Weekly Market Bullets

for the week ending 6/19/2026

• US Equity Markets rallied last week in holiday-shortened trading, as declining energy prices following the agreement with Iran overcame a hawkish surprise from the new Fed Chair. The S&P 500 rose 0.9% for the week and is now up 9.6% for the year. The Nasdaq was up 2.4% for the week to bring its gains for the year to 14.1%, while the Russell 2000 (small cap stocks) increased 1.2% for the week and is now up 20.1% for the year.

• Global Equity Markets also rose last week as more ships started to travel through the Strait of Hormuz. Developed Markets were up 0.4% for the week and are now up 7.9% for the year. Emerging Markets surged 4.1% for the week to bring their gains for the year to 27.2%.

• Interest Rates were mixed last week as the first Fed meeting with new Chairman Warsh suggested rate hikes ahead. While the yield on the US 10-Year Treasury dipped to 4.45% from 4.49% the prior week, the yield on the 2-Year Treasury increased to 4.18% from 4.09% the prior week as investors increasingly anticipate a Fed rate hike. Investors are now pricing in two rate hikes in 2026 with the first increase coming in September.

• The US Treasury is issuing more T-Bills to fund its debt. According to the Apollo Group, T-Bill issuance now accounts for almost 85% of Treasury issuance, near its highest share in over 20 years. The consequence is that the US Government's borrowing costs are now more closely tied to short-term interest rates, which after the recent Fed meeting, will likely see upward pressure, driving US interest costs higher.

Market Data

for the week ending 6/19/2026