Summary
Equities rallied sharply this week, with the Nasdaq leading at +4.88%, the S&P 500 gaining +3.66%, and the Dow advancing +3.21%, as the 10-year Treasury yield increased by +1 basis point to 4.68%. Economic data was broadly constructive, with University of Michigan sentiment rising to 55.2 in July, its highest level since February, and the S&P Global Manufacturing and Services PMIs both expanding to 53.9 and 54.6 respectively. The ISM Prices Paid index eased to 71.1 from 73.0, a welcome sign on the inflation front, though the labor market showed some softening, as JOLTS job openings fell to 7.359 million and the private sector added just +44,000 jobs in July, down from +95,000 the prior month. On policy, Fed Governor Lisa Cook cautioned that the longer inflation stays above target the harder it will be to control, reiterating her commitment to restoring price stability; markets are now pricing in at least one rate hike by year end. On the corporate side, Palantir (PLTR) increased +29% on strong earnings driven by a +149% increase in commercial revenue; Caterpillar (CAT) rose over +5% after lifting its 2026 sales growth target on strong data center demand; SpaceX (SPCX) fell -13% following its first quarterly report, which revealed $28.5 billion in first-half CapEx, a sixfold increase over last year; and AMD (AMD) dropped over -7% on elevated CapEx, a -31% decline in gaming revenue, and news that SpaceX will switch from AMD to Nvidia chips. Commodities were mostly positive, with spot gold rising +4.9% and spot silver climbing +6.9%, while WTI Crude sold off -7.7% after the US reached a deal with Iran to halt strikes in the Middle East, Bitcoin rose +2.1%, and the dollar was flat on the week.
10-Year Treasury Yield
- Current Rate: 4.68% (as of August 6, 2026)
- Week-to-Date Movement: +1bps (from 4.67% on July 30, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 7,437.63 → 7,709.96 (+3.66% WTD)
- Dow Jones Industrial Avg: 52,208.06 → 53,885.10 (+3.21% WTD)
- Nasdaq Composite: 25,122.18 → 26,348.35 (+4.88% WTD)
Notable Market Events
Macroeconomic Data:
At the end of last week, University of Michigan sentiment rose to 55.2 in July from 54.4, reaching its highest level since February, with improvement spanning income, age, education, wealth, and political groups. The S&P Global US Manufacturing PMI increased to 53.9 from 53.8, marking 12 consecutive months of improving operating conditions, though momentum softened; the ISM Prices Paid index eased to 71.1 from 73.0, a welcome sign on the inflation front, while manufacturing employment also improved. In services, the S&P Global US Services PMI rose to 54.6 from 53.6, though employment softened and prices paid climbed as geopolitical tensions reignited in July. On the labor front, JOLTS data showed 7.359 million job openings in June, softer than the prior 7.537 million, while the private sector added +44,000 jobs in July, down from +95,000 the prior month. MBA Mortgage Applications fell -2.9% for the week ending July 31st, extending the prior week’s -6.4% decline, and Initial Jobless Claims edged up to 199,000 for the week ending August 1st from 198,000.
Economic Policy:
Federal Reserve Governor Lisa Cook cautioned that the longer inflation remains above the central bank’s goal, the more difficult it will be to bring under control. Cook emphasized that her priority remains returning inflation to the Fed’s 2% target and that she is firmly committed to restoring price stability. As of Thursday’s close, markets are pricing in at least one rate hike by year end.
Business:
Shares of Palantir Technologies (PLTR) soared +29% after the company reported knockout earnings, supported by a +149% year-over-year jump in commercial revenue. Caterpillar (CAT) shares rose over +5% after the company lifted its 2026 sales growth target on strong data center demand, beating quarterly estimates on both the top and bottom lines. SpaceX (SPCX) shares fell -13% after the company reported its first quarterly earnings, revealing it spent $18.3 billion in the second quarter, $15.8 billion of which went toward AI-related investments; capital expenditures totaled $28.5 billion in the first half of this year, a sixfold increase over last year’s nearly $7 billion. AMD (AMD) shares fell over -7% on Wednesday after the company’s capital expenditures soared past estimates, alongside a -31% year-over-year drop in gaming revenue, while Elon Musk announced that SpaceX will no longer buy AMD chips and will instead invest in Nvidia chips. Sandisk (SNDK) fell nearly -7% after the flash memory and storage manufacturer issued revenue guidance below the street’s expectations.
Markets:
Commodities were mostly positive on the week. Precious metals posted strong gains, with spot gold rising +4.9% and spot silver climbing +6.9%. WTI Crude sold off -7.7% after the US reached a deal with Iran to halt strikes in the Middle East. Bitcoin rose +2.1%, while the dollar was flat on the week.
Stock Sector Performance
All performance figures and market events are sourced from Bloomberg as of market close 8/6/2026, using the prior Friday’s market open as the start date.
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