WEEKEND WRAP: Lindsey Graham Dead; Iran-U.S. Conflict Escalating; Bank Earnings to Dominate the Week; Crude Oil, Treasuries Near Breaking Points

Change has come.

South Carolina Senator Lindsey Graham died suddenly on Saturday, July 11, throwing the senior senate seat November election into a whirlwind. Beyond what appears to be a developing scramble drill for Republicans to field a suitable candidate, Governor Henry McMaster is tasked with the responsibility to appoint a replacement for Graham through the remaining Senate calendar, January 3, 2027.

McMaster's appointment does not imply that the person will be the candidate for the election in November. A special Republican primary must be held to select a new GOP nominee. The filing period could open as early as July 21, with the primary possibly scheduled for August 11. This matters because the balance of power in the Senate is already close, with 53 Republicans and 47 Democrats. Graham was seen as a shoo-in in November. Now that's up in the air.

Also developing over the weekend is escalation in the Iran-U.S. conflict. Both parties have engaged in heavy military actions, pretty much dealing the MOU a death blow. The region could be back to full-scale war within days as Iran has reportedly closed the Strait of Hormuz and the U.S. is considering re-establishing its blockade and launching more substantial assaults against Iran in coming days.

While politics and militarism aren't directly related to financial affairs, they do have their own degrees of impact on economies, in the case of Iran, the global economy. Graham's death will reverberate in the U.S. economy, though the impact is likely to be negligible, unless the Democrats take control of the Senate, or House, or both, which is a real possibility since President Trump's approval ratings on everything from inflation to foreign policy are swirling the toilet bowl. Despite what the White House tries to spin as "American Greatness", the sitting president is not well-liked. A shift in the balance of power to the Democrats would make him an automatic lame duck since he cant run again, as well as possible impeachment.

Add to the intrigue the health condition of Kentucky's senior senator, Mitch McConnell, who has been hospitalized since Thursday and has not be exactly "on the job" for months. In the case of his death or inability to serve out the remainder of his term, Kentucky law stipulates that a special election be held, not an appointment by the governor. Possible legal challenges may emerge.

With so much riding on the November midterms, expect the White House and Republicans in general to fully engage in whatever tactics might win the elections. There's been lying, cheating, and assorted dirty tricks played out in previous elections, but this time around might bring out the absolute worst, which, in terms of politicians, could be false flags, complete fabrications, murders, gaslighting, and blackmail.

There's less than four months until the midterms. Have your popcorn ready because the fireworks are sure to be spectacular.

Stocks

The Dow was down, but the NASDAQ and S&P gained on the week. Nothing unusual about that, as money moves along the path of least resistance, which, in this case, was back into buying the tech dip. There is surely no dearth of ready money.

Upcoming second quarter earnings will be front and center this week. Banks and Dow components will dominate early returns.

Tuesday (before open) Citi (C), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS), JP Morgan (JPM), Fastenal (FAST), Ericsson (ERIC); (after close) Loop Industries (LOOP)

Wednesday (before open) ASML (ASML), Morgan Stanley (MS), PNC (PNC), Johnson & Johnson (JNJ), BlackRock (BLK), Progressive Insurance (PGR), Conagra (CAG), Cintas (CTAS); (after close) United Airlines (UAL), J.B. Hunt (JBHT)

Thursday (before open) Taiwan Semiconductor (TSM), US Bancorp (USB), State Street (STT), Citizens Financial (CFG), United Health (UNH), Abbot Labs (ABT), GE Aerospace (GE); (after close) Alcoa (AA), Netflix (NFLX), Simmons Bank (SFNC), Intuitive Surgical (ISRG)

Friday (before open) Regions Financial (RF), Truist (TFC), Fifth Third Bank (FITB), Travelers (TRV)

The big data points will be the release of CPI on Tuesday and PPI on Wednesday, both prior to the opening bell. Indications are for higher inflation expectations and higher numbers overall. However, given how fluid conditions have become, no matter what the numbers reveal, the market response is likely to take it in the worst way. That, however, runs afoul of what are expected to be strong earnings reports from the nation's biggest financial institutions.

