WEEKEND WRAP: Stocks Slow During Summer Doldrums; Gold, Silver Extend Rallies; Mideast Remains Relatively Quiet; It's Summer, Hit the Beach

It's summer. Deal with it. Go shop for back to school stuff or hit the beach.

Stocks

It was a dull week for stocks, with the Dow taking a weekly loss and the NASDAQ and S&P posting marginal gains. As the dog days continue over the next three weeks up to Labor Day, there doesn't appear to be many catalysts pushing stocks one way or another, so three might be some sideways movement overall. Late August and September aren't exactly the best of times for stocks in general. Usually, any summer rally happens through June and July and that appears to have been the case this season.

Overall, second quarter earnings season has been a dud, with more than the usual share of companies meeting or beating targets only to see the stock price sell off upon announcement. It's a sign of an over-extended rally, and this way is well past its use-by date. However, Wall Street being the selling machine that it is and more than an adequate supply of easy money still afloat, there's nothing really stopping stocks from heading even higher. There aren't many obvious signs of slowing, so extra funds will likely find their way into stocks.

Earnings season continues winding down, the week ahead dominated by retailers, which may offer a glimpse into the health of the general economy. Keeping a close eye on the home improvement stores, Home Depot and Lowe's, as well as Walmart, Target, and Estee Lauder in consumer retail.

Monday: (before open) BitFuFu (FUFU); (after close) Fabrinet (FN), Flexsteel (FLXS)

Tuesday: (before open) Baidu (BIDU), Klarna (KLAR), Home Depot (HD); (after close) Lazboy (LZB), Toll Brothers (TOL)

Wednesday: (before open) Viking Cruise lines (VIK), Weibo (WB), Target (TGT), TJX (TJX), Lowe's (LOW), Estee Lauder (EL) Analog Devices (ADI; (after close) COTY (COTY), Nordson (NDSN)

Thursday: (before open) Alibaba (BABA), Walmart (WMT), Advance Auto Parts (AAP), John Deere (DE); (after close) Ross Stores (ROST)

Friday: (before open) BJ's Wholesale (BJ)

Data releases will be few and relatively unimportant in the week ahead. Monday has the NY Manufacturing Index. Tuesday, Capacity Utilization, Industrial Production, and Pening Home Sales. Thursday offers the weekly unemployment claims and the monthly report on economic activity from the Philly Fed. Not much to dive into there.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
07/10/2026	3.71	3.74	3.81	3.85	3.94	3.99	4.06
07/17/2026	3.73	3.75	3.80	3.85	3.91	3.96	4.01
07/24/2026	3.80	3.88	3.95	3.96	4.04	4.08	4.14
07/31/2026	3.78	3.80	3.85	3.83	3.92	3.98	4.08
08/07/2026	3.79	3.79	3.83	3.87	3.89	3.96	4.01
08/14/2026	3.79	3.80	3.81	3.86	3.88	3.95	3.98

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
07/10/2026	4.21	4.22	4.30	4.42	4.56	5.08	5.06
07/17/2026	4.18	4.21	4.28	4.40	4.55	5.07	5.06
07/24/2026	4.33	4.36	4.43	4.55	4.69	5.18	5.16
07/31/2026	4.28	4.34	4.45	4.59	4.75	5.28	5.27
08/07/2026	4.19	4.25	4.35	4.49	4.65	5.20	5.19
08/14/2026	4.17	4.24	4.36	4.51	4.68	5.25	5.25

Yield on the 30-year bond bumped higher during the week, to 5.25%, and the 10-year note advanced three basis points to 4.68%, both near the high points of the recent range. The market appears to be scrambling toward short-term issues. The 2-year note dropped to 4.17%, but it can't get much lower, with the 30-day rate stuck at 3.79%. The danger is a preference for bills, with easy money to be made in maturities of two years or shorter, though the levels under four percent barely keep up with real inflation (around 4-6%).

The longer maturities, which should provide the basis for stable funding in the U.S., are being shunned internationally, setting up a scenario that actually favors cutting rates rather than raising them. The market is doing most of the heavy lifting for the Fed, which seems likely to keep the federal funds target rate on hold at least until the midterms, though the September and October FOMC meetings.

