Stock Market This Week (August 24–28, 2026): Nasdaq Leads, Small Caps Slip
The S&P 500 rose 0.49% to 7,711.76 and the Nasdaq gained 0.85% to 26,402.42 in the week ending August 28, 2026, as tech and communication services led while small caps fell 1.51% and crude oil dropped 4.16%.
Stock Market This Week: August 24–28, 2026 — The Week at a Glance
US stocks finished the week ending August 28, 2026 modestly higher, with large-cap tech leading and small caps lagging in a clear growth-over-value tape.
The S&P 500 (^GSPC) added 0.49% on the week to close at 7,711.76, up roughly 37.6 points from its ~7,674 opening level, bringing its year-to-date gain to 12.44%. The Nasdaq Composite (^IXIC) was the week's leader among the majors, rising 0.85% to 26,402.42 — about 222.5 points higher — and extending its 2026 advance to 13.63%. The Dow Jones Industrial Average (^DJI) gained 0.53% to 53,559.99, a roughly 282-point weekly gain, and now sits up 10.70% YTD.
The outlier was the Russell 2000 (^RUT), which fell 1.51% to 2,972.37 — down about 45.6 points from ~3,018 — even as it remains the best-performing major index of 2026 at +18.51% YTD. The week's dominant theme in one sentence: mega-cap growth leadership returned, with communication services and technology topping the sector board while small caps, health care, and industrials retreated.
VIX, Treasury Yields, Dollar, Oil and Gold This Week
Volatility compressed further. The VIX (^VIX) fell 4.63% on the week to close at 14.43, down from roughly 15.13 at the prior week's close — a level consistent with the calm, grind-higher tape in the major indices.
The 10-Year Treasury yield (^TNX) edged 0.38% lower on the week to 4.72%, a modest easing in rates that supported the week's bid in growth sectors. The US Dollar Index (DX-Y.NYB) strengthened 0.89% to 99.68, its firmness coinciding with weakness across commodities.
Commodities had a rough week. WTI crude (CL=F) dropped 4.16% to $83.44 a barrel, dragging the energy sector to a -1.51% weekly finish despite its market-leading +37.31% YTD gain. Gold (GC=F) fell 2.60% to $4,504.10 an ounce, pressured by the stronger dollar.
Weekly Sector Performance: Full S&P 500 Sector Scorecard
Eight of eleven GICS sectors finished the week lower, but the two biggest weights — technology and communication services — carried the indices higher. Communication Services (XLC) led at +1.43%, followed by Technology (XLK) at +1.30% and Financials (XLF) at +1.08%. Health Care (XLV) was the week's worst sector at -1.98%.
| Rank | Sector | Ticker | Week % | YTD % |
|---|---|---|---|---|
| 1 | Communication Services | XLC | +1.43% | -3.34% |
| 2 | Technology | XLK | +1.30% | +28.68% |
| 3 | Financials | XLF | +1.08% | +5.77% |
| 4 | Utilities | XLU | -0.09% | -1.04% |
| 5 | Consumer Staples | XLP | -0.63% | +9.99% |
| 6 | Materials | XLB | -0.67% | +15.31% |
| 7 | Consumer Discretionary | XLY | -0.69% | -0.96% |
| 8 | Real Estate | XLRE | -1.33% | +10.15% |
| 9 | Energy | XLE | -1.51% | +37.31% |
| 10 | Industrials | XLI | -1.73% | +12.13% |
| 11 | Health Care | XLV | -1.98% | +10.06% |
The YTD picture remains striking: Energy (XLE) is still 2026's top sector at +37.31% despite this week's pullback, while Technology (XLK) at +28.68% keeps closing the gap. Communication Services (XLC), this week's winner, remains the only sector besides Consumer Discretionary (XLY) and Utilities (XLU) in negative territory for the year at -3.34%.
Biggest Stock Movers This Week
Elastic (ESTC) was the week's standout gainer, surging 19.31% to $99.91 — the largest single-day percentage move among major US-listed names in the week's final session and a near-round-trip to the $100 level.
Gap (GAP) jumped 12.94% to $23.48, one of the biggest moves in retail this week and a rare bright spot in a Consumer Discretionary (XLY) sector that otherwise fell 0.69%.
Solstice Advanced Materials (SOLS) rallied 12.76% to $63.53, bucking a down week for Materials (XLB), which slipped 0.67%.
TOP Financial Group (TOP) climbed 8.5% to $16.73, while Trulieve Cannabis (TRLV) added 7.16% to $11.82, rounding out the week's top five gainers.
On the downside, SELLAS Life Sciences (SLS) was the week's biggest loser, tumbling 13.15% to $13.21. Rubrik (RBRK) dropped 13.05% to $93.05, a notable decliner within an otherwise strong week for technology.
PayPal (PYPL) sank 12.71% to $53.66 — the most consequential large-cap loser of the week and a drag on the fintech corner of Financials (XLF), even as the broader sector gained 1.08%. IREN (IREN) fell 12.53% to $35.45, and Kailera Therapeutics (KLRA) slid 12.52% to $16.21, contributing to Health Care's (XLV) week-worst -1.98% finish.
Rates, Dollar and Commodities: The Macro Backdrop
With no major index-moving data surprises in this week's tape, the macro story was defined by cross-asset moves: a slightly lower 10-Year Treasury yield (^TNX) at 4.72% (-0.38% week), a firmer US Dollar Index (DX-Y.NYB) at 99.68 (+0.89% week), and broad commodity weakness led by WTI crude (CL=F) at $83.44 (-4.16% week) and gold (GC=F) at $4,504.10 (-2.60% week). The combination — lower yields, lower oil, lower volatility — was a supportive backdrop for the week's tech-led advance, even as the stronger dollar weighed on commodity-linked sectors.
What to Watch Next Week
- Small-cap divergence: The Russell 2000 (^RUT) fell 1.51% this week while the Nasdaq (^IXIC) rose 0.85%. Whether that gap closes or widens is the key breadth question heading into September.
- Energy after the pullback: WTI crude (CL=F) at $83.44 and Energy (XLE) down 1.51% on the week — watch whether 2026's best sector (+37.31% YTD) stabilizes.
- Volatility floor: The VIX (^VIX) at 14.43 is near the low end of its recent range; any re-acceleration would test the calm large-cap tape.
- Rates: The 10-Year yield (^TNX) at 4.72% remains the swing factor for growth-stock multiples after this week's tech leadership.
- Single-stock follow-through: Elastic (ESTC) at $99.91 after a +19.31% spike and PayPal (PYPL) at $53.66 after a -12.71% drop are the two names traders will be watching for continuation or reversal.
*Data: Yahoo Finance, week ending August 28, 2026. Track every ticker mentioned on Tapeboard.*