Trading may become something resembling a tennis match, with averages jumping one way and the other, sentiment changing on the fly. It doesn't get more challenging for traders than this. Nobody is certain of anything, especially general direction.

June Retail Sales on Thursday are likely to have some impact. Any hint of a slowdown could send stocks into a funk. It's going to be a make it, break it , or fake it week.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
06/05/2026	3.71	3.71	3.71	3.78	3.78	3.81	3.88
06/12/2026	3.69	3.70	3.70	3.78	3.79	3.82	3.86
06/18/2026	3.69	3.69	3.74	3.83	3.85	3.92	4.00
06/26/2026	3.70	3.70	3.75	3.83	3.89	3.94	3.94
07/02/2026	3.70	3.73	3.81	3.82	3.91	3.98	3.96
07/10/2026	3.71	3.74	3.81	3.85	3.94	3.99	4.06

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
06/05/2026	4.17	4.22	4.29	4.41	4.55	5.03	5.01
06/12/2026	4.09	4.12	4.21	4.34	4.48	4.98	4.97
06/18/2026	4.19	4.19	4.23	4.34	4.46	4.91	4.90
06/26/2026	4.07	4.09	4.12	4.23	4.38	4.87	4.87
07/02/2026	4.14	4.16	4.23	4.35	4.49	4.99	4.98
07/10/2026	4.21	4.22	4.30	4.42	4.56	5.08	5.06

Treasury yields were yanked higher over the week as front-running MidEast escalation supported a rush to safety in a rather dramatic fashion. Nothing in the mainstream financial media suggested anything amiss, as usual, blind to conditions favoring chaotic developments. The 30-year closed out the week at 5.06% with the 10-year note yielding 4.56%, both above closely-watched breaking points.

Spreads deviated, with 2s-10s holding at +35, but full spectrum (30-days - 30 years) blowing out to +135, the highest this year.

Smart money suggests that the Fed will do nothing until after the midterm elections, which would mean the December 9 FOMC meeting at the earliest, but re-engagement by the U.S. and Iran in a military confrontation throws all predictions into the blender. It's getting close to a situation in which the odds for a recession or blowout inflation are nearly equal. There's a chance Americans and Europeans may see both over the next 12-18 months.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27
6/26: +31
7/2: +35
7/10: +35

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121
6/26: +117
7/2: +128
7/10: +135

Oil/Gas

August WTI crude futures closed out the week at $71.43, nearly four percent higher than last week's closeout at $68.78 on the NY Mercantile Exchange. That number may prove to be a very temporary low because over the weekend, tension between the U.S. and Iran has snapped, with escalating military strikes from both sides, the U.S. attacking southern Iran while the Iranians initiate missile strikes against U.S. assets in the region, particularly in Bahrain, UAE, Kuwait, Qatar, and Jordan.

Average price for a gallon of unleaded regular gasoline in the U.S. was $3.72 last week and $3.82 this week, reflecting - with some degree of immediacy - the fragile Middle East peace structure unraveling.

Reserves have been substantially drained by major economies around the world to keep prices under control, but they are close to hitting bottoms. Once reserves are exhausted, which could be within weeks if conditions remain volatile, the price of crude oil would be expected to reach extremes, sending gas prices at the pump soaring once again.

Gas prices in key states:

California (leader): $5.34 (+0.01)
Washington: $4.94 (-0.08)
Indiana (lowest): $3.25 (+0.20)
Oklahoma : $3.36 (+0.12)
Mississippi: $3.41 (+0.05)
Florida: $3.80 (+0.04)
Illinois: $4.06 (+0.10)
Pennsylvania: $3.95 (0.00)
New York: $4.05 (+0.02)
Maryland: $3.85 (+0.16)
Michigan: $3.93 (-0.02)
Texas: $3.39 (+0.12)
Georgia: $3.54 (+0.04)

On Sunday, July 12th, there are six (6) states with average prices above $4.00, with 42 below the $4 threshold, not including Hawaii ($5.51) and Alaska ($4.67), with just one above $5 (California). The Southeast has maintained as the lowest region overall over the past seven weeks as a gallon of unleaded regular is averaging well below $4.00 ($3.36-3.58) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region a close second, prices ranging from $3.46 to $3.78. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest. Indiana ($3.25) remained the lowest due to Governor Mike Braun suspending state taxes at the pump. On July 2nd he extended the suspension into the first week of August.

