The weekly read — Week of Aug 08 – Aug 14, 2026
Commodities and emerging markets delivered the year's story in a week that saw gold up 9% and oil jump 4%. Over four weeks gold rallied nearly 9%, while developed ex-US and emerging equity added 5%+; the S&P 500 rose 4.4% and tech pushed 8%. Year to date, commodities remain the…
- Published
- 15 Aug 2026
- Reading time
- 2 min
Week of Aug 08 – Aug 14, 2026
The take
Commodities and emerging markets delivered the year's story in a week that saw gold up 9% and oil jump 4%. Over four weeks gold rallied nearly 9%, while developed ex-US and emerging equity added 5%+; the S&P 500 rose 4.4% and tech pushed 8%. Year to date, commodities remain the standout: DBC is up 34%, EEM +22%.
The week at a glance
- This week — Commodities surged on Middle East tensions; gold gained 0.8% and oil jumped 3.8%.
- Past 4 weeks — Gold rallied 9% on cooling inflation data; developed and emerging equity added 5%+.
- Year-to-date — Commodities lead: DBC +34%, EEM +22%, with bonds down 3%.
This week: oil jumped 3.8% as Middle East tensions flared again
Brent crude topped $100 in late July and WTI rallied above $92, driven by escalating conflict between the US and Iran. Crude Oil rose to 82.37 USD/Bbl on August 14 after spiking earlier in the week; DBC captured the move with a 3.8% gain. Gold added 0.8%, VEA (developed ex-US equity) rose 0.9%, and EEM (emerging markets) climbed 1.5%. The S&P 500 delivered 0.4%. Momentum and relative-strength strategies booked 1.2–2.0% as their commodity and EM tilts paid off; static balanced portfolios gained 0.7%. Tech outperformed again: QQQ rose 1.1% and XLK added 1.1%, extending August's rally in AI infrastructure names.
Past 4 weeks: gold rallied 9% on cooler inflation, VEA and EEM followed with 5%+
Cooling US inflation data dampened Fed rate-hike expectations and sent gold surging; the metal posted its best week since January. China added around 20 tonnes to its reserves in July, marking its 21st consecutive month of purchases. VEA rose 5.6% and EEM 5.2%, while the S&P 500 added 4.4%. MSCI's gauge for developing world equities traded 0.4% higher on Friday, on track for a weekly gain of 2.6%, the biggest such advance since June. Momentum portfolios gained 3.5–4.3%, driven by EM and commodity exposure; balanced strategies delivered 3.1%. TLT fell 2.5%, dragging on bond-heavy allocations. Tech extended its rally: QQQ rose 5.1% and XLK surged 8.2% as AI infrastructure optimism returned.
Year-to-date: the commodity and EM surge defines 2026, with DBC up 34% and EEM +22%
Brent crude climbed 20 percent in July, capping a 34% year-to-date gain for DBC; emerging markets are roaring back in 2026 and have recorded nine consecutive weeks of gains, with EEM up 22%. VEA added 19%, the S&P 500 14%. Emerging-market stocks rose, led by a rally in Asian chipmakers as upbeat results from AI infrastructure firms revived appetite for tech stocks. TLT fell 3.4% as rate-hike fears lingered. The two momentum strategies lead the roster at 15.1–17.4%, ahead of the 11.4% balanced SAA; 60/40 trails at 7.9%. Tech dominates the year: QQQ is up 19% and XLK 32%, reflecting the AI infrastructure build-out that continues to drive mega-cap platform valuations.
Sources: CNBC · Bloomberg · Euronews · Trading Economics
Renevier, S. (2026). The weekly read — Week of Aug 08 – Aug 14, 2026. InvestLab Research, Weekly read No. 06, 15 August 2026. www.investlab.app/research/week-of-aug-08-aug-14-2026For information and education only. Nothing here is investment advice. Backtested results are hypothetical and shown with their assumptions; past performance does not guarantee future returns.