Last updated: August 21, 2026, 12:18 PM ET
Gold and Bitcoin Rally
Gold climbed back above the $4,600-an-ounce mark as investors viewed the U.S. Treasury’s plans to expand bond buybacks to bring long-term yields lower as a sign of stress, sparking a fresh round of safe-haven demand. Bitcoin jumped more than 9% to hit a peak of $79,455 on Friday—its highest level since late May—as a combination of catalysts coincided, including institutional demand and debt concerns. Bitcoin and gold surged as Scott Bessent’s bond market intervention weighed on the dollar, with the world’s biggest cryptocurrency on track for its best week in more than three years. Gold prices extended gains on a weaker U.S. dollar and fiscal debt concerns after Treasury Secretary Scott Bessent said he is prepared to expand buybacks of U.S. debt.
Bond Market Volatility
Bond investors remained on edge as Treasury Secretary Scott Bessent’s plan to tame long-term yields prompted comparisons with policies in Japan, where efforts to contain borrowing costs resulted in prolonged currency weakness. BofA’s Michael Hartnett warned that a failure in the U.S. Treasury’s plan to tame long-term bond yields would pressure the dollar and spur short bets against riskier assets in the lead-up to November midterm elections. Treasuries steadied as traders awaited Bessent’s next move following a turbulent stretch for the U.S. bond market. US buyback pledge sparked Japan comparisons and pressured the dollar, with the US bond buyback pledge that whipsawed markets this week prompting comparisons with policies in Japan.
Energy Markets
Oil futures slipped but remained on track for a significant weekly gain of around 5% after Trump vowed to launch sweeping measures aimed at further isolating Iran’s economy. Natural gas futures started higher with help from hotter near-term weather forecasts, while gains remained limited by comfortable storage levels. US natural gas futures increased as forecasts shifted to show hotter weather indicating higher demand for gas-fired power as consumers ramp up their air-conditioning use.
Equity Markets
US stocks rose in early trading Friday, putting the Nasdaq 100 on track to end a five-day losing streak as bond yields stabilized and Bitcoin soared. S&P 500 faced a weekly loss as yields steadied and Treasury efforts to curb borrowing costs had mixed results. European indexes were largely higher at open, with the Europe-wide Stoxx 600 lifted by the banking sector, while the Nikkei fell 0.5% tracking Wall Street losses. European companies just had their best earnings season in years, with investors starting to notice the outperformance.
Corporate News
Walmart is playing the long game by lowering prices, using $29 billion in tariff refunds to gain market share. Walmart’s e-commerce sales rose 24% as deliveries accelerated, while the warehouse club chain reported higher second-quarter profit and revenue. BJ’s Wholesale logged higher profit and revenue as budget-conscious shoppers continued to flock to its stores in search of value. Samsung announced a record $78.88 billion share buyback amid the AI boom, while Samsung plans to return a record $80 billion to shareholders as the South Korean chipmaker comes under pressure to distribute more of its bumper profits from the AI boom.
Technology and Innovation
Nvidia is in talks to invest several hundred million dollars in data-center power developer Cloverleaf Infrastructure, cementing the chip maker’s role in developing data-center projects at the earliest stages. YMTC seeks to raise $4.9 billion in a Shanghai IPO, following in the footsteps of rival CXMT Corp. AI rally in old economy stocks looks stretched as a brisk rally in industrial stocks this year has defied higher oil prices, rising bond yields, and restrictive trade policies. Memory stocks struggle for momentum as ‘smart money’ moves on, with growing concerns about the state of the artificial intelligence trade overshadowing their strong fundamentals.
International Markets
South African rand gained below 16 per dollar, erasing its Iran war losses as the greenback extended declines sparked by the US Treasury’s plan to buy back longer-end bonds. Hang Seng Indexes is adding Hua Hong Grace Semiconductor Ltd. and Weichai Power Co. to Hong Kong’s equity benchmark following its quarterly review. T. Rowe Price says Nigeria stocks remain attractive even after a 64% rally that’s made it the world’s best performer after South Korea. Italy’s Monte dei Paschi made a $40 billion move to buy rival banks, with all-share bids for Banco BPM and Banca Generali coming as the bank fights off a takeover offer from Intesa Sanpaolo.
Geopolitical Developments
Trump announced a temporary beef import boost to lower prices, saying he would temporarily allow up to 300,000 metric tons of ground beef to be imported into the U.S. without paying higher tariffs. Trump threatened a defamation suit over a National Guard report, aiming to intimidate a critic in the latest example of his bid to use the legal system against those who voice unflattering facts and opinions. China thinks it can resist Trump’s economic threats on Iran, as Beijing can squeeze U.S. critical mineral supplies and has enough oil to withstand the loss of Iranian crude. Iran must plan to overcome ‘unjust sanctions,’ according to a top Tehran official who urged a plan to counter US sanctions after President Trump vowed an ‘economic D-Day’ against Iran.
Cybersecurity and Privacy
Apollo said hackers accessed personal data in a cyber attack, with the private equity group launching a probe that determined names, home addresses, and social security numbers had been stolen. Uber faces an €825 million Dutch GDPR fine over driver suspensions, with the regulator saying the ride-hailing group deactivated driver accounts through automated systems without adequately informing them. Waymo doubled spending on lobbying in its robotaxi battle with Uber, seeking to persuade US regulators to clear a path for fully autonomous taxi services.