Bitcoin

This week: $64,092.58
Last week: $62,699.50
2 weeks ago: $60,194.49
6 months ago: $91.418.20
One year ago: $120,551.90
Five years ago: $31,539.02

Bitcoin rallied a little bit this week, though it didn't hit any meaningful level. The crypto universe remains in a bear market, one that could actually worse, given current, uncertain conditions.

Bitcoin and crypto in general remain among the worst investments of 2026. Bitcoin is down 27% year-to-date.

Precious Metals

Gold:Silver Ratio: 68.83; last week: 67.66

Futures, per COMEX continuous contracts:

Gold price 6/12: $4,239.90
Gold price 6/18: $4,172.90
Gold price 6/26: $4,103.00
Gold price 7/2: $4,187.30
Gold price 7/10: $4,128.90

Silver price 6/12: $68.12
Silver price 6/18: $65.38
Silver price 6/26: $59.60
Silver price 7/2: $62.81
Silver price 7/10: $60.30

SPOT: (stockcharts.com)
Gold 6/12: $4,218.23
Gold 6/18: $4,210.00
Gold 6/26: $4,089.00
Gold 7/2: $4,122.76
Gold 7/10: $4,119.70

Silver 6/12: $68.00
Silver 6/18: $65.65
Silver: 6/26: $59.16
Silver 7/2: $60.93
Silver 7/10: $59.85

Prices for precious metals remained under pressure over the course of the week, the COMEX and LBMA fully in control via futures contract manipulation. It would be logical to believe that gold would see a rapid price hike on Monday, given the escalation in the Middle East and overall disruptive conditions on a global scale. At the same time, that would underestimate the Western-based cartel's ability ot control prices.

No matter the case, gold and silver continue to provide a sliver of hope in a world that's seemingly gone mad. Normally, under such conditions, gold would warp higher, with silver following along. Economics, however, being turned on its head, argues otherwise, suggesting that stocks and paper money are far more valuable than bricks, bars, tokens, or coins made from rare elements. One would have to suspend credulity to entertain such a belief.

The world continues to break apart, East versus West. Until Russia, China, India, et. al. assert their dominant positions in precious metals, the U.S. and Western forces will continue to engage in fiat-based public fantasies. Aiding the cause of the West are rising interest rates, making fixed income instruments with improving yields appear the better bet in an inflationary environment.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	64.95	90.23	73.68	70.50
1 oz silver bar:	68.48	80.66	73.19	72.43
1 oz gold coin:	4288.45	4468.86	4376.90	4365.50
1 oz gold bar:	4283.36	4481.02	4322.00	4305.92

The Single Ounce Silver Market Price Benchmark (SOSMPB) dropped slightly, finishing the week at $72.45, for a loss of 80 cents per troy ounce from the July 5 price of $73.25.

WEEKEND WRAP

A week ago, in the aftermath of America's 250th birthday, conditions appeared ripe for a summer lull, with stocks just pushing higher gradually, without major disruptions in political, social, or economic arenas. That's all changed. The political situation got a jolt of electricity with Senator Graham's death. Gloves have come off. Democrats sense victory. Republicans understand they're in for the fight of their lives. The war with Iran is back on; oil prices - and that means inflation - could be about to rebound.

What may be a silver lining for the economy is the idea that with the politicians focused on keeping their jobs in November, the chance for any meaningful legislation before November is close to nil. Wall Street loves periods in which the government isn't around to muck up the works, so, there remains a very good chance that stocks will continue on their merry ways, to "infinity and beyond," though the situation in the Middle East - and to a lesser extent, Ukraine - might throw a spanner into the works.

