The NASDAQ ended a six-session losing streak Thursday, posting one of the best gains of the year, up 2.78% on the day. Following its lead, the Dow, S&P, and NYSE Composite added solid gains.
The rally was important, as the NASDAQ had touched correction level, down 9.78% from its most recent high. Still, the one-day rise doesn't erase the losses since June 2nd, down 7.28% over that span.
Whatever caused the sudden shift in sentiment may never be known, other than deep-pocketed interests wanting to keep the "all-good" narrative going.
After the bell on Thursday, Amazon (AMZN) reported strong second quarter results, investors overlooking their AI expense to reward the company with a 10% move higher into Friday's pre-market. Apple (AAPL) also reported Thursday, but delivered sub-par results, especially in their Chinese enterprise. Shares have been spanked seven to eight percent lower Friday morning.
Energy giants, ExxonMobil (XOM) and Chevron (CVX) reported Friday morning. ExxonMobil beat on revenue, but fell short on EPS, leaving the stock down 1-2 percent heading toward the opening bell. Chevron did better, beating top and bottom. Shares are roughly two percent higher.
In the Middle East, conditions continue to tend toward continued escalation, with Iran reportedly hitting Kuwaiti bases overnight, sending WTI crude oil over $85/barrel.
Futures are off earlier highs, with Dow futures up 189; NASDAQ futures up 245, and S&P futures ahead by 17. Gold and silver have been beaten down again on futures markets. Nothing new there.
The easy path for stocks is always upward, but there doesn't seem to be sufficient energy to move significantly to the upside. The NASDAQ, despite the strong one-day event, remains a dangerous place to be and nobody knows the level of manipulation being supplied by government and institutional plumbers.
At the Close, Thursday, July 30, 2026:
Dow: 52,208.06, +613.92 (+1.19%)
NASDAQ: 25,122.18, +679.24 (+2.78%)
S&P 500: 7,437.63, +121.48 (+1.66%)
NYSE Composite: 24,138.29, +193.32 (+0.81%)
Just as Fed Chairman Keven Warsh was finishing up his press conference Wednesday afternoon, stocks nosedived, making the final hour of trading look like somebody had touched off a nuclear bomb.
Nothing quite as severe had happened. What did occur on Wednesday afternoon, ironically, was nothing, nothing other than the FOMC deciding to do nothing regarding the federal funds target interest rate, keeping the range steady at 3.50-3.75%, right where it has been since the FOMC meeting in December, 2025.
At 2:00 pm ET, the committee released the following statement:
The Federal Open Market Committee approved the following statement for release by a 9 – 3 vote:
The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.
Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.
The brevity of the statement itself reflected the newfound policy of the Warsh Fed to be concise, factual, and devoid of innuendo or speculation. Notably, the policy statement leaned toward making the Middle East conflict and assorted supply chain disruptions the scapegoat for inflation. That point was brought home by Warsh during the perss conference, his measured response suggesting that although the recent bout of inflation was primarily cause not by monetary factors, but by market reactions to outside, geo-political decisions made by the White House, though he did not name any specific cause other than the 2000 pandemic and he recent spat with Iran.
Chairman Warsh is proving to be, after just two FOMC meetings, a crafty spokesman and a measured decision maker. Keeping rates steady over the past two meetings while offering no advance guidance on Fed policy prompted a hailstorm of questioning from the financial press, to the point of Bloomberg's Michael McKee asking, "what are you waiting for?"
Unaffected by the tone of questioning, Warsh handled the press with a delicate balance of statesmanship and reservation. While the press corps continued probing for answers or direction, Warsh batted them down, repeatedly expressing his commitment to keeping policy decisions firmly within the body of the FOMC, offering no advance indications on the direction of that policy.
Warsh's steadfast refusal to allow speculation over Fed policy has the press in a tizzy. Since the days of Bernanke, Yellen, and Powell giving the press plenty of meat on which to chew regarding the Fed's intentions, reporters have become accustomed to having clues dropped from the Chairman's podium and are now frustrated at Warsh's refusal to offer any hints or speculation on where Federal Reserve policy might be headed.
Perhaps it wasn't what Warsh said at the presser that sent markets reeling, but what he failed to say that engendered Wednesday's sudden market collapse. Maybe it was the realization that three board members had voted to hike rates, which turns out to be just about the only indication of where the Fed might be headed. Given that the market as a whole would prefer the Fed lowering the federal funds target rate, the thought that some members of the FOMC might prefer hiking instead sends chills through the structure.
