Monthly Market Wrap: August 2026
Welcome back to YCharts’ Monthly Market Wrap, your data-driven recap of market trends shaping portfolios and client conversations. In August, all major US indices posted positive results, led by the Nasdaq. Precious metals and major cryptocurrencies soared above equities, as inflation cooled and oil prices continued causing pain at the pump.
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Market Summary: The Nasdaq Leads All Indices, as Oil Prices Remain Elevated and Inflation Cools Slightly
Markets were positive across the board in August. The Nasdaq led up 4% and the S&P 500 gained 2.7%, while all other indices posted positive months. The Energy sector advanced an additional 7.4%, following a 12% gain in July, leading all sectors once again. Utilities lagged, down 4.8%, while Consumer Staples, Real Estate, and Industrials were all also negative in August.
Oil prices were tame in August, but remain elevated as conflict in the Middle East carries on. Brent crude fell 4.3% for the month to $92.71 per barrel, as WTI ended virtually flat, just 0.2% higher at $86.34 per barrel. The US inflation rate declined 0.1% MoM to 3.3%, continuing to cool following the three-year highs reached in May.
Treasury yields moved higher across the front end of the curve. The 20-year and 30-year were the only to decline, dropping 4 and 2 basis points respectively. The 3-month and 1-year saw the biggest increase across the curve of 8 basis points each, as the 10-year went unchanged in August. Bond funds increased as a result, none more than iShares iBoxx $ High Yield Corporate Bond ETF (HYG), which rose by 0.9%.
Jump to Fixed Income Performance
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Off the YCharts! Equal Weight Out Front
Mega cap stocks have driven the bulk of the S&P 500’s gains for much of the past decade, but 2026 is telling a different story beneath the index’s headline return.
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The Invesco S&P 500 Equal Weight ETF (RSP) has returned 15.46% year to date through August, ahead of the cap-weighted S&P 500’s 13.14%. With four months left in 2026, the fund is on pace for its first calendar-year outperformance since 2022, when RSP finished down 11.62% against the S&P’s 18.17% decline.
The divergence traces to a shift in which stocks are driving returns. The S&P 7, YCharts’ grouping of the Magnificent 7, has underperformed the market’s remaining 493 companies, a reversal from recent years, when mega cap concentration typically outpaced the average stock.
Equity Performance: All Major US Indices Positive, Energy Sector Continues to Soar as Moderna Jumps 156%
Major Indices
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| Index | 1 Month Total Returns | 3 Month Total Returns | 6 Month Total Returns | 1 Year Total Returns |
|---|---|---|---|---|
| Nasdaq Composite | 3.99% | -2.09% | 16.69% | 23.64% |
| MSCI Emerging Markets | 3.40% | -1.10% | 8.26% | 39.66% |
| Russell 1000 | 2.82% | 1.94% | 12.10% | 19.77% |
| S&P 500 | 2.72% | 1.68% | 12.37% | 20.38% |
| MSCI EAFE | 2.00% | 4.10% | 3.76% | 22.19% |
| Dow Jones Industrial Average | 1.47% | 4.62% | 9.47% | 18.62% |
| Russell 2000 | 0.98% | 1.58% | 13.01% | 26.46% |
Value vs. Growth Performance
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| Ticker | Name | 1 Month Total Returns | 3 Month Total Returns | 6 Month Total Returns | 1 Year Total Returns |
|---|---|---|---|---|---|
| IWF | iShares Russell 1000 Growth | 3.71% | -3.94% | 9.22% | 10.56% |
| IWD | iShares Russell 1000 Value ETF | 2.02% | 8.30% | 14.71% | 29.50% |
| IWO | iShares Russell 2000 Growth ETF | 1.71% | -0.88% | 12.62% | 23.11% |
| IWN | iShares Russell 2000 Value ETF | 0.25% | 4.08% | 12.99% | 29.58% |
US Sector Movement
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| Ticker | 1 Month Total Returns | 3 Month Total Returns | 6 Month Total Returns | 1 Year Total Returns |
|---|---|---|---|---|
| XLE | 7.41% | 14.43% | 15.94% | 45.89% |
| XLK | 6.36% | -2.25% | 34.73% | 42.86% |
| XLV | 4.92% | 14.60% | 7.36% | 26.25% |
| XLB | 4.48% | 3.40% | -0.55% | 16.26% |
| XLC | 2.97% | -3.40% | -5.03% | 1.32% |
| XLF | 1.35% | 12.27% | 13.18% | 8.54% |
| XLY | 0.43% | -3.35% | 0.17% | 1.40% |
| XLP | -0.08% | 3.21% | -4.40% | 8.13% |
| XLRE | -2.13% | 1.14% | 2.16% | 7.82% |
| XLI | -2.62% | 1.40% | -0.62% | 16.68% |
| XLU | -4.78% | -4.33% | -10.34% | 2.94% |
Hot Stocks: Top 10 S&P 500 Performers of August 2026
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| Symbol | Name | 1 Month Price Returns | YTD Price Returns | Industry | Sector |
|---|---|---|---|---|---|
| MRNA | Moderna, Inc. | 156.0% | 375.9% | Biotechnology | Health Care |
| PLTR | Palantir Technologies, Inc. | 51.5% | 4.9% | Software | Information Technology |
| VEEV | Veeva Systems, Inc. | 40.2% | 28.0% | Health Care Technology | Health Care |
| CRM | Salesforce, Inc. | 40.0% | -2.8% | Software | Information Technology |
| PSKY | Paramount Skydance Corp. | 37.1% | -18.6% | Media | Communication Services |
| NEM | Newmont Corp. | 34.5% | 26.2% | Metals & Mining | Materials |
| NOW | ServiceNow, Inc. | 33.0% | -3.4% | Software | Information Technology |
| SMCI | Super Micro Computer, Inc. | 31.3% | 27.4% | Technology Hardware, Storage & Peripherals | Information Technology |