Keep in mind, just because current conditions are interesting, doesn't imply that they're good.

At the Close, Friday, July 10, 2026:
Dow: 52,637.01, +149.60 (+0.29%)
NASDAQ: 26,281.61, +74.72 (+0.29%)
S&P 500: 7,575.39, +31.75 (+0.42%)
NYSE Composite: 23,925.07, +48.23 (+0.20%)

For the Week:
Dow: -263.06 (-0.50%)
NASDAQ: +448.94 (+1.74%)
S&P 500: +92.15 (+1.23%)
NYSE Composite: -32.01 (-0.13%)
Dow Transports: +162.75 (+0.74%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

Stocks Generally Higher Because the System Works That Way; Fighting the Fed and the Government Is a Not a Strategy; Keep Buying

For the week, the Dow Jones industrial average has lost some 412 points through the close of trading Thursday. Conversely, the NASDAQ is up 374 points, and the S&P is up 60.

WTI futures traded above $74 earlier in the week, but have retreated back to a range around $72 per barrel. There's really not much to see regarding the macro picture. Nothing much has changed.

Stocks continue to trade near all-time highs, a condition that has more or less prevailed for the last three? five? twenty? years. It's kept alive by a combination of excessive government spending, relentless expansion of the money supply by the Fed, and Wall Street hustlers who variably use greed (you can have it all) and fear (FOMO) to encourage anybody with any kind of disposable income to buy stocks.

Those with the most disposable income are the top earners, billionaire hedge fund managers, private offices, and corporate executives themselves, who have benefitted the most from the churning and grinding at the Fed, in Washington, and on Wall Street. Anybody lucky enough to have invested in stocks over the past 20 years or so has made handsome returns and is living the good life.

Naturally, the main element is the Federal Reserve, the central banking authority that is charged with keeping the economy chugging along lik a monetary locomotive, printing money out of thin air and showering it upon the masses. There is literally nothing the people at the Fed would do to restrain credit or money creation. Keeping their counterfeiting operation going is their foremost priority, not full employment or stable prices. Those so called mandates are just for show and the government largely provides more than enough manipulated data to support the claims that the economy is growing, people have jobs and inflation is under control, all laughably spurious arguments.

Because employment and inflation data are control mechanisms of the government, they have been, and will continue to be providing narrative cover for the Fed's printing press. Unemployment figures are fantasies considering the labor force participation rate, currently at all-time lows. GDP is supported by transfer payments. More than half the people in the U.S. welfare-warfare state receive some level of government support, be it welfare checks, food stamps, social security benefits or farm subsidies.

Government polices consist of spending and welfare, a little taxing, and a lot of borrowing. While these conditions would be reprehensible to any honest accountant or economist, they are the strings that pull together the American experience. Pay your taxes, feed your families, and invest whatever you have left over in the stock market. Ignore the huddled masses in tent cities and homeless shelters. The government has them covered and they're not a concern of yours.

This objectionable, twisted form of fascist capitalism will prevail. As earnings season goes into full sprint the next three weeks, the path of least resistance is clearly up, up, and away.

Expect new highs on all the major indices within two weeks because the system, like it or not, works that way. and, as the mobsters say after whacking an operative who has strayed, "there's nothing we could do about it."

Pay no attention to the doomers and gloomers who say that the current condition is unsustainable, that $40 trillion in debt is beyond the pale, that stocks are overdue for a correction. Buy the dips. Buy the rips. Just keep buying.

At the Close, Thursday, July 9, 2026:
Dow: 52,487.41, +139.02 (+0.27%)
NASDAQ: 26,206.89, +336.24 (+1.30%)
S&P 500: 7,543.64, +60.93 (+0.81%)
NYSE Composite: 23,876.84, +86.23 (+0.36%)

America's Failure at "Football" Exposes the Myth of Exceptionalism, Skewers the Narrative, and Makes the U.S. Look Stupid and Weak

Americans call the game "soccer." The rest of the world calls it "football."

