Summary
Equities sold off sharply this week, with the Nasdaq leading declines at -2.88%, the S&P 500 falling -1.67%, and the Dow slipping -1.60%, as the 10-year Treasury yield jumped +15 basis points to 4.70%. Economic data was broadly constructive, with Housing Starts surging +19% in June after a -15.2% decline the prior month, consumer sentiment improving as the University of Michigan index rose to 54.4 from 49.5, and MBA Mortgage Applications rebounding +1.9%. The labor market showed notable strength as Initial Jobless Claims fell by 22,000 to 187,000, the lowest level since 1969, though the Leading Economic Index slipped -0.2% in June on weak consumer expectations and a drop in building permits. With the FOMC set to announce its rate decision on Wednesday, July 29th, intensifying geopolitical tensions have left the Fed in an increasingly challenging position; markets are now pricing a 36% probability of a hike next week and have fully priced in 1 hike by September as elevated oil prices pose an inflation risk despite June CPI showing modest cooling. On the corporate side, Tesla (TSLA) tumbled over -14% and Alphabet (GOOGL) sank nearly -7%, both on concerns around stepped-up AI spending, GE Vernova (GEV) declined nearly -9% despite raising its revenue outlook, ServiceNow (NOW) fell nearly -4% despite strong quarterly results, and Eli Lilly (LLY) slipped -1% after Novo Nordisk (NVO) filed a lawsuit over its drug advertising. Commodities remained volatile as the US-Iran conflict escalated and the Strait of Hormuz stayed front and center, with WTI Crude surging +11.4% to fresh highs, while spot gold rose +0.8%, spot silver climbed +3.1%, Bitcoin gained +1.6%, and the dollar advanced roughly +0.7%.
10-Year Treasury Yield
- Current Rate: 4.70% (as of July 23, 2026)
- Week-to-Date Movement: +15bps (from 4.55% on July 16, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 7,533.77 → 7,408.30 (-1.67% WTD)
- Dow Jones Industrial Avg: 52,552.97 → 51,711.65 (-1.60% WTD)
- Nasdaq Composite: 25,881.95 → 25,137.69 (-2.88% WTD)
Notable Market Events
Macroeconomic Data:
At the end of last week, Housing Starts jumped +19% in June after a -15.2% decline the prior month, while preliminary Building Permits slipped -3% month over month. The preliminary University of Michigan Sentiment reading for July improved to 54.4 from 49.5. MBA Mortgage Applications rose +1.9% for the week ending July 17th, rebounding from a -2.7% decline the prior week. The Leading Economic Index fell -0.2% in June after a +1.1% gain the prior month, with weak consumer expectations and the drop in building permits contributing to the decline. Initial Jobless Claims fell by 22,000 to 187,000 for the week ending July 18th, the lowest level since 1969.
Economic Policy:
The Federal Reserve holds its next FOMC meeting on Wednesday, July 29th, when it will announce its decision on rates. With geopolitical tensions intensifying over the past week, the Fed finds itself in an increasingly challenging position ahead of the meeting. As of Thursday, markets are implying a 36% probability of a rate hike at next week’s meeting and have fully priced in 1 hike by the September meeting, as elevated oil prices pose an inflation risk despite June CPI showing modest cooling.
Business:
Shares of Alphabet (GOOGL) sank nearly -7% on Thursday after the company signaled a step-up in AI spending, raising its full-year CapEx forecast to $195 billion to $205 billion, up from a prior projection of $180 billion to $190 billion, while warning of even higher figures in 2027. Tesla (TSLA) tumbled over -14% on Thursday amid similar concerns around rising AI spending, specifically its investments in robotics and semiconductors. Eli Lilly (LLY) fell -1% on Tuesday after Novo Nordisk (NVO) filed a lawsuit alleging that Lilly’s advertising campaigns for its blockbuster obesity and diabetes drugs are designed to mislead consumers about their efficacy relative to Novo’s rival injections. GE Vernova (GEV) declined nearly -9% on Wednesday despite raising its revenue outlook, with the company now expecting full-year revenue of $45.5 billion to $46.5 billion, an increase of $1 billion, while leaving its adjusted EBITDA margin unchanged. ServiceNow (NOW) fell nearly -4% on Thursday despite reporting better than expected quarterly sales and bookings, along with subscription revenue rising +25% in the period ended June 30th.
Markets:
Commodities remained volatile this week as the US-Iran conflict continued to escalate, keeping the Strait of Hormuz front and center for energy markets. WTI Crude surged +11.4% as fighting persisted and shipping through the strait remained severely constrained, pushing oil to fresh highs. Precious metals stabilized after last week’s rout, with spot gold and spot silver edging up +0.8% and +3.1% respectively. Bitcoin gained +1.6%, while the dollar rose roughly +0.7%.
Stock Sector Performance
All performance figures and market events are sourced from Bloomberg as of market close 7/23/2026, using the prior Friday’s market open as the start date.
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