Key Takeaways
- Producer prices were unchanged month-on-month in July, below expectations, with the annual rate easing to 4.7% from 5.5% according to the release cited in the week's news notes.
- July retail sales fell 0.6% month-on-month, the largest drop in 14 months and well below the small increase expected, as widely reported.
- The energy sector ETF (XLE) rose 7.67% for the week, tracking a 7.32% gain in the crude oil ETF (USO).
- Small-cap U.S. stocks, as measured by the Russell 2000 ETF (IWM), gained 1.16% and notched a fresh record, according to widely reported coverage.
- The value factor ETF (VLUE) led factor strategies with a 3.27% weekly gain, while the growth factor ETF (VUG) was roughly flat at -0.04%.
- Country markets diverged sharply, with the South Korea ETF (EWY) up 8.23% while the Brazil ETF (EWZ) fell 4.07%.
Markets at a Glance
August 10 – August 14, 2026
1-week total return by segment, via ETF proxies, measured from the prior week’s final close (Aug 7, 2026) through the Aug 14, 2026 close. Bars share one scale across groups.
Equities
Bonds
Sectors
Alternatives
Factors
Weekly Recap
U.S. equities finished the week with modest gains at the headline level and notable dispersion beneath the surface. The S&P 500 ETF (SPY) rose 0.4%, the Nasdaq 100 ETF (QQQ) added 1.11%, and the Russell 1000 ETF (IWB) gained 0.46%. The Dow Jones Industrial Average ETF (DIA) was an exception, slipping 0.52% on the week. Small-cap stocks stood out, with the Russell 2000 ETF (IWM) up 1.16%.
Outside the United States, results were mixed. The emerging markets ETF (EEM) climbed 1.48% and the MSCI World ETF (URTH) rose 0.34%, while the international developed markets ETF (EFA) was nearly flat at 0.08%. The dispersion across individual country markets, detailed below, was far wider than these broad averages suggest.
What Moved Markets This Week
Several macroeconomic releases shaped the week's tone. According to the producer-price data cited in the week's news notes, July PPI was unchanged month-on-month against expectations of a 0.2% increase, with the annual rate easing to 4.7% from 5.5%; core PPI rose 0.2% month-on-month, with an annual rate of 4.2%. On the same theme of a cooling economy, a retail sales report showed a 0.6% month-on-month decline in July, described as the largest drop in 14 months and well below the small increase expected. Separately, initial jobless claims for the week ending August 8 rose by 9,000 to 209,000, above expectations, as reported in the notes.
On the corporate side, S&P Dow Jones Indices announced that Reddit will join the S&P 500 index before the opening bell on August 18, an index-relevant change; the stock rose about 10% on the news, as widely reported. These items are provided as factual context for the week's moves, not as analysis of any individual security.
Sectors and Country Markets
Sector performance was led decisively by energy. The energy sector ETF (XLE) surged 7.67%, closely tracking the crude oil ETF (USO), which rose 7.32%. Utilities (XLU, up 1.58%), communication services (XLC, up 1.52%), consumer staples (XLP, up 1.13%), technology (XLK, up 1.1%), and healthcare (XLV, up 1.02%) also advanced. The financials sector ETF (XLF) added 0.99%. On the softer side, the consumer discretionary sector ETF (XLY) fell 1.37% and the materials sector ETF (XLB) slipped 0.59%.
Country markets showed some of the widest dispersion in the data. The South Korea ETF (EWY) jumped 8.23% and the Taiwan ETF (EWT) rose 3.85%, while the Canada (EWC) and Japan (EWJ) ETFs gained 1.55% and 1.36%. At the other end, the Brazil ETF (EWZ) dropped 4.07%, the China ETF (MCHI) fell 3.43%, and the Mexico (EWW), Australia (EWA), and Switzerland (EWL) ETFs each declined more than 1.9%.
Fixed Income and Rates
Bond returns were slightly negative across much of the curve. The U.S. aggregate bond ETF (AGG) eased 0.12%, the intermediate Treasury ETF (IEF) fell 0.14%, and the long-term Treasury ETF (TLT) declined 0.87%, its weakness consistent with pressure on longer-dated bonds. The investment-grade corporate bond ETF (LQD) slipped 0.38%.
Shorter-dated and higher-yielding segments held up better: the short-term bond ETF (SHY) rose 0.1% and the high-yield bond ETF (HYG) gained 0.13%. The pattern of longer-maturity bonds lagging shorter ones is one reason advisers monitor duration when assessing how a fixed income allocation may behave in a given rate environment.
Commodities and Real Assets
Commodities were among the strongest areas in the data. The crude oil ETF (USO) rose 7.32%, and the broad commodities ETF (DJP) gained 3.47%. Precious metals also advanced, with the silver ETF (SLV) up 1.7% and the gold ETF (GLD) up 0.76%. Over the past month, silver and gold have posted larger moves, with SLV up 16.05% and GLD up 10.01%. The REIT ETF (VNQ) added 0.39% for the week.
Factors and Style
Factor strategies are rules-based approaches that tilt toward specific characteristics, such as cheaper valuations (value), recent relative strength (momentum), or steadier price behavior (low volatility). This week, the value factor ETF (VLUE) led with a 3.27% gain, followed by the momentum factor ETF (MTUM) at 2.66% and the dividend growth ETF (SCHD) at 1.8%. The high dividend ETF (VYM) rose 0.53% and the low volatility ETF (USMV) rose 0.54%. The quality factor ETF (QUAL) was nearly flat at 0.08%, and the growth factor ETF (VUG) edged down 0.04%.
Within the style box, mid-cap and growth-oriented segments generally led. The mid-cap growth ETF (IWP) rose 2.15%, the mid-cap blend ETF (IWR) added 1.52%, and the small-cap growth ETF (IWO) gained 1.38%. Large-cap value (IWD) and large-cap growth (IWF) were more muted at 0.4% and 0.55%. Over the trailing year, the figures show a wide gap between large value (IWD, up 31.91%) and large growth (IWF, up 11.8%).
What This Means for Long-Term Investors
This week illustrated how differently parts of a diversified portfolio can move at once: energy and commodities posted large gains while several country markets and longer-dated bonds declined, and value led growth among factors even as the broad S&P 500 ETF (SPY) rose just 0.4%. Because leadership shifted across sectors, regions, and styles, spreading exposure across many segments is historically one way investors have sought to smooth the effect of any single area's sharp move within the context of a long time horizon.
Performance figures reflect ETF proxies for each market segment. Weekly returns are measured from the prior week’s final close (August 7, 2026) through the August 14, 2026 close; month and year figures are anchored to the same ending close. Dates reflect actual trading sessions, so market holidays can shift them.
This commentary is provided by Rubric Advisors, a California-registered investment adviser, for informational and educational purposes only. It does not constitute investment, legal, or tax advice, is not a recommendation or offer to buy or sell any security, and should not be relied upon as the sole basis for an investment decision. Market segment performance is measured using exchange-traded fund (ETF) proxies, which reflect fund expenses and may differ from their underlying indices; figures are unaudited and drawn from third-party data believed reliable but not guaranteed. Past performance does not guarantee future results. All investing involves risk, including possible loss of principal. Options strategies are not suitable for all investors, and private market investments are available only to qualified clients.