The high spreads on 2s-10s and full spectrum are sending warning signs that U.S. credit markets are in danger of being bi-furcated, which poses a big problem for sustained stability, the question being, wo wants to hold U.S. debt for 10 or 30 years at five or six percent when the government has shown no preference to reign in runaway spending?

Treasury has already stepped in to save the yen from further devaluation, mostly in hopes that Japan won't continue selling its U.S. holdings, the largest by one country in the world. While the financial world wants to know how the Fed is going to handle inflation, the real story may be hidden in long term rates. Inflation may seem like a walk in the park if disinflation and devaluation of the currency becomes even more of an issue than it already is. The Fed, holding its cards close, doesn't want to talk about lowering rates in a scenario which may soon become one in which it has no choice. The U.S. economy - unlike the overly-speculative stock market - is limping along at a GDP growth rate between one and two percent, numbers which could easily be construed as negative when factoring in inflation. The U.S. may be able to avoid recession though the end of the year, but by 2027 it may become obvious that there isn't enough breath in the economy across all industries.

Having some sectors (AI infrastructure) growing at the expense of others (small business, consumer-facing industries, manufacturing) is a recipe for failure.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27
6/26: +31
7/2: +35
7/10: +35
7/17: +37
7/24: +36
7/31: +47
8/7: +46
8/14: +51

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121
6/26: +117
7/2: +128
7/10: +135
7/17: +133
7/24: +136
7/31: +149
8/7: +140
8/14: +146

Oil/Gas

The situation in the Middle East continues to cool, with Iran and Oman dictating terms in the Persian Gulf while Yemen continues to strike the Saudis, keeping the war flames burning in the region. To the north, Russia is being continually bombarded by Ukraine drone storms, the four-year-old war escalating into dangerous territory. Considering the carnage brought to oil producers and refiners, it's somewhat surprising that the price of oil and gas at the pump hasn't reached critical levels. WTI crude oil futures closed out the week at $82.40/barrel, which is closer to the low end of the price range since the Middle East conflict began more than six months ago.

Average price for a gallon of unleaded regular gasoline in the U.S. was $3.96 last week and $4.04 this week. Peace prospects in the Middle East are easing fears of higher gas prices, but the threat of war and an unstable situation at the Strait of Hormuz is keeping prices somewhat elevated.

Gas prices in key states:

California (leader): $5.56 (-0.02)
Washington: $5.17 (+0.06)
Indiana: $3.59 (+0.10)
Oklahoma: $3.68 (+0.19)
Louisiana (lowest): $3.52 (-0.12)
Mississippi: $3.58 (+0.02)
Florida: $3.83 (-0.02)
Illinois: $4.30 (+0.08)
Pennsylvania: $4.07 (-0.03)
New York: $4.10 (-0.04)
Maryland: $3.91 (-0.09)
Michigan: $4.26 (+0.14)
Texas: $3.63 (+0.12)
Georgia: $3.77 (+0.06)

On Sunday, April 16th, there are seventeen (17) states with average prices at or above $4.00, with thirty-one (31) below the $4 threshold, not including Hawaii ($5.42) and Alaska ($4.81), with two above $5 (California and Washington). The Southeast has maintained as the lowest region overall over the past 11 weeks as a gallon of unleaded regular is averaging below $4.00 ($3.52-3.77) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices ranging from $3.80 to $3.98. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest. Prices in the Northeast eased slightly over the past two weeks.

Bitcoin

This week: $63,223.08
Last week: $65,185.72
2 weeks ago: $63,049.68
6 months ago: $68,441.63
One year ago: $117,792.09
Five years ago: $48,880.96

Don't buy the hype. Crypto is dead money. Even if you bought some five years ago, you're up 30%, which averages out to six percent per year, just barely beating inflation. It's a poor investment no matter how one sees it.

