Post-close recap — 2026-08-13

How the day closed

• S&P 500 7,781.59, +0.43% (+33.09) — intraday record 7,816.70 before fading
• Nasdaq Composite 26,741.66, +0.58% (+153.17) — fresh record
• Dow Jones Industrial Average 53,674.13, −0.18% (−96.14) — dragged by Cisco
• Russell 2000 cleared 3,060 intraday for a new high

A flat July PPI print and softer jobless data reinforced the "Fed on hold in September" trade, powering another leg in semis and megacap tech. The Dow lagged as Cisco's post-earnings slide offset the broader risk-on tone (stl.news, Tickmill).

Sectors & breadth

• Winners: Semis and AI hardware led — SanDisk +16%, Micron +6.7%, Broadcom +1.3%; Meta +2.8%, Netflix +3.7% (Ackman disclosure), Dell +2.9%, HP +3.6% (stl.news).
• Losers: Cisco −8.4% (record quarter but hardware-heavy margin guide of 65–66% underwhelmed) (CNBC); Tapestry −15% after soft FY27 revenue guide and lingering Kate Spade weakness (Yahoo/StockStory).
• Breadth positive — small caps outperformed, consistent with the Russell 2000 record.

Rates, FX, commodities, vol

• 10Y UST ~4.69% (essentially unchanged) (Tickmill)
• 2Y UST ~4.13%, lowest since mid-July, down from ~4.20% (Tickmill) — curve steepening as front end rallies on cut-hopes
• DXY 99.87, −0.14% (below 100) (Investing.com)
• WTI ~$81.50, −2.1%; Brent ~$87.66, −1.5% (stl.news)
• Gold ~$4,415/oz, holding near record (stl.news)
• VIX 14.63, unchanged (Historical Option Data)

Drivers & headlines

• PPI unchanged MoM / +4.7% YoY for July — final-demand goods −0.7%, services +0.2%; ex food/energy/trade +0.4% (BLS). Follows Tuesday's tame CPI and dented the case for the July FOMC hawkish dissenters.
• Fed pricing: odds of a September hike fell to ~34% from ~55% a week ago; Warsh Fed still viewed as on hold into Jackson Hole (Aug 27–29) (Tickmill, Kraken).
• Initial jobless claims 209K vs 202K est (up 9K), continuing claims fell to 1.777M — modestly loosening labor market, dovish at the margin (Bloomberg).
• AI/semi tape stayed bid: SanDisk squeeze on tight NAND supply, Micron on HBM demand, Netflix on Pershing Square stake headline.
• Cisco the day's single-name air pocket — $4B of AI hyperscaler orders in Q4 not enough to offset gross-margin guide (CNBC).

After-hours

• Applied Materials (AMAT) posted record Q3: EPS $3.50 vs $3.45 est (beat), revenue $9.12B vs $9.18B est (slight miss). Q4 guide $10.25B ± $0.50B revenue, $4.02 ± $0.20 EPS. Shares −3.9% after hours as the top-line miss overshadowed the guide (StockTitan 8-K, Quiver).
• Watch semi-cap peers (LRCX, KLAC, ASML) in the overnight tape given AMAT's WFE commentary.

Setup for tomorrow

• July Retail Sales (8:30 ET, Aug 14) — the last leg of this week's macro trifecta after CPI/PPI. A hot print reopens the hawkish-dissent argument; a soft one cements the "Fed on hold" bid (Census).
• Industrial production / capacity utilization and Michigan sentiment prelim also on deck — inflation expectations subcomponent matters given Warsh's framing.
• Semis follow-through will hinge on the AMAT call read-through and any overnight commentary from Asian chip equipment names; watch whether SanDisk/Micron can hold gains after today's move.

Sources: - stl.news — U.S. Stock Market Today, Aug 13, 2026 - TheStreet — Stock Market Today Aug 13, 2026 - Tickmill — Daily Market Outlook, Aug 13, 2026 - CNBC — Cisco shares slide 8% despite beat - Yahoo Finance / StockStory — Tapestry Q2 CY2026 - Bloomberg — US Jobless Claims Edged Up to 209K - BLS — PPI July 2026 release - Kraken — Economic brief, Aug 12, 2026 - Investing.com — DXY US Dollar Index - Historical Option Data — Market Analysis 08/13/2026 4:34 PM ET - StockTitan — AMAT Q3 FY26 8-K - Quiver Quantitative — AMAT Q3 2026 Earnings - Census Bureau — Advance Retail Sales schedule