U.S. equities finished a third consecutive winning week for the S&P 500 and Nasdaq Composite, supported by softer inflation signals, strong second-quarter earnings and renewed AI/software leadership. Friday’s weaker-than-expected July retail-sales report and a drop in consumer sentiment, however, introduced an important counterweight: markets are pricing a more favorable Federal Reserve path while confronting signs that household demand may be cooling.

Index performance

Index	Friday close	Daily move	Weekly move	Weekly takeaway
S&P 500 Index (^GSPC)	7,785.76	Modestly lower Friday	+.36% & Higher for the third straight week	Reached a record close Thursday after touching an intraday high of 7,816.70.
Nasdaq Composite (^IXIC)	26,8729.16	Modestly lower Friday	+.14% & Higher for the third straight week	Technology and AI-sensitive shares continued to support index leadership.
Dow Jones Industrial Average (^DJI)	53,8732.41	Modestly lower Friday	-56% Lower for the week	Blue chips lagged as investors became more attentive to consumer and cyclical-growth data.
Russell 2000 (^RUT)	3,068.42	+.51% on Friday	+1.12% higher for the week	Small-cap participation was more decisive than large-cap growth leadership.

What drove the market

The week’s dominant catalyst was a more constructive inflation narrative. The S&P 500 (^GSPC) closed at a record on Thursday, with technology and communication-services sectors each rising roughly 1% that day. Market participants interpreted the inflation data as reducing near-term concern over additional Federal Reserve tightening, allowing earnings and secular AI investment themes to regain the foreground. Earnings also remained a powerful fundamental support. With more than 90% of S&P 500 (^GSPC) constituents reporting second-quarter results, FactSet data cited by CNBC showed year-over-year earnings growth tracking near 50%. That is a remarkable aggregate growth rate and helps explain why valuations have remained resilient even at record index levels. Leadership broadened within technology. The iShares Expanded Tech-Software Sector ETF (IGV) advanced more than 3% Thursday and was up roughly 28% over the preceding six months, reflecting a sharp reversal from its first-quarter drawdown. The move suggests investors have become more comfortable separating companies that may benefit from enterprise AI adoption from those potentially disrupted by it.

Macro report commentary

Friday’s data created the week’s main tension: disinflation improved, but consumer momentum weakened.

• July retail sales fell 0.6% month over month, compared with consensus expectations for a 0.1% gain. The control-group measure declined 0.4%, retail sales excluding autos fell 0.3%, and sales excluding gasoline and autos decreased 0.2%.
• Preliminary August University of Michigan consumer sentiment fell to 51.0 from 55.2 in July, below the 54.5 consensus estimate.
• Earlier in the week, softer inflation readings supported expectations that the Federal Reserve could remain on hold rather than resume rate hikes.

The market’s response was measured rather than disorderly. Softer consumption data can lower inflation and interest-rate pressure, which is favorable for duration-sensitive growth stocks, but it can also challenge the revenue outlook for consumer discretionary, retail, travel and other economically sensitive industries. The distinction now matters more: a gentle deceleration would strengthen the soft-landing case; persistent weakening in spending, hiring or confidence would raise concern that earnings expectations are too optimistic.

Corporate and sector focus

Investors are shifting from broad earnings season toward retail and AI bellwethers. Next week’s reports from Target Corporation (TGT) and Walmart Inc. (WMT) should offer important read-throughs on consumer trade-down behavior, discretionary demand and margin resilience. NVIDIA Corporation (NVDA), scheduled to report on August 26, remains a focal point for AI infrastructure spending, semiconductor demand and the durability of the market’s growth leadership. Technology strength is still central to the advance, but it is becoming more selective. Meta Platforms, Inc. (META), Micron Technology, Inc. (MU) and Netflix, Inc. (NFLX. $78.16, +5.42% over the last 5-days) were among the companies associated with Thursday’s Nasdaq strength, while software’s rebound—represented by the iShares Expanded Tech-Software Sector ETF (IGV)—underscored investors’ willingness to re-engage with long-duration growth assets.

Outlook for next week

The market enters next week with a bullish technical backdrop but less room for disappointment. The S&P 500 (^GSPC) is near record territory, earnings have been strong, and inflation data have become more supportive. Yet Friday’s retail-sales and sentiment reports make the consumer the most important macro variable to monitor.

Key watch items include:

• Consumer commentary and comparable-sales trends from Target Corporation (TGT) and Walmart Inc. (WMT).
• Treasury-yield and Fed-expectations changes following the softer consumer data.
• Continued leadership—or deterioration—in semiconductors, software and communication-services equities.
• Whether the S&P 500 (^GSPC) can hold near its record levels as investors reassess the balance between easing inflation and slowing demand.

