S&P 500 notches new all-time highs as earnings season roars on

Stocks kicked off August with a powerful rally, pushing the S&P 500 to new record highs as strong corporate earnings and renewed optimism regarding the Strait of Hormuz's status overshadowed lingering geopolitical uncertainty.

Stocks

The S&P 500 kicked off the new month with a bang. On Monday, the index gained 1.48% as Amazon () eclipsed a $3 trillion market cap for the first time. The rally was fueled in part by a sharp pullback in oil prices and a rebound in mega-cap tech stocks. On Tuesday, the bullishness continued, with the S&P 500 surging 1.79% to close at 7,737, its first record high in 2 months. Strong corporate earnings and continued optimism over progress toward a deal to reopen the Strait of Hormuz fueled the push higher. On Wednesday, however, some signs of exhaustion emerged. After making another new all-time high above 7,793, the index pulled back as investors locked in profits from technology stocks and chipmakers fell. On Thursday, stocks slipped modestly again. The broad market index lost 0.18% to close at 7,709.96. But Friday brought a bounce as a weaker-than-expected July nonfarm payrolls report changed the market's outlook regarding what the Fed might do regarding interest rates. Overall, technology services, communications, and non-energy minerals were among the top performers during the week, while energy minerals, utilities, and discretionary services lagged.

Bonds
US Treasury yields moved lower to start the week following oil's pullback, after longer-term yields had reached fresh 2026 highs in the prior week. The easing in yields on Monday provided a boost to interest rate-sensitive sectors, including homebuilders and REITs. A below-expectations ADP employment report on Wednesday, which showed private-sector hiring slowed sharply in July, may strengthen the case for a pause on rate hikes, and contributed to further pressure on yields. However, continued uncertainty regarding the US-Iran conflict kept pressure on energy prices and sustained concerns that higher commodity costs could fuel inflation. By Thursday, Treasury yields rose as investors digested a series of earnings reports and fresh labor market data alongside prospects of a possible Strait of Hormuz deal. But they dropped on Friday after a weaker-than-expected July nonfarm payrolls report was released.

Oil
Oil prices fell sharply to begin the week as diplomacy around the Strait of Hormuz gained traction. However, crude prices bounced on Wednesday on the latest reports regarding the conflict in the Middle East, with Brent rising back above $80 per barrel. By Thursday evening, crude was trading around $75 per barrel after 3 consecutive sessions of losses, as the market digested new reports of initial negotiations regarding the Strait of Hormuz. Prices rose again slightly on Friday as the market awaited updates, but overall it was a down week. Investors remained cautious about the durability of any lasting peace agreement in the region.

Gold 
Gold was a quiet but steady winner during the week, benefiting from a combination of easing Treasury yields and strong institutional demand. On Wednesday, gold jumped 2.8% to reach a 6-week high at $4,213 an ounce. US officials signaling a push toward a ceasefire with Iran drove fuel prices lower since the start of August, softening concerns that energy inflation would lift underlying consumer prices, and consequently easing Treasury yields. As a result, bullion prices lifted as markets faced lower opportunity costs to hold assets that bear no interest. Gold held near its 6-week high heading into Thursday's close, then hit a 7-week high into Friday's close.

Crypto 
Bitcoin opened the week trading near $64,000 and remained largely range bound throughout, even as the S&P 500 climbed to new record highs. The divergence between crypto and equities continued, as liquidity appeared to flow toward traditional risk assets rather than digital ones. Elsewhere, July's monthly ETF inflows for bitcoin remained the smallest on record at roughly $205 million. Ethereum traded near $1,870 and similarly failed to generate any breakout momentum during the week. The stalled CLARITY Act in Congress remains a key regulatory uncertainty hanging over the crypto market.

Source: Yahoo Finance, as of August 7, 2026.

KEY DATA FOR THE WEEK OF AUGUST 10

Investors will be closely watching new inflation data and Fed minutes in the week ahead, as well as more earnings reports.

Source: Fidelity.com, as of August 7, 2026.