The market ran to record highs last week on strong Microsoft earnings and a soft jobs report that lifted rate cut hopes. Now July CPI on Wednesday is the test. Here is your market review and preview for the week of August 10.
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This is your Sunday market review and preview for the week of August 10 to 14, 2026. This market news and economic calendar roundup recaps last week and covers the week ahead, from the July CPI report on Wednesday to earnings from Applied Materials (AMAT) and Super Micro (SMCI). Here is what traders are watching before the open on Monday.
Last Week Review, August 3 to 7, 2026
Last week was a strong one, and it ended at record highs. The bounce was led by Microsoft, which jumped about 16 percent on strong earnings and pulled the whole tech group higher, and the chip names rebounded hard after their July selloff. The market ran up for roughly four straight sessions, then gapped down midweek on what looked like simple profit taking after that fast move. The real turn came Friday. The July jobs report showed the economy lost about 23,000 jobs, with the unemployment rate holding at 4.1 percent. That was a soft report, and the market gapped up on it, reading a weaker labor market as a reason the Fed will hold rates steady and possibly cut, rather than raise. By the close, the S&P 500 finished at a record near 7,757, the Nasdaq led the week with a gain above 5 percent on the chip bounce, and it was the second straight weekly gain. The takeaway: bad news on jobs was treated as good news for rate cuts.
Market News, Week of August 10, 2026
The focus now shifts from jobs to inflation. After a soft jobs report lifted hopes for a Fed rate cut, the July CPI report on Wednesday becomes the swing factor for whether that optimism holds. A cool number would cement the rate cut case and support the record high market. A hot number, especially with oil and energy prices elevated after the breakdown of the US and Iran ceasefire, would complicate the picture and could cool the rally. With the market at all time highs, this is a week where the inflation data carries real weight into the Fed's September meeting.
Economic Calendar, Week of August 10 to 14, 2026
It is a heavy data week, front loaded around the inflation reports.
Day | Event | Why It Matters |
|---|---|---|
Tuesday, August 11 | ADP employment, existing home sales | A second labor read after Friday's soft jobs report. Medium impact. |
Wednesday, August 12 | July CPI and hourly earnings | The main event. Shapes the Fed's September decision. High impact. |
Thursday, August 13 | July PPI, jobless claims | Producer prices, a second inflation check. Medium to high impact. |
Friday, August 14 | July retail sales, Michigan sentiment | A read on the consumer and inflation expectations. Medium impact. |
Earnings to Watch
Earnings season is winding down, but a few reports matter for the AI and chip trade. Super Micro (SMCI) reports Tuesday and is a volatile AI hardware name. Applied Materials (AMAT) reports Thursday and gives a key read on chip equipment demand, which feeds the whole semiconductor story. Cardinal Health, Tapestry (TPR), and Simon Property Group round out the week with reads on healthcare, the consumer, and real estate.
Unusual Options Activity
Positioning is centered on Wednesday's CPI and the chip earnings.
Ticker | Context | Options Read |
|---|---|---|
SPY and QQQ | CPI Wednesday | Index options in focus for the inflation read that shapes the September Fed decision. |
AMAT | Earnings Thursday | A key read on chip equipment demand, with options active into the print. |
SMCI | Earnings Tuesday | An AI hardware name that is historically volatile on earnings. |
Options flow shows positioning for educational review only. It is not a recommendation to buy or sell. Past flow does not guarantee future direction.
What Traders Are Watching
Three things stand out. First, Wednesday's CPI, the single most important number of the week, since it decides whether the soft jobs report and the rate cut hopes hold up or get challenged. Second, whether the record high market can keep its footing after a big two week run, with profit taking always a risk at highs. Third, oil and energy prices, which stayed elevated on the Iran situation and could show up in the inflation data. It is an inflation week at all time highs, so the reaction to the data matters more than usual.
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Disclosure: I am not a registered financial advisor. This is educational content on market news, the economic calendar, and historical trade reviews. Trading involves risk of loss. Past performance does not guarantee future results. Nothing herein is a recommendation to buy or sell any security. Assume I have positions in tickers discussed. Do not make financial decisions based solely on this content. Trade your own decisions.