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August 24, 2026 - 14:32
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(Bloomberg) — Technology stocks dragged global equities lower in a risk-off start to a week stacked with high-stakes macro events and earnings. Oil dipped, offering relief to bonds.Nasdaq 100 futures dropped 0.5%, while those for the S&P 500 fell 0.1%. Chipmakers slid in US premarket trading. Tech heavyweights in Asia including Alibaba Group Holding Ltd. and SoftBank Group Corp. tumbled. Europe’s Stoxx 600, which has less exposure to tech, was little changed.Brent snapped a six-day run of gains as traders waited for details of Treasury Secretary Scott Bessent’s plan to economically isolate Iran. Treasury yields declined, with the longer end extending the move after CNBC reported Bessent could tap the near-$1 trillion Treasury General Account to fund bond buybacks.The green paused its decline. The Canadian dollar was the worst-performing major currency following an abrupt end to the country’s trade talks with the US. Gold topped $4,650 an ounce, while Bitcoin rose past $78,000.Traders are preparing for Federal Reserve Chair Kevin Warsh to speak at Jackson Hole on Friday, an event that takes on added significance after concerns over ballooning budget deficits and persistent inflation sent long-dated yields to multi-decade highs.The yield surge has already prompted an intervention by Bessent, while tapping the Treasury’s cash pile could give him greater scope to act. Bessent has also pledged measures to shore up US finances.Wednesday’s release of the Fed’s preferred inflation gauge will shape expectations for near-term interest-rate decisions after some officials recently reaffirmed concerns about stubborn price pressures. Meanwhile, AI bellwether Nvidia Corp. is scheduled to report earnings the same day.“This is set to be a pivotal week for asset markets, since there is still a chance the US Treasury selloff becomes a full-blown crisis,” wrote Kathleen Brooks, research director at XTB.Given the scale of fiscal consolidation that’s needed, Bessent “is highly likely to underwhelm” markets, said Emma Moriarty at CG Asset Management. Traders are unsure what to expect from Warsh, given his reluctance to issue guidance and the view that Bessent is encroaching on the Fed chief’s remit, she said.For Nvidia, options markets are pricing in a 4.6% move following its results. The firm is not only a key pillar of the global buildout of artificial intelligence but is also increasingly orchestrating funding for AI projects.“Nvidia is now so powerful and cash-rich that it is almost like a central bank to the tech industry,” Brooks noted.Investors will also get a read on the software industry, with Salesforce Inc. and CrowdStrike Holdings Inc. reporting on Wednesday. In the consumer space, Dollar General Corp., Dollar Tree Inc. and Best Buy Co. report on Thursday.What Bloomberg Strategists Say…“As investors again lean into dollar debasement trades, global equities look set to rally into a catalyst-packed week featuring Nvidia earnings, US core PCE, and the Jackson Hole symposium.”— David Savage, MLive. For full analysis, click here.Corporate News:Alibaba Group Holding Ltd. raised HK$80 billion ($10.2 billion) in Hong Kong’s biggest secondary share sale, underscoring its willingness to amass and spend vast sums to take the lead in global artificial intelligence. SoftBank Group Corp. plans a record ¥1 trillion ($6.3 billion) retail bond sale, the biggest by any issuer in Japan, as the conglomerate raises funds for its investment commitments to OpenAI. Shein Global Holdings Ltd. is seeking to raise as much as HK$13.9 billion ($1.8 billion) in its Hong Kong initial public offering, as it enters the final stretch of an arduous journey to go public. Shell Plc is attracting interest from several potential buyers for its US chemicals business as the company seeks to divest underperforming assets, the Financial Times reported. Some of the main moves in markets:StocksS&P 500 futures fell 0.1% as of 8:28 a.m. New York time Nasdaq 100 futures fell 0.5% Futures on the Dow Jones Industrial Average were little changed The Stoxx Europe 600 was little changed The MSCI World Index was little changed CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1672 The British pound was little changed at $1.3643 The Japanese yen was unchanged at 158.95 per dollar CryptocurrenciesBitcoin rose 1.4% to $78,453.04 Ether rose 1.8% to $2,493.11 BondsThe yield on 10-year Treasuries declined three basis points to 4.70% Germany’s 10-year yield was little changed at 3.26% Britain’s 10-year yield was little changed at 5.05% CommoditiesWest Texas Intermediate crude fell 1.9% to $85.42 a barrel Spot gold rose 1.3% to $4,660.99 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Subrat Patnaik.©2026 Bloomberg L.P.
