materials saw strong results due to AI demand.
US Defense Policy
The Navy has spent years resisting the president's directive to revert to steam catapults on aircraft carriers, a move he is now ordering, despite the associated costs and previous modernization efforts. Trump orders Navy to restore older technology.
Indian Conglomerate Control
The battle for control of India's largest conglomerate, the Tata Group, is ongoing, with Noel Tata reportedly achieving a victory. Tata Group control battle is ongoing.
US-China Relations
The U.S. is set to impose tariffs of up to 100% on Chinese unmanned aircraft and their components, escalating trade tensions. Trump imposes tariffs on Chinese drone technology.
US Economic Data
The U.S. stock market rose, and the S&P 500 closed at a record high, spurred by a report indicating that wholesale inflation moderated, easing concerns about interest rates. US stocks rise to new records.