Last updated: August 25, 2026, 8:52 PM ET
Equities
US stocks rose as another drop in oil prices and tepid economic data quelled inflation concerns. Technology shares led major indexes higher, with the benchmark Treasury yield notching its biggest decline since June as investors rotated back into growth names. The gains were broad-based, though Dick's Sporting Goods tumbled after the retailer revealed footwear discounts are sapping profits; the chairman defended a $2.4 billion deal for the sneaker chain Foot Locker that backfired as shares slumped.
Asian stocks were set to advance as falling oil prices eased inflation concerns and pushed bond yields lower, while traders awaited Nvidia Corp.'s earnings for fresh clues on the outlook for artificial intelligence. Franklin Templeton's Sara Araghi said Nvidia holders need more than a headline beat — they want concrete detail on how the company plans to deploy capital and sustain spending. Meanwhile, Zoom Communications reported revenue growth on enterprise strength and bumped up its full-year guidance, though its current-quarter earnings forecast came in short of Wall Street's estimates. Intuit forecast revenue growth of 9% to 10% for fiscal 2027, slowing from 14% this year, as it recorded lower quarterly profit while taking steps to win more Turbo Tax users.
Fixed Income & Rates
A short squeeze in US long bonds shows Treasury Secretary Scott Bessent's surprise plan to tamp down borrowing costs by expanding bond buybacks is working, according to key market metrics. The "Bessent put" has sparked fierce debate about its ultimate effectiveness, but the move has forced bearish traders to cover positions. Legendary hedge-fund investor Stanley Druckenmiller delivered a surprising critique of Bessent's approach — and he said he was "kind of proud" of using AI to help craft his remarks.
The broader US debt picture remains troubling, with America's spiraling debt crisis now surpassing $40 trillion. Short-term Treasury fixes and reliance on growth won't turn the tide; real reform will require difficult choices. The FT's editorial board warns that President Trump is effectively bombing the bond market, waging war against his own economy with policies that undermine fiscal credibility.
Energy & Commodities
Oil extended declines as Iran and Oman discussed an "interim framework" aimed at resuming shipping through the Strait of Hormuz, easing supply concerns. Oil prices dropped further on the news, adding to a multi-day slide that has helped calm inflation fears across global markets. Satellite imagery shows a surge in Iraq's Persian Gulf oil loadings, with seven tankers collecting cargoes on Monday — the latest sign that regional flows might be climbing despite ongoing tensions.
European LNG prices surged to their highest level since 2023 as the continent's gas inventories were already low before the Iran war disrupted shipments. The energy crisis is expected to weigh on global growth, though IMF Managing Director Kristalina Georgieva said AI investment will help fuel growth as spending spreads beyond the US, helping the world economy weather the storm.
Trade & Tariffs
Canada retaliated with new tariffs on US goods, imposing 50% duties on a range of American products. The move marks a significant escalation in the trade war, with deference to Trump turning to defiance as other leaders and institutions push back more vigorously than at the beginning of his second term. The cosmetic tariffs threaten the $10 beauty impulse buy, hitting affordable cosmetics and personal care products that cross the border.
Critics argue Trump is breaking the law with his tariff actions and that Congress needs to act to rein in executive overreach. An opinion piece argues that California's high energy costs shouldn't be blamed on the Jones Act — the state's own policies are the real culprit.
Geopolitics & Sanctions
The United States threatened sanctions for any country or entity that engages with Iran's gold, digital assets, aviation, shipping and tech industries in what officials are calling "Economic D-Day." The move targets more than just Iranian oil, expanding pressure across multiple sectors. But analysts question what's more than "maximum" — decades of sanctions have done little to change Iran's behavior, and Trump faces limits on Iran sanctions that may undermine the strategy's effectiveness.
The escalating conflict has some asking whether World War III has already started, as spheres of conflict multiply and merge while the West appears in disarray. Meanwhile, the Army is left rudderless after Defense Secretary Pete Hegseth's purge of top generals, creating a leadership vacuum as the service tries to adapt to drone-dominated warfare.
AI & Technology
Anthropic believes its potential revenue is greater than SpaceX's, according to the company's internal projections. The AI startup's ambitious outlook comes as the sector attracts massive investment. Binance has hired two senior compliance executives from Crypto.com, bolstering its compliance ranks after a number of staff departures and ongoing regulatory scrutiny.
The EPA is moving to curb public input on air pollution permits for data centers, proposing that states would no longer need to provide public notice or solicit comments on such projects. Reform UK has pledged to cut data rules and curb liabilities for non-executives, with Nigel Farage's party promising to scrap the General Data Protection Regulation to sharpen its pitch to business.
Deals & Corporate
SpaceX has committed $100 billion to a new Louisiana space base, planning its second launch complex to support more Starship launches. The investment would transform an area known for duck hunting, and locals are divided over the project. It would be the rocket company's second private launch site after Starbase in South Texas.
