Market Beats | US 30-Year Treasury Yields Near 5%; Goldman Sachs Raises Billions to Aid Liquidity-Strapped Private Equity; Lululemon Bets on Athlete Ambassadors to Revive Sales; US Job Openings Fall to 10-Month Low in July; Google Antitrust Ruling: Avoids Breakup; ConocoPhillips to Cut Up to a Quarter of Workforce; Blackstone’s BCRED Sells $500 Million Bond

—— US 30-Year Treasury Yields Near 5%; Goldman Sachs Raises Billions to Aid Liquidity-Strapped Private Equity; Lululemon Bets on Athlete Ambassadors to Revive Sales; US Job Openings Fall to 10-Month Low in July; Google Antitrust Ruling: Avoids Breakup; ConocoPhillips to Cut Up to a Quarter of Workforce; Blackstone’s BCRED Sells $500 Million Bond

1. US 30-Year Treasury Yields Near 5%

The yield on the US 30-year Treasury bond climbed as much as four basis points to 4.999% on Wednesday, the highest since July, reflecting investor unease over US fiscal trends and elevated inflation. Similar selloffs in the UK and Japan also pushed their long-term borrowing costs to the highest levels this century.

“There is clearly no appetite for the long end at these levels, and risks point to even less demand going forward,” Ella Hoxha, head of fixed income at Newton Investment Management, told Bloomberg TV.

In the US, the rise underscores investor pressure for greater compensation as they finance government spending plans and tax cuts under President Donald Trump. At the same time, strategists note Trump’s push to influence the Federal Reserve to cut rates is lifting long-term yields relative to shorter maturities, which are tied more directly to Fed policy.

Persistent inflation above the 2% target remains a risk.

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2. Goldman Sachs Raises Billions to Aid Liquidity-Strapped Private Equity

Goldman Sachs Group Inc. is raising some of its largest-ever funds within its asset management arm, aiming to support private equity firms and portfolio companies struggling with liquidity as the deal and IPO markets remain muted.

According to people familiar with the matter, Goldman is pitching a $10 billion hybrid capital fund that blends debt and equity. These funds provide financing to portfolio companies, which can then return cash to their private equity owners in the form of dividends.

At the same time, Goldman is in the market to raise $15 billion for its flagship secondaries fund. That vehicle targets private equity stakes and continuation vehicles, which allow firms to extend holding periods for assets.

Marc Nachmann, head of asset and wealth management at Goldman, said: “There’s a lot written about continuation vehicles but not about the hybrid-capital side. Hybrid solutions allow portfolio companies the creation of dividends upstream. That’s why we see hybrid capital as pretty interesting right now.”

Like the $15 billion hybrid capital fund Goldman raised in 2021, the new vehicle will provide instruments that combine the flexibility of equity with the structure of a loan — with potential conversion into equity — an appealing feature in a challenging exit environment.

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3. Lululemon Bets on Athlete Ambassadors to Revive Sales

Lululemon Athletica Inc. is undertaking a major marketing shift, betting on a lineup of athletes to lift the yoga-focused brand out of a sales slump and expand beyond its roots.

The company has done little traditional sports advertising on its path to surpassing $10 billion in revenue. Now, American tennis star Frances Tiafoe is wearing Lululemon apparel at the US Open, PGA Tour golfer Max Homa dons the brand’s gear, and in its boldest move, seven-time Formula 1 champion Lewis Hamilton has signed on as a brand ambassador.

“We’ve had a very big year of bringing on additional athletes, and we are now in real development,” said Chief Marketing Officer Nikki Neuburger in an interview.

Lululemon is looking for ways to win back investors after shares dropped 47% this year, erasing all pandemic-era gains. Executives have warned of consumer pullbacks in spending. Adding pressure, CEO Calvin McDonald has not backed away from his ambitious goal of reaching $12.5 billion in sales by the end of 2026, though analysts on average forecast revenue will fall about $500 million short.

Investors will get more clarity on McDonald’s revival plan on Sept. 4 when Lululemon reports earnings. Last quarter, the company shocked markets with a sales and profit outlook that came in below estimates, causing shares to plunge.

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4. US Job Openings Fall to 10-Month Low in July

US job openings fell to 7.18 million in July, the lowest level in 10 months, below the market estimate of 7.38 million, according to Bureau of Labor Statistics data. The decline was led by healthcare, retail trade, and leisure and hospitality, with healthcare openings dropping to the lowest since 2021.

Treasury yields fell and the S&P 500 held gains after the report. Analysts said companies are turning more cautious in hiring under uncertainty from President Donald Trump’s trade policies, while it is taking longer for the unemployed to find new jobs.

The Fed is closely monitoring signs of weakness in the labor market. Chair Jerome Powell warned last month that downside risks to employment are rising.

Investors broadly expect the Fed to cut rates by 25 basis points at its Sept. 16–17 meeting.

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5. Google Antitrust Ruling: Avoids Breakup

A US judge ruled Tuesday that Google won’t be forced to sell its Chrome browser, sparing it from the most severe antitrust remedies in the biggest case against Big Tech in three decades. Alphabet’s shares rose following the decision.

Judge Amit Mehta said the rise of generative AI had “changed the course of this case,” with chatbots and AI tools increasingly acting like search engines. While Google won’t face a breakup, it must make concessions: sharing online search data with rivals and ending exclusive distribution contracts.

The ruling is a setback for US antitrust enforcers, falling far short of their push to curb Big Tech power. Last year, Mehta found Google illegally monopolized online search and search advertising markets, and held a three-week hearing in April to decide remedies. Google praised the ruling for recognizing AI’s impact but reiterated its disagreement with the monopoly finding, while voicing concern over mandatory data-sharing.

Notably, Google will still be able to pay partners to set its search engine as default — a major win for Apple, which reportedly earns about $20 billion annually from its iPhone deal with Google.

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6. ConocoPhillips to Cut Up to a Quarter of Workforce

ConocoPhillips plans to reduce its global workforce by 20% to 25% — or about 2,600 to 3,250 employees — by the end of 2026, in a cost-cutting effort following a steep drop in global oil prices. Most of the job cuts will take place in 2025, and will include both full-time employees and contractors.

“We are always looking at how we can be more efficient with the resources we have. As part of this process, we have informed employees that a 20% to 25% reduction in our global workforce, which includes employees and contractors, is anticipated,” the company said.

The cuts aim to preserve profitability and shareholder returns amid a 12.5% decline in oil prices this year.

ConocoPhillips joins a wave of staff reductions across the oil and gas sector: Chevron announced in February that it would cut one-fifth of its workforce, while BP said last month it would slash at least 15% of its 40,000 office staff as part of ongoing cost-reduction efforts.

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7. Blackstone’s BCRED Sells $500 Million Bond

Lenders to luxury fashion retailer Ssense are asking a Canadian court to approve a quick sale of the cash-strapped company, with first bids due in early October.

A group led by Bank of Montreal filed an application to the Quebec Superior Court, saying creditors had lost confidence in Ssense’s ability to oversee operations. Other lenders include Royal Bank of Canada, JPMorgan Chase, National Bank of Canada, and Bank of Nova Scotia, with total debt of about C$145 million ($105 million).

Creditors want the company placed under court supervision via Canada’s Companies’ Creditors Arrangement Act. They are pushing for a fast-track sale process, with potential buyers contacted next week and non-binding bids due by Oct. 6. They’ve also proposed selling inventory this month to raise cash.

Ssense, once a Montreal family-run success story valued at more than C$5 billion in 2021, is now threatened by debt and eroding trust.

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