Asset Management Weekly Market Commentary

Market updates for the week ending
August 14, 2026

Key observations

• Cooler Producer Price Inflation (PPI) eased near-term rate concerns, sending the S&P 500 to new highs, but weaker retail sales and consumer sentiment renewed uncertainty around the state of the consumer into the weekend.
• High beta stocks and emerging market equities extended recent gains, as both segments appear to be entering a melt up phase with investors chasing reversion trades higher.
• The treasury yield curve steepened as inflation gauges moderated, allowing short-term yields to drift lower while longer-term yields rose with buyers assigning a higher premium to fiscal and supply-related uncertainty.

What we're watching this week

• The U.S. Department of Housing and Urban Development (HUD) releases U.S. Housing Starts data that is expected to fall by 6% month over month, after rising 19% in the month prior.
• The Federal Reserve is set to release the minutes from the July FOMC meeting on Wednesday, allowing market participants to see perspective on monetary policy.
• S&P Global publishes its preliminary Purchasing Manager Index (PMI) data for August on Friday, with consensus expecting a reading of 53.7, down from last month’s print of 54.5.