Summary
Equities fell across the board this week, with the Nasdaq leading the decline at −2.75%, the S&P 500 down −2.02%, and the Dow down −2.01%, as the 10-year Treasury yield rose +7 basis points to 4.71%. On the economic data, retail sales posted their first decline in nine months in July, falling −0.6% on weakness in online and auto sales, while housing data softened broadly as housing starts dropped −12.4% and pending home sales fell to their lowest level since January 2026. Initial jobless claims eased to 206,000 from 212,000, and the Conference Board’s Leading Index rose +0.2%, turning its 6-month growth rate positive. On policy, FOMC minutes showed Fed officials pointed to the potential for higher rates unless inflation cools, with Chairman Kevin Warsh floating a shift to six meetings a year from eight, and traders are now pricing in a 90% chance of one rate hike by the December meeting. Treasury Secretary Scott Bessent also said the Treasury will at least double repurchases of longer-dated debt in the coming months. On the corporate side, Marvell (MRVL) rose nearly +10% after granting Google a warrant to buy up to $12.2 billion in shares tied to an expanded custom chip partnership, Deere (DE) gained over +4% after raising the low end of its 2026 profit guidance on strong construction demand, and Lowe’s (LOW) rose over +2% despite mixed results, while Walmart (WMT) fell after reporting its slowest US sales growth in more than 6 years. Commodities were mostly positive, with spot gold and silver up +3.3% and +5.4% respectively, WTI crude rose +6.6% after the Trump administration announced a major economic campaign against Iran, Bitcoin jumped +15.8% as the White House pressed Congress to pass the stalled Clarity Act, and the dollar fell −0.80%.
10-Year Treasury Yield
- Current Rate: 4.71% (as of August 20, 2026)
- Week-to-Date Movement: +7bps (from 4.64% on August 13, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 7,798.99 → 7,641.16 (-2.02% WTD)
- Dow Jones Industrial Avg: 53,839.99 → 52,759.21 (-2.01% WTD)
- Nasdaq Composite: 26,803.03 → 26,067.17 (-2.75% WTD)
Notable Market Events
Macroeconomic Data:
At the end of last week, retail sales declined in July, falling −0.6%. The drop was driven by a −2.2% decline in online sales and a −1.8% decrease in auto sales. Excluding autos and gas, retail sales fell −0.2%, down from +0.4% prior. Housing starts fell −12.4% month over month to 1.239 million homes. Single-family starts decreased −9.9% to an 808,000 seasonally adjusted annual rate and are down −15.7% versus last July. The multifamily sector, which includes apartment buildings and condos, fell −16.8% to an annualized 431,000 pace and is down −8.9% since last July. Pending home sales fell to their lowest level since January 2026, down −2.3% month over month and −2.5% year over year. MBA Mortgage Applications for the week ending August 14th fell −0.4%, down from +3.6% the prior week. Initial jobless claims for the week ending August 15th fell to 206,000 from 212,000 as the labor market remains steady. The Conference Board’s Leading Index rose +0.2% in July, turning the index’s 6-month growth rate positive at +0.2% between January and July 2026, a reversal from its −1.3% contraction over the prior six months. Treasury Secretary Scott Bessent announced Wednesday morning that Treasury will at least double repurchases of 10, 20, and 30-year debt over the next few months. On Thursday, Bessent told CNBC the buyback operation could run larger than the $4 billion announced.
Economic Policy:
FOMC meeting minutes revealed that Fed officials at their July meeting pointed to the potential for higher rates unless inflation cools. Officials also discussed holding fewer meetings this year, with Chairman Kevin Warsh indicating that six meetings might be more efficient than the current eight. As of Thursday’s close, markets are pricing in a 90% chance of 1 rate hike by the December meeting.
Business:
Shares of Walmart (WMT) fell on Thursday after the company reported its slowest US sales growth in more than six years. Lowe’s (LOW) rose over +2% on Wednesday despite mixed quarterly results, as the company cited pressure in home improvement spending. Marvell Technology (MRVL) rose nearly +10% on Wednesday after granting Google a warrant to buy up to $12.2 billion in Marvell shares, part of an expanded custom chip partnership tied to Google’s TPU ecosystem. Deere (DE) rose over +4% on Thursday after raising the low end of its fiscal 2026 profit guidance, as strong construction and forestry demand offset weak farm machinery sales.
Markets:
Commodities were mostly positive this week. Precious metals rallied, with spot gold and silver up +3.3% and +5.4%, respectively. WTI crude rose +6.6% after the Trump administration announced a major economic campaign against Iran, talking down hopes for a diplomatic breakthrough. Bitcoin rose +15.8% as the administration pressed Congress to pass the stalled Clarity Act, and the dollar fell −0.80%.
Stock Sector Performance
All performance figures and market events are sourced from Bloomberg as of market close 8/20/2026, using the prior Friday’s market open as the start date.
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