Report published August 26, 2026
Raymond James Weekly Market Guide: Broadening Breadth and Term Premium Dynamics (August 26, 2026)
Source and citation context
- Report date
- August 26, 2026
- Analysis as of
- August 26, 2026
Authors / editors: Michael Gibbs (Lead Portfolio Manager), Joey Madere, Richard Sewell, Mitch Clayton (Senior Technical Analyst)
Finvaulta summarizes Raymond James Investment Management's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Equity markets continue to advance as participation broadens into small caps, emerging markets, and equal-weighted indices despite rising term premiums and consolidation in mega-cap AI technology. Resilient earnings and technical support levels keep Raymond James's upward bias intact.
Key Takeaways
- 1.Equity market breadth has broadened beyond mega-cap tech, with small caps and emerging markets up over 20% YTD and the equal-weight S&P 500 up more than 15% YTD.
- 2.Long-term Treasury yield increases are being driven by a normalization in term premiums rather than rising inflation expectations, creating a valuation headwind for long-duration growth assets.
- 3.Technology and semiconductor stocks are consolidating at key inflection points, while tech credit spreads show signs of stress amid concerns over AI infrastructure financing packages.
Table of Contents
- Weekly Market Guide
- Upcoming Catalysts:
- Consolidation Following Breakout
- Rising Rates as Term Premiums Normalize
- Technology: A Pause to Refresh?
- Credit Spreads
- Semiconductors
- Risk-on Bias
- Small-Caps
- Materials
- IMPORTANT INVESTOR DISCLOSURES
Report data
Consolidation Following Breakout — as of August 26, 2026.
| Metric | Estimate | Context |
|---|---|---|
| S&P 500 Price Return YTD | 12.2% | S&P 500 broad index price return year to date |
| Russell 2000 Price Return YTD | 21.3% | Small-cap index leading the broad market YTD |
| Energy Sector Price Return YTD | 37.8% | Top performing sector in the S&P 500 YTD |
| Materials Sector Breadth above 200-day MA | 80.0% | Share of S&P 500 Materials sector constituents trading above their 200-day moving average |
| S&P 500 Support Level | 7621.0 index_points | Key downside support level monitored on the S&P 500 |
Reports in this series
Weekly Market Guide is shown in chronological order through this edition, published on August 26, 2026.
Part of the Weekly Market Guide series — view all 5 editions
Looking for the latest edition? weekly market guide (Sep 9, 2026)
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Authors / Editors
Reported Data Context
- S&P 500 Price Return YTD: 12.2 % (YTD 2026) · Source: FactSet
- Russell 2000 Price Return YTD: 21.3 % (YTD 2026) · Source: FactSet
- Energy Sector Price Return YTD: 37.8 % (YTD 2026) · Source: FactSet
- Materials Sector Breadth above 200-day MA: 80.0 % (2026-08-26) · Source: Bloomberg
- S&P 500 Support Level: 7621.0 index_points (2026-08-26) · Source: Bloomberg, FactSet