S&P 500 Set Records, SanDisk Jumped 60% Off July's Lows: This Week on Wall Street
Key takeaways
- The S&P 500 notched its 27th record close of 2026 above 7,800, driven by strong earnings and benign inflation data.
- S&P 500 notched its 27th record close of 2026 above 7,800
- SanDisk (SNDK) led the index with a 34.7% weekly gain
- Seagate Technology Holdings (STX) rounded out the top three at 20.3%
What happened
The S&P 500 notched its 27th record close of 2026 above 7,800, with the Russell 2000 also marking fresh all-time highs. SanDisk led the index with a 34.7% weekly gain, now up more than 60% since July's lows. Seagate Technology Holdings (STX) rounded out the top three at 20.3%, with high-capacity drive capacity sold out for 2026 and hyperscalers already contracting into 2027 and 2028.
Why it matters
Strong earnings and benign inflation data cooled fears of an imminent Fed rate hike, contributing to the market's rally. The University of Michigan's preliminary August sentiment reading fell to 51.0 from 55.2, missing the 54.5 estimate and breaking a two-month improvement. Cool inflation data took a September hike…
Short-term and longer-term
Short-term. Over the next day or two, watch the next open for S&P 500 Set (STX), and any same-day update to the year-ahead numbers.
Longer-term. Over the next few months, ask whether this changed growth, prices, or the path of interest rates.