Performance across US Equity Markets was uneven last week with sharp swings in oil prices and semiconductor stocks. The S&P 500 was up 1.2% for the week and is now up 10.7% for the year. The Nasdaq rose 1.7% for the week to bring its gains for the year to 13.1%, while the Russell 2000 (small cap stocks) fell 0.6% for the week and is now up 20.0% for the year.
Global Equity Markets declined last week following shots in the Strait of Hormuz and an escalation of activity in Ukraine. Developed Markets were down 1.1% for the week and are now up 8.1% for the year. Emerging Markets dropped 1.8% for the week to bring their gains for the year to 20.4%.
Oil Prices rose amid escalating tensions in the Middle East and the apparent end of the ceasefire. Oil prices closed the week at $71.51/barrel, up 4.0% for the week and now up 24.5% for the year, though down from a peak of over $117/barrel when the conflict with Iran first began.
Of Interest to Us
There are 20 stocks accounting for the bulk of earnings growth expected for Q2 2026. With Q2 corporate earnings reports about to begin, the Street is currently projecting year-over-year earnings growth of ~24%, which is on top of the ~28% growth in Q1. Of that, 95% of the earnings growth is expected to come from just 20 companies, mostly in the Technology and Energy sectors, with Microsoft contributing ~21% and Nvidia contributing ~20%.
Market Data
for the week ending 7/10/2026
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