Weekly Recap | August 24, 2026

Weekly Recap

Aug. 17 - Aug. 21, 2026 Yields in Focus Ahead of Jackson Hold & Inflation Data Rising Yields Weigh on Markets After three consecutive weeks of gains, markets sold off as stalled ceasefire negotiations with Iran pushed crude oil prices higher, renewing inflation concerns. Rising Treasury yields also weighed on sentiment. A midweek attempt by the administration to ease long-term yields through Treasury buybacks proved short-lived, with nearly the entire decline in yields reversing within 24 hours. Retail earnings were mixed, as higher-income consumers remained resilient while rising gas prices pressured lower-income shoppers. For the Week The Nasdaq Composite led the decline in equities, falling 2.0%. The S&P 500 fell 1.4%, while the Dow Jones Industrial Average edged 0.8% lower. The Russell 2000 index of small cap stocks also finished lower, with a decline of 1.6%. Internationally, developed markets fell 0.5%, while emerging markets were up 1.2%, respectively. Housing Starts Slow U.S. housing starts fell 12.4% in July to a 1.24M annualized rate, falling short of expectations (1.34M). Single-family starts are down 15.7% year-over-year. However, building permits rose 5.0% to 1.44M, hinting at a stronger construction pipeline ahead. Weekly Sector Insights Three of the 11 sectors ended the week higher. Healthcare (+4.3%) gained after a major drugmaker reported positive results in its cancer treatment research. Additionally, Energy (+2.9%) continued to grind higher on account of rising oil prices. Utilities (-3.5%) and Industrials (-3.4%) were the week’s biggest laggards. Treasury Yields Rise The yield on the 10-year Treasury notes rose from 4.69% to 4.74% for the week. U.S. WTI crude oil rose 6.9%. Gold was up 5.5%. The Week Ahead Markets will closely watch Fed Chair Kevin Warsh’s remarks at Jackson Hole for insight into the Fed’s approach to elevated inflation, slowing growth, and guidance of monetary policy. The PCE inflation report will also be in focus, while Nvidia’s earnings on Wednesday evening could provide further insight into AI-related capital spending.

The Latest from @CeteraIM

U.S. Govt Debt Tops $40 Trillion Jobless Claims Remain Low Higher Rates Pressure Homebuyers

Economic Calendar Monday, August 24 Chicago National Activity Index. Tuesday, August 25 House Price Index, New Home Sales, Consumer Confidence. Wednesday, August 26 Mortgage Applications, Durable Goods, Personal Spending, Personal Consumption Expenditures (PCE) Inflation. Thursday, August 27 Jobless Claims, Goods Trade Balance, Retail & Wholesale Inventories. Friday, August 28 University of Michigan Consumer Sentiment.

The S&P 500 has double-digit gains in 2026, yet the forward P/E ratio has fallen from 22.2 at the start of the year to 19.8, just above the 10-year average of 19.5. Earnings growth expectations are climbing faster than prices, compressing the multiple.

This report is created by Cetera Investment Management LLC. For more insights and information from the team, follow @CeteraIM on X.

About Cetera® Investment Management

Cetera Investment Management LLC (CIM) is a Securities and Exchange Commission registered investment adviser owned by Cetera Financial Group® (CFG). CIM provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers and registered investment advisers.

About Cetera Financial Group

“Cetera Financial Group” (CFG) refers to the network of independent retail firms encompassing, among others, those that are members FINRA/SIPC; Cetera Advisors LLC, Cetera Wealth Services, LLC (f/k/a Cetera Advisor Networks), Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. Those that are Securities and Exchange Commission registered investment advisers; Cetera Investment Management LLC and Cetera Investment Advisers LLC, .CFG is located at 655 W. Broadway, 11th Floor, San Diego, CA 92101.

