August 7, 2026

A weaker-than-expected jobs report sent yields lower today, giving the Fed more breathing room to leave rates unchanged at the next FOMC meeting. July payrolls fell by 23k vs. 83k estimated, while the Unemployment Rate eased to 4.1%. Wages increased +0.1% M/M and +3.2% Y/Y, both below consensus. The rate on the 10-year Treasury settled at 4.64% after dipping to 4.61%, while the two-year T-Bill landed at 4.201%. Falling yields gave a boost to equities, and the major averages jumped at the opening bell. Earnings were mixed, with Cloudflare (NET) and Fluor (FLR) beating estimates, while Trade Desk (TTD) and Under Armour (UAA) disappointed. The Consumer Discretionary (XLY), Technology (XLK), and Materials (XLB) sectors outperformed, with Energy (XLE) the weakest market group. Semiconductors rebounded, with the Philadelphia Semiconductor Index gaining +2.56% on strength in Marvell (MRVL), Nvidia (NVDA), and Lam Research (LRCX). The major averages rolled into the close, with the S&P 500 and NASDAQ at the highs of the day. The DJIA ended with a gain of 151.83 points (+0.28%) at 54036.93. The S&P 500 tacked on 47.68 points (+0.62%) and settled at 7757.64, while the NASDAQ jumped 342.26 points (+1.30%), finishing at 26690.62.

Breadth was positive, with advancing issues beating declining issues almost 2:1 on the NYSE and 2:1 on the NASDAQ. Advancing volume was 68% on the NYSE and 67% on the NASDAQ. The VIX fell 0.25 (-1.65%), closing at 14.90. Crude oil prices eased 0.27 (-0.35%), and the September contract closed at $77.02 a barrel. Gold prices jumped 100.30 (+2.33%) and finished at $4,399.90 an ounce. Bitcoin (BTC) closed the session at $64,930.

It was a solid week that ended with the major averages higher for a second straight week, with the DJIA, S&P 500, NYSE, and Russell 2000 posting new all-time highs. Investors also seem less worried about additional flare-ups in the Middle East, as the VIX hit its lowest level since January earlier in the session. Next week brings another round of Q2 earnings, with investors also focusing on inflation data from the CPI and PPI.

Earnings releases to watch for on Monday include Barrick Mining (B), Rocket Lab (RKLB), Plug Power (PLUG), Simon Property Group (SPG), and Quantum Computing (QUBT).

Monday's Market-Moving Economic Calendar: T-Bill Auctions.

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