From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 8/11/2026
U.S. equity markets are little changed this morning as investors continue to monitor the latest developments on reopening the Strait of Hormuz. The DJIA and S&P 500 are posting small gains, while the Nasdaq is slightly lower. Market sentiment is being supported by ongoing strength in corporate earnings and renewed optimism surrounding artificial intelligence-related investment, though higher oil prices and continued uncertainty surrounding U.S.-Iran negotiations remain areas of concern.
The NFIB Small Business Optimism Index rose to 99.8 in July from 97.4 in June, reaching its highest level since August 2025 and moving above the survey's 52-year average of 98.0. Eight of the index's ten components improved during the month, with hiring plans and capital spending intentions providing the largest positive contributions. A seasonally adjusted 36% of small business owners reported job openings they could not fill, up four points from June and the highest reading in more than a year. The Uncertainty Index increased to 91, indicating that while optimism has improved, business owners remain cautious regarding future economic conditions.
Existing-home sales fell 1.7% in July to a seasonally adjusted annual rate of 4.02 million units, down from 4.09 million in the prior month. Compared with July 2025, sales were 0.7% higher. The total housing inventory at the end of July increased to 1.54 million units, representing a 4.6-month supply at the current sales pace, unchanged from June. The median existing-home sales price rose 2.0% from a year earlier to $434,100.
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