Market Brief — August 10, 2026

US equities eased as chip weakness and caution ahead of inflation data weighed on growth shares, with the S&P 500 (SPX) down 0.06%, the Nasdaq Composite (^IXIC) off 0.32%, and the Dow (DJIA) lower by 0.11%. In Europe, the CAC 40 (FRA40) added 0.13% and the DAX (DAX) inched up 0.02% while the FTSE 100 (UKX) slipped 0.35% as higher energy prices and softer global risk appetite limited gains. In Asia, the Shanghai Composite (000001.SS) finished flat and the Jakarta Composite Index (IHSG) climbed as much as 0.8%, leaving it nearly 21% above recent lows and close to a bull‐market threshold.

The Federal Reserve kept the target federal funds rate at 3.50%–3.75% in July, with three FOMC members dissenting in favor of a 25 bp hike, while markets focused on upcoming July CPI, PPI and retail sales data, where forecasts pointed to headline CPI near 3.4% YoY and modest monthly gains. A surprise July loss of 23,000 US payrolls cut the implied probability of a September Fed hike to about 44% from roughly two-thirds a week earlier, pushing the DXY dollar index into the mid-99s and US 10-year Treasury yields toward 4.65%. Safe-haven demand drove gold (GOLD) up more than 2% to around $4,340–4,449 per ounce and kept copper above $14,000 per tonne as a weaker US rate outlook and tighter supply supported prices, while Brent (BRENT) and WTI (WTI) crude advanced on renewed uncertainty over reopening the Strait of Hormuz.

JPMorgan raised its year-end S&P 500 (SPX) target to 8,000 and lifted EPS forecasts to $365 for 2026 and $420 for 2027, citing AI-related capex converting into revenue, even as US futures slipped and chip sentiment softened, with Nvidia shares down nearly 3% and Intel off about 4% after announcing a $15 billion common-stock offering. Barrick and Newmont reached a $1.95 billion settlement and reshaped their Nevada Gold Mines joint venture, clearing the way for a planned IPO of Barrick’s North American assets, while Unitree Robotics’ Shanghai IPO was about 5,526 times subscribed by retail investors and 8,288.82 times covered online, triggering a clawback, and the SEC exempted certain data-center bonds from asset-backed securitization rules, highlighting the growing role of Rule 144A structures backed by hyperscale-tenant lease cash flows. Crypto-linked flows stayed active as US spot Bitcoin (BTCUSD) ETFs saw roughly $853.5 million in net inflows for the week of August 3–7, with BlackRock’s IBIT capturing about 80–81% and Bitcoin (BTCUSD) trading near $65,003, while Strategy sold 1,690 BTC and 6.59 million MSTR shares to repurchase 1,152,020 STRC preferred shares, lift its US dollar reserve to about $4.65 billion and reduce disclosed holdings to 840,447 BTC. Completed deals included Insignia Capital Group’s sale of Tillamook Country Smoker to Second Nature Brands, Amneal’s acquisition of Kashiv BioSciences, Guardian Fire Services’ acquisition of Houston Fire & Security, and Lightview Capital’s strategic investment in InStore Technology. On the announced side, Jazz Pharmaceuticals agreed to acquire Actio Biosciences, while Skylight Health, Marex Group, Park Dental Partners and IES Holdings each disclosed transactions to acquire Saffron Health intellectual property assets, Brainchild Capital Investments, Village Family Dental Services Organization and DBM Global respectively, alongside Schouw & Co.’s share buy-back programme for week 32 of 2026.