That's likely what happened: Market participants, hoping for a lifeline of hope from the Chairman, bid stocks higher after the decision announcement and through the press conference. When none appeared, they did the only logical thing. They sold.
Reaction in international markets overnight and into the European session has been mostly positive, and stock futures are pointing to a higher open. Given the ferocity of Wednesday's bolt to the downside late in the session, the sudden jerk higher in stock futures should be regarded with caution. After all, the NASDAQ has dropped six straight sessions and nine of the last 10, with Wednesday's 600-point slide in the final hour of trading perhaps the most violent move of recent memory. It does not seem at all logical that stocks would suddenly reverse course and head higher. The futures have been reliable in at least one regard: as contrary indicators of the cash market. Higher at the open and lower at the close has become a trademark of the recent decline, one that has left the NASDAQ down 9.78% from the June 2 high (27,093.90).
Rounding out, that puts te NASDAQ squarely in correction territory, even by the widely-accepted 10% textbook qualifier.
After the close Wednesday, Microsoft (MSFT) and Meta Platforms (META) released second quarter results, with Mr. Softie getting the better of it, up nine percent in pre-market trading. META, which beat on revenue but missed on EPS, wasn't treated as kindly, the stock sent reeling, down nine percent overnight and into Thursday's pre-market, which giveth, then taketh away.
In a pertinent development, the U.S. economy grew at an annualized rate of 1.5% in the second quarter of 2026 (April–June), according to the Bureau of Economic Analysis’ advance estimate, released at 8:30 am ET Thursday morning. This was weaker than expected, with economists anticipating 2.1% growth. That reading should give investors pause. If the economy is indeed slowing, those three dissenters at the FOMC may be incorrect in assessing a need to tighten. Should economic conditions continue to devolve, sending rates lower - easing - may be the correct course, which, at this juncture, may be soothing to Wall Street bulls.
That didn't seem to faze markets in the least. At 8:45 am ET, Dow futures are up 178; NASDAQ futures are higher by 454 points, and S&P futures are showing a 48-point upside.
Gold and silver are slightly higher while WTI crude oil is steadying around $84-85/barrel.
The takeaway from the FOMC standstill has markets standing on the head of a pin. While a recovery in tech stocks may be developing, it's likely to be very short-lived. Amazon (AMZN) and Apple (AAPL) report after the close.
There's plenty to be confused about within this market and the market loathes uncertainty.
At the Close, Wednesday, July 29, 2026:
Dow: 51,594.14, -1,153.18 (-2.19%)
NASDAQ: 24,442.94, -433.97 (-1.74%)
S&P 500: 7,316.15, -112.63 (-1.52%)
NYSE Composite: 23,944.97, -284.70 (-1.18%)
The NASDAQ fell for the fifth straight session Tuesday and the eighth in the last nine.
If this isn't a correction, then there needs to be a new definition of what it is. Money is coming out of semi and Mag7 stocks and into basic materials, second tier cloud storage and cash. Some consumer-facing stocks are thriving, but others are feeling the effects of inflation and stretched family budgets.
The Mideast situation took a turn for the worse overnight as Houthis continued to target Saudi oil infrastructure. There's a good chance that negotiations will fail again and fighting between Iran and the U.S. will re-accelerate. Crude oil is higher overnight, WTI heading toward $85/barrel rapidly. Stock futures headed lower, especially the Dow, down 300 points at 9:00 am ET, with the NASDAQ and S&P flat.
After Tuesday's closing bell, companies rported second quarter results:
Visa (V) - Earnings beat, layoffs announced, shares down 2% pre-market
Teradyne (TER) - Beat, cites AI demand, shares up 15%
Avis Budget Group (CAR) - Huge miss, stock down 13%
Ford (F) - Solid quarter, shares flying 5% higher
Cheesecake Factory (CAKE) - Top and bottom beat, stock up 2.5%
Seagate (STX) - Record margins on AI storage boom, up 5%
Wednesday, before the open, these companies reported second quarter earnings:
Boston Scientific (BSX) - Cuts forecast, announces restructuring, stock down 5%
Generac (GNRC) - Beats on data center demand, shares 8-9% higher pre-market
Cognizant (CTSH) - Mixed results, poor forecast sends shares down 2%
ADP (ADP) - Solid quarter, forward guidance, stock is flat
Humana (HUM) - Earnings beat, shares down 2%
Proctor & Gamble - Soft outlook sends stock down 3%
SoFi (SOFI) - Record results, firmer guidance, stock down 5%
The big guns come out after the close when Meta Platforms (META) and Microsoft (MSFT) report.
