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Market Recap
WEEK OF AUG. 31 THROUGH SEP. 4, 2026
The S&P 500 index edged up 0.1% last week as gainers led by the energy sector barely outweighed decliners guided by consumer discretionary stocks. The S&P 500 ended Friday's session at 7,718.60. Last Monday, the index concluded August with a 2.6% monthly gain. It's up nearly 13% for the year.
August jobs data showed the economy added almost triple the positions expected last month. Nonfarm payrolls rose by 162,000 last month, the Bureau of Labour Statistics said Friday, compared with a 55,000 increase projected in a Bloomberg-compiled survey.
Bets rose for a September rate increase by the Federal Reserve's Federal Open Market Committee following the jobs report. As of Friday, markets were pricing in a 58% probability that the FOMC will raise its benchmark lending rate on Sept. 16, up from 49% on Thursday, according to the CME FedWatch tool.
The energy sector had the largest percentage gain last week, up 2.3%, followed by a 1.1% rise in technology and a 0.7% increase in utilities. Health care also edged higher.
The climb in the energy sector came as crude oil futures also rose on the week. Gainers in the sector included Marathon Petroleum (MPC), up 5.4% on the week, and Valero Energy (VLO), up 5.2%. Both stocks received boosts to their price targets this week from analysts as Piper Sandler and Wells Fargo.
Top gainers in the technology sector included Dell Technologies (DELL), which rose 15%. The company's fiscal second-quarter results beat Wall Street's estimates, driven by record artificial intelligence server demand. Dell also lifted its full-year outlook.
On the downside, consumer discretionary fell 2.1%, followed by a 1.6% drop in materials, a 1.3% loss in real estate and a 1.1% decline in industrials. Consumer staples, communication services and financials also moved lower.
The consumer discretionary sector's decliners were led by Lululemon Athletica (LULU), whose shares shed 17%. The athletic apparel retailer reported weaker-than-expected fiscal Q2 revenue and cut its full-year outlook.
The US and Canadian stock market will be closed today, Septmeber 7th for Labor Day.
Oracle (ORCL), Adobe (ADBE), Kroger (KR) and Macy's (M) are among the companies expected to release quarterly results later in this week.
Economic data will include the August consumer price index and producer price index.
