Markets closed out the week with large caps leading the charge, as the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) both posted solid weekly gains despite a turbulent Monday open.
The S&P 500 finished at 7807.12, up 0.54% on the day and 1.09% for the week, falling just short of its 52-week high of 7844.52 set earlier in the same session.
The Nasdaq Composite gained 0.57% on the day to close at 27349.51, posting a weekly advance of 0.58% after reaching an intraday high of 27722.75 during the week.
The Dow Jones Industrial Average climbed 0.70% to 51590.64, rounding out a strong week for blue-chip stocks with a 0.81% weekly gain.
Small caps told a starkly different story, with the Russell 2000 (^RUT) slipping 1.01% for the week to close at 2804.34, remaining pinned near its 200-day moving average support around 2788.86.
The RSI14 reading of 37.5 on the Russell 2000 contrasted sharply with readings above 59 on the S&P 500 and Nasdaq, highlighting the growing divergence between large and small cap performance.
Volatility continued to ease as the week closed, with the VIX settling at 14.84, down 0.57 on the day, while gold rose 1.42% to $4215.90 an ounce and WTI crude added 2.38% for the week to reach $91.56 a barrel.
Silver surged 3.53% on the day, while the 10-year Treasury yield edged three basis points higher to 5.26%, adding a note of caution for fixed income investors watching rate dynamics closely.
Active companies generating significant news flow this week included Alimentation Couche-Tard (TSX: ATD), RTX (NYSE: RTX), SAP SE (NYSE: SAP), Canadian National Railway (TSX: CNR) (NYSE: CNI), and Eli Lilly (NYSE: LLY).
Alimentation Couche-Tard (TSX: ATD) announced a definitive agreement with Irving Oil to acquire certain retail assets in Quebec and Ontario, including 50 retail sites and two additional locations in Pembroke and Cornwall, Ontario.
“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, adding that the deal would support continued investment in the everyday convenience experience offered to customers.
RTX (NYSE: RTX), through its Raytheon business, secured a five-year contract valued at up to $6.3 billion for production and sustainment of Standard Missile-3 Block IB interceptors, with work primarily based at facilities in Tucson, Arizona and Huntsville, Alabama.
“SM-3 Block IB has proven its relevance in combat and this contract helps ensure we can replenish inventories and keep pace with the evolving threats the U.S. Navy, MDA and their partners face around the world,” said Phil Jasper, Raytheon President.
SAP SE (NYSE: SAP) announced an agreement to acquire TechWolf, an AI work intelligence platform, with the deal expected to close in the fourth quarter of 2026 and TechWolf set to become part of the SAP SuccessFactors portfolio.
“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.
Canadian National Railway (NYSE: CNI) set a new quarterly record for grain movement, hauling 7.94 million metric tonnes of grain from Western Canada in the third quarter, surpassing the previous record of 7.48 million metric tonnes set in 2020.
Eli Lilly (NYSE: LLY) received FDA approval for an additional indication for Jaypirca (pirtobrutinib) as a first-line treatment for certain previously untreated patients with chronic lymphocytic leukemia or small lymphocytic lymphoma without a known 17p deletion.
The approval rested on results from the BRUIN CLL-313 trial, where pirtobrutinib achieved an overall response rate of 94% versus 81% for the comparator arm of bendamustine plus rituximab.
“This additional approval for Jaypirca marks a significant step forward, expanding its potential to reach more patients who may benefit, this time as an initial treatment for certain previously untreated patients with CLL or SLL,” said Jacob Van Naarden, executive vice president and president of Lilly Oncology.