Braskem's announcement of an $11 billion debt restructuring staved off an immediate crisis that would have pushed it into bankruptcy protection, but parties remain far apart on key issues. The US Trustee has urged the court to investigate $1.5 billion of "unusual transactions" between Echo Star Corp. and its bankrupt subsidiary Hughes Satellite Systems. Guggenheim Investments is telling lenders that affiliates may look to buy portions of a hard-hit loan issued by its financing entity. First Brands' billion-dollar rescue has hit the skids, with hedge funds that funded the bankruptcy left with a "clunker" as this was no ordinary debt-induced collapse.
Regulation & Legal
Deloitte will pay $21.5 million to end a DOJ fraud investigation over its DEI policies, as the Trump administration probes major US companies under a novel use of a federal law meant to police federal contractors. The US audit regulator has scrapped its investor advocate role, closing the office set up under the Biden administration to represent shareholders as the Trump-era revamp accelerates.
Democrats scored a victory in a campaign finance case, with an appeals court ruling that Republicans aren't entitled to lower ad rates even after a Supreme Court decision allowing party committees to coordinate with candidates. California Attorney General Rob Bonta has ramped up criticism of Paramount, saying the company is more focused on the "court of public opinion" than the court of law in the Warner merger fight. Forbes and Shook Research have suspended their rankings amid an investigation of a $6 million payment from Shook's founder to Forbes' former top editor, also canceling a Las Vegas summit scheduled for October.
Politics & Policy
The Supreme Court's ruling on mail-in voting could add to election confusion, as the limits may not go into effect by November, with at least one state vowing to sue. Nearly 30% of voters nationwide use mail ballots, and Trump is seeking greater federal control — see which states rely on it the most. The fast-moving legal fight continues after the Supreme Court allowed the administration to proceed with plans to curtail mail-in voting, with the executive order's status still uncertain.
The South Carolina election has become a test for Trump's endorsement power, with runoffs drawing relatively high turnout in the Republican Senate contest between Darline Graham and Ralph Norman. The Supreme Court is still struggling with whether and when to explain itself when issuing temporary but consequential orders as Trump "emergencies" return. Trump's lawyers have warned that the Kennedy Center might need demolition if not properly renovated, in a court filing about honoring the president on the facade.
Markets & Investing
Bearish bets against shares of China's AI model companies Z.AI Co. and Mini Max Group have soared to records ahead of their earnings reports, highlighting growing investor worry over China's heated AI rivalry. Xi's unprecedented tax clawback is hammering Chinese listed companies — Heilongjiang Agriculture Co., which never reported a first-half loss in more than two decades as a public company, is seeing that run end this year.
Pemex rescues have dragged Mexico's bonds to "junk category" status. Aston Martin is set to drop out of the FTSE 250, cementing its status as a small-cap stock and highlighting its faltering turnaround. Matt Dalton, the fixed-income expert who founded Belle Haven Investments, has died at 62.
Culture & Society
Dolly Parton, the country music superstar whose songs spoke to millions, has died at 80. Known for her outsize persona, appearance and talent, she rose from rural poverty to become a top-selling singer, songwriter and entrepreneur. Hear 15 essential songs from her remarkable career. Parton had the voice, and concerns, of an earth angel, giving hopeful expression to songs about hard times and hard-won triumphs. Her bedazzled, bewigged, and bodacious style — a wild mountain rose who used clothes and body to subvert expectations. As one writer who trailed her around the world observed, it was always Dolly's show — she'd gracefully own her power without the slightest hint of fight.
Serena Williams returned to tennis and thrilled the US Open crowd at Arthur Ashe Stadium, coasting to an early victory in mixed doubles with Carlos Alcaraz before losing their second match. The 2026 US Open runs until Sept. 13 at the Billie Jean King National Tennis Center in New York City.
Law & Justice
Prosecution experts challenged Lindsay Clancy's claim that she was suffering postpartum psychosis when she killed her children in 2023, sharing their doubts about her defense in court on Tuesday. One scholar argues Clancy deserves mercy, not life in prison, noting it is too hard for women suffering from postpartum mental illness to prove the insanity defense. New court documents suggest Rebel Wilson ordered websites attacking producer Amanda Ghost, showing the actress was heavily involved in disparaging the producer of her movie "The Deb."
The Log Cabin Republicans, the conservative gay rights group, has ended its support for trans causes, saying trans rights advocates focus too much on minors. Newly released government documents raise questions about what the public was told about health risks after the 2023 Norfolk Southern derailment, with Ohio residents saying officials played down risks in the train disaster. A worker died after an accident with a plane at Montreal Airport, involving an Airbus A350 operated by French Bee.
Other News
At Trump's Indy Car race, a VIP invitation became a diplomatic snub — foreign ambassadors were promised free food, drinks, misting fans and shaded seats, then some were uninvited. Fringe views in primary campaigns have rattled Florida Jews, with debates over Israel animating many races but what happened in Florida going beyond that. India's summer of youth protests is boiling over, with police firing water cannons at protesters in Bihar while leaders of the "Cockroach" student movement vowed to return to Delhi's streets. A new C.T.E. study found at least one in four NFL players had the brain disease when they died — here are 5 key takeaways on the fallout. Author Priya Parker argues we need to fight more — smarter and more often — if we want to get along and get ahead.