US stocks weekly: Rally on

Palantir Technologies

07/08/2026 21:39

** S&P 500 .SPX rises second straight week, adds 3.6% as investors parse heavy slate of corporate reports, economic data and Mideast diplomacy developments .N
** Dow .DJI advances 3%, tech-heavy Nasdaq Composite .IXIC rallies 5.2%
** Buyers regain control as S&P 500 vaults to fresh record highs
** This as the Nasdaq Composite shrugs off correction fears, breadth joins the rebound, and is still on its side
** And in July, Momentum MTUM.K reverses, but retains its lead, as retail investors stay committed
** U.S. 10-year Treasury yield US10YT=RR sinks to around 4.65% as jobs report dashes rate hike bets US/
** Vast majority of sectors elevate: Technology and Materials boom, while Utilities and Energy wane
** Tech .SPLRCT powers up 7.2%. Photonics firms Coherent COHR.N and Lumentum LITE.O surge after report U.S. drafting ban on Chinese data center devices. COHR and LITE notch weekly gains of 44% and 25%, respectively
Palantir PLTR.O soars after lifting annual rev outlook on strong AI-powered data analytics demand
Semiconductor index .SOX bounces >9%
** Materials .SPLRCM strengthen 5.6%. Gold miners including Newmont NEM.N shine as gold XAU= heads for best week since January
** Industrials .SPLRCI firm 3%. Caterpillar CAT.N accelerates after boosting 2026 sales growth forecast on AI data center buildout
** Communication Services .SPLRCL up 1.3%. Disney DIS.N climbs after upbeat qtrly profit, driven by "Toy Story 5" box office performance and theme parks
Google parent Alphabet GOOGL.O falls after it shakes up AI leadership 
** Energy .SPNY fades 3.3%. Group tracks decline in crude prices as traders weigh potential Hormuz deal between Iran and Gulf states O/R
** Meanwhile, SpaceX SPCX.O initially slips as investors balk at AI expansion price tag, but then snaps back as earnings, lockup expiry clear near-term hurdles
** SPX performance YTD:
     
Energy
28.4%
Tech
23.6%
Industrials
19.3%
Materials
15.3%
SPX
13.3%
Real Estate
12.2%
Staples
8.8%
Healthcare
6.9%
Financials
5.1%
Discretionary
2.5%
Comm Svcs
2.2%
Utils
2.0%
     

(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
((lance.tupper@tr.com ; terence.gabriel@tr.com))