It's a real mixed bag of earnings reports, giving investors plenty on which to trade, though recent trends suggest more selling ahead.
There's a FOMC policy announcement at 2:00 pm ET, though prospects for raising or lowering rates are close to nil. There's simply far too much data and geo-political theater for the Fed to do anything but sit on their hands at this juncture, though there's rumors for a 25 basis point hike, which would send stocks into a tailspin, so it is not likely.
The number to watch for on the NASDAQ is 24.384.51, which would make the correction "official."
At the Close, Tuesday, July 28, 2026:
Dow: 52,747.32, +537.24 (+1.03%)
NASDAQ: 24,876.91, -55.17 (-0.22%)
S&P 500: 7,428.78, +15.60 (+0.21%)
NYSE Composite: 24,229.67, +130.85 (+0.54%)
Somebody in the world of financial journalism needs to check the dictionary. Losing ground for the seventh time in eight sessions is not exactly a rebound for the tech sector, semis, the NASDAQ, or anything else.
Bounding out of the gate by more than 250 points, the NASDAQ gave that all away and was in the red by 10:30 am ET and stayed there the remainder of the session. There were nibblers at the bottom, when the indx was down nearly 200 points, and money came in late to end the day with only a minor loss.
But, the action on the day points up the overall weakness in the market. The Dow was up more than 600 points just after the opening bell, but surrendered more than half of those gains. The S&P spent the majority of the session bouncing back and forth over the unchanged line, eventually gaining 1.25 points, not something anyone can report without at least a little sense of sarcasm. The S&P has been devoid of direction for the better part of two months, even with a plethora of companies reporting good secnd quarter earnings.
The realization that Wall Street is not Main Street and the changing narratives from day to day on the situation in the Gulf region have become passé, to the point of being irrelevant. Everybody knows that the entire Middle East escapade has been a huge mistake and that there's no easy way out for President Trump and his war-happy neocon advisors. At least the annoying high-pitched squealing of Lindsey Graham is gone, though the party faithful continue to bring up his false bravado as though he were some kind of military demigod. At least his deminse opens the door for another voice, possibly with a better sense of reality, though brining in new faces to an already useless Senate and House doesn't really resonate as a solution to the nation's problems, which are many and diverse.
After Monday's close, reporting were the following:
Celestica (CLS) - Record revenue, raises forecast, shares lower by 4% pre-market
Nucor (NUE) - Top and bottom beat, shares flat
Rambus (RMBS) - Solid results, valuation issues take stock down 4%
Whirlpool (WHR) - Warns cu=onsumers are strapped, shares flat pre-open
Applied Digital (APLD) - Top and bottom beat, shares ahead by 3%
Tuesday moring, priro to the opening bell, these companies reported second quarter results:
Boeing (BA) - Earnings short of estimates, stock rises 1.5%
PayPal (PYPL) - Beat, raised guidance, stock down 1.5%
UPS (UPS) - Solid quarter, raises guidance, stck up 1%
HF Sinclair (DINO) - Earnings beat, raises dividend, shares up 4-5%
JetBlue (JBLU) - High fuel costs widen loss, shares higher by 1%
Corning (GLW) - Non-GAAP earnings beat, raises guidance, shares off 16%
Royal Caribbean (RCL) - Beat, cuts revenue guidance, stock up 1%
These companies offer something of a cross-secton of American business, but the reactions to earnings indicate that investors may have seen enoough, even from companies that are reporting strong quarters and raising forward guidance. The overwhelming theme this quarter has been to "sell the news", even if the news is of a positive nature. Without flinching, investors are taking profits and hiding in cash. A number of significant managers have indicated that they are more than 10-20% in cash presently, which is not good for stocks because the market needs a steady flow of capital into stocks, not out of stocks. Fear is on the rise and greed is represented by taking the money and running for safety.
Overnight, Asian tech shares sold off. Steep declines by chip makers SK Hynix and Samsung prompted the KOSPI Korean Exchange to briefly suspend trading twice in the main index, which fell by 10 percent. Japan’s Nikkei dropped four percent.
Carrying the trend over to the U.S., chip makers, tech, and just about anything related to AI is under pressure. Nvidia is close to a recent bottom (June 26th) and NASDAQ futures are down more than 200 points heading toward the open. The pre-market is a tale of two or three themes. While the NASDAQ suffers, Dow futures are 400 points higher, but the S&P is flat-lining.