Once again, American exceptionalism exposes the soft belly underneath the rhetoric. America wants to define the terms without having mastered the basic concepts.

America's national team in the 2026 World Cup showed - as it does, like clockwork, every four years - that the United States is entirely uncompetitive in the world's favorite sport. America talks a good game... or, rather, the blathering idiots like Carly Lloyd, Alexi Lalas, and Landon Donovan talk up the team like its the second coming of the Light Brigade, praising U.S. players as if they are on a par with the likes of Mbape, Renaldo, or Messi. The first clue to the myth-making is that no American player is recognized by one name, like the greats from France, Portugal, or Argentina. No, America is at best second rate when it comes to the world of football, but fans and TV talking heads can't help gushing over what turn out to be just ordinary exploits.

Every four years, Americans get to hear the same, tired nonsense, about how far America has come in terms of competitiveness at the World Cup, how this team or these players comprise a growing, emerging explosion of football greatness from sea to shining sea. It's always the same: the U.S. team can't even make the quarterfinals and are usually embarrassed in the earlier rounds by European squads which know how to play the game and win games.

This year's fiasco was none different from past failures. In the Group Stage, hopes were raised that the USA had finally arrived, beating Paraguay, Australia, and Turkey to qualify for the knockout rounds. Announcers were all too eager to call this team "one of the best ever," and a "basis for the future." What they failed to observe was that the United States beat up some very second-rate or third-rate teams in their easy grouping. None of the teams in the group, including the United States, has ever won a World Cup championship. So, with attendant sound and fury, the United States team sailed into the Round of 32 and defeat an infant team from Bosnia-Herzegovina, 2-nil. The whoops and chants of USA-USA-USA grew louder, but the real test was yet to come, when the U.S. faced Belgium in the Round of 16.

The 4-1 loss to Belgium completed the story. The United States was completely outclassed by the Belgian nationals, many of whose players are veterans of various European leagues. Further, Belgium takes its football quite seriously. After a third place finish in the 2018 World Cup, Belgium was ousted in Group play in 2022, and a concerted effort was made to improve off that disappointment with better players, smarter coaches, and strategic thinking. They absolutely schooled their American counterparts in a completely one-sided, 4-1, rout.

Despite the continuous chorus of America's team's emergence into the elite of the football world, what fans everywhere saw was a team that lacked any kind of defensive cohesion, giving up two early goals that most teams would have easily defended. The third goal, off a grievous error by U.S. goalkeeper, Matt Freese, was the ultimate embarrassment and put the game completely out of reach. The United States failed to generate any good scoring chances, their lone goal coming on a fortunate ball on a free kick. Other than that, they were flat, outplayed, and out-coached. The United States was the only team - out of 32 - in the knockout stage to allow four goals, which brings us to the meat of the matter...

Americans, especially these days, with a loudmouth braggart occupying the White House, consider themselves to be superior to the rest of the world and routinely announce such to anybody within earshot. Of course, Americans with IQs above room temperature understand that all the posturing and posing by the USA in any field, be it mathematics, industry, snowboarding, or anything else, is usually unwarranted and the World Cup fiasco is the perfect metaphor for all of the meaningless, loud-mouthed spoutng of platitudes, greatness, and world dominance.

The United States doesn't dominate in anything other than bragging and blowing up people and countries that don't agree with its obviously-flawed rationale for why others should bend the knee to the American Empire. Just like the World Cup football team, the United States is second rate in everything when compared to other leading countries of the world, China and Russia, especially. Over the past 60 or so years, the United States has been reduced from being a shining, productive, innovative nation to one which has ignored the needs of its citizens, failed to upgrade infrastructure, and has brought new meaning to the term "wealth disparity."