Precious Metals

Gold:Silver Ratio: 67.64; last week: 68.29

Futures, per COMEX continuous contracts:

Gold price 7/17: $4,023.00
Gold price 7/24: $4,055.70
Gold price 7/31: $4,098.60
Gold price 8/7: $4,401.30
Gold price 8/14: $4,432.00

Silver price 7/17: $56.22
Silver price 7/24: $58.49
Silver price 7/31: $57.78
Silver price 8/7: $63.80
Silver price 8/14: $64.82

SPOT: (stockcharts.com)
Gold 7/17: $4,016.89
Gold 7/24: $4,052.00
Gold 7/31: $4,042.00
Gold 8/7: $4,340.72
Gold 8/14: $4,375.15

Silver 7/17: $55.91
Silver 7/24: $58.19
Silver: 7/31: $57.55
Silver 8/7: $63.56
Silver 8/14: $64.68

Gold and silver held onto gains from the piror week and actually added slightly on those price levels. It wasn't a big week for precious metals, but maybe an important one. With stocks lallygagging through the week and pressure to the downside on interest rates, metals actually emerged as winners in what turned out to be a dull week for traders.

With volatility squeezed out to some degree, there's open space ahead for gold and silver pricing. The present precedent has some of the characteristics of a turnaround in price and sentiment. Gold and silver holders, more than possibly anybody else in the trading universe, are realists who see the longer term trends for the dollar and U.S. economy as severely eroded and continuing to worsen. $40 trillion in federal debt, an annual interest payment of over a trillion dollars a year for as far as the eye can see and GDP operating in a range of one to three percent over decades and inflation higher than that is not what anybody with a realistic view of the situation would call healthy or sustainable.

Eventually, there will come a reckoning. Asset prices, at or near all-time highs will have to adjust to lower levels if the American economy is to survive. The middle class hollowed out into what is now a pay-as-you-go system with no leeway for savings or emergencies has no alternatives unless there is change. The warfare/welfare state has drained the public's wealth and will. Pressure from outside sources, in terms of de-dollarization and rejection of the current neo-capitalist fascist system of a government marriage with industry run by people with no intent other than to enrich themselves, will fail and the pain will be felt across society. Those who have prepared well enough or who already have sufficient assets to ride out the coming economic storm will survive. All others will suffer.

This is not a scenario for the next few months or years, but for decades ahead. America has reached a turning point, one at which the people are not well-served by their government, but rather, abused. That sets in motion an unsustainable level of civil disruption and institutional rot. People may not riot openly in the streets, but people will take measures to protect and enhance their own interests.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	68.63	80.89	74.66	75.00
1 oz silver bar:	71.00	80.56	76.48	75.98
1 oz gold coin:	4521.07	4726.07	4613.51	4593.19
1 oz gold bar:	4546.37	4663.84	4592.70	4583.57

The Single Ounce Silver Market Price Benchmark (SOSMPB) took a quantum leap forward, closing the week at $75.53, an upside move of $1.88 per troy ounce from the August 9 price of $73.65.

WEEKEND WRAP

Enjoy the remaining weeks of summer, even after Labor Day. It's really a quiet period, even for politicians, who are not likley to bother anybody until they come back into session around September 9. What a relief.

At the Close, Friday, August 14, 2026:
Dow: 53,732.41, -107.58 (-0.20%)
NASDAQ: 26,729.16, -73.86 (-0.28%)
S&P 500: 7,785.76, -13.23 (-0.17%)
NYSE Composite: 24,821.68, +12.03 (+0.05%)

For the Week:
Dow: -304.52 (-0.56%)
NASDAQ: +38.54 (+0.14%)
S&P 500: +28.12 (+0.36%)
NYSE Composite: +226.44 (+0.92%)
Dow Transports: +286.30 (+1.33%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

July Retail Sales Fall 0.6%; Nobody Really Cares; Stocks Look to Close Out Week Split: Dow Down, NASDAQ, S&P Higher

With the CPI and PPI as the only large market-moving events of the week, the overall pace and sentiment was rather dull. After all, it is August and most people would rather be yachting, beaching at the Hamptons, or playing the ponies at Saratoga than chasing stocks and options.

Of course, that didn't stop President Trump from "truthing" about the Iranians and how the U.S. controls the Strait of Hormuz (who writes this stuff?), but even with that, oil managed to stay within recent ranges, with WTI crude futures holding around $81/barrel prior to Friday's open.

