Aug 12, 2026

Trump imposes drone tariffs as Uber and Pony AI plan 2,000 European robotaxis

Trade protection and autonomous-driving expansion led corporate news, while China added liquidity and BP secured a Venezuelan gas foothold.• Drones/Trade: Trump imposed 100% tariffs on large or military-sensitive drones and certain components, and 25% on smaller drones. Most duties begin in 21 days; qualifying allies face 10%-15%.• Robotaxis: Uber and Pony AI plan to deploy more than 2,000 robotaxis across Europe, expanding from Zagreb to four additional cities, with a Middle East rollout also planned.• BP/Venezuela: BP received a license to develop the offshore Loran Phase 2 gasfield with XRG and UCC. The field has an estimated 4 trillion cubic feet of recoverable gas.• China/Liquidity: The PBOC made its first mid-month overnight reverse-repo operation, injecting a net 348 billion yuan into the banking system.

Workday surges on Silver Lake talks as Reddit gains on S&P 500 inclusion

Takeover speculation and index inclusion drove the sharpest single-name moves, while a costly long-bond auction tempered the rates rally and corporate updates remained mixed.• Workday/M&A: Workday jumped 18%, after reaching 30%, on a Reuters report that Silver Lake has held takeover talks for months. The discussions may not produce a deal.• Reddit: Shares rose more than 10% after hours after S&P Dow Jones said Reddit will join the S&P 500 before Aug. 18 trading.• Treasurys: The $25 billion 30-year auction cleared at 5.22%, the highest borrowing cost since 2001, although demand was solid at 2.39 times.• Tyson: Tyson will close Illinois and Utah beef facilities and seek to sell a Washington plant as cattle shortages deepen losses.• After-hours: Applied Materials fell about 3% despite above-consensus quarterly results and guidance, while Charter won final state approval for its $21.9 billion Cox purchase.

Stocks approach record after traders pare Fed rate-hike bets

Cooling inflation momentum strengthened the risk bid, while corporate catalysts produced sharp dispersion across networking, asset management and chips.• Markets/Rates: The S&P 500 approached a record as Treasury yields fell as much as nine basis points. Traders no longer fully priced a 2026 Fed hike.• Cisco: Shares slid 9% as investors focused on first-quarter gross-margin guidance of 65%-66%, below the latest quarter's 66.3%.• Goldman/ETFs: Goldman Sachs agreed to buy options-income ETF manager Neos Investments for up to $2.25 billion, adding about $32.5 billion of assets.• HPE/Juniper: A federal judge approved HPE’s Justice Department settlement for its $14 billion Juniper acquisition, rejecting state objections.• AMD/Debt: AMD is marketing up to $5 billion of bonds across four tranches, although Bloomberg said the final size remains undecided.• Semiconductors: The PHLX Semiconductor Index rose about 20% from its July 29 low, putting it on track to exit a 19-session bear market.

Producer prices undershoot forecasts as Accelerant agrees $4.4 billion Thoma Bravo sale

Softer wholesale inflation supported futures and Treasurys, while dealmaking and corporate outlooks drove sharp premarket dispersion.• Macro/Rates: July PPI was flat versus a 0.2% gain expected; annual growth slowed to 4.7% from 5.5%, below 4.9%. Initial claims rose to 209,000 versus 202,000 expected. Futures edged higher and yields retreated.• Accelerant/M&A: Thoma Bravo agreed to buy Accelerant for $20.25 per share, a 49% premium and roughly $4.4 billion equity value. Shares jumped 45% premarket.• Tapestry: Shares fell 9% premarket after the midpoint of fiscal-year guidance trailed Wall Street, despite quarterly adjusted EPS and revenue beats.• Russia/Energy: Ukraine said it struck a 200,000-barrel-a-day refinery; a Russian governor separately said the 120,000-barrel-a-day Orsk refinery shut fully and repairs could take six months. The strike claims were not independently verified.

Lenovo surges as Maersk raises guidance

Asian hardware and European transport earnings provided the strongest equity catalysts, while Japanese rate expectations tightened and UK growth remained resilient.• Lenovo: Fiscal first-quarter revenue rose 43% to a record $26.94 billion, beating $22.33 billion expectations. Hong Kong shares surged as much as 19%.• Maersk: The shipper raised underlying 2026 EBIT guidance to $4.5-$6.5 billion from $2-$4 billion after quarterly profit nearly doubled; shares gained 7%.• BOJ/Rates: Bloomberg reported that Japan’s government supports a September or October rate increase. Traders priced a 74% probability of a Sept. 18 move.• Adyen: The payments group raised constant-currency revenue-growth guidance to 21%-23% from 20%-22%, while first-half EBITDA slightly missed consensus.• UK/Growth: Second-quarter GDP grew 0.4% as expected, while June output rose 0.3% versus forecasts for a 0.1% contraction.

