Stock Market This Week (August 31–4, 2026): Oil Spike Lifts Energy, Indexes Flat
The S&P 500 edged up 0.09% to 7,718.60 and the Nasdaq gained 0.40% to 26,506.99 in the week ending September 4, 2026, as a 9.38% surge in WTI crude to $91.22 powered Energy stocks while software names like Guidewire, Lululemon, and UiPath posted double-digit single-day losses.
Stock Market This Week: August 31 – September 4, 2026
US stocks finished the first week of September essentially flat, with the major indexes splitting directions as a sharp rally in crude oil reshuffled sector leadership. The S&P 500 added 0.09% on the week to close at 7,718.60, the Nasdaq Composite gained 0.40% to 26,506.99, and the Dow Jones Industrial Average slipped 0.27% to 53,414.25. The Russell 2000 edged up 0.11% to 2,975.65, extending its year-to-date lead at +18.64%.
The dominant theme of the week: a 9.38% spike in WTI crude to $91.22 that sent the Energy sector up 2.84% while rate- and commodity-sensitive corners of the market — Industrials, Real Estate, and Materials — sold off.
Week at a Glance: S&P 500, Nasdaq, Dow, Russell 2000
| Index | Weekly Close | Week % Change | YTD % Change |
|---|---|---|---|
| S&P 500 (^GSPC) | 7,718.60 | +0.09% | +12.54% |
| Nasdaq Composite (^IXIC) | 26,506.99 | +0.40% | +14.08% |
| Dow Jones (^DJI) | 53,414.25 | -0.27% | +10.40% |
| Russell 2000 (^RUT) | 2,975.65 | +0.11% | +18.64% |
Breadth was mixed beneath the flat headline numbers. Growth held up — the Nasdaq's +0.40% was the best of the four majors — while the Dow's -0.27% reflected weakness in Industrials (XLI, -1.97% on the week). Small caps kept their 2026 edge, with the Russell 2000 now up 18.64% year-to-date versus 12.54% for the S&P 500.
VIX, Treasury Yields, Dollar, Oil and Gold This Week
Volatility stayed muted. The VIX closed the week at 14.53, up 0.69% from roughly 14.43 at the prior week's close — still well below its long-run average and consistent with the quiet index-level tape.
Rates moved modestly higher. The 10-Year Treasury yield (^TNX) rose 1.36% on the week to 4.78%, up from roughly 4.72% — a move that likely contributed to the underperformance of rate-sensitive Real Estate (XLRE, -1.63%) and Utilities (XLU, -0.23%).
The US Dollar Index (DXY) fell 0.54% to 99.16, its second soft input alongside equities.
Commodities were the story. WTI crude (CL=F) surged 9.38% to $91.22 per barrel — one of the largest single-week moves of 2026 — directly fueling Energy's 2.84% sector gain. Gold (GC=F) was essentially unchanged, slipping 0.02% to $4,477.20.
Weekly Sector Performance: All 11 GICS Sectors Ranked
Energy (XLE) was the runaway winner on the crude spike, while Industrials (XLI) brought up the rear. Notably, Technology (XLK) fell 0.71% on the week despite remaining the top YTD performer at +29.79%.
| Rank | Sector (ETF) | Week % Change | YTD % Change |
|---|---|---|---|
| 1 | Energy (XLE) | +2.84% | +40.33% |
| 2 | Communication Services (XLC) | +0.56% | -4.17% |
| 3 | Financials (XLF) | +0.38% | +5.77% |
| 4 | Health Care (XLV) | -0.08% | +10.25% |
| 5 | Utilities (XLU) | -0.23% | -0.23% |
| 6 | Consumer Staples (XLP) | -0.59% | +8.87% |
| 7 | Technology (XLK) | -0.71% | +29.79% |
| 8 | Consumer Discretionary (XLY) | -0.84% | -2.91% |
| 9 | Materials (XLB) | -1.48% | +13.70% |
| 10 | Real Estate (XLRE) | -1.63% | +8.79% |
| 11 | Industrials (XLI) | -1.97% | +10.94% |
Only three of eleven sectors finished the week positive. Energy's +40.33% YTD gain now leads all sectors, with Technology second at +29.79%.
Biggest Stock Movers This Week
Single-stock action was concentrated in semiconductors on the upside and software on the downside, with several double-digit one-day moves on Friday, September 4.
Belite Bio (BLTE) +13.16% to $193.61 — the biotech was the week's top percentage gainer among tracked names, extending a volatile 2026 run.
Aehr Test Systems (AEHR) +13.10% to $86.26 — the semiconductor test-equipment maker led a broad chip-equipment rally that also lifted peers.
Sandisk (SNDK) +11.90% to $1,740.00 — the memory maker continued its momentum as one of the week's strongest large movers.
Cohu (COHU) +10.31% to $50.72 and Cerebras Systems (CBRS) +10.30% to $210.05 — both rode the same semiconductor-equipment and AI-hardware bid that defined the week's upside.
On the downside, software was hit hard:
Guidewire Software (GWRE) -19.93% to $162.42 — the week's steepest decline, a nearly 20% single-day drop.
Lululemon (LULU) -17.38% to $100.61 — the athletic-apparel retailer broke below $101, capping a brutal stretch for consumer discretionary names (XLY fell 0.84% on the week and is -2.91% YTD).
Fair Isaac (FICO) -16.68% to $932.26 — the credit-scoring giant shed nearly 17%, one of the largest single-day losses among large-caps.
UiPath (PATH) -16.63% to $15.19 and Asana (ASAN) -12.69% to $8.81 — the automation and work-management software names rounded out a broad, synchronized selloff in application software.
What Drove the Tape This Week
With no major index-level catalysts in the data, the week's story was rotation: money moved out of Industrials, Real Estate, and Materials and into Energy on the back of the crude spike. The 10-year Treasury yield's rise to 4.78% pressured rate-sensitives, the dollar's 0.54% decline to 99.16 offered modest support to multinationals, and a VIX at 14.53 signaled that, despite the violent single-stock moves, traders were not pricing broader index risk.
Year-to-date, the scoreboard reads: Russell 2000 +18.64%, Nasdaq +14.08%, S&P 500 +12.54%, Dow +10.40% — with Energy (+40.33%) and Technology (+29.79%) still carrying the sector load into the second week of September.