This Week's Read — August 10–14, 2026
Stocks ground out modest gains this week as cooling inflation data offset a jump in oil prices. The S&P 500 rose 0.36% to 7,785.76, touching a fresh record close on Wednesday. The Nasdaq Composite edged up 0.14% to 26,729.16, the Russell 2000 outperformed with a 1.12% gain, and the Dow lagged, down 0.56% to 53,732.41.
Inflation data came in benign, and that was enough to push the S&P to a new high. July CPI rose 0.1% month-over-month and 3.4% year-over-year, in line with expectations, with core CPI up 0.2% and 2.5% annually. PPI followed Thursday and was flat on the month, though prices excluding food, energy, and trade services rose 0.4%. The soft prints, combined with a wave of strong AI-linked earnings, were enough to lift the S&P to a record close near 7,785 on Wednesday, powered largely by semiconductor and data-center names.
Earnings kept the AI trade alive. Super Micro Computer jumped 9% after forecasting current-quarter revenue of $14.5-$15.5 billion, well above the $12 billion analysts expected, and guiding full-year fiscal 2027 revenue to $65-$72 billion on the back of more than $60 billion in new AI-server orders booked last quarter alone. Cisco posted record Q4 results and guided fiscal 2027 EPS to $5.05-$5.11, topping the $4.83 consensus, on revenue guidance of $72.2-$73.4 billion.
Oil pulled the other direction. Brent crude jumped more than 2% overnight Wednesday, pushing toward $90 a barrel, after attacks on Middle East shipping dented hopes for reopening the Strait of Hormuz — the EIA doesn't expect regional production back to pre-conflict levels until early 2027. Pump prices stayed elevated even as demand softened; the national average climbed back to $4.07 a gallon, the highest August average on record, with Vermont's statewide average running about a dime above that. Gold added 1.61% to $4,432, still a hedge against both the geopolitical risk and a labor market flashing yellow: weekly jobless claims rose to 209,000, above the 202,000 expected, while July retail sales fell 0.6% from June even as they're up 5.0% year-over-year. The VIX fell 4.36% to 14.25 — the market isn't losing sleep over any of it yet.
What's next: The Fed doesn't meet again until September 15-16, so next week's calendar runs through the real economy instead — Home Depot reports Tuesday before the open, Target follows Wednesday, and Walmart closes out the retail trio Thursday, all a read on the consumer. July housing starts data lands Tuesday too. With no Fed decision on deck, expect that data to do the work of shaping September rate-cut odds.
Sources: BLS, CNBC, Bloomberg, Al Jazeera, MarketScreener, Detroit News, Cisco Investor Relations, U.S. Census Bureau, Federal Reserve, Kiplinger, 24/7 Wall St., Vermont Business Magazine, and FRED/yfinance market data.
The views expressed here reflect my own read on the week's market activity and are intended for educational purposes only. Nothing in this post constitutes investment advice, legal advice, or a recommendation for any specific security or strategy. Every investor's situation is different — if you'd like to discuss how any of this applies to your own portfolio, I'm always happy to talk.