As usual, gold and silver are selling off, bitcoin is off marginally, WTI crude oil is hovering in a range from $80-82 per barrel on hopes (here we go again) that some kind of deal can be worked out with Iran to end the five-month-long hostilities in the region. Anybody buying into that tired, repeated theme is simply playing with a dead hand of cards and little insight into the big picture.
There's a cruel wind heading toward Western economies. Politicians and Wall Street sharks know it and are moving to cash at an accelerated rate. Warren Buffett is still sitting on something on the order of $400 billion, readying to swoop in for deals when the dust finally settles. One thing can be said of Buffett and his strategies: he may often be early, but he's seldom wrong.
At the Close, Monday, July 27, 2026:
Dow: 52,210.08, +262.83 (+0.51%)
NASDAQ: 24,932.08, -43.74 (-0.18%)
S&{P 500: 7,413.18, +1.20 (+0.02%)
NYSE Composite: 24,098.82, +107.93 (+0.45%)
The NASDAQ dropped 544.42 points (-2.13%) during the week, sending the index to a 12-week low, down 7.82% from the all-time high on June 2nd (27,093.90).
Losing 7.82% in less thna two months is significant because most of it was centered in the AI trade of the Mag7 and semiconductors. The drop signifies that there is more than a little doubt about the levels of capital expenditures (capex) by the so-called "hyperscalers" to bring AI to its ultimate function as a reliable tool in banking, accounting, law, manufacturing, robotics, space exploration, you name it.
The truth is that AI is already very good at many tasks, but the kicker is that human input is still necessary. AI has not become self-aware or fully conscious as in the "Terminator" films in which intelligent Skynet robots set about to destroy humanity. It is not likely that AI will ever become fully autonomous. It may be able to instruct a robotic lawn mower to cut the grass on a regular schedule and avoid mowing when it's raining, but AI is probably never going to destroy the human race, as doomsayers insist.
AI is another tool in the tech arsenal. It's as useful as the handlers want it to be, because it is, after all, programmable. What the market is telling everybody with ears to hear and eyes to see is that the computing power necessary to fuel AI as a global asset is already beyond what most analysts see as a prudent investment. It will take years, perhaps decades, for the AI investments to pay off, if ever. Since the Mag7 and counterparts have so much money on hand and the ability to raise more through debt or equity offerings, the capex spending is unrestrained and will continue, no matter to what degree these malinvestments are pursued.
That's what the market said the week of July 20-24, the bulk of declines sequestered on the NASDAQ.
Outside of that, the other major indices didn't take any distressing drops. The Dow and S&P barely budged, but, importantly, they remain below recent highs and the usual catalyst of companies reporting solid earnings hasn't made any difference, largely because there are other, greater issues than profits and forecasts.
With the war against Iran continuing to wreak havoc on the global oil price and U.S. government debt approaching $40 trillion, earnings of even the best companies have been met with selling on second quarter announcements. Institutional money is leaving and investors are hoarding cash, awaiting the eventual downturn in markets that, like day turns to night, is only a matter of time. All-time highs registered just weeks ago are beginning to look like long-term tops. The U.S. system of financial repression and narrative-building has run its course. There's a very good likelihood that the entire second half of 2026 could be witness to one of the most destructive capital outflows of all time, rivaling the Great Depression, the dotcom bust, and the GFC. There simply isn't any more room for inflation to grow, consumers are just scraping by, and, while big companies may be producing strong earnings reports, balance sheets are beginning to feel some stress.
When everybody wants to cash out at once, that's when the banks are revealed to have engaged in enough fraud and counterfeiting that their doors need to be closed. The government, desperate to institute stablecoins as holders of treasury debt, are a band-aid for a deep gash. They won't work long-term.
So, here we are. How much faith do the American people and investing public have in government institutions? We're all about to find out, because this week's tech wreck wasn't a one-off. It was a warning shot across the bow of American finance.
Stocks
Stocks, for the better part of the week and especially the last three days, were not going anywhere but down. Friday provided some relief, but hardly enough to convince anybody that the worst was over. The NASDAQ dropped again on Friday and is already into a corrective phase. The nonsense that is current thinking says a correction is a 10% loss. Traditionalists, otherwise known as old people with critical thinking tools, know corrections can come in various flavors between five and 15%. The NASDAQ is already there, and, as tech makes up so much of the U.S. economy, it is likely to drag down the rest of the market, as it did in 2000.