With one last day of trading to close out the week, the Dow is down 196 points through Thursday's close; the NASDAQ has gained just 112 points, and the S&P shows a 41-point gain, not much to boast about. Gold and silver are up marginally.

As far as earnings are concerned, Applied Materials (AMAT) reported second quarter results after the bell Thursday, and despite small beats top and bottom line, the stock is selling off to the tune of about six percent in the pre-market. With the run-up in stocks over the past six to eight months (AMAT is up 108% year-to-date), it's not surprising that there's a spate of profit-taking in the works.

July retail sales dropped by 0.6% month-on-month, but are still up five percent on the year (think: inflation). Other than the AI capex explosion, the U.S. economy is running at stall speed, which is OK, because the warfare-welfare state is working perfectly as designed. Just about everybody will eventually be on the dole.

The Shiller PE closed yesterday at 42.65, still the second-highest reading ever, and poised to set a record within months. Total U.S. government debt at the federal level is now beyond $39.9 trillion, so by the time congress reconvenes after Labor Day they can start getting to work on a $40 trillion debt load and and interest payments over $1.1 trillion. Pigs may fly also.

Stock futures are wavering heading toward the bell. Dow futures are down 64 points. NASDAQ futures are up 82, and S&P futures are up six points. There's very little in the way of commitment.

At the Close, Thursday, August 13, 2026:
Dow: 53,839.99, +69.72 (+0.13%)
NASDAQ: 26,803.03, +214.54 (+0.81%)
S&P 500: 7,798.99, +50.49 (+0.65%)
NYSE Composite: 24,809.65, +51.03 (+0.21%)

July PPI Flat, Below Expectations; Stocks, Gold, Silver in Limbo with Rates on Hold; Oil Flows Continue to Satisfy Demand for Now

Wednesday's July CPI report cooled hate hike expectations, and Thursday morning's PPI reading for July put a cherry on top as the release showed inflation at the producer level lower than expected.

As reported:

The Producer Price Index for final demand was unchanged in July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices edged down 0.1 percent in June and rose 0.5 percent in May. On an unadjusted basis, the index for final demand increased 4.7 percent for the 12 months ended in July.

In July, a 0.2-percent increase in the index for final demand services and a 2.2-percent advance in prices for final demand construction offset a 0.7-percent decrease in the index for final demand goods.

Prices for final demand less foods, energy, and trade services rose 0.4 percent in July after inching up 0.1 percent in June. For the 12 months ended in July, the index for final demand less foods, energy, and trade services advanced 4.7 percent.

While the annual figure of 4.7% is still high, it is down from the peak in March of 5.9%, suggesting that inflation is still rising, but the pace is slowing. That may not be exactly what consumers want to hear, but it is likely to bring joy to more than a few Wall Street trading desks.

The CME's FedWatch tool shows a 32% chance of a hike - to 3.75-4.00% - at the September FOMC meeting (34 days from now) and a 68% chance that the Fed will stand pat at 3.50-3.75%. It's a fool's game to bet against those odds given the current circumstances. There is practically no reason for the Fed to change policy in September, especially if August non-farm payrolls come in at a negative or below expectations. Nobody, except for maybe the three board members who voted for a rate hike in July, wants to take the punch bowl away in the middle of the expansion party. Price inflation will take care of itself as demand destruction and substitution meets ample supply.

While America's purchasing power gradually erodes, it affects only the "little people", resulting, in terms of overall monetary policy, grins and chuckles, because, the powers that be truly don't care much about the 90% of the population that pays taxes and buys groceries. The Fed looks at the bigger picture. With GDP running at 1.5% in the second quarter and likely to edge even lower for Q3 2026, elevated inflation is the least of their worries.

On the brighter side, the AI capex expansion is real and will be peaking later this year or at some time in the first half of 2027. It's at that point that the Fed will have to move, and the most likely direction would be lower rates, not higher.

Wall Street's reaction to the PPI reading was rather muted. It appears as if the table is set for August, with congress out of town and earnings season winding down. Further gains in stocks are likely to be hard to come by, if only because the market is sailing through economic doldrums.