| IT | Gartner, Inc. | 31.2% | -21.5% | IT Services | Information Technology |
| SNDK | Sandisk Corp. | 29.0% | 560.0% | Technology Hardware, Storage & Peripherals | Information Technology |
Laggards & Losers: 10 Worst S&P 500 Performers of August 2026
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| Symbol | Name | 1 Month Price Returns | YTD Price Returns | Industry | Sector |
|---|---|---|---|---|---|
| DVA | DaVita, Inc. | -26.7% | 54.9% | Health Care Providers & Services | Health Care |
| EIX | Edison International | -26.4% | -10.1% | Electric Utilities | Utilities |
| TTD | The Trade Desk, Inc. | -23.9% | -63.9% | Media | Communication Services |
| PCG | PG&E Corp. | -23.6% | -17.4% | Electric Utilities | Utilities |
| HONA | Honeywell Aerospace, Inc. | -23.5% | -20.9% | Aerospace & Defense | Industrials |
| APP | Applovin Corp. | -21.2% | -53.7% | Media | Communication Services |
| APTV | Aptiv Plc | -20.7% | -30.6% | Automobile Components | Consumer Discretionary |
| TPR | Tapestry, Inc. | -19.0% | -3.4% | Textiles, Apparel & Luxury Goods | Consumer Discretionary |
| NRG | NRG Energy, Inc. | -18.0% | -30.8% | Electric Utilities | Utilities |
| WDC | Western Digital Corp. | -17.3% | 161.5% | Technology Hardware, Storage & Peripherals | Information Technology |
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Economic Data Overview: Precious Metals and Cryptocurrencies Dominate, Employment Scares
Employment
The unemployment rate ticked down 0.1 percentage point to 4.1% in July, as the U.S. economy unexpectedly lost 23,000 jobs according to the most recent nonfarm payrolls report, well below the Dow Jones consensus forecast of 83,000. The US Labor Force Participation Rate decreased by 0.1 percentage point to 61.40% in July, the lowest reading since February 2021.
Consumers and Inflation
The US inflation rate declined 0.1% MoM to 3.3%, continuing to cool following the three-year highs reached in May. Core inflation also decreased by 0.1% MoM to 2.50%. The CME FedWatch tool indicates a 66.2% chance that the FOMC will raise the Fed Funds Rate by 25 basis points to 3.75–4.00% during its next meeting on September 16th, with market pricing increasingly reflecting the possibility of additional hikes in the back half of 2026.
Production and Sales
The US ISM Manufacturing PMI fell by 1 point in August to 54.60, coming down from its highest level in four years in July. The Services PMI remains at 54.00, awaiting August’s reading. The YoY US Producer Price Index fell by 0.8% in July to 4.70, while US Retail and Food Services Sales fell by 0.58% MoM, following five straight positive readings.
Housing
Existing Home Sales declined by 1.7% MoM in July, while the Median Sales Price of Existing Homes decreased by 2% MoM to $434,100. Mortgage rates fell slightly in August, with the 15-year falling to 5.98% and the 30-year sitting unchanged at 6.66%, both as of August 27th. US New Single-Family Home Sales decreased sharply, down 10.47% MoM July.
Commodities
Gold and Silver prices both increased by 10% in August, following a mixed July for precious metals. SPDR Gold Shares (GLD) rose 9.93% to end the month at $408.42 per share, while the iShares Silver Trust (SLV) increased by 14.84% to settle at $60.13.
Oil prices were relatively tame in August, though remain elevated as the Middle East conflict continues to pressure global fuel supplies. Brent crude fell 4.3% for the month to $92.71 per barrel, as WTI ended virtually flat, just 0.2% higher at $86.34 per barrel. Elevated oil prices continue to cause pain at the pump, with the US Retail Gas Price sitting at $4.22 per gallon in August.
Cryptocurrencies
Major cryptocurrencies continued their rebound in August, though both remain down more than 10% YTD in what has been a difficult 2026. The price of Bitcoin rose 19.9% to $77,658.23 per coin, while Ethereum surged 25.9% to $2,416.24.
Fixed Income Performance: Insights into Bond ETFs and Treasury Yields
US Treasury Yield Curve
1 Month Treasury Rate: 3.85%
3 Month Treasury Rate: 3.91%
6 Month Treasury Rate: 3.90%
1 Year Treasury Rate: 4.16%
2 Year Treasury Rate: 4.34%
3 Year Treasury Rate: 4.40%
5 Year Treasury Rate: 4.49%
10 Year Treasury Rate: 4.75%
20 Year Treasury Rate: 5.24%
30 Year Treasury Rate: 5.25%
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Bond Fund Performance
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| Ticker | Name | 1 Month Total Returns | 3 Month Total Returns | 6 Month Total Returns | 1 Year Total Returns |
|---|---|---|---|---|---|
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | 0.90% | 0.84% | 1.83% | 4.63% |
| TLT | iShares 20+ Year Treasury Bond ETF | 0.73% | -2.65% | -7.06% | -0.33% |
| LQD | iShares iBoxx $ Inv Grade Corporate Bond ETF | 0.39% | -1.75% | -2.68% | 1.20% |
| AGG | iShares Core US Aggregate Bond ETF | 0.39% | -0.66% | -1.99% | 1.90% |
| BIL | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 0.28% | 0.89% | 1.79% | 3.71% |
| BSV | Vanguard Short-Term Bond Index Fund ETF | 0.24% | 0.20% | -0.26% | 2.12% |
Monitor the most important trends for clients as markets close out the third quarter of 2026. Download the visual aids directly from YCharts, and contact us for customized access to these charts.
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