Market Update
Wall Street Indexes Retains Downward Bias as U.S. Treasury Expands Short-Term Debt Issuance
Barry Adams
25 Aug, 2026
New York City
Wall Street indexes traded slightly higher ahead of key earnings and inflation reports later in the week.
The S&P 500 Index increased 0.3%, and the tech-focused Nasdaq Composite advanced 0.6% ahead of the release of quarterly reports from Nvidia Corp., Dick's Sporting Goods, Box, and Intuit.
The yield on 10-year U.S. Treasury notes held near 4.67% as investors reassessed the U.S. Treasury Secretary Scott Bessant's plan to buy long-term bonds to lower rising interest rates and reduce the cost of borrowing.
The Secretary Bessent's plan landed on jittery investors, and most traders discounted the move as a sleight of hand with little impact on the overall size of the federal government's debt and new issuance.
The plan focuses on increasing the issuance of shorter-term debt, also known as Treasury bills, but raises the sensitivity to interest rate volatility, which could cause larger and frequent spikes in interest rates.
The yield on 30-year U.S. Treasury bonds hovered at 5.20%, not too far from the 19-year peak of 5.32% before the announcement of the Treasury's plan.
The West Texas Intermediate crude oil price edged down 3.02% to $82.44 per barrel, and the Brent crude oil price eased 3.1% to $89.30 a barrel.
Geopolitical tensions in the Middle East ratcheted up after the U.S. and Iran exchanged hostile messages and vowed to control energy product traffic through the Strait of Hormuz.
Bessent announced plans to isolate Iran through sanctions targeting countries that continue doing business with the Islamic Republic.
However, markets remained skeptical about whether the U.S. measures will accelerate or delay a potential deal with Iran and the full reopening of the Strait of Hormuz.
Meanwhile, risks to oil tankers through the Middle East remain elevated, with the Iran-backed Houthi rebels saying they had fired on a Saudi Arabian supertanker sailing through the Red Sea, while the UK Navy reported that an oil tanker was struck and disabled near Oman.
U.S. Movers
Dick's Sporting Goods declined 14% to $155.90 after the company released its fiscal second quarter results.
Net revenue soared 53% to $5.6 billion from $3.5 billion, net income decreased 17% to $315 million from $381 million, and diluted earnings per share dropped 26% to $3.50 from $4.71 billion.
The prior-year results exclude the recently acquired Foot Locker, and current-year results include the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition.
The company said comparable sales rose 4.9% from a year ago, driven by broad-based growth across categories, including strong results from the 2026 FIFA World Cup and growth in average tickets and transactions.
However, comparable sales in Foot Locker declined 3.6%, "impacted by challenging conditions in the athletic footwear marketplace."
The specialty retailer retained Dick's business comparable sales outlook of 2.5% to 4.0% growth, lowered Foot Locker's comparable sales outlook to between -2.0% and 0%, and lowered the operating income outlook for both businesses.
Zoom Communications decreased 0.3% to $104.50 ahead of the company's release of its quarterly results after the close of the regular trading session.
Intuit decreased 0.4% to $368.38 ahead of the software company's release of its fiscal fourth quarter results.
Wall Street Indexes Retains Downward Bias as U.S. Treasury Accelerates New Short-Term Debt Issuance
Barry Adams
25 Aug, 2026
New York City
Wall Street indexes traded slightly higher ahead of key earnings and inflation reports later in the week.
The S&P 500 Index increased 0.3%, and the tech-focused Nasdaq Composite advanced 0.6% ahead of the release of quarterly reports from Nvidia Corp., Dick's Sporting Goods, Box, and Intuit.
The yield on 10-year U.S. Treasury notes held near 4.67% as investors reassessed the U.S. Treasury Secretary Scott Bessant's plan to buy long-term bonds to lower rising interest rates and reduce the cost of borrowing.
The Secretary Bessent's plan landed on jittery investors, and most traders discounted the move as a sleight of hand with little impact on the overall size of the federal government's debt and new issuance.
The plan focuses on increasing the issuance of shorter-term debt, also known as Treasury bills, but raises the sensitivity to interest rate volatility, which could cause larger and frequent spikes in interest rates.
The yield on 30-year U.S. Treasury bonds hovered at 5.20%, not too far from the 19-year peak of 5.32% before the announcement of the Treasury's plan.
The West Texas Intermediate crude oil price edged down 3.02% to $82.44 per barrel, and the Brent crude oil price eased 3.1% to $89.30 a barrel.
Geopolitical tensions in the Middle East ratcheted up after the U.S. and Iran exchanged hostile messages and vowed to control energy product traffic through the Strait of Hormuz.