For investors, the current environment favors selectivity over complacency: quality earnings, visible cash-flow generation, pricing power and credible AI or productivity exposure remain attractive, while consumer-sensitive companies face a higher bar after Friday’s disappointing demand data.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $12.45. Amwell® (NYSE: AMWL) announced (Aug. 4) financial results for the second quarter ended June 30, 2026. Dr. Ido Schoenberg, Chairman and CEO of Amwell stated, “The DHA’s intent to make Amwell a prime contractor is a powerful endorsement of our platform and our people. With subscription revenue now approaching half our total revenue, independently validated behavioral clinical outcomes, no debt, and positive cash flows from operations projected for the fourth quarter this year, we have never been better positioned to lead the era of AI-powered care.”

Amwell Second Quarter 2026 Highlights:

• Recorded Total Revenue of $52.0 million at the top end of the previously provided financial guidance range for Q2
  • Achieved subscription revenue of $25.7 million
  • Recorded Amwell Medical Group (“AMG”) visit revenue of $24.4 million
• Reported gross margin of 53%
• Net loss was ($9.6) million, compared to ($10.3) million in the first quarter of 2026, continuously moving from quarter to quarter in a favorable trajectory
• Adjusted EBITDA of ($1.2) million compared to ($3.1) million in the first quarter of 2026
• Total visits on the platform were 0.8 million.
  

Financial Outlook

The Company is significantly improving Adjusted EBITDA, reaffirming its AMG visit guidance, and raising the low end of its 2026 revenue outlook:

• Revenue in the range of $200 million to $205 million increased from $195 million to $205 million
• AMG visits between 1.32 million and 1.37 million
• Adjusted EBITDA in the range between ($9) million to ($7) million increased from ($16) million to ($12) million. 
  

The Company also provided financial guidance for Q3 2026 Revenue and adjusted EBITDA:

• Q3 revenue in the range of $46 million to $48 million
• Q3 adjusted EBITDA expected to in the range of ($5) million to ($3) million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $13.90) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.72), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Aug. 13) positive results from a new analysis of the RESOLVE study examining the effect of EP-104GI on symptom severity, including for the first time an analysis of the effect of EP-104GI on odynophagia (pain when swallowing). This is important because odynophagia scoring is a component of Dysphagia Symptom Questionnaire (DSQ), a commonly used patient reported outcome used in pivotal clinical trials in EoE patients.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $2.49, +13.18%), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB) delivered the sort of second-quarter report investors tend to enjoy: revenue and profitability exceeded guidance, full-year expectations moved higher, and AI demand translated into contracts rather than merely conference-call poetry. On Wednesday, August 12, SMWB shares climbed roughly 17% in premarket trading after the release; during the regular session, the stock closed at $8.89, up +18.38% over the last 5-days. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.50, +6.06% over the last 5-days) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $3.40), a world-class beauty innovation pioneer, announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $24.80) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
• Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
• Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
• Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

• Revenue between $170 million and $171 million.
• Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

• Revenue between $671 million and $681 million.
• Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (NYSE: SOC, $4.15) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that—but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.

T1 Energy Inc. (NYSE: TE)

T1 Energy Inc. (NYSE: TE, $5.11) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 reported second-quarter net sales of $250.1 million, produced 935 megawatts of solar modules at its G1_Dallas facility and generated adjusted EBITDA of $10.7 million. The company also monetized $39.1 million of 2025 Section 45X tax credits and ended the quarter with $156.4 million in cash, cash equivalents and restricted cash, including $79.1 million unrestricted. The headline loss should not be ignored: T1 reported a $36.9 million net loss from continuing operations, while its adjusted EBITDA benefited from $24.4 million in tariff refunds recognized in cost of sales. Yet the more interesting investor question is whether the company is creating a viable U.S. solar-manufacturing platform at a time when supply-chain security and domestic energy capacity carry unusually high strategic value. The company expects its first solar cells from a planned 2.1-gigawatt manufacturing facility in the first quarter of 2027. With 3 gigawatts of firm contracts, a 641-megawatt offtake agreement with Clearway and 2026 output expected toward the upper end of its 3.1-to-4.2-gigawatt range, T1’s story is increasingly about turning production capacity into contracted revenue. For investors, TE is less a conventional earnings multiple story than an execution-and-optionality story. If domestic solar demand remains durable and manufacturing milestones stay on schedule, the market may ultimately value the company less like a troubled commodity producer and more like a strategically positioned industrial platform.

Nvidia (NVDA, $225.16, +.54%)

NVDA continues to expand its influence in AI with the launch of the Alpamayo model and a new $2 billion investment in AI infrastructure.

The Sources

1. CNBC — Stock Market Today: Live Updates
2. Yahoo Finance — Stock Market Today: Dow, S&P 500 and Nasdaq Gain on Soft Inflation Data and Earnings
3. U.S. Bureau of Labor Statistics — Producer Price Index, July 2026
4. Charles Schwab — Stock Market Update: Tame CPI Adds to Early Stock Gains on AI Earnings
5. Barron’s — Stock Market Today: Dow, S&P 500 and Nasdaq Rise
6. Trading Economics — United States Stock Market Index
7. Trading Economics — United States Producer Prices Change
8. U.S. Bureau of Labor Statistics — 2026 Release Calendar