Anybody with functioning brain cells should be able to grasp the current condition, wherein the only things that cost less this week than last were some stocks, gold, and silver.
Face it, citizens of the world, you're being reamed!
Nobody is safe from the ravages of American exceptionalism gone wild. Especially hard hit are the people living in the Middle East, from Iran to Israel and all points adjacent and in between. Under President Trump and the useless congress that is supposed to be a check and balance on the power of the executive branch, the U.S. government is a runaway freight train to a disastrous future, to say nothing of the psychotic present.
Call it whatever one likes, the war in the Middle East, with Iran as the direct target, is back on with a vengeance. It's only a matter of time before the Iranians commence bombing Israel with increasing devastation. It will come as a response to the U.S. blatantly attacking civilian infrastructure in Iran, hoping to cripple its ability to defend itself and communicate with the citizenry.
The United States continues to act with impunity, against dictates of the Geneva Convention and other treaties concerning the conduct of war. It's obvious that President Trump and his closest advisors couldn’t care less about treaties and any kind of peacekeeping or humanitarian effort.
For what it's worth, most Americans are opposed to what the U.S. is doing militarily in the Middle East and Ukraine. Upwards of 60% of people polled recently think continued strikes against Iran are a bad idea and that percentage also applies toward Ukraine. People generally regard war as abhorrent and unwise. In a nutshell, anybody who cheers on continued bombing and military conflict for political purposes is an ass-hole, a group that includes not only the president himself and his advisors, but nearly everybody in the Pentagon and on Capitol Hill.
The United States is being run into the ground by war-mongering neocons whose only goals are money and power. Americans, and, indeed, the rest of the world deserves better.
Stocks
Overall, it was a bummer of a week for stockholders, especially in the tech sector, which continues to be ravaged by fears of capex exceeding reasonable returns and some well-timed profit-taking. The week was largely a spectacle of companies declaring better-than-expected earnings for the second quarter, only to see share prices tank on the news. That kind of "sell the news" mentality bodes ill for the weeks and months ahead. Not only have many Americans lost trust in institutions, they are growingly losing faith in the stock market and the economy, which seems to be running on past glory rather than hopes for increased productivity and growth.
The U.S. infrastructure continues to crumble even as plans are being made for more stress on the grid via data centers around the nation. The fight in local communities regarding data centers has grown into a fierce battle. This week New York Governor Kathy Hochul became the first to declare a state-wide ban on building new data centers. Other local counties across the country have proposed and passed similar bans, citing rising electrical bills for consumers and extensive draining of local water supplies.
Second quarter earnings will be front and center again this week, with tech names scattered throughout the landscape of companies reporting. It's a real smorgasbord of reporting, covering everything from retail, to airlines, banking, to mining.
Monday: (before open) Domino's Pizza (DPZ), AMC (AMC), Ryanair (RYAAY); (after close) Zions Bancorporation (ZION), Crown Holdings (CCK), Steel Dynamics (STLD)
Tuesday: (before open) Ally (ALLY), DR Horton (DHI), Charles Schwab (SCHW), General Motors (GM), 3M (MMM), Halliburton (HAL); (after close) Alaska Airlines (ALK), EastWest Bank (EWBC)
Wednesday: (before open) Moody's (MCO), Philip Morris (PM), AT&T (T), Pulte Group (PHM); (after close) IBM (IBM), Tesla (TSLA), Alphabet (GOOGL), Texas Instruments (TXN), Crown Castle (CCI), CSX (CSX), Kinder Morgan (KMI)
Thursday: (before open) Cliffs (CLF), American Airlines (AAL), Blackstone Group (BX), Lockheed Martin (LMT), Tractor Supply (TSCO), Nokia (NOK); (after close) Newmont Mining (NEM), Intel (INTC), Deckers (DECK), Sallie Mae (SLM)
Friday: (before open) Charter Communications (CHTR), Verizon (VZ), HCA Healthcare (HCA), American Express (AXP), Booz Allen Hamilton (BAH)
Conversely, data releases will be slim, most of the important announcements coming Friday, with Building Permits for June before the opening bell, floowed by New Home Sales at 10:00 am ET.
