Large-cap indices closed the week near record territory, with the S&P 500 and Nasdaq Composite finishing higher despite a volatile start, while small caps lagged behind. Stock Preachers reported that the S&P 500 ended at 7807.12, up 1.09% for the week, just below its 52-week high of 7844.52. The Nasdaq Composite added 0.58% to close at 27349.51, and the Dow Jones Industrial Average rose 0.81% to 51590.64. In contrast, the Russell 2000 fell 1.01% on the week, closing at 2804.34 near its 200-day moving average support of 2788.86.
Volatility measures eased during the period, with the VIX closing at 14.84 and the VXN dropping to 20.70. Market activity extended into corporate transactions and procurement deals across various sectors. SAP SE announced an agreement to acquire TechWolf, a provider of an AI work intelligence platform built on a proprietary context graph. The deal is expected to close in the fourth quarter of 2026, subject to regulatory approval, with terms not disclosed.
TechWolf is expected to integrate into the SAP SuccessFactors portfolio to support workforce and talent strategies, including skills mapping and organizational redesign. The company will remain an independent entity under CEO Andreas De Neve in Ghent, with its platform available to both SAP and non-SAP customers. Manoj Swaminathan, president and chief product officer for SAP Autonomous Suite, stated that TechWolf's context graph provides a grounding layer for agent queries, aiming to make token usage more efficient and lower deployment costs for workforce agents.
In defense procurement, RTX's Raytheon business secured a five-year contract with two option years valued up to $6.3 billion. The contract covers the production and sustainment of Standard Missile-3 Block IB interceptors, supporting replenishment of missile defense inventory. Production will primarily occur at Raytheon facilities in Tucson, Arizona, and Huntsville, Alabama. Phil Jasper, Raytheon President, noted that the award supports increased production of critical munitions to meet evolving threats faced by the U.S. Navy and partners.
Alimentation Couche-Tard Inc. announced a definitive agreement with Irving Oil to acquire retail assets in Quebec and Ontario. The transaction includes 50 retail sites already operated by Couche-Tard under the Quebec Alliance, two additional sites in Pembroke and Cornwall, Ontario, and fuel supply arrangements for 71 sites in Quebec. The deal also covers 18 cardlock sites and remains subject to customary closing conditions and regulatory approvals under the Competition Act.
Canadian National Railway Company reported a new quarterly record for grain movement, transporting 7.94 million metric tonnes from Western Canada in the third quarter. This surpassed the previous record of 7.48 million metric tonnes set in 2020. The company attributed the performance to customer demand and consistent execution of its operating plan.
Eli Lilly and Company announced that the FDA approved an additional indication for Jaypirca (pirtobrutinib). The approval allows the drug to be used as an initial treatment for adults with chronic lymphocytic leukemia or small lymphocytic lymphoma who have not previously received treatment and do not have a known 17p deletion. The decision follows the BRUIN CLL-313 trial, where pirtobrutinib showed significantly improved progression-free survival compared to bendamustine plus rituximab.