NEW YORK, August 2, 2026, 13:05 EDT
- The S&P 500 climbed 0.7% on Friday, even as losing stocks outpaced winners by a ratio of 1.3 to one.
- The S&P equal-weight index gained 0.92% in July, while the standard index finished nearly unchanged.
- U.S. July payroll figures are due Friday. According to a Reuters survey, economists expect 83,000 jobs added and unemployment at 4.3%.
Wall Street’s rebound on Friday was less broad than the main indexes indicated. U.S. cash markets remain closed on Sunday. Regular trading is set to restart at 9:30 a.m. EDT on Monday.
The S&P 500 gained 0.7%, but stocks falling outnumbered those rising by a ratio of 1.3 to one. On the Nasdaq, 131 stocks reached new lows compared to 52 new highs. Only a few major companies with strong earnings saw investor support, rather than the broader market.
| Index | Friday close | Friday | Week | 2026 |
|---|---|---|---|---|
| S&P 500 | 7,489.72 | up 0.70% | up 1.05% | up 9.4% |
| Nasdaq Composite | 25,373.85 | up 1.00% | up 1.59% | up 9.2% |
| Dow Jones Industrial Average | 52,485.03 | up 0.53% | up 1.0% | up 9.2% |
| Russell 2000 | 2,931.34 | down 0.50% | gained less than 0.1% | up 18.1% |
Reuters and AP provide Friday’s closing figures and weekly data. Year-to-date numbers are approximate.
The weekly report challenges the notion of a straightforward megacap narrative. Year-to-date, the Russell 2000 remains ahead, although it paused last week. Flows have expanded across sectors over recent months before tightening considerably during earnings season.
The second half of that signal comes in July. The S&P 500 equal-weight index rose 0.92%, compared to nearly flat performance for the standard index. The equal-weight index also marked a four-month winning streak.
| Breadth measure | Latest reading | Comparison |
|---|---|---|
| S&P decliners per advancer | 1.3 | Breadth negative on Friday |
| Nasdaq new highs / new lows | 52 / 131 | New lows outnumbered highs by 79 |
| U.S. share volume | 20.6 billion | 20.5% above its 20-day average |
| Equal-weight S&P, July | +0.92% | Topped the standard index |
| Standard S&P 500, July | Roughly flat | Nasdaq declined 3.2% |
The volume premium uses Reuters’ figures of a 20.6-billion total and a 17.1-billion average.
Tech giants were in sharp focus on Friday. Amazon.com NASDAQ:AMZN jumped as its cloud division posted faster growth. In contrast, Apple NASDAQ:AAPL declined due to supply shortages affecting its forecast.
| Company | Friday move | Main market signal |
|---|---|---|
| Amazon.com NASDAQ:AMZN | +15.3% | Achieved highest quarterly revenue rise in more than four years |
| Apple NASDAQ:AAPL | -7.4% | Ongoing supply issues weighed on short-term outlook |
| Microsoft NASDAQ:MSFT | +3.0% | Built further on Thursday’s advance of over 15% |
| Micron Technology NASDAQ:MU | -5.9% | Fell after an initial increase of 6.4% |
Reuters and AP provided updates on company actions and earnings influences.
“People had concerns that Amazon’s investments were merely moonshot spending,” said Jake Dollarhide, chief executive of Longbow Asset Management. Andy Jassy “put those fears to bed,” he said. Reuters
Momentum in the broader chip sector was subdued. The PHLX Semiconductor Index inched up 0.07% but is still trading over 20% under its closing peak from June 22.
Bonds are contending with earnings for influence. The 10-year Treasury yield ended around 4.71%, after reaching 4.747% earlier in the session—a peak not seen since January 2025. Brent crude finished at $87.93 per barrel.
Futures markets assigned close to a 65% probability to a rate hike in September. Core personal consumption inflation stood at 3.3% for June. This is still well above the Federal Reserve’s target of 2%.
Focus now moves from earnings to the labor market. July payrolls are forecast to increase by 83,000. A higher reading may push yields up and fuel speculation about tighter policy. The data will be published Friday at 8:30 a.m. EDT.
The earnings calendar will put various areas of the market to the test. Reports are expected from software, semiconductor, healthcare, industrial, and recently listed growth stocks.
| Date | Economic releases | Selected company events |
|---|---|---|
| Monday, August 3 | Construction spending and ISM manufacturing, 10:00 a.m.; Federal Reserve loan survey, 2:00 p.m. | Palantir Technologies NASDAQ:PLTR, Q2 webcast at 5:00 p.m. |
| Tuesday, August 4 | Trade balance, 8:30 a.m.; JOLTS, 10:00 a.m. | Caterpillar NYSE:CAT before market opens; SpaceX NASDAQ:SPCX first quarterly report; Advanced Micro Devices NASDAQ:AMD after market close |
| Wednesday, August 5 | ISM services index, 10:00 a.m. | Eli Lilly NYSE:LLY, earnings and call at 10:00 a.m. |
| Thursday, August 6 | Jobless claims and initial productivity, 8:30 a.m. | — |
| Friday, August 7 | July jobs data, 8:30 a.m. | — |
All release times are in Eastern Time. Corporate dates are sourced from official investor relations statements and Reuters.
“The earnings picture overall should provide stability,” said Yung-Yu Ma of PNC Financial Services Group NYSE:PNC. Over a quarter of S&P 500 firms are set to release results. Adjusted quarterly earnings are running 29.3% higher than a year ago. Reuters
Risks: Robust payroll numbers, a further increase in oil prices, or disappointing AI investment returns may push yields higher and undo Friday’s sharp rally. Conversely, weaker labor figures and widespread earnings outperformance could fuel further gains outside of megacap stocks.
Breadth continues to serve as the key signal. An additional rise in the index with most stocks declining would highlight ongoing concentration risk. Broader participation from equal-weight stocks and small caps would signal a more sustainable rotation.
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