Bessent announced plans to isolate Iran through sanctions targeting countries that continue doing business with the Islamic Republic.
However, markets remained skeptical about whether the U.S. measures will accelerate or delay a potential deal with Iran and the full reopening of the Strait of Hormuz.
Meanwhile, risks to oil tankers through the Middle East remain elevated, with the Iran-backed Houthi rebels saying they had fired on a Saudi Arabian supertanker sailing through the Red Sea, while the UK Navy reported that an oil tanker was struck and disabled near Oman.
U.S. Movers
Dick's Sporting Goods declined 1.3% to $176.90 ahead of the company's release of its quarterly results.
Zoom Communications decreased 0.3% to $104.50 ahead of the company's release of its quarterly results after the close of the regular trading session.
Intuit decreased 0.4% to $368.38 ahead of the software company's release of its fiscal fourth quarter results.
Japan's Indexes Faced Headwinds Amid Rate Uncertainty and Downward Pressure On Yen
Akira Ito
25 Aug, 2026
Tokyo
Japan's indexes struggled to stay above the flatline, tracking losses in tech stocks in overnight trading in New York.
The Nikkei 225 Stock Average increased 0.1%, the broader TOPIX edged up 0.3%, and the yen weakened to 159.37 against the U.S. dollar.
Benchmark indexes dropped as much as 0.9% in the morning session following sharp losses in tech stocks in New York ahead of the release of quarterly results from Nvidia Corp. on Wednesday.
The weakness in artificial intelligence infrastructure was compounded by growing skepticism that the U.S.-Japan joint intervention would provide critical support to the embattled yen.
The yen has lost more than half of its gains against the U.S. dollar in the past two weeks, after the U.S. and Japan jointly intervened in late July to revive the yen from a four-decade low of 163.45.
Global bond yields remained under pressure for the second consecutive week as investors worried that the elevated U.S. federal debt is likely to continue to grow at an accelerated pace and that high energy prices are likely to support growing inflationary pressures.
The yield on a 10-year Japanese government bond traded at 2.9%, hovering near multi-decade highs amid growing expectations that the Bank of Japan is set to raise rates in the imminent future.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.1% to 65,598.68, and the broader TOPIX added 0.3% to 4,086.73.
Semiconductor-linked stocks led decliners in Tokyo, tracking sharp losses in overnight trading in New York.
Kioxia Holdings declined 0..6% to ¥50,530.0, Tokyo Electron increased 0.6% to ¥55,470.0, Advantest Corp. fell 1.6% to ¥33,940.0, and Taiyo Yuden Corp. fell 0.7% to ¥9,108.0.
Mitsubishi UFJ Financial Group increased 1.2% to ¥3,522.0, Sumitomo Mitsui Financial Group advanced 0.6% to ¥6,631.0, and Mizuho Financial Group gained 1.2% to ¥8,204.0.
Nippon Yusen KK added 0.4% to ¥7,233.0, Mitsui OSK Lines advanced 0.8% to ¥7,325.0, and Kawasaki Kisen Kaisha Ltd. increased 0.2% to ¥3,473.0.
Japan's Indexes Faced Headwinds Amid Rate Uncertainty and Downward Pressure On Yen
Akira Ito
25 Aug, 2026
Tokyo
Japan's indexes struggled to stay above the flatline, tracking losses in tech stocks in overnight trading in New York.
The Nikkei 225 Stock Average increased 0.1%, the broader TOPIX edged up 0.3%, and the yen weakened to 159.37 against the U.S. dollar.
Benchmark indexes dropped as much as 0.9% in the morning session following sharp losses in tech stocks in New York ahead of the release of quarterly results from Nvidia Corp. on Wednesday.
The weakness in artificial intelligence infrastructure was compounded by growing skepticism that the U.S.-Japan joint intervention would provide critical support to the embattled yen.
The yen has lost more than half of its gains against the U.S. dollar in the past two weeks, after the U.S. and Japan jointly intervened in late July to revive the yen from a four-decade low of 163.45.
Global bond yields remained under pressure for the second consecutive week as investors worried that the elevated U.S. federal debt is likely to continue to grow at an elevated pace and that high energy prices are likely to support growing inflationary pressures.
The yield on a 10-year Japanese government bond traded at 2.9%, hovering near multi-decade highs amid growing expectations that the Bank of Japan is set to raise rates in the imminent future.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.1% to 65,598.68, and the broader TOPIX added 0.3% to 4,086.73.
Semiconductor-linked stocks led decliners in Tokyo, tracking sharp losses in overnight trading in New York.
Kioxia Holdings declined 0..6% to ¥50,530.0, Tokyo Electron increased 0.6% to ¥55,470.0, Advantest Corp. fell 1.6% to ¥33,940.0, and Taiyo Yuden Corp. fell 0.7% to ¥9,108.0.