Stocks are already at or close to record highs and are probably going a bit higher before the next pullback, which could come from any direction. Meanwhile, the midterms are shaping up well for Republicans if the economy holds and inflation doesn't bite as hard as some expected. There does not appear to be any near-term resolution to the Iranian crisis, but oil flows continue to hold. WTI crude is down two percent this morning, at $81/barrel. If the two sides in the Middle East refrain from shooting at each other over the next few weeks and months, prices should stabilize in the 70s.

Treasury yields have moderated, keeping the price of gold and silver in recent ranges.

At the Close, Wednesday, August 12, 2026:
Dow: 53,770.27, -21.58 (-0.04%)
NASDAQ: 26,588.49, +143.04 (+0.54%)
S&P 500: 7,748.50, +20.30 (+0.26%)
NYSE Composite: 24,758.62, +73.05 (+0.30%)

July CPI Comes in Tame, up 0.1% monthly, +3.4% Annually; Gold, Silver Get a Bump Higher as Inflation/Employment Debate Emerges

Pretty much in line with expectations, the BLS reported July CPI as follows:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent on a seasonally adjusted basis in July after falling 0.4 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.4 percent before seasonal adjustment.

The index for shelter rose 0.1 percent in July, accounting for roughly two-thirds of the monthly all items increase. The index for food also increased 0.1 percent over the month, as the index for food away from home increased 0.3 percent. In contrast, the energy index declined 1.5 percent in July.

The index for all items less food and energy rose 0.2 percent after being unchanged in June. Indexes that increased over the month include medical care, airline fares, communication, education, and recreation. Conversely, the index for motor vehicle insurance was among the major indexes that decreased in July.

The all items index rose 3.4 percent for the 12 months ending July after rising 3.5 percent for the 12 months ending June. The all items less food and energy index rose 2.5 percent over the year, following a 2.6-percent increase over the 12 months ending June. The energy index increased 14.7 percent for the 12 months ending July. The food index increased 3.0 percent over the last year.

As Money Daily detailed in Tuesday's post, the soft inflation figures had the most profound effect on precious metals. Both silver and gold experienced healthy gains upon the release.

As for as stock futures were concerned, the data didn't move the needle much on any of the majors, which were already close to session highs just prior to the release.

Approaching the opening bell, gold was up nearly $62 to $4,428.70, with silver up nearly two dollars, at $66.40.

Dow futures were up 148 points. NASDAQ futures were ahead by 288 and S&P futures gained 35 points.

Today's CPI print leaves open the debate over whether the Fed will raise or lower interest rates. Considering the weakness lately in employment, the FOMC may lean toward a cut at the September meeting, though there will be a load of data to digest before then. Whether or not precious metals can sustain their recent advances has much to do with the inflation/employment argument. Lower rates favor PMs. Higher rates favor treasuries as the safety bet of choice.

Crude oil remains very much in play, as Iranian hard-liners push for U.S. concessions as prerequisites for reopening the Strait of Hormuz. WTI crude futures are maintaining around $83/barrel. A breakthrough in the Middle East would send oil much lower, be beneficial to the global economy, and probably send all assets higher.

The games continue...

At the Close, Tuesday, August 11, 2026:
Dow: 53,791.85, -184.13 (-0.34%)
NASDAQ: 26,445.45, -159.91 (-0.60%)
S&P 500: 7,728.20, -24.91 (-0.32%)
NYSE Composite: 24,685.57, +17.69 (+0.07%)

Investors Largely on Hold in Advance of July CPI; Mideast Uncertainty Sends Oil Higher as Gold and Silver Continue Rallies

Other than commodities, markets took a breather Monday in advance of Wednesday's July CPI reading, as investors weigh the odds future actions of the Federal Reserve concerning inflation and what looks to be a stagnant employment market.

While Friday's reading of -23,000 jobs from the monthly BLS Non-farm payroll data sent some chills through the economy, Wall Street took the news as a sign that the Fed would be unable to raise interest rtes at their next FOMC meeting in September. The other side of the coin is that inflation has re-emerged as a threat to the economy, with higher-than-expected CPI readings the past three months.

