EB Daily Market Report - Brief Update - Thursday, August 13, 2026
It's hard to argue with all-time highs. The S&P 500 is currently trading near 7800, having traded as high as 7816.70 earlier, its first trip ever above 7800. The S&P 400 Mid Cap ($MID, +0.47%) and Russell 2000 (IWM, +0.30%) both hit all-time highs as well. Technology (XLK) is among today's leading sectors and rapidly approaching its all-time high set in early June.
Two July inflation reports have come and gone. Yesterday, the consumer price index (CPI) was reported at the level expected. This morning, the producer price index (PPI) came in below expectations - both the headline PPI number and the Core PPI number. The 10-year treasury yield ($TNX) responded as you might expect, with an initial decline of 7 basis points to 4.61%. It has rebounded slightly to 4.64% at last check. I would argue the TNX remains in a short-term uptrend, so long as it holds 4.50% yield support. Despite the solid inflation data, the Fed's stance has been made clear. They will err on the side of caution when it comes to inflation. After today's rather benign PPI report, the odds of a Fed rate hike in September were just below 33%. That's down considerably from the 55% odds just one week ago.
Crude oil prices ($WTIC, -2.29%) are retreating today, and energy (XLE, -0.16%) is one of only three sectors lower today. The others are materials (XLB, -0.50%) and health care (XLV, -0.31%). Meanwhile, communications services (XLC, +1.32%) and technology (XLK, +1.27%) are leading the market. Real estate (XLRE, +1.25%) is also strong after reversing a recent downtrend yesterday.
Semiconductors ($DJUSSC, +1.56%) are having another solid day and trending above a now-rising 20-day EMA. This group is looking much better, as I explained yesterday during our Live Trading Room. Sandisk Corp (SNDK) is up roughly 16% as it attempts to close significantly above its 20-day EMA for the first time since late June. Micron Technology (MU, +5.77%) is also up nicely.
Among Mag 7 names, Amazon.com (AMZN, -0.39%) pulled back today to test key gap support at 265.00. Today's low was 264.82. Remember, AMZN gapped up to 265, before running to 287.20 on August 3rd. It's fallen back about 8% to test its key gap support level.
Tesla (TSLA, +3.64%) is gaining and is just above its 20-day EMA, a positive. However, the bottom of gap resistance is at 341.00, so a major test is about to take place with TSLA currently trading at 339.44. NVIDIA Corp (NVDA, +0.64%) continues its climb towards its all-time high of 236.26 as it approaches its August 26th earnings date.
Applied Materials (AMAT, +0.99%), a semiconductor equipment manufacturer, will report its latest quarterly results after the bell today.
Happy trading!
Tom