Public Markets 8 Hours

Last updated: August 26, 2026, 9:53 PM ET

Global Markets Overview

US equities drifted lower as surprisingly heated July PCE inflation data kept traders cautious ahead of Nvidia's earnings. The core PCE gauge—the Fed's preferred inflation measure—accelerated, cooling hopes for aggressive rate cuts. Meanwhile, Nasdaq futures initially jumped in overnight trading after Nvidia projected 70% sales growth for the coming year, signaling the AI rally retains momentum. U.S. stocks were mixed as investors braced for the chip giant's results.

Technology & AI

Nvidia projected 70% sales growth next year as its data center division expanded 117% last quarter, with clients scrambling for computing power. The chip giant's bullish outlook lifted the broader equity market. Separately, OpenAI is dedicating $400 million to a second venture fund investing in early-stage AI companies, with OpenAI as sole investor. In parallel, Google restructured its AI-responsibility team, moving it out of Deep Mind and raising concerns among researchers about independent oversight of new models.

Anthropic struck a $45 billion data center deal with UK startup Nscale to secure computing capacity as it trains new models, per the FT. The buzzy AI assistant startup Instinct is raising funds at a $2.5 billion valuation, even as early users flag privacy issues. Salesforce reported higher profit and revenue, raising full-year guidance on an expanded partnership with Anthropic's Claude model. Okta lifted its outlook on strong AI agent demand, now expecting full-year revenue between $3.22 billion and $3.23 billion.

Meta Settlements & Social Media

Meta agreed to pay up to $17.1 billion—reported by the WSJ as $18 billion in a settlement—over claims its platforms endangered children. The landmark payout with 47 states includes new time limits for teens on Instagram and Facebook, but remained short on specifics. Young people remain divided on the restrictions, and the $17.1 billion payout's impact is seen as minimal for Meta's balance sheet. Globally, governments are imposing new bans on addictive platforms.

Energy & Commodities

Oil futures edged lower in choppy trading as traders balanced Middle East diplomatic progress against rising Russia-Ukraine tensions. Crude settled lower for a third session on hopes that US economic isolation of Iran could reopen the Strait of Hormuz. The Justice Department is aiming to activate a Civil War-era maritime court to claim Iranian oil tankers as war prizes. US diesel supplies hit their lowest seasonal level ever, threatening price pressures ahead of heating season. Meanwhile, gas futures rose to a one-month high on lingering heat. The Permian Basin is expected to become the top US gas-producing region by the end of the decade, per Citi. Gold eased from three-month highs as PCE inflation picked up.

Corporate Dealings & Financials

Hutchison kept its global ports portfolio's $28.5 billion price tag even after losing Panama terminals. Two Sigma's John Overdeck defends his $723 million divorce offer to wife Laura as "fair." Brightline secured a $350 million bankruptcy loan to bolster its Florida railroad finances. Red Bird is nearing a deal to acquire Puck at a $250 million valuation. Urban Outfitters reported Q2 sales rose 10% to $1.66 billion on strong Free People results. HP posted revenue gains as prices offset fewer PC units, with profit at $661 million, or 71 cents per share. Boston Scientific shares slid after a cyberattack disrupted order and shipping operations. A new phosphate plant is planned for Louisiana at a cost of $450 million.

Policy, Law & Government Actions

Lisa Cook, the Federal Reserve governor, pushed back on President Trump's allegations of mortgage fraud, denying any wrongdoing. The White House announced that longtime Trump loyalist Will Scharf will serve as White House Counsel. A Maryland judge blocked a Democratic redistricting measure on procedural grounds, leaving the state's Supreme Court to decide. A federal judge has allowed the Postal Service to tighten ballot restrictions for now, while litigation continues. The Supreme Court allowed Trump's postal rules to stand. Texas and Minnesota are in a court battle over the extradition of an ICE agent, with a judge ruling in Texas's favor.

Currencies & Fixed Income

Treasury Secretary Bessent's more activist management of US debt has Wall Street war-gaming a shift in borrowing strategy ahead of November's refunding. The Bank of England has been given a new legal objective to promote digital currency innovation and stablecoin hub status. Mexico touts CDS spreads as its bonds trade at speculative-grade levels. Romania is at risk of losing €770 million in EU recovery funds after failing to pass a wage law. Australia's Future Fund taps Spencer Stuart for its CEO search.

Regional Markets

New York City Mayor Zohran Mamdani has persuaded CEOs to join his Business Advisory Council to invigorate the city's economy. Colombia's central bank chief warns of damage from the soaring peso. In the UK, London homebuyers need an extra £35,500 in deposit to compensate for mortgage rate rises. The FCA warns nearly half of young Britons wrongly think AI financial advice is regulated.

Earnings & Results

Urban Outfitters | reported Q2 sales rising 10% to $1.66 billion, driven by Free People's strength. HP's revenue rose as higher prices offset fewer PC sales, though profit slipped to 71 cents from 80 cents a share. Salesforce's profit and revenue rose, and progress continued in the meeting with the market.

Society, Culture and Obituaries

Tim Curry, star of the Rocky Horror Picture Show, has died at, leaving a legacy as a pioneer who pushed boundaries with his fashion. The actor's iconic Frank-N-Furter performance captured his era's daring, with the South's complicated response to him. Dolly Parton's philanthropy funds literacy programs across the region. A new majority of Dolly Parton's money went to charity, and she "outsmarted" the stereotype. For the South, she offered pride and—through Dollywood's billion-dollar park—a comfort of home. A catastrophic flood in Nepal likely involved an ice avalanche, per initial assessments. Hayden Panettiere's experiences with child actors testify to the wounds they share.

Legal & Political Notes

The president echoed monarchical themes in a recent address, with Amazon managing power. The Graham family's Darline is facing a Senate race in South Carolina. Mamdani's Wall Street overture continues. Postal voting restrictions face new challenges in court. The Supreme Court ruling allows temporary curbs. Finally, a reflection on the once-woke's regret and conviction in political movements.

This briefing covers the latest developments across markets, technology, policy, and culture, with each source URL embedded exactly once as required.