Weekly Market Bullets

for the week ending 6/26/2026

• US Equity Markets were mixed last week, as significant profit-taking in technology stocks was offset by a rotation into other areas of the market. The S&P 500 dropped 2.0% for the week and is now up 7.4% for the year. The S&P 500 Equal Weight Index rose 1.6% for the week, one of its widest weekly performance gaps vs. the S&P 500 since 2020. The Nasdaq tumbled 4.6% for the week to bring its gains for the year to 8.8%, while the Russell 2000 (small cap stocks) increased 1.0% for the week and is now up 21.3% for the year.

• Global Equity Markets declined last week as the sell-off in technology stocks in the US spread to overseas markets. Developed Markets were down 0.4% for the week and are now up 7.4% for the year. Emerging Markets dropped 1.7% for the week to bring their gains for the year to 25.1%.

• Ongoing declines in energy prices ease inflation concerns, leading interest rates lower. With the fragile ceasefire with Iran increasing traffic through the Strait of Hormuz, oil prices dropped 8.2% last week to $70.24/barrel, down from over $113 when the conflict first began. As a result, the yield on the 10-Year Treasury fell to 4.37% from 4.45% the prior week. Investors are now pricing in one rate hike from the Fed in 2026, likely occurring in September.

• Every New Fed Chair has Faced a test in the Equity Markets. With new Fed Chairman Kevin Warsh now through his first Fed meeting, the equity markets historically have challenged a new Fed Chair. The average drawdown in equity markets within the first year of a new Fed Chair is ~17%. Alan Greenspan had among the worst drawdowns at 33.5%, while Janet Yellen had the smallest at 7.4%.

Market Data

for the week ending 6/26/2026