Public Markets 8 Hours

Last updated: August 27, 2026, 3:45 PM ET

Equities

US stock futures climbed Thursday morning as a blockbuster outlook from chip darling Nvidia Corp. lifted the tech sector and key equity indexes, adding to investor optimism about the AI cycle. The rally comes despite Alphabet Inc. having lost $692 billion in market value over the past year as questions mount over its AI spending. Bank of America’s Savita Subramanian, the Street’s biggest bear, is taking flak for her low S&P 500 target, defending her cautious stance even as markets hover near records. The S&P 500 is up 18% this year, but she still sees downside risks.

India’s BSE Sensex suffered a brief flash crash, plunging about 3% during a 20-minute closing auction Thursday, exacerbating concerns over thin liquidity and manipulation during that window. In Brazil, traders are piling into bullish options tied to stocks as President Luiz Inácio Lula da Silva’s election lead shrinks, positioning for a potential rally in a tighter-than-expected race.

Fixed Income & FX

Treasury yields edged higher for a second day as investors geared up for Federal Reserve Chairman Kevin Warsh’s speech Friday at Jackson Hole, where some expect him to strike a hawkish tone. A move toward a regime change in coordinated approach between the Treasury Department and the Fed could fuel a bond rally, according to Citrini. The shift could reduce the supply of longer-dated Treasuries, helping to support Treasury yields from moving sharper.

US Treasuries saw a 4.2% yield level, while short-dated yields 5% on 2-year notes. The market still prices in rate cuts later this year despite the hawkish message from Warsh’s team. Emerging market bonds have shown resilience in the past year, with returns +4.5% despite U.S. yields at multi-year highs. In the municipal market, investors in high-yield bonds have the luxury of being picky as risk premiums shrink. HMRC reported a record capital gains tax haul of £24.2bn for the 2024/25 tax year, up 89% year-over-year.

Commodities

Wheat prices soared to the highest level in three years as the Black Sea crisis deepened, with Chicago contracts trading 30% above their end-of-June low. US natural gas futures remained higher as inventories rose less than expected in the latest storage data. The flow of crude through the Strait of Hormuz is creeping higher as Middle East producers boost exports despite Iran’s threat to shipping.

Gold prices are benefiting from gold’s niche status in Western portfolios, though most investors still need to pile in for a strong move. South African precious-metal miners are on track for their biggest monthly gain in two decades, with mining stocks rallying. South Africa also moves to raise a sugar benchmark and protect growers, but that’s not market-moving.

Deals & Corporate News

Apollo Global Management is acquiring a co-controlling stake in Atlantic Aviation from KKR that values the private jet fixed-base operator at nearly $10 billion. Private jet firm Vista Global Holding is considering a European IPO that could raise more than $1 billion. AQR Capital Management is contesting the price of the $8.4 billion buyout of Clearwater Analytics Holdings, making an appraisal arbitrage bet.

Bain Capital is taking an equity stake in stock and options intermediary RQD* Clearing as it joins a wave of new capital entering clearing and custody markets. Enbridge has partnered with KKR and Apollo to fund a 2.7 billion Canadian dollar ($1.95 billion) expansion of its pipeline system in British Columbia. Moderna plans to raise $2 billion from selling convertible notes, which it will use to invest in its cancer vaccine business and repay debt.

Meta projected it could spend up to $10 billion annually on Anthropic’s AI tools, illustrating the friend-foe relationships underlying the AI race. SK Telecom is creating an AI data-center company through a spinoff, with KKR and a consortium of South Korean firms investing $2.2 billion. In the asset management industry, the race for scale is becoming urgent, with Vanguard and Victory making deals even with markets at record highs.

Retail & Consumer

Build-A-Bear cut its outlook and fired an executive after sales fell, now expecting $500 million to $525 million in annual sales, down from prior guidance of $530 million to $550 million. Dollar General lifted its outlook as profit and sales climbed in the latest quarter, boosted by consumers’ continued reliance on low-cost goods. Dollar Tree issued a soft third-quarter outlook, expecting profit pressure as the company reinvests tariff refunds back into its business. Burlington Stores recorded higher second-quarter sales and plans to use its tariff refunds to lower prices for shoppers.

Best Buy raised its full-year outlook, now forecasting adjusted earnings per share of $6.70 to $6.90, up from $6.30 to $6.60. Canadian retailer SSENSE is moving a core part of its business to the United States so American customers can avoid hefty tariffs. Starbucks has dropped a drink powder that enveloped baristas in clouds of dust, leaving them coughing and sneezing.

Earnings & Banking

Toronto-Dominion Bank’s earnings were up sharply in the latest quarter as growth in its Canadian banking and capital markets businesses exceeded expectations. A cyber attack on Manchester Airports Group, the UK’s largest airport group, has exposed data of 8.7 million customers, highlighting the growing cybersecurity threat. Meanwhile, credit conditions remain tight for asset manager Man Group, facing cost pressures.

Policy & Politics

The Trump administration is in talks with Venezuela to take an ownership stake in the Latin American nation’s oil fields, according to Axios. The administration will also expand deportation flights to Haiti from once a month to once a week now that the Supreme Court allowed an end to a humanitarian program. ICE arrests are soaring across the US, and Meta has agreed to make major changes to Instagram and Facebook as part of its landmark settlement with states over teen safety.