Though many analysts - including some voting members of the FOMC - attribute the recent rise in inflation to disruptions in supply chains and generally unstable conditions stemming from the conflict in the Middle East, others - including three FOMC board members who voted for a rate hike at the July meeting - believe inflation to be more systemic and a real threat to stability in the United States and elsewhere.

That is where the crux of the arguments lay, and both sides have good points. There's more beneath the surface, however.

When July CPI is released prior to the market open on Wednesday, it may trigger a precious metals event if analysts are correct about the number indicating a cooling of inflation pressure. Silver will go off like a hypersonic missile if the monthly headline number is +0.2 or lower and the annual rate comes in at 3.4% or less, which is highly probable. People will also be watching the core number, expected to come in at 2.5%. Not only would softer inflation figures be a solid for the general economy (Wall Street may see it differently), but potentially lower interest rates (read: money printing) is like putting gold and silver on steroids.

Because precious metals don't return any dividends, they are bought and sold against treasury interest rates. When rates are high, there isn't an urge to buy PMs, but when rates are low and money is easy, they become much more attractive as a hedge against declining purchasing power. The prefect storm which may emerge on Wednesday - and possibly further on Thursday with the PPI release - is a softer read on inflation which would not only send interest rates down, but also appeal to the bullish Wall Street cohort which sees flagging inflation as a road map for the Fed to ease, sending stocks higher. In such a scenario, everybody wins, but the top prize may be taken by gold bugs and silver stackers.

In case anybody needs convincing, the recent rise in precious metals extended into Monday, led by silver, which popped from the mid-63s to above $66 before settling into a range around $64.25-65.50. Gold was less extravagant, though the move from $4,320 to $4,400 during the U.S. session was noticeable.

Metals traders may have been looking forward to Wednesday's inflation reading, or, they may have just been jumping on the moving bandwagon. PMs have been on the move since Monday of last week and the momentum does not appear to be waning in the least. Wednesday might produce a "moon shot" if the CPI comes in below expectations.

Everything other than small caps and crude oil lagged on Monday, with WTI futures rising from $76 to $82 on the day, courtesy of more speculation over the prospects for opening the Strait of Hormuz, something that's become something of a tennis ball affair between neocons and peace negotiators. The narrative swings in different directions on a regular basis and with it the price of oil. Being a global commodity, there are certainly more players than Iran and the U.S.. Everybody seems to want to have a say in how the Middle East and the shipping of oil and other commodities are handled, and by whom.

When the price of oil rises, so too the threat of inflation, though this drama, which started off as "a few days or maybe weeks" has morphed into a five-month long struggle against rational solutions. Every time there appears to be a breakthrough in negotiations, one side or the other (admittedly, it's usually the United States) turns heel and starts lobbing missiles and other munitions around the region. There is no sense to this kind of behavior, but that's what happens when an empire suffers from poor planning and decision-making by people who are genuinely unstable. On top of that, the reality is that the United States has been handed a severe beating by a foe - Iran - that is fighting for its very survival and refuses to back down.

Throwing a political bent into the three-ring circus, the U.S. midterms are less than three months away and both parties need to put their best image forward, but especially the ruling party, the Republicans. If they wish to stave off big losses in the House and Senate, they sorely need to appear to have a positive direction, and high inflation and a seemingly endless conflict in a critical region doesn't seem to cut it. In the best scenario, the U.S. declares victory and brings troops home, inflation slows and the politicians get down to the usual nasty ads, finger-pointing, and general silliness of the elections.

We'll get to see how this all works out in the weeks and months ahead, but Tuesday appears to be a rerun of Monday's indecisive trading.

Approaching the open, stock futures are higher, though only modestly. Gold and silver continue to hold gains.

At the Close, Monday, August 8, 2026:
Dow: 53,975.98, -60.95 (-0.11%)
NASDAQ: 26,605.36, -85.26 (-0.32%)
S&P 500: 7,753.11, -4.53 (-0.06%)
NYSE Composite: 24,667.88, +72.64 (+0.30%)