The country may lead in some rare categories. U.S. politicians rank as some of the most corrupt. The United States also is very-highly ranked for putting narratives before reality. The press corps in the United States is among the global leaders in propaganda, spewing half-truths and outright lies on a regular basis.

There's a lesson or two to be learned from the World Cup experience but Ameircans are unlikely to learn them, being too pre-occupied with the latest celebrity romance or corporate scandal. Greatness cannot be achieved by talking about it. Greatness is earned by accomplishment. Advancing to the quarterfinals of the next World Cup would be a giant step in the right direction, but America won't likely make the commitment to improve nor put the right people in the right places. The entire structure of USA "football" will be dominated by failures and opportunists, quick buck artists, and lazy thinkers.

Just like America's military escapades in Ukraine and the Middle East, the World Cup experience exposes the United States as what they refer to in Texas as, "big hat, no cattle."

Because the stock market is at or near all-time highs does not imply value. Men of riches and material wealth are not necessarily wise. America talks a good game, but, when it comes down to proving, it fails to deliver.

Thanks for listening. In the hallowed words of Chris Martenson, "it doesn't have to be this way."

At the Close, Wednesday, July 8, 2026:
Dow: 52,348.39, -576.76 (-1.09%)
NASDAQ: 25,870.65, +51.96 (+0.20%)
S&P 500: 7,482.71, -21.14 (-0.28%)
NYSE Composite: 23,790.61, -226.35 (-0.94%)

Trump Calls Iranians, "Scum," Believes Ceasefire is Over; Oil Jumps; America Led by Criminals Has Poisoned Markets

As long as there are political leaders willing to wage war, commit murder and genocide to achieve their ends, nothing in financial markets is safe. Even gold, the usual bastion of safety in turbulent times, has declined while worldwide militarism is on the rise.

The fragile peace in the Middle East seems to have come to an end. After Iran reportedly struck ships in the Strait of Hormuz and the U.S. retaliated, President Trump, in Ankara, Turkey for a NATO summit, said of the Iranians and the ceasefire, "To me, I think it's over. I don't want to deal with them [Iran] anymore; they're scum."

Well, calling the people you started a war with (and largely lost) "scum" is about par for the course for President Bone Spurs. The man may not be as delirious as his predecessor, Joe Biden, but he is many times more dangerous to the lives of people worldwide. He's proven to be perhaps the most duplicitous, money-grubbing president in the 250-year history of the United States, and that's saying something. Presidents, over the years, have been some of the more untrustworthy politicians to supposedly "lead" the nation.

Along with Trump's bombast, he's surrounded by scoundrels like son-in-law Jared Kushner and real estate buddy, Steve Witkoff, both of whom are unelected and unconfirmed by congress and have no official capacity in the executive branch. These two comprise the president's negotiating team, though VP JD Vance is officially the leader of the delegation working out terms of the MOU with Iran. Vance is a proven turncoat, having gone from "never-Trump" status to Vice President in the course of just a few years. Anybody trusting him to do anything that would benefit the American public needs to re-examine their priorities.

Other members of Trump's cabinet are either syncopates or sociopaths, like Howard Lutnik, famous neighbor of one Jeffrey Epstein, who has benefitted financially in his role as head of the Commerce Department. Treasury Secretary, Scott Bessent, besides being gay, worked hand-in-glove with George Soros in taking down the British pound and is possibly the most disruptive treasury official in history. All of these people are dishonest, ruthless, and wholly unworthy of the positions they currently hold.

Congress, which just seems ot go along with the grift and graft of the day, is worthless. They represent themselves, not the American public which voted them into office.

Go ahead and play in the financial sandbox with Trump holding the biggest shovel, but, be aware that markets can, and will, turn on a dime, with insiders and special interests controlling every trade.

With the recent Mideast activity threatening to spill over into all-out war again, stock futures are down; gold and silver under pressure, and oil ramping higher.

America, for whatever it's worth - and there is much to praise about the country as a whole - is being led by criminals.

American citizens, overwhelmed by the size and scope of the federal government, have no say in anything.

