04:45 PM EDT, 05/15/2026 (MT Newswires) -- The Standard & Poor's 500 index edged up 0.1% this week, its seventh consecutive weekly gain, as a strong advance in energy stocks helped outweigh declines in other sectors.

The S&P 500 ended the week at 7,408.50, up slightly on the week but down from the new closing high it reached Thursday at 7,501.24. The market benchmark also hit a new intraday high on Thursday at 7,517.12.

The seven-week win streak is the index's longest since a nine-week run that ended in December 2023. The S&P 500 is now up 2.8% for the month and has climbed 8.2% in 2026.

The week's advance was driven by gains in only four of the S&P 500's 11 sectors, led by energy amid surging oil prices on the back of renewed Middle East worries. Consumer staples, technology and health care also rose this week.

Declines across the remaining seven sectors came amid inflation concerns.

US annual consumer inflation accelerated in April to the fastest pace in almost three years as energy prices surged amid the near-complete closure of the Strait of Hormuz, data released this week showed. Another report showed US producer prices in April rose at the fastest pace in four years as broad-based increases in services and goods signaled intensifying inflation pressures.

The energy sector jumped 6.8%, followed by gains of at least 1% each in consumer staples, technology and health care.

Occidental Petroleum ( OXY ) and Targa Resources ( TRGP ) had the largest percentage gains in the energy sector for the week, rising 12% and 9.6%, respectively.

The climb in consumer staples was led by shares of tobacco companies Philip Morris International ( PM ) and Altria Group ( MO ) , which added 11% and 7.3%, respectively.

The technology sector's gain came amid enthusiasm for artificial intelligence as Cisco Systems ( CSCO ) reported higher-than-expected quarterly results, boosted by strong demand for its AI infrastructure. Cisco's ( CSCO ) shares jumped 22% as the company reported fiscal Q3 earnings and sales above market expectations and raised its full-year guidance.

On the downside, consumer discretionary fell 3.1%, followed by a 2.6% drop in real estate, a 2.3% loss in materials, and a 2.1% decline in utilities. Industrials fell 1.1% while communication services and financials also edged lower.

Norwegian Cruise Line Holdings ( NCLH ) was among the hardest-hit stocks in consumer discretionary. The cruise operator's shares fell 9.1% as TD Cowen cut its price target on the stock to $22 each from $27. The firm kept its investment rating on the shares at buy.

Next week, a number of retailers will report quarterly earnings, including Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's (LOW), TJX (TJX), and BJ's Wholesale Club (BJ). Other companies on the week's earnings calendar include NVIDIA (NVDA), Analog Devices (ADI), Intuit (INTU) and Deere (DE).

Economic data will include April pending home sales, housing starts and building permits, as well as a final reading on May consumer sentiment.