Weekly Market Bullets

for the week ending 7/31/2026

• US Equity Markets posted gains after another volatile week, as strong corporate earnings overshadowed Fed signals for higher rates and ongoing tensions in the Middle East. The S&P 500 rose 1.1% for the week and is now up 9.4% for the year. The Nasdaq was up 1.6% for the week to bring its gains for the year to 9.2%, while the Russell 2000 (small cap stocks) eked out a 0.1% gain for the week and remains up 18.1% for the year.

• Global Equity Markets rose last week as European economic growth surprised to the upside while a rising Japanese Yen raised questions about possible government intervention. Developed Markets increased 1.8% for the week and are now up 9.7% for the year. Emerging Markets were up 2.3% for the week to bring their gains for the year to 18.6%.

• US Interest Rates continue marching higher after last week's Fed meeting. While the Fed chose to keep rates unchanged at its meeting last week, three dissents by Fed governors favoring a rate hike and Chairman Warsh's comments centered around tempering inflation pushed rates higher. The yield on the US 10-Year Treasury closed at 4.74% vs. 4.68% the prior week. Investors are placing a 67% chance that the Fed raises rates at its next meeting in September.

• A new study shows that AI is not cutting jobs. According to a recently published paper from The Apollo Group, an analysis of AI-exposed occupations shows no loss in overall employment. However, wage growth for such jobs is slowing, suggesting that firms are obtaining productivity benefits via lower salary increases instead of widespread job reductions.

Market Data

for the week ending 7/31/2026