STOCKS PLUNGE INTO 4-WEEK DIVE
Futures are weaker heading into the weekend after US equities finished lower yesterday despite Netanyahu headlines leading to a late day bounceback into EOD. Geopolitical headlines remain the focus overnight with Brent rising as much as 90bps before reversing, as Iran pressed ahead with hitting energy assets & headlines that the US is considering plans to occupy Iran’s Kharg Island to press for the reopening of the Strait of Hormuz. As of 8:15am, S&P 500 futures fell 0.4% after finishing on Thursday under its 200-day moving average which could trigger even more forced selling; Nasdaq 100 futures declined 0.6%. US stocks are on course for a fourth week of losses, the longest losing streak in a year. Brent crude oil prices reversed earlier gains to decline 0.7% to around $108. The VIX rose to around 25. Elsewhere, it was a relatively quiet overnight with upward pressure on yields still the focus (USGG10YR +4bps @ 4.29%) amid concerns about hawkish central bank reaction functions. Metals are mostly lower: Aluminum -4.4%, Silver -1.0%. The US Dollar is up 0.2% as markets price in less than 5bp of Fed rate cuts this year, down from 60bp last month. There is no macro on today’s calendar.
In premarket trading, Mag 7 stocks are all lower (Alphabet -0.7%, Amazon -0.6%, Tesla -0.4%, Nvidia -0.5%, Meta -0.4%, Microsoft -0.5%, Apple -0.4%)
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This Day in History
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Russian Submarine K-141 Kursk Sinks in Barents Sea (2000)August 12, 2026
While completing naval exercises with dummy torpedoes on August 12, 2000, the Russian submarine Kursk suffered two explosions two minutes and 15 seconds apart. The second explosion registered about a 3.5 on the Richter scale. The blasts destroyed the front hull, and all 118 crew members died. It was initially believed that the entire crew died quickly. However, what evidence later suggested that some survived in another area of the submarine for about four hours after the explosions?
While completing naval exercises with dummy torpedoes on August 12, 2000, the Russian submarine Kursk suffered two explosions two minutes and 15 seconds apart. The second explosion registered about a 3.5 on the Richter scale. The blasts destroyed the front hull, and all 118 crew members died. It was initially believed that the entire crew died quickly. However, what evidence later suggested that some survived in another area of the submarine for about four hours after the explosions?Today’s Birthday
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James Buchanan "Diamond Jim" Brady (1856)August 12, 2026
Financier and philanthropist "Diamond Jim" Brady exemplified the American Dream. He started out as a bellboy and messenger before getting a job with the New York Central Railroad and then working his way up through the industry, eventually amassing a fortune selling railroad supplies. With his newfound wealth, he indulged in his two greatest weaknesses: food—one restaurant owner reportedly called him "the best 25 customers I ever had"—and jewels. What was supposedly a typical meal for Brady?
Financier and philanthropist "Diamond Jim" Brady exemplified the American Dream. He started out as a bellboy and messenger before getting a job with the New York Central Railroad and then working his way up through the industry, eventually amassing a fortune selling railroad supplies. With his newfound wealth, he indulged in his two greatest weaknesses: food—one restaurant owner reportedly called him "the best 25 customers I ever had"—and jewels. What was supposedly a typical meal for Brady?Today’s Holiday
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Queen's Birthday (Thailand)August 12, 2026
The Queen's Birthday is a nationwide celebration in Thailand of the birthday of Her Majesty Queen Sirikit (b. 1932). Throughout the country, buildings are decorated to honor the queen, but the most splendid are in Bangkok, where buildings and streets are brilliant with colored lights.
The Queen's Birthday is a nationwide celebration in Article of the Day
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Lake MalawiAugust 12, 2026
The third largest lake in Africa and ninth largest in the world, Lake Malawi is bounded on the west and south by Malawi, on the east by Mozambique, and on the north by Tanzania. Also known as Lake Nyasa—so named by Scottish missionary David Livingstone in 1859—it is approximately 360 miles (580 km) long with an average width of 25 miles (40 km). Fed by 14 rivers, it is home to more than 200 recorded species of fish—making it one of the most species-diverse lakes in the world. How deep is it?
The third largest lake in Africa and ninth largest in the world, Lake Malawi is bounded on the west and south by Malawi, on the east by Mozambique, and on the north by Tanzania. Also known as Lake Nyasa—so named by Scottish missionary David Livingstone in 1859—it is approximately 360 miles (580 km) long with an average width of 25 miles (40 km). Fed by 14 rivers, it is home to more than 200 recorded species of fish—making it one of the most species-diverse lakes in the world. How deep is it?
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