There's an FOMC meeting this week (Tuesday and Wednesday), which is going to be so inconsequential that it almost can be completely overlooked. The Fed, under new chairman Warsh, is not going to surprise anybody, nor are they about to let anybody know what their members are thinking, leaving the front-running analysts without a convenient plaything. Tough noodles.
More big (and small) names will be reporting second quarter results this week, one of the busiest of the season:
Friday: (before open) ExxonMobil (XOM), Chevron (CVX), Moderna (MRNA), AutoNation (AN), Abbvie (ABBV), Dominion Energy (D), Colgate Palmolive (CL)
Data releases will be relevant. Monday brings Durable Goods Orders and the Dallas Fed. Tuesday: Retail and Wholesale Inventories, Case Shiller Home Price Index for June. Wednesday will be dominated by talk and analysis of the FOMC rate policy announcement. Thursday: Initial and Continuing Jobless Claims and the PCE Price Index (which may or may not still be the Fed's favorite inflation indicator) and the initial second quarter GDP estimate, which should be of utmost importance. Friday brings the University of Michigan consumer sentiment polling.
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
06/18/2026
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
07/24/2026
3.80
3.88
3.95
3.96
4.04
4.08
4.14
Date
2 Yr
3 Yr
5 Yr
7 Yr
10 Yr
20 Yr
30 Yr
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
07/24/2026
4.33
4.36
4.43
4.55
4.69
5.18
5.16
Treasury yields remained elevated, even to the point of blowing out. 30-year bond yields rose 10 basis points, with the 10-year note yield up 14. The 2-year continues to surge higher, suggesting trouble in consumer lending (autos, credit cards) within months, if not weeks. The 15 basis point move on the two-year was the largest move of the week, along with the 5-year.
TheFed has an FOMC meeting this week, though expectations for any kind of explosive rhetoric or announcement are quite low. The Warsh Fed is quickly becoming one of the most tight-lipped of the past four decades, which includes the Greenspan era, which was typified not by quietude, but obfuscation and mumbo-jumbo mumbling from the Fed head. This is quite different, harkening back to an age in which the Fed was enshrouded in secrecy and mystique.
Current indications are that despite a decline in speculative assets (stocks), the treasury market is no longer being viewed as a safe haven. Rather, it is viewed with great suspicion worldwide, begging the question of "return of capital" as opposed to "return on capital." In other words, distrust of U.S. institutions and financial shenanigans is under severe scrutiny. Kevin Warsh and his friends at the remodeled Eccles building have their hands full keeping the faith of an increasingly suspicious investor class.
Spreads continue to blow out, with the full spectrum at its second-highest level of the year.
August WTI crude futures closed out the week at $90.47, a major boost from last week's closeout at $81.77 on the NY Mercantile Exchange. Military action in the Mideast region continues to drive oil prices higher, though the intensity of attacks has diminished over the weekend. $100 oil is probably in the cards unless some kind of agreement between Iran, the U.S. and Israel is reached, so probably not very soon.
Average price for a gallon of unleaded regular gasoline in the U.S. was $3.97 last week and $4.07 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.
On Sunday, July 26th, there are twenty-four (24) states with average prices at or above $4.00, a gain of seven from last week, with 24 below the $4 threshold, not including Hawaii ($5.39) and Alaska ($4.73), with two above $5 (California and Washington). The Southeast has maintained as the lowest region overall over the past nine weeks as a gallon of unleaded regular is averaging below $4.00 ($3.64-3.91) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region a close second, prices ranging from $3.70 to $4.05. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest. Indiana ($3.50) 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, which will hike the price by as much as 30 cents shortly.
Bitcoin
This week: $64,633.18
Last week: $64,539.98
2 weeks ago: $64,092.58
6 months ago: $88,536.09
One year ago: $119,283.70
Five years ago: $41,538.90
Bitcoin remained flat for the third straight week as the CLARITY act remains stalled in the Senate, the bandits in congress haven't fully endorsed the bill and it faces an uncertain future.
Bitcoin and crypto in general remain among the worst investments of 2026. Bitcoin is down 26% year-to-date.
Precious metals rebounded slightly on the week, surprising given the recent trend of following the moves in stocks. That's significant, given China raising margin requirements on paper gold to levels that effectively end the practice. For better or worse (probably better, for gold and silver buyers and holders), the price of gold will soon become the world's standard, based entirely on physical pricing, putting an end, eventually, to the fakery at the COMEX and LBMA. It's time to return to real money, and China has delivered a fat pitch to investors of precious metals.