Avantax Planning Partners, Inc. (APP) and The Retirement Planning Group, LLC (“TRPG”), are both SEC registered investment advisers within the Aretec Group, Inc. (dba Cetera Holdings, an affiliate of Cetera). Cetera Planning Partners (“CPP”) operates as a doing business as name of TRPG. TRPG and APP currently operate independently. All of the referenced entities are under common ownership 

Disclosures

Advisory services may only be offered by investment adviser representatives in connection with an appropriate Advisory Services Agreement and disclosure brochure.

The material contained in this document was authored by and is the property of CIM. CIM provides investment management and advisory services to a number of programs sponsored by affiliated and non-affiliated registered investment advisers. Your registered representative and/or investment adviser representative is not registered with CIM and did not take part in the creation of this material. They may not be able to offer CIM portfolio management services.

Nothing in this presentation should be construed as offering or disseminating specific advice to any individual without the benefit of direct and specific consultation with a

financial professional. Information contained herein shall not constitute an offer or a solicitation of any services. Past performance is not a guarantee of future results.

For more information about CIM, please reference the CIM Form ADV 2A and the applicable ADV 2A for the registered investment adviser your financial professional is registered with. Please consult with your financial professional for their specific firm registrations and available program offerings.

No independent analysis has been performed and the material should not be construed as investment advice. Investment decisions should not be based on this material since the information contained here is a singular update, and prudent investment decisions require the analysis of a much broader collection of facts and context. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The opinions expressed are as of the date published and may change without notice. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision.

All economic and performance information is historical and not indicative of future results. The market indices discussed are not actively managed. Investors cannot directly invest in unmanaged indices. Please consult your financial professional for more information.

Additional risks are associated with international investing, such as currency fluctuations, political and economic instability, and differences in accounting standards. A diversified portfolio does not assure a profit or protect against loss.

Glossary

The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. 

The S&P 500 is an index of 500 stocks chosen for market size, liquidity and industry grouping (among other factors) designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.

The NASDAQ Composite Index includes all domestic and international based common type stocks listed on The NASDAQ Stock Market. The NASDAQ Composite Index is a broad based index.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe and is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe and is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. 

The Bloomberg US Aggregate Bond Index, which was originally called the Lehman Aggregate Bond Index, is a broad based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government–related and corporate debt securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency) debt securities that are rated at least Baa3 by Moody’s and BBB- by S&P. Taxable municipals, including Build America bonds and a small amount of foreign bonds traded in U.S. markets are also included. Eligible bonds must have at least one year until final maturity, but in practice the index holdings have a fluctuating average life of around 8.25 years.

The Bloomberg US Corporate High Yield Index measures the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below, excluding emerging market debt. Payment-in-kind and bonds with predetermined step-up coupon provisions are also included. Eligible securities must have at least one year until final maturity, but in practice the index holdings has a fluctuating average life of around 6.3 years. 

The Bloomberg US Municipal Bond Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds. Eligible securities must be rated investment grade (Baa3/BBB- or higher) by Moody’s and S&P and have at least one year until final maturity.

The MSCI EAFE Index is designed to measure the equity market performance of developed markets (Europe, Australasia, Far East) excluding the U.S. and Canada. The Index is market-capitalization weighted.

The MSCI Emerging Markets Index is designed to measure equity market performance in global emerging markets. It is a float-adjusted market capitalization index.

The Bloomberg Commodity Index is a broadly diversified index that measures 22 exchange-traded futures on physical commodities in five groups (energy, agriculture, industrial metals, precious metals, and livestock), which are weighted to account for economic significance and market liquidity. No single commodity can comprise less than 2% or more than 15% of the index; and no group can represent more than 33% of the index.

 The S&P GSCI Crude Oil Index is a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark for investment performance in the crude oil market.

 The S&P GSCI Gold Index, a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark tracking the COMEX gold futures market.

The U.S. Dollar Index is a weighted geometric mean that provides a value measure of the United States dollar relative to a basket of major foreign currencies. The index, often carrying a USDX or DXY moniker, started in March 1973, beginning with a value of the U.S. Dollar Index at 100.000.