Last week’s market action showed a clear divide between large-cap strength and small-cap weakness, with major indexes hovering near historic highs.
The S&P 500 gained 1.15% on the week to close at 7,811.54, stopping just short of its 52-week high of 7,844.52, while the Nasdaq Composite added 0.64% to finish at 27,366.17.
The Russell 2000 told a starkly different story, falling 0.91% to close at 2,806.98, underscoring the widening gap between big-cap and smaller names.
The Dow Jones Industrial Average climbed 0.93% for the week to 51,654.95, trading just above the early June 2026 high of 51,660.40 that now acts as near-term resistance.
The Russell 2000’s RSI14 reading of 38.2 contrasted sharply with the S&P 500’s 59.9 and the Nasdaq’s 60.3, highlighting how far small caps have fallen behind their larger counterparts.
Volatility remained subdued, with the VIX settling at 15.47 while gold rose 1.02% for the week to $4,199.30 an ounce and WTI crude jumped 3.90% to $92.92 a barrel.
The 10-year Treasury yield eased four basis points for the week to 5.24%, providing some relief for equity investors navigating an otherwise complex macro backdrop.
Corporate news was brisk across several sectors, with companies including Alimentation Couche-Tard (TSX: ATD), RTX (NYSE: RTX), Lockheed Martin (NYSE: LMT), and SAP SE (NYSE: SAP) all making headlines.
Raytheon, an RTX (NYSE: RTX) business, secured a five-year contract valued at up to $6.3 billion for production and sustainment of Standard Missile-3 Block IB interceptors through the Department of War.
“This award underscores Raytheon’s commitment to increasing production of critical munitions, ensuring our customers have the defensive capabilities they need, when they need them,” said Phil Jasper, Raytheon President.
Lockheed Martin (NYSE: LMT) debuted its new PAC-3 Edge interceptor as part of the U.S. Army’s Future Interceptor program, backed by a $250 million investment in its Strigo Product Center seeker technology.
“Lockheed Martin’s PAC-3 Edge interceptor leverages the combat-proven PAC-3 MSE, delivering even greater maneuverability, power and velocity to ensure the Army’s layered defensive architecture remains the most advanced in the world,” said Tim Cahill, Missiles and Fire Control president.
SAP SE (NYSE: SAP) announced an agreement to acquire TechWolf, an AI work intelligence platform provider, with the deal expected to close in Q4 2026 subject to regulatory approval.
“TechWolf’s proprietary context graph for skills and work provides an excellent grounding layer for agent queries regarding work and skills planning and talent management,” said Manoj Swaminathan, president and chief product officer for SAP Autonomous Suite.
Alimentation Couche-Tard (TSX: ATD) entered a definitive agreement with Irving Oil to acquire certain retail assets in Quebec and Ontario, including 50 retail sites, two additional sites, and fuel supply to 71 locations.
“This agreement builds on our longstanding relationship with Irving Oil and our experience operating these locations,” said Stephane Trudel, Senior Vice President of Operations at Alimentation Couche-Tard.
Sun Life Financial (TSX: SLF) warned shareholders about an unsolicited mini-tender offer from Ocehan LLC at a discount of approximately 24.97% to its Toronto Stock Exchange closing price, which Sun Life does not endorse.
