Meta description: The S&P 500 closed above 7,800 for the first time, and Asian markets extended a fourth straight week of gains, as falling oil prices and cooling inflation reinforced bets the Fed will hold rates in September.
The relief rally we've tracked building since Wednesday's in-line CPI report (covered in our earlier post) reached a genuine milestone Thursday. The S&P 500 closed at a fresh record of 7,798.99, surpassing 7,800 for the first time ever intraday, adding 0.65% on the session. The Nasdaq Composite gained 0.81% to 26,803.03, while Asian markets extended their own winning streak into Friday.
The forces behind the record
Thursday's gains were powered by a now-familiar combination: falling oil prices and continued digestion of cooler inflation data. Brent crude fell more than 2% to close at $87.07 a barrel, and WTI slid over 2% to $81.25, as traders weighed falling oil demand — echoing the IEA's steeper demand-cut forecast we covered earlier this week — even as the underlying US-Iran conflict continues.
Meta, Micron, and Netflix led the Nasdaq higher
The Nasdaq's gains were boosted specifically by Meta Platforms, Micron Technology, and Netflix — a notable mix spanning social media, memory chips, and streaming, suggesting Thursday's rally was broader than a single sector's momentum. Meta's inclusion is particularly notable given the sharp selloff we covered following its own AI-capex-driven earnings reaction weeks earlier, hinting that some of that skepticism may be easing.
A fourth straight week of Asian gains, led by Korea
Friday's session in Asia extended the momentum further. The MSCI Asia Pacific equities gauge climbed 0.3%, bringing its weekly advance to 2.6% and marking a fourth consecutive week of gains. South Korea's Kospi — described by Bloomberg as "a bellwether for the artificial intelligence trade" — led the region again, with Samsung Electronics and SK Hynix both posting weekly gains of more than 14%. That figure caps an extraordinary turnaround from the Kospi's own sharp selloffs earlier this summer, which we tracked in detail across multiple posts.
Fed commentary reinforcing the calmer mood
Adding to the constructive tone, former Dallas Fed President and Goldman Sachs Vice Chair Robert Kaplan said the Federal Reserve was right to hold rates in July, offering a supportive read from a well-known former policymaker just as markets increasingly price in a similar hold for September.
What investors should watch
- Whether the S&P 500 can hold above 7,800 and build further on this week's momentum
- Continued Samsung and SK Hynix strength, given their outsized influence on both the Kospi and broader AI infrastructure sentiment
- Whether falling oil prices persist, or whether the still-unresolved US-Iran conflict reintroduces volatility
- Additional Fed commentary ahead of the September meeting, following Kaplan's supportive remarks on the July hold
Bottom line
The S&P 500's first close above 7,800 caps a genuinely strong week for global markets, powered by falling oil prices, cooling inflation, and a remarkable rebound in Korean chip stocks. With Asian markets now riding a fourth straight week of gains, this week's data suggests the anxiety that gripped markets just weeks ago has given way to considerably more durable optimism — though as we've seen repeatedly this summer, conditions can shift quickly.
This post is based on reporting from Bloomberg and CNBC as of August 13-14, 2026. This content is for informational purposes only and does not constitute investment advice.
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