The first full week of August closed with a rare kind of breadth: every one of the eight megacaps we track finished higher. The S&P 500 (SPY) added +2.9% for the week, climbing from 747.03 at last Friday’s close to 768.56 on Thursday, as a strong Q2 earnings season kept outweighing rate jitters.
A Clean Megacap Sweep
NVIDIA led the board, rising +9.1% to $218.99, powered by a +4.5% surge on Monday. Microsoft followed at +7.6% to $499.86, closing the week with a +2.3% Thursday and knocking on the $500 door. Meta added +6.0% to $589.90. Even the laggards held green: Tesla +2.7%, Apple +1.1%, Alphabet +0.5% after absorbing a -5.4% Wednesday drawdown, and Amazon +0.3%.
Thursday’s Sector Tape
The rotation under the surface stayed risk-on. Technology (+1.44%) and Industrials (+0.75%) led Thursday’s session, while defensive corners lagged badly — Utilities fell -3.49% and Consumer Defensive -1.23%. That is the classic posture of a market leaning into growth heading into a macro-heavy Friday.
What Our Models Are Watching Next
Today’s July jobs report is the event of the week: with futures pricing roughly a 65% chance of a September rate hike, a hot payrolls number would firm up those bets and test this rally’s resilience. Beyond that, July CPI lands next week, the Q2 earnings tail is still running an ~85% beat rate, and NVIDIA’s own report around August 26 looms as the month’s defining print.
Breadth this strong late in an earnings season is a signal worth respecting — and worth stress-testing against rate risk. For the full AI-powered dashboard, scores and forecasts, visit AI Stocks Plus.
Educational only, not financial advice. Markets carry risk.
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