Coverage: July 23rd - July 29th, 2026
Tuesday’s closing numbers looked calm until you opened the hood. The Dow rose 1.03% to 52,747.32, the S&P 500 gained 0.21%, and the Nasdaq slipped 0.22%. Meanwhile, the Philadelphia Semiconductor Index fell 4.5% as money moved toward healthcare, consumer staples, materials, and other corners of the market that spent much of the AI boom watching from the parking lot.
Coca-Cola gained 5%, Boeing rose 4.8%, and the Dow reached a two-week high. Investors appear to be trimming crowded technology positions rather than abandoning equities broadly. The rotation has widened market participation, though it has also exposed how much index-level calm depended on a shrinking group of winners.
Alphabet delivered an 82% jump in cloud revenue, yet its first quarterly cash burn of $5.9 billion became the figure investors carried home. The company raised planned 2026 spending by another $15 billion as data-center demand continued to outrun available capacity. Alphabet shares fell 6% following the results.
Microsoft and Meta report Wednesday evening, followed by Amazon and Apple later in the week. Options markets are pricing a potential 6.6% move in Microsoft shares, equal to roughly $190 billion in market value.
The Federal Reserve concludes its July meeting Wednesday, with its policy statement due at 2 p.m. Eastern. The current federal funds target range stands at 3.50%–3.75%, and futures markets assigned roughly a 38% probability to a quarter-point increase Wednesday morning.
A hold remains the more widely expected outcome, yet the statement could carry plenty of bite. Policymakers are balancing softer recent inflation readings and weaker consumer sentiment against elevated energy risks and lingering concern that price pressures could regain momentum. A hold paired with firmer language could still push expected future rates higher.
Crude prices fell about 5% Tuesday as a pause in U.S.-Iran strikes revived hopes for diplomacy. Brent settled at $84.09 per barrel and West Texas Intermediate at $79.26, both near two-week lows. The retreat helped pull Treasury yields lower and eased immediate fears that energy would deliver another inflation shock.
The relief proved fragile. Oil rebounded more than 4% Wednesday morning following renewed regional violence, while traffic through the Strait of Hormuz remained severely restricted.
The Conference Board’s Consumer Confidence Index fell to 90.8 in July, down from a revised 92.2 in June. Its Present Situation Index declined for a third consecutive month, while the Expectations Index held at 74.7. Consumer assessments of current business and employment conditions both weakened.
The survey still points toward caution rather than a sudden spending collapse. Income expectations remained positive, planned service spending increased, and recession expectations stayed relatively contained. Households appear uneasy, selective, and fully aware that groceries continue to ignore every reassuring inflation chart.
The United States introduced tariffs of 10% and 12.5% on imports from 60 trading partners, using forced-labor concerns and Section 301 of the Trade Act as the legal foundation. Oil, natural gas, fertilizers, critical minerals, and hundreds of other products received exclusions.
The immediate market response stayed muted, partly because several rates aligned with existing trade agreements. The broader issue remains cost visibility. Companies and central banks must now separate tariff-related price increases from energy shocks and underlying inflation.
Tadej Pogačar captured his fifth Tour de France title, his third consecutive victory, after winning five stages during the race. The 27-year-old joined Jacques Anquetil, Eddy Merckx, Bernard Hinault, and Miguel Indurain as the only riders with five official Tour victories.
And if this sports lull has you in a sweltering bind, well listen up folks: the NFL preseason begins in just eight days (August 6th). Teams across the country are reporting to camp today.
Will the Seahawks repeat?
Will John Harbaugh remind the league that yes, coaching does matter?
Will the Eagles $74m+ of dead cap — and potentially hundreds more expected in the next few years — finally come to bite them?
We will surely find out.
Our prediction: Giants and Saints surprise, Buccaneers take another step back, and we finally see Justin Herbert go deep into the playoffs thanks to OC Mike McDaniels.
We’re almost there, folks! Hang tight.