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Nasdaq 25,980 Β· SEC subpoenas banks over AI hedge fund collapse ‌ ‌ ‌ ‌ ‌
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Stock Mornings
Your weekday pre-market read on US stocks.
Issue #46 Β· Tuesday, August 25, 2026
Volatility (VIX)  Cautious Β· 15.8  β–Ό from 15.9 yesterday
Stocks finished mixed as modest declines reflected regulatory scrutiny of AI financing and persistent concerns over government spending.
 
 

●  The Numbers

S&P 5007,652.86  -0.28%
-1.19% this week
Nasdaq Composite25,980.19  -0.76%
-2.49% this week
Dow Jones53,417.16  +0.26%
-0.08% this week
Russell 20002,995.08  -0.76%
-2.04% this week

Before the bell: see how Asia, Europe & US futures traded overnight →

●  The Movers

Leaders

META Meta+1.66%
AMZN Amazon+1.33%
GOOGL Alphabet+0.94%

Laggards

TSLA Tesla-3.83%
NVDA Nvidia-2.91%
SPCX SpaceX-1.44%

The day's best and worst of the tracked indices and mega-caps Β· day-over-day change.

●  The Read

S&P 500 β€” description, not prediction

Trading above both its 50-day (7,546.22) and 200-day (7,100.13) averages β€” the longer-term trend reads as up. 30-day range 7,316.15–7,798.99; currently in the upper third of that range. RSI(14) 40 β€” momentum weak.

See where every market sits on the daily page β†’

●  The Brief

 SEC subpoenas banks over AI hedge fund collapse

The SEC is investigating major Wall Street banks' involvement in trades and financing related to the near-collapse of AI-focused hedge fund Situational Awareness, signaling regulatory focus on AI sector risk management. (CNBC)

 Debasement trade resurfaces amid U.S. spending concerns

Rising anxiety about U.S. government debt and spending costs is driving renewed investor interest in traditional inflation hedges like crypto and gold as alternatives to currency devaluation. (CNBC)

 AI debt build-out seen as too big to fail

Bank of America analysts warn that the debt-fueled expansion of AI infrastructure may have become systemic enough to require Federal Reserve backstop support if credit conditions tighten. (MarketWatch)

 OpenAI removes Russian accounts used in disinformation

OpenAI shut down ChatGPT accounts involved in a covert Russian misinformation campaign, highlighting how AI tools can be weaponized for influence operations at scale. (CNBC)

Partner

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Markets 101

What is an index fund?

A fund that simply mirrors an index like the S&P 500 rather than trying to beat it. Low fees and broad exposure made them the default way most people hold stocks.

β€œMarkets are a description of today, not a forecast of tomorrow.”

Stock Mornings is an educational digest for US readers. Nothing here is financial, investment, tax, or legal advice. Stocks carry risk β€” you can lose money, and past performance does not predict future results. Some links may be affiliate links; we may earn a commission at no cost to you. Prices via Yahoo Finance, captured shortly before the opening bell.

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