Mitsubishi UFJ Financial Group increased 1.2% to ¥3,522.0, Sumitomo Mitsui Financial Group advanced 0.6% to ¥6,631.0, and Mizuho Financial Group gained 1.2% to ¥8,204.0.
Nippon Yusen KK added 0.4% to ¥7,233.0, Mitsui OSK Lines advanced 0.8% to ¥7,325.0, and Kawasaki Kisen Kaisha Ltd. increased 0.2% to ¥3,473.0.
Global Semiconductor Sell-Off Dragged Down China and Asian Markets
Li Chen
25 Aug, 2026
Hong Kong
China's popular indexes traded down as a broad sell-off in technology stocks weighed on sentiment across Asian markets.
The Hang Seng Index decreased 0.3%, and the mainland-focused CSI 300 Index declined 0.6% amid a weakness in semiconductor-related stocks ahead of Nvidia Corp.' quarterly results.
Nvidia Corp., the company at the center of the AI investment boom, is set to release its quarterly results after the regular trading session, and investors are looking for clues on demand for expensive AI-related chips from hyperscalers.
Investors are awaiting the release of possible stimulus measures to revive faltering economic growth during the National People's Congress Standing Committee between August 25 and 28.
The recent string of weaker-than-expected economic data has stoked worries that China's domestic economic growth may be slowing down faster than previously estimated and persistent weakness in the property market is likely to put consumer spending in check.
China Indexes and Stocks
The Hang Seng Index decreased 0.3% to 25,438.20, and the mainland-focused CSI 300 Index declined 0.6% to 4,535.28.
Benchmark indexes in Tokyo decreased 0.6% and in Seoul fell 2.2%.
AI- and semiconductor-related stocks led decliners in Shanghai and Hong Kong as investors stayed on the sidelines ahead of the release of quarterly results from Nvidia Corp.
SMIC decreased 0.2% to HK $66.60, Eoptolink Technology fell 2.2% to ¥403.17, Zhongji Innolight Co. dropped 2.4% to ¥851.57, CXMT Corp. fell 1.8% to ¥55.58, and Hygon Information Technology edged down a fraction to ¥230.80.
Global Semiconductor Sell-Off Dragged Down China and Asian Markets
Li Chen
25 Aug, 2026
Hong Kong
China's popular indexes traded down as a broad sell-off in technology stocks weighed on sentiment across Asian markets.
The Hang Seng Index decreased 0.3%, and the mainland-focused CSI 300 Index declined 0.6% amid a weakness in semiconductor-related stocks ahead of Nvidia Corp.' quarterly results.
Nvidia Corp., the company at the center of the AI investment boom, is set to release its quarterly results after the regular trading session, and investors are looking for clues on demand for expensive AI-related chips from hyperscalers.
Investors are awaiting the release of possible stimulus measures to revive faltering economic growth during the National People's Congress Standing Committee between August 25 and 28.
The recent string of weaker-than-expected economic data has stoked worries that China's domestic economic growth may be slowing down faster than previously estimated and persistent weakness in the property market is likely to put consumer spending in check.
China Indexes and Stocks
The Hang Seng Index decreased 0.3% to 25,438.20, and the mainland-focused CSI 300 Index declined 0.6% to 4,535.28.
Benchmark indexes in Tokyo decreased 0.6% and in Seoul fell 2.2%.
AI- and semiconductor-related stocks led decliners in Shanghai and Hong Kong as investors stayed on the sidelines ahead of the release of quarterly results from Nvidia Corp.
SMIC decreased 0.2% to HK $66.60, Eoptolink Technology fell 2.2% to ¥403.17, Zhongji Innolight Co. dropped 2.4% to ¥851.57, CXMT Corp. fell 1.8% to ¥55.58, and Hygon Information Technology edged down a fraction to ¥230.80.
Persistent U.S. Fiscal Imbalances and Resurgent Inflation Keep Stocks Under Pressure
Barry Adams
24 Aug, 2026
New York City
U.S. stocks turned lower at the start of a new week of trading on Monday amid elevated global bond yields and tensions in the Middle East.
The S&P 500 Index decreased 0.2%, and the tech-focused Nasdaq Composite declined 0.3%.
The yield on 10-year U.S. Treasury notes held at 4.71%, and the West Texas Intermediate crude oil price per barrel eased 1% to $92.78.
Long-term sovereign borrowing costs soared to multi-decade highs across the U.S., Europe, and Japan, fueled by surging government fiscal deficits and corporate debt issuance for AI infrastructure competing for investor capital.