The US is withdrawing 200 troops sent to Nigeria at 2019’s end, with officials saying the small, limited deployment could serve as a model for future operations. A grand jury found that a charity tied to Gov. Ron DeSantis’s wife received $10 million from a state Medicaid settlement and diverted it to political committees supporting a cause favored by the governor. President Trump is raising money in Texas with control of the Senate in the balance, his fund-raising power unmatched despite low poll numbers.

Sweden will donate 10 coast guard boats to Ukraine for water-based rescue operations, including mine clearance. The Qatari prime minister traveled to Tehran as the Iran war nears its six-month mark, with Sheikh Mohammed bin Abdulrahman Al Thani serving as a key mediator in the conflict. Uefa is preparing a criminal complaint against Fifa’s Gianni Infantino, seeking documents from Joshua Kushner’s investment firm.

Central Banks & Jackson Hole

Fed Chairman Kevin Warsh faces a market test at his first Jackson Hole symposium, needing to reassure markets in his forthcoming speech. Kansas City Federal Reserve’s Jeff Schmid previewed what everyone is talking about at the annual symposium, with the event marking the first under the new Fed chair. The Federal Reserve Bank of Kansas City symposium might be one of the most interesting editions in years, as discussed in the Odd Lots podcast.

Tech & AI

Alphabet’s stock decline of $692 billion reflects growing questions about its AI spending, even as Nvidia’s chips anchor the sector. Meta’s landmark settlement with states over teen social media use may cost the company less than expected and hurt rivals more, according to Jonathan Haidt, who invokes the “Anxious Generation” line as a fitting description. The details of the settlement are covered in Getting Kids Offline.

AI’s hacking capabilities are severely underrated, as cheap cyber attacks become startlingly easy to assemble. The study of AI’s impact on workers could explain the growing tension in employment and wages. Humanoid robots may look impressive doing tricks on YouTube, but the real value lies with their less flashy, highly functional industrial cousins. Gen Z’s secret AI lives are explored in WSJ analysis.

Markets Roundup

Bitcoin is becoming mainstream thanks to IBIT, MSBT and the ETF process, with it becoming easier for investors to swap Bitcoin holdings for ETF shares. The latest wave of sports-themed exchange-traded fund filings is breaking down ETFs packing sports teams. An investor wants to turn El Niño into a windfall, while analysts can’t find the oil the US says is flowing through the Hormuz, in this WSJ Markets report.

Vietnam’s factories are thriving amid trade upheaval, with the trade surplus surging as tariffs shift production from China. Tech, media and telecom insights on Nvidia, Salesforce and CrowdStrike are covered in the latest Market Talks. Auto and transport insights on Qantas Airways, Hyundai Motor and Marco Polo Marine are in this Market Talks roundup. Energy and utilities insights on Harbour Energy, Eneos Holdings and China National Offshore Oil Corp are in Market Talks.

Real Estate & Infrastructure

A nonprofit is advancing a plan to tap the public debt market to create housing in the slow-to-recover Los Angeles Fire Zone. With muni bonds, they aim to build $3 million homes. The housing market is highly seasonal, and understanding that might be the key to getting the best deal, as autumn approaches for home sellers. UK flat owners won a “right to manage” case at the Supreme Court, with that ruling stripping freeholds rights.

Other News

The FAA found LaGuardia air-traffic controllers left work early before a deadly collision, prompting a broader review of alleged timecard fraud known as “early shoves.” Experts suspect Nepal’s flood warning system—reliant on river gauges — was overwhelmed. Atlantic Storm Dolly is not a tribute to the country singer, the National Hurricane Center says.

Defense drone startup Space-Eyes paid Eric Trump with a 6% stake, giving the son of the president a network of contacts. Larry Page’s family office is quietly growing in Coconut Grove, wielding his fortune quiet professional. Ratko Mladic, the “Butcher of Bosnia,” died at, convicted in the killing of some 8,000 Muslims at Srebrenica, Europe’s deadliest massacre.

California lawmakers passed a plug-in solar bill, joining states that let homeowners trade solar power. Mike Ashley, the billionaire behind Frasers Group, slammed the prime minister’s high street plan as “delusional,” criticizing business rates, and a crackdown on discounting. Russian sanctions are fueling a Canadian car theft epidemic, with Russia the largest destination for stolen Canadian cars as smugglers impose the black market: stolen cars. In the trial of Lindsay Clancy, the jury began deliberations, with her lawyer calling her “a darn good mother” while the prosecutor said she acted with “extreme atrocity and cruelty”. ICE agent Christian Castro was released from Texas jail, winning a legal fight against Minnesota’s extradition attempt. At an Iceland eclipse festival, attendees accepted $1,000-a-week yurts in order to see the eclipse. Yayoi Kusama is remembered in Japan as visionary artist.

Jes Staley told Congress he was “incredible” that Epstein’s abuse continued after jail, with the former Barclays CEO testifying in July. Arkin Group dropped its legal claim against sanctioned oil trader Niels Troost, saying it was deceived by a client accused of posing as a CIA spy. Drought has left sports pitches across England unplayable, with rugby and football matches postponed as grassroots sports suffer.