Last week's international market wrap-up as of the August 22 close: The Dow surged 500 points, long-term U.S. Treasury yields continued to rise, yet all three major indices finished the week in negative territory.

On August 22, most popular Chinese ADRs traded higher, with NetEase climbing 6.98% while Alibaba fell 8.57%. Among the top 20 most-traded U.S. stocks on August 22, Moderna closed up 8.86%, as its mRNA cancer vaccine breakthrough lifted the healthcare sector. In commodities, oil posted a weekly gain, zinc prices advanced, and gold rallied sharply. European markets saw their biggest gain since the start of the month, pausing for breath as investors await fresh catalysts.

Where to begin

S&P 500 futures and crude oil slipped while gold moved higher. A video report highlights Washington's unprecedented economic offensive against Tehran, with Iran countering via its "oil export leverage." The U.S. military said it is conducting ship replenishment operations in Middle East waters. Over 40,000 residents of Reno, Nevada, have been forced to evacuate due to raging wildfires. Russia's defense ministry reported shooting down 269 Ukrainian drones. The U.S. military also noted it has intercepted 75 commercial vessels since imposing a maritime blockade on Iran, with American casualties in the conflict now tallying 774.

Corporate developments

Alibaba's new share placement has been priced, drawing oversubscription from long-term investors. Nvidia's forward price-to-earnings ratio has sunk to multi-year lows, and its upcoming earnings will test the durability of the AI rally. Reports of a sudden price hike from the chip giant have surfaced, stirring market speculation. Trump's stock disclosure documents reveal he executed over 1,000 trades in June. Nvidia has reportedly informed customers that AI chip prices will rise by more than 15% across the board. Canada announced retaliatory measures against the U.S., slapping tariffs on $20 billion worth of goods starting next month, with implementation set for September 8.

Commentary and geopolitical notes

An Iranian official warned that if Washington pursues an economic war, oil exports through the Strait of Hormuz and the Persian Gulf will cease entirely. Canada's ambassador to the U.S. said the breakdown in trade talks stems from multiple contentious issues. The U.S. House Speaker suggested the Iran conflict could soon enter a new phase, hoping allies will help finalize it. Israeli Prime Minister warned Hamas to stop launching "fire kites" from Gaza into Israel. Zelensky stated Ukraine was not involved in the Nord Stream pipeline explosions. Federal Reserve's Kashkari noted that the Treasury market continues to function normally.

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