Stocks have been under pressure around the world by rising global bond yields last week, as the U.S. 30-year bond yield rose to a 19-year high of 5.3%.
Moreover, rates in Japan soared to a three-decade high, and in Germany and France advanced to multi-year highs.
Investors are increasingly factoring in higher energy prices as the U.S.-Iran conflict shows no sign of easing, and shipments through the Strait of Hormuz are likely to be disrupted longer than previously estimated.
Broader indexes remained resilient despite the resurgent global bond yields, as investors continued to focus on earnings growth and overlook rising interest rates.
Despite higher nominal consumer prices and bond yields, investors are betting that continued economic growth and strong earnings will support the stock market.
The U.S. federal government debt crossed $40 trillion, a new record high, as lawmakers overlook the long-term consequences of rapidly rising overall debt and its impact on borrowing costs and pressure on the U.S. dollar.
U.S. Movers
Alibaba Group Holding decreased 8.6% to $119.34 after the online platform operator priced its secondary offering worth HK $80 billion, or $10.2 billion, to non-U.S. investors.
The company places 710 million shares at a price of HK $112.70 each, compared with the stock's Friday closing price of HK $123.0.
The company plans to use all proceeds from the newly issued shares to ramp up its AI capabilities and expand and enhance its artificial intelligence infrastructure.
The offering is scheduled to close on Wednesday, and earlier in the month the company reported a 75% drop in its June quarter earnings as capital expenditure soared 75% to 68 billion yuan.
Shein, the China-based fast fashion retailer, said it plans to raise as much as HK13.86 billion, or $1.8 billion, according to a filing approved by the China Securities Regulatory Commission.
The company plans to sell 280 million class B shares, priced between HK $47.60 and $49.50 per share, valuing the company at US $27 billion at the top of its pricing range.
The company's valuation is sharply lower than previous offering rounds and fell from $98.2 billion in a private fundraising round in 2022.
The company's stock is expected to start trading as early as September 1 on the Hong Kong Stock Exchange.
Persistent U.S. Fiscal Imbalances and Resurgent Inflation Keep Stocks Under Pressure
Barry Adams
24 Aug, 2026
New York City
U.S. stocks turned lower at the start of a new week of trading on Monday amid elevated global bond yields and tensions in the Middle East.
The S&P 500 Index decreased 0.2%, and the tech-focused Nasdaq Composite declined 0.3%.
The yield on 10-year U.S. Treasury notes held at 4.71%, and the West Texas Intermediate crude oil price per barrel eased 1% to $92.78.
Long-term sovereign borrowing costs soared to multi-decade highs across the U.S., Europe, and Japan, fueled by surging government fiscal deficits and corporate debt issuance for AI infrastructure competing for investor capital.
Stocks have been under pressure around the world by rising global bond yields last week, as the U.S. 30-year bond yield rose to a 19-year high of 5.3%.
Moreover, rates in Japan soared to a three-decade high, and in Germany and France advanced to multi-year highs.
Investors are increasingly factoring in higher energy prices as the U.S.-Iran conflict shows no sign of easing, and shipments through the Strait of Hormuz are likely to be disrupted longer than previously estimated.
Broader indexes remained resilient despite the resurgent global bond yields, as investors continued to focus on earnings growth and overlook rising interest rates.
Despite higher nominal consumer prices and bond yields, investors are betting that continued economic growth and strong earnings will support the stock market.
The U.S. federal government debt crossed $40 trillion, a new record high, as lawmakers overlook the long-term consequences of rapidly rising overall debt and its impact on borrowing costs and pressure on the U.S. dollar.
U.S. Movers
Alibaba Group Holding decreased 8.6% to $119.34 after the online platform operator priced its secondary offering worth HK $80 billion, or $10.2 billion, to non-U.S. investors.
The company places 710 million shares at a price of HK $112.70 each, compared with the stock's Friday closing price of HK $123.0.
The company plans to use all proceeds from the newly issued shares to ramp up its AI capabilities and expand and enhance its artificial intelligence infrastructure.
The offering is scheduled to close on Wednesday, and earlier in the month the company reported a 75% drop in its June quarter earnings as capital expenditure soared 75% to 68 billion yuan.
Shein, the China-based fast fashion retailer, said it plans to raise as much as HK13.86 billion, or $1.8 billion, according to a filing approved by the China Securities Regulatory Commission.
The company plans to sell 280 million class B shares, priced between HK $47.60 and $49.50 per share, valuing the company at US $27 billion at the top of its pricing range.
The company's valuation is sharply lower than previous offering rounds and fell from $98.2 billion in a private fundraising round in 2022.
The company's stock is expected to start trading as early as September 1 on the Hong Kong Stock Exchange.