S&P 500 – 7,757.64 (+0.62%)

Dow Jones – 54,036.93 (+0.28%)

NASDAQ – 26,690.62 (+1.30%)

• Markets Hit Another Record: U.S. equity markets finished higher Friday, with the S&P 500 reaching a new record as investors welcomed a softer-than-expected July jobs report and reduced expectations for near-term Fed rate hikes.
• Hormuz Deal in Sight: Iran says it is nearing an agreement with Oman to establish shipping lanes through the Strait of Hormuz, potentially easing global oil-supply concerns and putting additional pressure on crude prices.
• Biden Health Update: Hunter Biden says his father’s cancer has spread further and become increasingly painful, providing a stark new update on the former president’s health.
• Blanche Confirmed: Todd Blanche secured Senate confirmation as attorney general following a contentious battle, overcoming concerns surrounding his independence and his role in controversial Justice Department initiatives.
• Jobs Report Shifts Fed Outlook: U.S. payrolls unexpectedly declined in July, while the unemployment rate edged lower and wage growth came in below expectations. Investors largely viewed the cooling labor market as a positive development for inflation, potentially reducing pressure on the Federal Reserve to pursue more aggressive rate increases.
• Treasury Yields Slide: The 10-year U.S. Treasury yield moved lower toward 4.64% as traders reassessed the outlook for monetary policy following the weaker jobs data.
• Global Markets Mixed: Asian markets closed unevenly while European equities traded higher, reflecting a mixed tone across international markets.
• Oil Prices Ease: WTI crude edged lower toward $77 per barrel as investors monitored reports that Iran and Oman could be nearing an agreement that may reduce disruptions around the Strait of Hormuz.
• Dollar Loses Ground: The U.S. dollar weakened modestly against major currencies, moving in line with the decline in Treasury yields.
• U.S. Labor Market Cools: The economy lost 23,000 nonfarm payroll jobs in July, dramatically missing expectations for a 95,000-job increase and falling below the 34,000 average monthly gain recorded over the past year. Local government education, leisure and hospitality, and retail trade posted the largest declines.
• Hiring Was Weaker Than Reported: Payroll estimates for May and June were revised lower by a combined 103,000 jobs, indicating the labor market may have slowed more significantly than previously reported. The unemployment rate nevertheless edged down to 4.1%, compared with expectations for 4.2%, largely due to another decline in labor-force participation.
• Earnings Season Stays Strong: With 88% of S&P 500 companies having reported second-quarter results, approximately 86% have beaten analyst estimates, with earnings surprises averaging roughly 29%.
• Airbnb Takes Off: Airbnb (ABNB) jumped after delivering better-than-expected earnings and issuing an upbeat third-quarter outlook, while revenue climbed 17% year over year.
• Instacart Surges: Instacart (CART) rallied after beating second-quarter expectations and signaling continued momentum, with consumers increasingly turning to value-focused shopping options.
• Akamai Gains: Akamai Technologies (AKAM) climbed after beating second-quarter earnings expectations, boosting optimism around its cloud and software growth prospects.
• Atlassian Explodes Higher: Atlassian (TEAM) soared following a stronger-than-expected earnings report and an encouraging forecast from the workplace software developer.
• Cloudflare Pops: Cloudflare (NET) jumped after reporting strong quarterly results and issuing upbeat guidance, adding momentum to the broader cloud-computing sector.
• Mining Stocks Rally: Mining shares moved higher as precious metals gained, with gold rising more than 1% and silver jumping roughly 4%. Newmont (NEM) climbed 4% as a weaker dollar continued to support precious metals.
• Silver Hits New Highs: Silver reached its highest level since June as Treasury yields eased and inflation concerns moderated, while copper continued its rally amid growing concerns over a potential supply crunch.
• Corning Gets a Boost: Corning (GLW) advanced after the Trump administration imposed tariffs on polysilicon to encourage greater domestic production of the key semiconductor and solar material. Solar stocks, including First Solar (FSLR), also moved higher.
• Honeywell Aerospace Gets Hit: Honeywell Aerospace (HONA), spun off from Honeywell Technologies (HON) in June, plunged 23% Thursday after its first earnings report as an independent company disappointed investors.
• Datadog Takes a Hit: Datadog (DDOG) dropped 19% despite beating consensus expectations on both earnings and guidance, suggesting investors may have already priced in much of the company's positive momentum.

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“Someone’s sitting in the shade today because someone planted a tree a long time ago.”  — Warren Buffett

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Notable Stocks

• Intel Corp. (INTC)
• Nvidia (NVDA)
• Akamai Technologies (AKAM) 
• Cloudflare (NET)
• SpaceX (SPCX)

Weekly Notables

Gold Could Be Headed For $5,000 As UBS Sees More Upside Ahead

Gold is showing renewed strength, and UBS believes the latest rally could have plenty of room to run. The precious metal surged more than 2% Friday after a weaker-than-expected U.S. jobs report reduced expectations for additional Federal Reserve rate hikes, pushing gold gains above 8% over the past five trading sessions. UBS analysts remain bullish on the outlook, arguing that gold's recent move is supported by several underlying market trends. The bank expects gold prices to climb toward $5,000 per ounce during the first half of 2027, suggesting significant potential upside from current levels.

SpaceX Defies Expectations as Stock Surges Through Two Major Investor Tests

SpaceX (SPCX) delivered a remarkable performance last week, shrugging off a disappointing initial market reaction to its first earnings report as a public company and absorbing one of the largest share unlocks in its short trading history. Instead of selling off, the stock accelerated higher, signaling strong investor demand despite significant uncertainty surrounding the company. Shares surged 15.8% Friday, marking SpaceX's strongest single-day gain since going public and pushing the stock nearly 23% higher for the week. The rally brought shares to their highest closing level since July 15 and demonstrated surprising resilience following two potentially significant catalysts that could have triggered heavy selling.

Earnings Spotlight: Cisco Systems (CSCO)

Cisco Systems (CSCO) is scheduled to report its fiscal fourth-quarter 2026 financial results after the market closes on Wednesday, August 12, 2026. Analysts project an earnings per share (EPS) of $1.17 on revenue of roughly $16.82 billion. 

What to Watch Ahead:

August 10: Expected earnings from Barrick Mining (B), Rocket Lab (RKLB), Hims & Hers Health (HIMS), and Ferguson Enterprises (FERG).
August 11: July existing home sales and expected earnings from Cardinal Health (CAH), Lumentum (LITE), CoreWeave (CRWV), and Super Micro Computer (SMCI).
August 12: July Consumer Price Index (CPI) and core CPI, and expected earnings from Nebius Group (NBIS), Cisco (CSCO), and Cerebras Systems (CBRS).
August 13: July Producer Price Index (PPI) and core PPI and expected earnings from Brookfield (BN), NetEase (NTES), JD.com (JD), Tapestry (TPR), Applied Materials (AMAT), and Nu Holdings (NU).