SPY•Meanwhile, rising AI-related debt issuance and widening tech CDS spreads raise questions about whether there is a cliff up ahead, while Carson Group also weighs in on how the AI buildout is increasingly fueled by debt.
SPX performance YTD:
SP 500 2026 YTD through August 21 https://fingfx.thomsonreuters.com/gfx/buzz/egvbwdyompq/SP%20500%202026%20YTD%20through%20Aug%2021.jpg
Materials .SPLRCM up 2.3%. Gold miners including Newmont NEM.N track the rise in spot gold XAU=, driven by a weaker dollar =USD and the U.S. Treasury's surprise mid-week liquidity support announcement.
Spot gold shines, miners soar, and the metal clears resistance hurdles on Friday.
PHLX Gold/Silver Index .XAU surges about 14%.
Healthcare .SPXHC jumps 4.3%. Moderna MRNA.O zooms 129% on the week after a melanoma skin cancer vaccine combined with Merck's MRK.N Keytruda reduced recurrence in a late-stage trial, the companies say, boosting biotech stocks.
Nasdaq Biotech index .NBI climbs about 7% and hits a fresh record high.
A vast majority of sectors receive a shock: interest rate-sensitive Utilities, Industrials and Tech shiver, while Healthcare soothes.
Tech .SPLRCT drops 3.2%. Nvidia NVDA.O to guarantee OpenAI's Ohio data center for up to $105 billion. NVDA finishes the week down nearly 5%.
Semiconductor index .SOX sheds 5.5%.
Financials .SPSY sag 1.2%. But Coinbase COIN.O and Robinhood Markets HOOD.O vault as bitcoin BTC= extends its rally after President Trump urges Congress to pass a crypto bill, and on a boost to risk assets following the Treasury Department's move to support long-duration bonds.
Consumer Staples .SPLRCS down 1%. Walmart WMT.O slumps after a rare comparable sales miss in Q2, though Target TGT.N rises after its second annual sales forecast hike this year on turnaround efforts.
Consumer Discretionary .SPLRCD dips 0.2%. Home Depot HD.N initially rises on Tuesday after a Q2 beat as steady repair demand helped offset sluggish spending on big-ticket projects, but HD ends slightly red.
.SPX snaps a 3-week winning streak, retreats 1.4% as bond market turbulence weighs .N.DJI edges down 0.8%, Nasdaq Composite .IXIC drops 2.1%.DJI survives a crucial support test Friday ahead of PCE, Nvidia and Jackson HoleUS10YT=RR falls to as low as 4.63%, then rises to the 4.74% area as a long-term breakout gathers momentum