Legal and Regulatory Matters
Prince Harry was ordered to pay £9.5 million in legal costs to the Daily Mail publisher, with the High Court ruling that losing parties must cover legal costs on an ‘indemnity’ basis. GM faces a safety probe over engine-failure concerns in nearly one million vehicles, with regulators saying hundreds of owners have complained about engine problems despite an earlier recall. Apple paid $17 billion in taxes to Ireland after a court ruling on back levies, with new filings highlighting the iPhone maker’s global tax liabilities. UK budget posted an unexpected deficit of £1.8 billion in July, underscoring the challenge facing Chancellor John Healey ahead of his first Budget.
Market Sentiment and Analysis
Markets brushed off Treasury’s buyback plans, with mixed results from Walmart and other retailers offering more gloom on the health of the American consumer. Debasement chatter is picking up as gold and Bitcoin rally, with Bessent’s bond buyback triggering a decline in the dollar. Risk assets face pressure if the bond plan fails, according to Bof A’s Hartnett. Stocks and bonds steadied at the end of a tumultuous week amid Iran war concerns, government deficits, the economy, and corporate borrowing stirring global markets.
Commodities and Resources
Oil slips but remains on track for significant weekly gain after Trump vowed to launch sweeping measures aimed at further isolating Iran’s economy. Natural gas futures pick up on weather outlook, with hotter near-term forecasts driving demand while comfortable storage levels limit gains. Dark oil tankers spike in the Gulf raises risk of catastrophic spills as more vessels navigate the Strait of Hormuz with location devices turned off to evade attacks by Iran. Climate risk is starting to cascade into the US economy via insurance channels, according to new analysis.
Consumer and Retail
Back-to-school spending signals consumer trends, with early data showing resilience in key categories despite broader economic uncertainty. Cruise lines are hiking certain fees, with some major lines increasing gratuities and deposit requirements while charging more for certain packages. Car brands entered Miami’s condo market as Pagani, Bentley, Aston Martin, and other high-end automakers team up with residential developers. Looksmaxxing lingo captivates brands from Cera Ve to Carl’s Jr., with marketers seeing opportunity in jargon despite its association with extreme behaviors.
Financial Services
Jane Street remains a mystery as the hedge fund or prop trading firm continues to puzzle market observers. Erik Prince launches Vectus Air Defense Systems, marking the Blackwater founder’s latest foray into private military and security services. Erik Prince also launched Vectus Air Defense Startup, joining with Ukraine company Swarmer to offer defense technology to Middle East sites getting hit by Iran. Rainmakers are in talks to leave Weil Gotshal amid a poaching frenzy, with the CFTC imposing trading bans on ex-FTX and Alameda execs.
Emerging Markets
India opens its nuclear sector to private investors, though investors seeking entry to the country’s atomic power sector will likely face scrutiny over their ability to safeguard critical infrastructure. Nigeria remains attractive to investors even after a 64% stock rally that’s made it the world’s best performer after South Korea. China is winning the industries of the future, with the ‘China Shock 2.0’ raising questions about what the U.S. should do about it.
Fixed Income
Bond yields steady after Treasury intervention, with U.S. stock futures rising while one asset benefiting from higher yields is Bitcoin, which briefly neared $80,000 early this morning. US Treasury efforts to restore calm to debt markets falter amid skepticism, as Treasury Secretary Scott Bessent has vowed to step up efforts but so far it’s not working out that way. Long-term yields could remain under pressure as the dollar fell and could stay weak after the Treasury’s buyback announcement. Indemnity basis legal costs rulings highlight the financial risks of high-profile litigation, with Prince Harry ordered to pay £9.5 million to the Daily Mail publisher.
M&A and Investment Activity
Braskem debt talks drag on with no deal days ahead of deadline, as Braskem SA said talks with creditors have intensified but have yet to produce an agreement, with a court-ordered shield from enforcement actions set to expire in three days. Cloverleaf Infrastructure receives investment interest from Nvidia, with the deal involving several hundred million dollars and cementing the chip maker’s role in developing data-center projects. Anthropic IPO draws attention from retail investors, though experts warn of many business risks for the maker of Claude. Index funds went from being mocked to feared in 50 years, reshaping the investment landscape.
Special Situations
Victor Niederhoffer dies at, leaving behind a legacy as a trader who went boom and bust twice, having pioneered a technique for using computers to predict short-term movements in stock prices. Victor Niederhoffer was known for big bets and an unconventional lifestyle, becoming well-known on Wall Street and the squash court for winning without behaving like anybody else. Kyiv remains under siege as the dire situation inside the city continues, with residents facing increasingly difficult conditions. Plane crash near a remote military radar site in Alaska kills eight people, with the civilian-contracted plane crashing at a remote radar site some 450 miles from Anchorage.
Labor and Employment
MLB labor dispute drives record short interest in Braves stock, as short sellers rapidly up their bets against shares of the Atlanta Braves amid contentious labor negotiations between Major League Baseball and its players union. Starbucks is laying off more than 200 workers as part of broader restructuring efforts. Ghost job ads are getting so bad that lawmakers want to ban them, with employers keeping posted roles that never seem to get filled or even exist. Data center backlash catches the AI industry off guard, as hyperscalers get blindsided by the anti-data center movement.
Central Banking and Policy
Scott Bessent faces challenges as his market intervention fails to soothe investors, with the bond scare and balance of power dynamics reshaping global finance. Japan comparisons emerge as the US buyback pledge prompts discussions about containing borrowing costs and their impact on currency strength. Balance sheet reform discussions intensify as experts debate what the Fed should do about its balance sheet. Fiscal capacity returns to the forefront as the link between power and fiscal capacity is back in focus after the dreamworld of the 2010s.