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 |
|---|---|---|---|---|---|---|---|
| 06/12/2026 | 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 |
| 07/17/2026 | 3.73 | 3.75 | 3.80 | 3.85 | 3.91 | 3.96 | 4.01 |
| Date | 2 Yr | 3 Yr | 5 Yr | 7 Yr | 10 Yr | 20 Yr | 30 Yr |
|---|---|---|---|---|---|---|---|
| 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 |
| 07/17/2026 | 4.18 | 4.21 | 4.28 | 4.40 | 4.55 | 5.07 | 5.06 |
Treasury yields remained elevated, with 10-year note yields holding at 4.55% and 30-year bond yields at 5.06 as the week ended. The Federal Reserve under Kevin Warsh doesn't seem at all interested in intervening in the natural flow of money and they are becoming more and more tight-lipped about any of their proposed actions, which, considering the current environment of crosswinds - inflation on one side and employment on the other - gives the markets practically nothing from which to draw conclusions.
Spreads deviated, with 2s-10s higher at +37, but full spectrum (30-days - 30 years) dipping two basis points, to +133. There's absolutely nothing to be ascertained from this data other than the Fed is not about to move in any particular direction unless there's clear evidence, one way or the other. There is an FOMC meeting next week (July 28-29), but it appears that the Fed is going to hold steady on rates.
Reiterating last week's sentiment, smart money continues to contend 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.
If stocks continue to show weakness, there could be a considerable flow of money into fixed-income, given that yields appear to be generous at present. Rising prices for energy could be a catalyst for not only a severe decline in equities, but also a huge rally in bonds, though locking in yields for any maturity past two years seems a bit on the risky side. If, for instance, the 10-year pops above five percent and the 30-year above 5.65%, today's yields would be a losing proposition. With inflation/recession odds nearly equal, there are likely to be more losers than winners in both stocks and bonds given the uncertainties facing the various markets.
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
7/17: +37
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
7/17: +133
Oil/Gas
August WTI crude futures closed out the week at $81.77, a major boost from last week's closeout at $71.43 on the NY Mercantile Exchange. The obvious reason for the sudden blowout in oil is the resumption of serious military action in the region, with strikes and counter-strikes coming from the main protagonists, the U.S. and Iran. While the U.S. has largely stuck to destroying military installations near and around the Strait of Hormuz in southern Iran, they've also begun hammering infrastructure inside the country, targeting radio and cell towers in an attempt to cut off communications.
Iran has countered with strikes on airbases in U.S.-allied countries, including Jordan, where, supposedly, two American soldiers will killed, bringing the "official" death toll of Americans to a barely believable 16. OK. While the U.S. is supposedly winning the war, why is the cost of filling up my SUV continuing to go up?
Average price for a gallon of unleaded regular gasoline in the U.S. was $3.82 last week and $3.97 this week, as the Middle East tinderbox exploded with military strikes throughout the region, the MOU between the U.S. and Iran completely shattered and an energy crisis dead ahead.
Reserves have been substantially drained by major economies around the world to keep prices under control, but they have largely reached bottoms. With reserves exhausted, conditions are ripe for a return to $5 gas in the U.S., as the president completely disregards the welfare of U.S. citizens. Prices should reach near-record levels in coming weeks as there seems to be no path toward resolution other than annihilation. It's a sad state of affairs.
Gas prices in key states:
California (leader): $5.47 (+0.13)
Washington: $5.00 (+0.06)
Indiana (lowest): $3.36 (+0.11)
Oklahoma: $3.52 (+0.16)
Mississippi: $3.54 (+0.13)
Florida: $3.97 (+0.17)
Illinois: $4.15 (+0.09)
Pennsylvania: $4.19 (+0.24)
New York: $4.10 (+0.05)
Maryland: $3.99 (+0.14)
Michigan: $3.15 (+0.22)
Texas: $3.55 (+0.16)
Georgia: $3.74 (+0.20)
On Sunday, July 12th, there are seventeen (17) states with average prices above $4.00, with 31 below the $4 threshold, not including Hawaii ($5.41) and Alaska ($4.70), with just one above $5 (California) and one right at the mark (Washington). The Southeast has maintained as the lowest region overall over the past eight weeks as a gallon of unleaded regular is averaging below $4.00 ($3.52-3.74) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region a close second, prices ranging from $3.63 to $3.88. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest. Indiana ($3.36) 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: $64,539.98
Last week: $64,092.58
2 weeks ago: $62,699.50
6 months ago: $92,019.80
One year ago: $118,429.20
Five years ago: $34,280.88
Bitcoin was relatively flat on the week, which is somewhat surprising, considering the problems in congress getting the CLARITY act to the finish line before the August recess. The bill is supposed to provide regulatory guidelines for crypto, but there are still sticking points related to stablecoins, DeFi, and blockchain developers. The bill was originally planned for passage coinciding with Independence Day, July 4, but the attempt to tie slave money on a blockchain to freedom and liberty failed miserably, as it should have.