Mexico proposes lower auto tariffs as StubHub slides 14%

Trade-policy optionality favored automakers, while earnings disappointment hit StubHub and government support removed a shutdown risk for Rio Tinto.• Autos/Trade: Mexico proposed cutting US tariffs on noncompliant North American vehicles to 5%-10% from 25%, but talks remain preliminary and could run into 2027.• StubHub: Shares fell 14% after the company posted break-even EPS versus an 11-cent profit estimate, despite revenue rising 33% to $573.1 million.• Rio Tinto: Australian governments approved a A$2.5 billion, 10-year package to keep the Tomago aluminium smelter operating and fund its renewable-energy transition.• AI/M&A: Bloomberg reported Anthropic is in talks to buy chip-optimization and generative-video startup Decart AI for about $6 billion; no deal is finalized.

Nvidia unveils $500 billion chip-leasing pact as Cerebras slides on revenue miss

AI financing and after-hours earnings drove stock-specific moves, while a record July deficit added to Treasury supply concerns.• AI Financing: Nvidia unveiled a $500 billion chip-leasing partnership with Apollo, KKR, Brookfield, BlackRock and Goldman, guaranteeing at least 25% residual chip values.• Cisco: Fiscal first-quarter sales and EPS guidance topped estimates, and quarterly hyperscaler AI orders reached $4 billion. Shares initially rose 1% before turning lower.• Cerebras: Shares slid 17% after revenue missed estimates and hardware sales fell 23%, although cloud revenue nearly quadrupled and management raised its full-year outlook.• Fiscal/Rates: The July budget deficit hit a record $432 billion; the fiscal-year gap reached $1.8 trillion, 5% wider after calendar adjustments. The 10-year auction drew solid demand.• Apple/Siri: The WSJ reported Apple is discussing multiyear publisher licenses, potentially with a nine-figure budget, to supply current content for its AI-powered Siri.

US crude stockpiles surge as Wendy’s jumps on potential Peltz bid

Commodity supply surprises and takeover speculation drove the clearest moves, while leadership and legal developments pressured select stocks.• Oil/Inventories: EIA data showed crude stocks rose 17.4 million barrels versus an expected 600,000-barrel draw; SPR inventories fell 6.1 million to a four-decade low.• Wendy’s/M&A: The FT reported Trian is preparing a possible take-private bid; no offer is assured. Shares rose about 14%.• Corn/USDA: Corn jumped 2.9% after USDA cut its yield estimate to 180.7 bushels per acre from 183, below the 182.5 consensus.• Home Depot: CEO Ted Decker will take a medical leave expected to last months; two senior executives will split operating and financial oversight.• Trump Media: Shares fell more than 6% after press groups sued over paid, millisecond access to Trump’s potentially market-moving posts.

Stock futures rise after core inflation eases to 2.5%

Equity futures firmed on benign inflation and fresh AI-cloud strength, while M&A and Black Sea supply risks added company and commodity catalysts.• CPI/Markets: July CPI rose 0.1% monthly and 3.4% annually; core inflation eased to 2.5%. S&P 500 futures reached session highs, up 0.4%, while Treasury yields were initially little changed.• Nebius: AI-cloud revenue jumped 514% to $575 million, helping total revenue of $582 million beat the $557 million consensus.• Goldman/ETFs: Goldman Sachs agreed to pay up to $2.25 billion for Neos, adding about $32 billion of assets and expanding its options-based ETF franchise.• Black Sea/Wheat: Ukrainian drones damaged three grain terminals at Novorossiysk, heightening export risk for a region that supplies more than a quarter of global wheat.• OPEC/Oil: OPEC cut 2026 oil-demand growth to 580,000 barrels a day from 780,000, while July member output rose 1.66 million barrels a day.

IEA sees wider oil deficit as Tencent sales beat estimates

Oil supply risk firmed, while Asian technology earnings and European renewables results offered positive read-throughs for US-listed peers.• Oil/Hormuz: Brent rose 0.9% to $89.72 after Trump claimed “total control” of Hormuz while US-Iran negotiations remained stalled.• Oil/IEA: The IEA now sees a 1.8 million-barrel-a-day third-quarter supply shortfall, more than double its previous estimate, though it expects oversupply by year-end.• Tencent: June-quarter revenue reached 204.8 billion yuan, topping estimates, as WeChat ads and games held up; AI investment will double this year.• AI Hardware: Foxconn’s profit rose 35% and beat estimates, with AI servers exceeding half of revenue and rack shipments forecast to grow by high double digits sequentially.• Wind: Vestas jumped 18.5% after raising its full-year margin outlook to 7%-9% and announcing a €400 million buyback.

Ukraine halts tanker strikes as AstraZeneca ends Bristol Myers talks

Oil-infrastructure risk eased at the margin, while hawkish Fed commentary and a collapsed megadeal kept cross-asset risks active.• Oil/Majors: Ukraine halted drone strikes on tankers near Novorossiysk after JD Vance's request, protecting eligible non-Russian ships and CPC assets linked to Chevron and Exxon.• Pharma/M&A: The FT reported AstraZeneca ended talks to buy Bristol Myers in a roughly $400 billion, mostly stock deal after investor opposition; neither company commented.• Fed/Rates: Boston Fed President Susan Collins said the central bank may need to raise rates as energy costs worsen persistent inflation and strain poorer households.• Credit: Jane Street is repaying $5.5 billion of floating-rate loans and plans $14.6 billion of new secured notes; S&P rated the proposed debt BB.

