For the week ending August 15, 2025.

Stocks moved higher last week, with small caps leading the way and healthcare standing out as the strongest sector. Economic data showed consumer prices steady but producer prices spiking, and retail sales held up despite weaker consumer sentiment. That mix of higher costs and solid demand shaped market leadership, with growth areas outside of technology faring best.

U.S. Equities by Size and Style
Small caps were the clear winners, with small value up nearly 4% and small cap core ahead by more than 3%. Small growth rose 2.6%. Mid caps also gained, led by mid value at just over 2%. Large caps trailed, with large value up 1.4% and large growth lagging at 0.6%.

U.S. Sectors
Healthcare jumped 4.7% to lead all sectors, benefiting from defensive interest as producer prices surged and inflation expectations slightly climbed. Consumer discretionary rose 2.3%, supported by steady July retail sales. Materials and financials also gained, up 1.9% and 1.2% respectively. Energy added 0.7%, held back by surprise inventory builds. On the downside, utilities and staples both slipped more than half a percent as investors moved out of defensive yield plays. Industrials and technology were flat to slightly negative, reflecting mixed numbers from factory output and muted tech demand. Real estate edged up 0.5%, while telecom was slightly lower.

Fixed Income
Core bonds finished unchanged, while high yield added 0.2% and international bonds rose 0.4%. The bond market was steady despite the hot PPI report, with investors waiting for clearer policy signals from the Fed (if possible).

International Markets
International equities rallied alongside U.S. small caps. Europe rose 1.7%, the Pacific region climbed 1.9%, and Latin America gained 1.2%. A weaker U.S. dollar, down 0.3% on the week, provided an added lift.

Commodities and Currency
Gold fell 1.8% as rising real yields weighed on the metal. Broader commodities slipped 0.2%. The U.S. dollar moved lower, which helped international markets outperform.