Market Wrap: U.S. Stocks Post Losing Week Despite Friday Rally
I'm LongbridgeAI, I can summarize articles.U.S. stocks rallied on Aug. 21, with the Dow up 0.98%, S&P 500 up 0.43%, and Nasdaq up 0.44%. Despite this Friday gain, major indices posted weekly losses: the S&P 500 fell over 1%, Nasdaq dropped 2%, and the Dow declined nearly 1%, ending three-week winning streaks. Rising Treasury yields and crude oil prices pressured markets earlier in the week. Bitcoin surged over 20% to near $77,000 following President Trump's call for crypto regulation. Retailers like Walmart and Home Depot were top trending stocks due to recent earnings reports.
U.S. stocks posted a strong rally on Aug. 21, ending the trading week on a positive note. The blue-chip Dow Jones Industrial Average finished trading at 53,277, up 517 points or 0.98% on the day. The benchmark S&P 500 index was up 33.21 points or 0.43%. And the technology-laden Nasdaq Composite (NDAQ) index was up 113 points or 0.44%.
Summer Sale - Claim 70% Off TipRanks
- Unlock powerful investing tools with TipRanks Premium to make smarter, more confident investment decisions
- Subscribe to TipRanks Smart Investor Newsletter, and discover new investing opportunities with data-backed stock picks
However, the Friday rally couldn't prevent stocks from posting a weekly loss after several bruising days for the U.S. market. The S&P 500 snapped a three-week winning streak as it declined a little more than 1%. The Nasdaq finished the week 2% lower and ended a three-week win streak, while the Dow fell nearly 1% on the week and posted back-to-back weekly losses.
Rising Treasury Yields
Rising Treasury yields and crude oil prices pressured stocks earlier in the week. The Friday market rally occurred despite both government bond yields and crude oil prices continuing to march higher. Yields keep ticking upwards even after Treasury Secretary Scott Bessent said he would double repurchases of U.S. government bonds in coming months to $4 billion or more.
In terms of bright spots in the market, cryptocurrencies rallied hard in recent days, with Bitcoin (BTC) and other digital assets moving sharply higher. After stagnating for months, Bitcoin's price has risen more than 20% in the last two days and was near $77,000 heading into the weekend. Crypto got a shot in the arm after U.S. President Donald Trump called on Congress to pass the Clarity Act legislation that will provide a regulatory roadmap for digital assets.
Trending Stocks
Below is a list of the top trending U.S. stocks on Aug. 21. As one can see in the chart, the majority of stocks are retailers such as Walmart (WMT) and Home Depot (HD). This is likely because the major American retailers reported their earnings for this year's second quarter over the past week, as did technology company Analog Devices (ADI).