Markets delivered a wild week as $MRVL jumped over 40% in a single session, Middle East tensions stayed unresolved, SpaceX and Anthropic filed S-1s for upcoming IPOs, and a sharp Friday selloff rattled the bulls. Semis ran hot through most of the week until $AVGO tanked post-earnings, and a blowout jobs report (+172K vs. 85K est.) increased rate hike odds, with Dallas Fed’s Logan even floating one this year. By the end of the week, money rotated into defensive and value sectors, with energy ($XLE), healthcare ($XLV), and financials ($XLF) all finishing green. Crypto continued its slide, with Bitcoin breaking below $60K. In other news:
Looking ahead, the headliner is the SpaceX IPO on Friday, set to be the largest IPO in market history at a $1.77 trillion valuation. Earlier in the week, CPI and PPI data hit, with CPI YoY expected to come in hot at 4.2%. Let’s see how the charts are looking:
Weekly Analysis
SPY (SPDR S&P 500)
$SPY snapped its 9-week winning streak, closing lower at $737.55 (-2.50%). The RSI Divergences Indicator by Dr. Goose flagged the warning early, with price printing a new high while RSI put in a lower high. With the 8/21 EMA cloud cracked, bears are back in control.
QQQ (Invesco QQQ Trust)
$QQQ got crushed last week, closing at $705.06 (-4.50%) as tech and semis sold off hard. It broke clean through the 8/21 EMA cloud on strong volume, right after the RSI Divergences Indicator flagged a bearish divergence. If it doesn’t reclaim the cloud quickly, the 2026 lows anchored VWAP is the next line in the sand.
IWM (iShares Russell 2000)
$IWM didn’t escape the selloff, closing at $281.65 (-3.02%). It is printing its second bearish RSI divergence in just two months, giving bears multiple chances to take the opportunity. The 2026 lows anchored VWAP sits just 3% below, so keep that level on your radar if the selling continues.
Earnings
Notable Results
RBRK (Rubrik)
- EPS: $0.16 vs $(0.11) est
- REV: $387.068M vs $366.289M est
GME (GameStop)
- EPS: $0.30 vs $0.11 est
- REV: $835.300M vs $766.635M est
IOT (Samsara)
- EPS: $0.17 vs $0.10 est
- REV: $478.800M vs $455.229M est
HPE (Hewlett Packard Enterprise)
- EPS: $0.79 vs $0.52 est
- REV: $10.678B vs $9.779B est
PL (Planet Labs)
- EPS: ($0.03) vs ($0.06) est
- REV: $94.150M vs $90.058M est
AGX (Argan)
- EPS: $3.24 vs $2.27 est
- REV: $290.954M vs $252.110M est
FIVE (Five Below)
- EPS: $2.22 vs $1.68 est
- REV: $1.286B vs $1.197B est
DOCU (DocuSign)
- EPS: $1.09 vs $0.87 est
- REV: $830.200M vs $824.748M est
CRWD (CrowdStrike)
- EPS: $1.10 vs $0.88 est
- REV: $1.386B vs $1.363B est
GWRE (Guidewire Software)
- EPS: $0.82 vs $0.66 est
- REV: $372.541M vs $356.072M est
CRDO (Credo Technology)
- EPS: $1.16 vs $0.98 est
- REV: $437.003M vs $432.654M est
PANW (Palo Alto Networks)
- EPS: $0.85 vs $0.72 est
- REV: $3.002B vs $2.943B est
CIEN (Ciena)
- EPS: $1.64 vs $1.40 est
- REV: $1.570B vs $1.501B est
ULTA (Ulta Beauty)
- EPS: $7.74 vs $6.89 est
- REV: $3.164B vs $3.108B est
COO (The Cooper Companies)
- EPS: $1.21 vs $1.10 est
- REV: $1.082B vs $1.052B est
DG (Dollar General)
- EPS: $2.00 vs $1.90 est
- REV: $10.787B vs $10.829B est
AVGO (Broadcom)
- EPS: $2.44 vs $2.32 est
- REV: $22.187B vs $22.101B est
LULU (Lululemon Athletica)
- EPS: $1.69 vs $1.68 est
- REV: $2.472B vs $2.436B est
MDT (Medtronic)
- EPS: $1.55 vs $1.55 est
- REV: $9.807B vs $9.624B est
What’s Happening Now
AVGO Broadcom
Broadcom’s earnings revealed the first crack in the recently-relentless AI rally. Its once-massive EPS and revenue surprises have slowed over recent quarters, resetting expectations for the semiconductor giant and broader sector. AVGO management starved a market priced for perfection by merely reiterating, not raising, their $56 billion AI revenue forecast. The selloff intensified when CEO Hock Tan admitted that lucrative networking components have peaked at 40% of total AI revenue and will soon normalize downward.
VTV Vanguard Value ETF
A violent 10-year yield spike (TNX) sparked a broad flight to safety, crushing the AI trade and pushing the Nasdaq-100 down 4.5%. Capital aggressively fled growth assets, dragging the S&P 500 down 2.5% with a 5.85% liquidation across Emerging Markets. Value stocks (VTV) notably provided a defensive refuge, up slightly on the week. However, perspective is key: despite Friday’s sell-off, QQQ and EEM still boast +14.77% and +18.06% returns YTD, respectively.
TLT 20+ Year Treasury Bond ETF
Long U.S. bonds show an 87% historical win-rate next week via 15 years of seasonality data. Strong seasonality collides with Friday’s hot jobs data and yield spike, however, while equity investors await any hint of relief for rising rate expectations. Will we finally see a lasting resolution to the ongoing U.S.-Iran conflict in coming weeks? Oil’s close link with yields leaves little leeway for continuing geopolitical uncertainty and global trade chokepoints.
Believe it or not, this is just a fraction of what happened in the markets last week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!
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