Weekly Market Recap – Week Ending May 08, 2026
U.S. equity markets continued to move higher this week, led by strong momentum in growth and technology-linked segments. The Nasdaq 100 ETF (QQQM) gained 5.69%, while the Technology Select Sector SPDR ETF (XLK) rose 8.31%, reflecting renewed investor appetite for high-growth and semiconductor-related names. Broader market strength was also visible in the S&P 500 ETF (SPYM), which advanced 2.71%, while small caps posted a moderate gain. Sector performance, however, remained uneven, with Energy (XLE) and Utilities (XLU) declining sharply, suggesting that investors continued to rotate away from defensive and commodity-linked areas toward technology, communications, and consumer discretionary exposure.
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In the below tables we use major ETF’s as a proxy for some major indexes as well as each of the sector groups into which we divide the overall markets. Tracking these over time provides a more defined picture of the US markets than simply tracking major indexes. This is followed by notable individual stock movers over the past month, and finally our full strategy outlook.
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Strategy Note:
Our lead researcher and blog article author returns next week. In the meantime, below is a chart showing current valuations of the 15 sector groups that ValuEngine divides the US markets into. Only three of the 15 sectors are currently undervalued by the ValuEngine models. While this is not an imminent threat, it does show at least some level of concern regarding overall market risk. Aerospace is currently the most overvalued sector at 55.82%, and Consumer Staples the most undervalued at -5.96%.
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