The bill needs to overcome a 60-vote threshold due to filibuster rules in the Senate. It is arguably some of the worst financial regulation mishmash ever created. By that standard, however, it's surprising the money-grubbing bandits in congress haven't fully endorsed it.
Bitcoin and crypto in general remain among the worst investments of 2026. Bitcoin is down 26% year-to-date.
Precious Metals
Gold:Silver Ratio: 71.84; last week: 68.83
Futures, per COMEX continuous contracts:
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
Gold price 7/17: $4,023.00
Silver price 6/18: $65.38
Silver price 6/26: $59.60
Silver price 7/2: $62.81
Silver price 7/10: $60.30
Silver price 7/17: $56.22
SPOT: (stockcharts.com)
Gold 6/18: $4,210.00
Gold 6/26: $4,089.00
Gold 7/2: $4,122.76
Gold 7/10: $4,119.70
Gold 7/17: $4,016.89
Silver 6/18: $65.65
Silver: 6/26: $59.16
Silver 7/2: $60.93
Silver 7/10: $59.85
Silver 7/17: $55.91
Precious metals took another in an elongated series of hits last week, especially silver, which is now down more than 50% from previous highs in January. It's a distressing situation, which may be signaling disinflation or general demand destruction on a grand scale. Given the military uses for silver and the continuing shortage of metal, however, there could come a moment at which traders stop seeking a bottom and begin going long again.
Central banks are continuing to buy gold as a Tier 1` asset, outpacing Treasuries, and they're getting their loot at a discount. Dollar strength appears to have won the day for U.S. interests, but one has to wonder just how long the might greenback can remain elevated. Gold is not about to replace it, at least not in the very near term, but accumulation of tons of gold bars by national central banks surely has the dollar squarely in the crosshairs. Prices being as low as they are at present suggests a buying opportunity for those preferring patience over instant success.
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: | 63.99 | 74.22 | 67.58 | 66.17 |
| 1 oz silver bar: | 57.67 | 81.55 | 69.54 | 69.23 |
| 1 oz gold coin: | 4102.07 | 4304.79 | 4228.40 | 4236.95 |
| 1 oz gold bar: | 4164.79 | 4363.89 | 4225.37 | 4210.40 |
The Single Ounce Silver Market Price Benchmark (SOSMPB) dropped substantially, closing the week at $68.13, for a decline of $4.32 per troy ounce from the July 12 price of $72.45.
WEEKEND WRAP
With worldwide tension mounting over the wars in Ukraine and the Middle East, there is a silver lining. Even though ambitious senators and congressional members invoked the name of Lindsey Graham over the past week and especially on the Sunday morning talk shows, he remains dead, a condition neither an antichrist nor a messiah can change.
The world is a better place when war-mongers are eliminated from the herd and Senator Graham, responsible for the deaths of thousands, if not millions of innocent people, is better off soon forgotten.
At the Close, Friday, July 17, 2026:
Dow: 52,146.42, -406.55 (-0.77%)
NASDAQ: 25,520.24, -361.70 (-1.40%)
S&P 500: 7,457.69, -76.08 (-1.01%)
NYSE Composite: 23,816.97, -135.30 (-0.56%)
For the Week:
Dow: -490.59 (-0.93%)
NASDAQ: -761.37 (-2.90%)
S&P 500: -117.70 (-1.55%)
NYSE Composite: -108.10 (-0.45%)
Dow Transports: -546.01 (-2.46%)
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.
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