Key Takeaways
- U.S. large-cap stocks, as measured by the S&P 500 ETF (SPY), fell 1.38% for the week, with the Nasdaq 100 ETF (QQQ) down 2.41%.
- The Federal Reserve released the minutes of its July 28-29 FOMC meeting on August 19, according to the Federal Reserve Board.
- Healthcare was the strongest sector in the data, with the Healthcare Select Sector ETF (XLV) up 4.33%, while technology, industrials, and utilities each fell more than 3%.
- Precious metals and energy stood out, with the silver ETF (SLV) up 7.23%, crude oil (USO) up 6.37%, and gold (GLD) up 5.46%.
- Value-oriented segments outperformed growth, as the Large Value ETF (IWD) fell 0.48% versus a 2.77% decline for the Large Growth ETF (IWF).
Markets at a Glance
August 17 – August 21, 2026
1-week total return by segment, via ETF proxies, measured from the prior week’s final close (Aug 14, 2026) through the Aug 21, 2026 close. Bars share one scale across groups.
Equities
Bonds
Sectors
Alternatives
Factors
Weekly Recap
U.S. equities pulled back across the major indices during the week ending August 21, 2026. The S&P 500 ETF (SPY) declined 1.38%, the Dow Jones Industrial Average ETF (DIA) fell 0.86%, and the small-cap Russell 2000 ETF (IWM) dropped 1.69%. The technology-heavy Nasdaq 100 ETF (QQQ) lagged with a 2.41% loss.
Markets abroad were mixed and generally held up better than domestic benchmarks. The International Developed ETF (EFA) slipped just 0.36%, and the Emerging Markets ETF (EEM) rose 0.77%, one of the few equity gains in the data. Despite the weekly softness, longer-term figures remained positive, with SPY up 21.31% over the trailing year and EEM up 37.54%.
What Moved Markets This Week
According to the Federal Reserve Board, the central bank released the minutes of its July 28-29 Federal Open Market Committee meeting on August 19. Investors and analysts routinely parse these minutes for context on how policymakers viewed the economy and interest rates at that meeting.
Beyond the FOMC minutes, other items on the week's calendar, including scheduled housing and industrial production releases and a slate of large retailer earnings, were previews rather than confirmed outcomes in the information available, so they are not detailed here. The price data itself shows the clearest picture of how markets moved: broad U.S. equity weakness concentrated in growth and technology, alongside pronounced strength in precious metals and energy.
Sectors and Country Markets
Sector performance was widely dispersed. The strongest sector in the data was healthcare, with the Healthcare Select Sector ETF (XLV) up 4.33%, followed by energy (XLE) at 2.76% and materials (XLB) at 1.87%. On the other end, the Technology ETF (XLK) fell 3.51%, the Utilities ETF (XLU) declined 3.5%, and the Industrials ETF (XLI) dropped 3.37%. This spread of more than seven percentage points between the best and weakest sectors illustrates how uneven a single week can be beneath the index-level headline.
Country markets tilted positive outside the United States. Brazil (EWZ) rose 3.33%, Mexico (EWW) gained 3.19%, and China (MCHI) added 1.89%, while Japan (EWJ) fell 3.11% and Taiwan (EWT) declined 2.61%. Over the trailing year, dispersion is even wider, with South Korea (EWY) up 155.6% and India (INDA) down 7.75%.
Fixed Income and Commodities
Bonds were largely quiet. The U.S. Aggregate Bond ETF (AGG) edged down 0.11%, the Short-Term Bond ETF (SHY) was flat, and the Long-Term Treasury ETF (TLT) was essentially unchanged at 0.01%. Investment-grade corporates (LQD) slipped 0.17% and high-yield bonds (HYG) eased 0.1%, leaving the fixed income complex little moved for the week.
Commodities were the standout category. The silver ETF (SLV) jumped 7.23% and the crude oil ETF (USO) rose 6.37%, while gold (GLD) advanced 5.46% and the broad commodities ETF (DJP) gained 4.3%. Real estate diverged from these real assets, as the REIT ETF (VNQ) slipped 0.34%.
Factors and Style
Factor strategies package stocks by shared characteristics rather than by sector or geography. This week, defensive and value-oriented factors held up best. The Dividend Growth ETF (SCHD) rose 1.71% and the Low Volatility ETF (USMV) added 0.11%, while the Value factor ETF (VLUE) fell a modest 0.75%. Growth-leaning and higher-risk factors trailed, with the Growth ETF (VUG) down 2.07% and the High Beta ETF (SPHB) down 2.01%. The Equal Weight ETF (RSP) declined 0.5%, less than the cap-weighted S&P 500 ETF, a sign that the largest names weighed disproportionately on the benchmark.
The style box told a consistent story. Value outpaced growth across sizes: Large Value (IWD) fell just 0.48% against a 2.77% drop for Large Growth (IWF), and Mid Value (IWS) declined 0.85% versus 2.42% for Mid Growth (IWP). Over the trailing year, that gap is striking, with IWD up 31.32% and IWF up 10.41%.
What This Means for Long-Term Investors
This week is a useful reminder that markets rarely move in unison: while the S&P 500 ETF (SPY) fell 1.38% and technology dropped 3.51%, healthcare rose 4.33%, silver climbed 7.23%, and emerging markets gained 0.77%, so a portfolio spread across sectors, styles, and asset classes would have experienced a far milder swing than any single lagging segment. For investors with long horizons, a one-week pullback sits against trailing-year gains that remain broadly positive, and the wide dispersion among the week's winners and losers is precisely the kind of variation that diversification is designed to absorb.
Performance figures reflect ETF proxies for each market segment. Weekly returns are measured from the prior week’s final close (August 14, 2026) through the August 21, 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.