Market Overview
Tech and corporate news saw significant movement, with Google launching its Pixel 11 series and Anthropic committing $9.1 billion to a 20-year compute deal with Riot Platforms. Meanwhile, healthcare saw PTC Therapeutics and Eli Lilly acquire bankrupt Sangamo Therapeutics' core assets, while Cerebras shares dropped 14 percent following a second-quarter revenue miss. On the macroeconomic front, Social Security's 2027 cost-of-living adjustment is projected to rise above historical averages.
Google introduced the Pixel 11 series at its annual hardware event, unveiling four new smartphones priced higher than their predecessors due to rising memory costs. The base Pixel 11 starts at $899, representing a $100 price increase from last year's model, while the Pixel 11 Pro opens at $1,099 and the Pixel 11 Pro XL at $1,299. Google eliminated the 128GB tier entirely, doubling base storage to 256GB across the lineup with 12GB of RAM. All four devices, including the Pixel 11 Pro Fold, run on the new Tensor G6 chip manufactured on TSMC's 2nm process. The updated processor delivers improved power efficiency and powers deeper on-device Gemini AI integration, including expanded live translation and camera-based circle-to-search functions. The slab models are scheduled to ship on August 20, with pre-orders offering promotional discounts.
Projections estimate the 2027 Social Security cost-of-living adjustment will land between 3.4% and 3.8% as cooling inflation alters earlier forecasts. The adjustment relies on the Consumer Price Index for Urban Wage Earners and Clerical Workers, which rose 3.4% over the 12 months ending in July. Because the official calculation requires the average of July, August, and September data, current figures remain preliminary ahead of the Social Security Administration's October announcement. Independent analyst Mary Johnson lowered her estimate to 3.4% following the July data release, down from a peak of 4.7% in June. Meanwhile, The Senior Citizens League expects a 3.8% increase, and AARP projects a 3.5% bump that would raise the average retired worker's monthly benefit by $73. Even with downward revisions across major forecasts, the projected increases remain above the long-term historical average of approximately 2.6%.
National Vision Holdings delivered second-quarter 2026 adjusted diluted earnings per share of $0.25 on revenue of $498.8 million, topping consensus estimates. Net revenue rose 2.5% year-over-year, supported by a 3.4% increase in comparable store sales and an intentional shift toward higher-value product offerings and managed care customers. The company funded this margin expansion despite a 4.9% drop in overall customer traffic, particularly among self-pay shoppers deferring purchases at introductory price points. Management raised its full-year adjusted operating income guidance to a range of $119 million to $139 million while maintaining its adjusted EPS target of $0.94 to $1.09. The retailer ended the quarter with 1,281 stores after opening nine new America's Best locations and closing two.