Stocks closed lower across all three major U.S. indices on August 18, with Microsoft and Meta each sliding more than 3%.
Among the top 20 most-traded names on U.S. exchanges that day, Micron Technology jumped over 4%, fueled by Elon Musk's bullish remarks on memory chip makers including Micron Technology and SanDisk Corp..
Chinese ADRs were mixed, with XPeng climbing more than 4% and H World surging over 11%.
Commodities saw crude oil and gold move higher, while copper prices held roughly steady. European equities retreated in thin trading, dragged by consumer goods and food-and-beverage stocks.
On the macro front, President Trump stated he is not seeking to extend the memorandum of understanding with Iran. He also reiterated a proposal to declare the Strait of Hormuz U.S. territory, and publicly criticized Oman's conduct.
Foreign investors trimmed holdings of U.S. Treasuries in June, with Japan recording the largest reduction. Meanwhile, U.S. investment-grade bond issuance in August hit a record high for that month, as AI infrastructure spending pushes corporations to borrow heavily. In other news, a UAE oil tanker was intercepted in the Strait of Hormuz, and the Pentagon ordered 30 universities to conduct a full review of research collaborations with foreign entities. Kallas said the EU will propose a new round of sanctions against Russia.
In corporate news, Anthropic's annualized revenue is on track to exceed $65 billion, representing a sixfold increase from the end of last year. SpaceX's major investors have finally surfaced, with a massive share unlock looming. The Guggenheim CEO, having sold the Lakers, is now looking to pledge financial assets to raise cash. Uber is integrating Zipline drones into its delivery network. Michael Saylor's Strategy company is selling common stock to fund preferred share buybacks. Ice cream brand Rebel Creamery, sold in stores nationwide, has filed for bankruptcy. Musk is pouring $2.8 billion into a project he once called the "dumbest experiment in history." Barclays has appointed Khan and Bank of America's Joo as new heads of investment banking. OpenAI has finalized a massive data center lease in Ohio, backed by Nvidia financing. A U.S. luxury brand's secret weapon: $12 tennis socks. Ultra-wealthy family offices are flocking to SpaceX, holding stakes exceeding $3.8 billion. Nvidia will invest up to $105 billion in OpenAI's Ohio data center.
In commentary, oil prices rose as Middle East tensions escalated. Castle Securities noted that the surge in Treasury yields reflects Fed policy risk, making the next rate decision unpredictable. U.S. bonds fell with long-dated maturities leading the decline, pressured by a wave of corporate issuance and higher oil prices. The dollar dropped to a three-month low, while the Canadian dollar held steady after CPI data. The selloff in long-term Treasuries continued, pushing 30-year yields to near two-decade highs. Peace prospects between the U.S. and Iran look bleak, with reports suggesting Trump is in no hurry to end the conflict. European long-dated bonds extended losses amid lingering fiscal concerns. Silver price forecasts: what can investors expect over the next decade? HSBC says the Fed's balance sheet reduction will make U.S. Treasuries more reliant on price-sensitive buyers. As AI financing floods in, Washington and Silicon Valley compete for capital, creating a "reverse crowding-out effect" that drives Treasury yields higher. Investors betting on SpaceX should keep one key thing in mind.
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