04:53 PM EDT, 08/07/2026 (MT Newswires) -- The Standard & Poor's 500 index rose 3.6% this week after technology heavyweights jumped and optimism increased that the Strait of Hormuz will reopen following a deal between Iran and Oman.

The market benchmark ended the week at 7,757.64. The index is now up 3.4% quarter to date and 13% this year.

Palantir Technologies ( PLTR ) jumped 40% this week after Q2 sales and adjusted earnings surpassed estimates and the company boosted its full-year 2026 sales outlook.

Nvidia ( NVDA ) jumped 12% this week.

An Iranian official said a framework on the Strait of Hormuz has been agreed with Oman, with "a final decision to be made at higher levels," Al Jazeera reported, citing Iranian state media.

The information technology sector had the largest percentage gain of the week, up 7.2%, followed by a 5.6% advance in materials and a 3% rise in industrials.

Zebra Technologies ( ZBRA ) reported fiscal Q2 non-GAAP earnings and sales above market expectations, and also lifted its full-year 2026 outlook. Shares jumped 28% this week.

Albemarle (ALB) reported Q2 adjusted earnings and sales growth that beat consensus, and raised revenue guidance for the specialties segment to $1.4 billion to $1.6 billion for the full year. Shares advanced 11% this week.

The three S&P 500 sectors that declined the most this week were energy, utilities, and real estate, down 3.3%, 1.7% and 0.1%, respectively.

NRG Energy ( NRG ) reported a steeper-than-expected slide in Q2 adjusted earnings. The shares fell 12% in the week.

Cisco Systems ( CSCO ) , Applied Materials ( AMAT ) , CoreWeave ( CRWV ) , Rocket Lab ( RKLB ) and Simon Property Group ( SPG ) are among the companies reporting quarterly results next week.

Economic data due next week include consumer and wholesale price inflation, retail sales, Michigan consumer sentiment and existing home sales.