Weekly Market Bullets

for the week ending 7/17/2026

• US Equity Markets fell last week, as rising energy prices from renewed conflicts with Iran and significant declines in semiconductor stocks overwhelmed the major indices. The S&P 500 was down 1.6% for the week and is now up 8.9% for the year. The Nasdaq decreased 2.9% for the week to bring its gains for the year to 9.8%, while the Russell 2000 (small cap stocks) fell 0.5% for the week and is now up 19.4% for the year.

• Global Equity Markets declined last week amid the rising tensions in the Strait of Hormuz and a sharp sell-off in some key Emerging Markets. Developed Markets dropped 0.6% for the week and are now up 7.5% for the year. Emerging Markets tumbled 4.1% for the week with a major decline in South Korea to bring their gains for the year to 15.4%.

• US Inflation Data Eased in June, raising hopes that the Fed may not need to hike rates as much. The Consumer Price Index (CPI) for June came in at 3.5% from a year ago, down from 4.2% in May and well below expectations. Core CPI, which excludes food and energy prices, was up 2.6% from last year, down from 2.9% in May and also better than forecasts. As a result, investors are now pricing in only one rate hike from the Fed by the end of the year, down from two prior to the inflation data release.

• The Effective Tariff Rate for the US has dropped considerably since the Supreme Court ruling. According to the Apollo Group, the US effective tariff rate is currently between 6-7%, down from over 11% prior to the Supreme Court decision negating President Trump's authority to impose the tariffs. Recall that tariffs had been expected to increase to an effective rate of ~15-16%, so the decline has likely been a boost to US consumers.

Market Data

for the week ending 7/17/2026