MARKET RECAP
U.S. equities delivered their strongest weekly gains since April, with the S&P 500 rising 3.58% to close at 7,757.64, the Dow Jones Industrial Average advancing 2.96% to 54,036.93, and the Nasdaq Composite climbing 5.19% to 26,690.62 (comparing Friday, August 7 closes to the prior Friday, July 31). Soft July jobs data (nonfarm payrolls falling 23,000) eased concerns about imminent Federal Reserve rate hikes, supporting risk assets amid solid earnings.
International stocks, tracked via the VXUS ETF, gained approximately 3.1% for the week, rising from a July 31 close of $84.59 to $87.21 on August 7. Global equities broadly participated in the risk-on move.
In fixed income, the 10-year Treasury yield declined from about 4.75% on July 31 to roughly 4.64–4.66% by August 7. Bitcoin advanced roughly 3.2%, moving from near $62,882 to around $64,900. Gold posted a sharp rally of about 7.2%, with Comex futures settling near $4,340.70 after ending the prior week around $4,049.
Geopolitically, tensions remain elevated in the Middle East, where Iran continues to condition any full reopening of the Strait of Hormuz on U.S. concessions including sanctions relief and an end to the naval blockade, even as technical talks with Oman advance; the Trump administration has emphasized economic pressure while pausing major new strikes. In Eastern Europe, Russia and Ukraine exchanged overnight drone and missile attacks that killed civilians on both sides, with frontline fighting and long-range strikes persisting. Domestically, U.S. midterm primary season continues.
Abdul El-Sayed’s razor-thin primary win over moderate Rep. Haley Stevens has handed the progressive left its biggest victory of the cycle and set up a high-stakes general election test against Republican Mike Rogers in a must-win Senate battleground.
Overall, the week reflected a clear risk-on tone driven by cooling labor-market signals and resilient corporate results, lifting equities, crypto, and gold while yields eased, even as geopolitical flashpoints in Iran and Ukraine, alongside the approaching midterms, continue to inject uncertainty into the broader outlook.
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