At the Close, Tuesday, July 7, 2026:
Dow: 52,925.15, -130.75 (-0.25%)
NASDAQ: 25,818.69, -302.51 (-1.16%)
S&P 500: 7,503.85, -33.58 (-0.45%)
NYSE Composite: 24,016.96, -58.14 (-0.24%)

Wall Street Continues to Rally as America First Becomes Entrenched in Rhetoric; Stocks At or Near All-Time Highs with No End in Sight

Apparently, 250 years of American greatness will continue, at least according to the stock market on the first day of trading following the big celebration. All the major indices were up, with the Dow setting a new all-time closing high. The S&P is a little more than one percent of its all-time high (7,609,78, June 2, 2026) while the NASDAQ needs to add two percent to mark a new record.

Wall Street figures on blowing the bubble as hard as possible, to unimaginable levels in the new "Americana" trade.

As far as the Shiller PE (CAPE) is concerned, stocks remain at the second-highest level ever (41.97), dwarfed only by the December 1999 reading of 44.19. That is certainly the target, and it is ultimately achievable because there are no brakes on this runaway train of a stock market.

Returning from the three-day weekend, there is little to suggest that the rally begun upon the ceasefire of the Iran-U.S. conflict (March 30) is anywhere near exhaustion. With the Strait of Hormuz open for business and the MOU between the warring parties still being assembled, the war that was has become a back-page issue. America and Iran both got what they wanted from the conflict. Iran achieved bargaining power while the U.S., despite suffering some catastrophic losses at U.S. bases in Kuwait, Qatar, UAE, and elsewhere, maintained an image of power in the region. How long the game of charades and polite bargaining will continue is anyone's guess.

Where stocks go from here depends on a number of factors, none of them more prominent than the AI buildout, which has run into snags. On the ground, local citizens are protesting the building of large data centers near their communities. state and county officials have been besieged by angry residents fearing a monumental rise in their utility bills, increased pollution, and draining of natural resources, particularly water, which the data centers desperately need for cooling.

There's little doubt that the U.S. needs an overhaul of their electrical grid and other infrastructure like roads, bridges, high-speed internet, and the AI buildout could provide some of the needed upgrade, though not necessarily in places that have the most pressing need. It's a back-handed way of doing what municipalities, states, and the federal government have been ignoring for decades. It would be wise to move forward with infrastructure, as it creates temporary jobs and is very noticeable, fueling the "America, yeah" rhetoric.

Against a backdrop of November midterm elections, the Trump white House needs to project an image of power and strength. So far, they've avoided any walking back in international affairs, which is important as the NATO summit gets underway Tuesday and Wednesday in Ankara, Turkey.

The talk coming out of the summit will likely lean toward continuation of current policies (Russia, bad; Ukraine, good) with a little less focus on American involvement. Europe itself needs to bolster its image, and will do so by making the same threats against Russia as it has for the last four years. The conflict in Ukraine, as much as its become a back-burner issue in the U.S., is still very much front and center in Europe and the leaders in France, Germany, and England need to keep the pressure on Russia.

There's not much chance of change in those policies. Once leaders of countries get an agenda started - good or bad - they are reluctant to walk it back, even if it turns their country to a basket case (England, Germany). The politicians will continue on a war footing for now, which is positive for U.S. stocks overall.

The other issues facing the market are employment and interest rates, both of which seem to be in sweet spots for now. Once Wall Street comes to the realization that the Fed, under Kevin Warsh, is not about to make rash judgement calls and is far from being politicized, the idea that a rate hike is in the cards will vanish like a David Copperfield mummy.

Full speed ahead appears to be the only command Wall Street understands and there are millions of people with passive investments who are in lvoe with that.

At the Close, Monday, July 6, 2026:
Dow: 53,055.91, +155.84 (+0.29%)
NASDAQ: 26,121.16, +288.49 (+1.12%)
S&P 500: 7,537.43, +54.19 (+0.72%)
NYSE Composite: 24,075.12, +118.04 (+0.49%)