Super Micro jumps after bullish forecast as CoreWeave backlog reaches $104 billion

AI infrastructure earnings drove after-hours trading, while legal, financing and fuel-cost developments shaped other company moves.• Super Micro: Shares rose about 9% after quarterly sales guidance of $14.5-$15.5 billion and a $65-$72 billion fiscal-year outlook topped consensus.• CoreWeave: Shares gained 12% after revenue reached $2.58 billion, backlog hit $104 billion and the loss was narrower than expected.• Air Canada: The airline cut full-year adjusted Ebitda guidance to C$2.9-C$3.2 billion as jet-fuel costs jumped 49%, but shares rose 5.9% after selling 25% of Aeroplan for C$2.5 billion.• Edison: A California judge tentatively declined to impose automatic liability on Southern California Edison for billions in 2025 wildfire losses, leaving the issue for trial.• GM: GM created a $4.5 billion parts-financing program to help suppliers maintain inventories and reduce disruption risk.

EIA sees oil disruptions through 2027 as Colombian quake halts coffee exports

Supply risks broadened beyond oil, while weaker housing and company-specific credit developments shaped afternoon trading.• Oil Outlook: The EIA expects war-related supply disruptions to average 600,000 barrels daily through 2027 and raised its 2026 gasoline and diesel price forecasts.• Coffee/Colombia: Colombian coffee exports largely halted after earthquake damage blocked routes to Buenaventura, with no reopening date and rerouting constrained by truck shortages.• Nvidia/Credit: Nvidia bond spreads and credit-default swaps narrowed after Jensen Huang said its financing support would be assessed project by project and include limited residual-value backing.• Housing: July existing-home sales fell 1.7% to a 4.06 million annualized rate, while the median price rose 2% to a July record of $434,100.

Oil reverses on peace signals while US fires on blockade-running ship

Oil’s reversal eased the rate shock, but US blockade enforcement left geopolitical risk elevated. Company news drove sharp premarket moves.• Oil/Rates: Brent retreated from $90 to about $87 after Pakistan said Washington and Tehran were nearing an arrangement. Treasury yields reversed gains. US forces separately fired on a blockade-running vessel.• Intel: Intel confirmed a $20 billion offering at $95 a share, versus the initially announced $15 billion; shares edged lower premarket.• Sea: Sea rose about 8% after revenue reached $7.8 billion, above $7.1 billion expected, and it raised Shopee’s 2026 Ebitda forecast to $1 billion.• On Holding: On fell after sales missed and annual growth guidance fell to the low-20% range from at least 23%, despite stronger gross margins.• Riot: Riot surged more than 22% premarket after Bloomberg reported its $9.1 billion cloud deal with Anthropic.

Oil nears $90 as Freeport-linked Indonesian smelter outage delays copper shipments

Commodity supply risks dominated, while a confirmed battery-venture exit offered a company-specific positive for GM.• Oil/Rates: Brent rose 2.1% to $89.61, and WTI gained 2.2% to $83.90, on uncertainty over Hormuz, lifting inflation concerns and global bond yields.• Copper/Freeport: Indonesia’s Gresik smelter halted after a boiler leak, delaying copper shipments; buyers were told assessment and repairs could take weeks.• GM/Samsung: Samsung SDI confirmed it acquired GM’s 49.99% SynergyCells stake and will repurpose the $3.5 billion Indiana plant for energy-storage and other applications.• Aluminum: Aluminum reached a seven-week high on a seventh straight gain. LME inventories are near their lowest since 1990, and Norsk Hydro warned the annual deficit could exceed 900,000 tons if Hormuz disruption persists.

Intel reportedly seeks larger share sale as Anthropic reportedly signs $9.1 billion Riot deal

Large financings, AI capacity and power demand drove the most market-relevant developments, while gold extended its advance ahead of inflation data.• Intel: Intel reportedly sought to add about $5 billion to its offering, taking the raise to roughly $20 billion at around $95 a share, a 6.5% discount.• Riot/Anthropic: Anthropic reportedly agreed to buy $9.1 billion of computing from Riot Platforms through 2048, with extensions potentially lifting sales to $16.1 billion.• GM/Batteries: GM reportedly planned to sell its half of a delayed $3.5 billion Indiana battery venture to Samsung SDI after $11 billion of EV-program writedowns.• Power Equipment: Global gas-turbine orders reached a record 38 GW last quarter, up 71% year over year, JPMorgan said, with the US representing nearly half.• Gold: Gold briefly topped $4,400 before CPI, extending a 3.6% two-session rise.