National

Retail investors were less bullish in August

Markets

Axios Markets

Why the relationship between stocks and bonds broke down

Correlation breakdown&nbsp;

Markets can't ignore the war anymore

AI frenzy means that debt can be interest free

A column chart that shows annual global zero-coupon convertible bond issuance from 2017 through Sept. 1, 2026. Deal value fell from $19.5 billion in 2017 to a low of $1.1 billion in 2022, then climbed to $73.1 billion in 2025 and $79.8 billion in 2026.

Global convertible bond issuance with zero coupon

Big earnings failed to answer the big AI questions

A column chart that shows quarterly year-over-year change in S&P 500 earnings per share from Q3 2022 to Q2 2026. Growth fell from 5.94% in Q3 2022 to a low of -4.05% in Q1 2023, then rebounded, reaching 27.71% in Q2 2026.

S&P 500 earnings per share, year-over-year change 

Data: FactSet; Chart: Matt Phillips/Axios

Tim Cook's golden Apple

A line chart illustrating the change in Apple share price alongside major stock indexes from August 25, 2011, to August 31, 2026. Apple shows a dramatic increase of 2,259%, while the Nasdaq rose 987% and the S&P 500 increased by 562% during Tim Cook's tenure.

Change in Apple share price and major stock indexes during Tim Cook’s tenure as CEO

Data: Financial Modeling Prep; Chart: Erin Davis/Axios Visuals

The first stock index fund turns 50

Stocks are sexy, but bonds are the most important market in the world

Bonds are the most important market in the world

Software stocks make a comeback

A line chart that tracks the State Street SPDR S&P Software & Services ETFâs daily price from Aug. 27, 2025, to Aug. 27, 2026. It starts at $188.94, falls to a low of $135.97 on April 10, 2026, then rebounds to a high of $210.31 at the end.

State Street Software & Services ETF  price

Data: Financial Modeling Prep; Chart: Emily Peck/Axios

What we learned from Nvidia's big day

A line chart that shows Nvidia quarterly revenue from Q1 2016 to Q2 2027. Revenue rises from $1.151 billion to $96.21 billion. After dipping from $8.288 billion in Q1 2023 to $5.931 billion in Q3 2023, it accelerates sharply, topping $22.103 billion in Q4 2024.

Nvidia revenue

Data: Source: S&P Capital IQ Pro, company releases; Note: Nvidia's fiscal year runs ahead of the calendar. The quarter ended July 2026 is its Q2 fiscal 2027.; Chart: Emily Peck/Axios

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