U.S. markets enter Thursday, August 13, 2026, with conditions set by the Wednesday, August 12 close.

The market found buyers again. Stocks moved higher. The Nasdaq led. The S&P 500 gained. Small caps improved. AI stocks recovered. Inflation data helped. Treasury yields eased. Investors returned to growth.

The S&P 500 closed at 7,748.50.
The Nasdaq closed at 26,588.49.
The Dow closed at 53,770.27.
The Russell 2000 closed at 3,045.48.

The biggest change was simple: AI regained leadership. After two sessions of pressure, investors returned to technology as earnings showed continued demand for AI infrastructure The market moved from worrying about inflation back toward earnings.

The next question: Can earnings keep supporting these prices?

Wednesday’s session showed buyers returning.

The Nasdaq rose +0.5%.
The Russell 2000 rose +0.6%.
The S&P 500 rose +0.3%.

The Dow slipped slightly. That ranked the major indexes from strongest to weakest as:

Russell 2000, Nasdaq, S&P 500, Dow.
The Nasdaq gained 143.04 points.
The S&P 500 gained 20.30 points.
The Russell 2000 gained 18.37 points.
The Dow lost 21.58 points.

The biggest move came from technology. AI stocks recovered. Companies connected to AI infrastructure moved higher after strong earnings and better forecasts. Semiconductor stocks also improved. That helped lift the Nasdaq after recent weakness. The S&P 500 moved closer to record levels.
The index continued receiving support from strong corporate results. Small caps improved.

The Russell 2000 moved above 3,000 again. That showed the move was not limited only to the largest technology companies. The Dow lagged. Investors rotated away from some defensive areas and back toward growth.

The signal: Buyers returned, but they are still choosing carefully.

Treasury yields eased after inflation data.

The 2-year yield moved near 4.20%.
The 10-year yield moved near 4.68%.
The 30-year yield remained elevated.

The bond market improved. The inflation report reduced some concerns about additional rate pressure. That helped growth stocks. Lower short-term yields are especially important because they affect expectations for Federal Reserve policy.

The key question: Can yields continue moving lower?
If yes, stocks have more room.
If no, valuations face pressure.

The bond market message: Rate pressure eased.

The dollar remained steady. The U.S. Dollar Index stayed elevated. The yen remained under pressure. The euro stayed mixed. Currency markets continued watching interest rate expectations. A calmer rate outlook helped risk assets. The next major move depends on inflation and central bank decisions.

Commodity markets stabilized.

WTI crude moved near $83.
Brent crude moved near $88.

Gold remained strong. Oil remained the main risk. Energy prices stayed elevated because of continued uncertainty around the Strait of Hormuz. Higher oil prices can slow progress on inflation. Gold continued attracting buyers as investors watched global risks.

The commodity message: Oil remains the biggest inflation risk.

Thursday begins with a better market setup. The last few sessions showed a clear change. Jobs data reduced rate pressure. Oil brought inflation concerns back. Inflation data helped stocks recover.

Now investors are watching:

The market is close to record levels. But earnings are now doing more of the work. Companies need to keep showing that AI spending is creating real growth. The market improved. Now it needs confirmation.

Key reference levels:

Markets enter Thursday after a technology-led recovery. The S&P 500 moved higher. The Nasdaq led. Small caps improved. AI stocks recovered. Treasury yields eased. Inflation concerns softened.

The key takeaway: Wednesday showed that investors are still willing to buy growth when earnings support the story. AI regained leadership, inflation data reduced rate fears, and stocks moved higher. The next test is whether earnings can continue supporting these levels while rates remain elevated.