Central banks are continuing to buy gold as a Tier 1` asset, outpacing Treasuries, and they're getting their loot at a discount, though for how long remain sto be seen. Gold and silver have been suppressed sufficiently in the West to foment action by Asian interests. The U.S. will likely respond as it usually does, by bombing any country trading oil for gold or Chinese yuan, but, overall, the end of paper contracts in China should be a restoration of a better global financial order.
The gold:silver ratio suggests silver may be a good play at these levels.
Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
Matthew Piepenburg of @GoldSwitzerland explains gold and silver's key underlying drivers, emphasizing that while prices have fallen since the beginning of the year, major global entities are taking the opportunity to load up.
WEEKEND WRAP
Stocks are paper promises, just as gold, oil, and commodity futures. The real things, gold, silver, actual oil stockpiles, food, equipment, profitable business interests, and collectibles are about to see the light of day in many different ways. The change may not be obvious at first, but physical assets appear to be favored over paper, especially as Western fiat currencies continue to be debased at an accelerated rate.
Play nice.
At the Close, Friday, July 24, 2026:
Dow: 51,947.25, +235.60 (+0.46%)
NASDAQ: 24,975.82, -161.87 (-0.64%)
S&P 500: 7,411.98, +3.68 (+0.05%)
NYSE Composite: 23,990.89, +116.61 (+0.49%)
For the Week:
Dow: -199.17 (-0.38%)
NASDAQ: -544.42 (-2.13%)
S&P 500:-45.71 (-0.61%)
NYSE Composite: +173.91 (+0.73%)
Dow Transports: -247.71 (-1.09%)
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.
The week thus far has not been a pleasant one for those in the bull camp.
For the NASDAQ, Tuesday was the only session returned to the upside. Those gains were gradually eroded on Wednesday and completely eviscerated by the fallout Thursday, as market fears of excessive AI capex spending, shaky private credit markets, escalation in the Middle East, and rising bond yields shook investors to their cores.
Hardest hit were the hyperscalers, with Alphabet (GOOGL) leading the slide, dropping 7.13%. Alphabet was added to the Dow Industrials just a week ago. Thursday's results dragged down the 30-stock blue chip index.
Amazon, which announced nothing, but is among the tech companies with the heaviest investment in AI capex, lost 4.57% on the day. Meta Platforms (META) lost 3.36%. Microsoft (MSFT) dropped two percent. Apple (AAPL) shed one percent.
Tesla (TSLA) lost 14% on the day, investors worried about the company's own spending plans on AI, self-driving taxis, and robotics. It surely didn't help matters when the company reported a profit of 31 cents in the second quarter when analysts were expecting 51 cents. Oops.
The NASDAQ broke through prior lows, ending the session at its lowest level since May 4. It is down more than seven percent from its June 2nd high (27,093.90). Trajectory indicates that the downdraft on the NASDAQ is far from over. The last time tihe index reported three straight winning sessions was June 15.
Early Friday morning, stock futures were sailing higher on the back of some sketchy earnings by Intel (INTC) which reported late Thursday. For the quarter, Intel blew away estimates, with earnings per share of $0.38 on revenue of $16.1 billion. Wall Street was anticipating EPS of $0.21 on revenue of $14.43 billion. The stock initially boomed more than 10% in after-hours trading.
With the cash open looming, those gains have been pared down to about three percent. After all, with the share price at its closing level of 100 on Thursday, the stock was already up more than 170% year-to-date and had recently topped out at 140 per share. Beating estimates that are low hurdles doesn't actually make the company a good investment. The wins this quarter don't even outweigh the losses from the first quarter ($3.7 billion). The chart, and the move from $41 in March to $140 in June looks to be mostly the work of insiders after the government took an equity position in the company.
Whatever the futures are forecasting for Friday probably are only going to provide a shot-term bounce that may not last the morning. The issues facing the market are not about to be resolved over the course of one session, one week, or even one month. This appears to be a long unwind that the elites wish to control by keeping reality at bay via the usual rosy narrative. It doesn't appear to be working very well.
As of Thursday's close, the Dow was down 434 points on the week. The NASDAQ was off 382, and the S&P was down 49 points. The week has been far short of an outright disaster. Friday's sentiment will complete the story. For now, it's not looking very positive. At 8:45 am ET, Dow futures are up 190, but are down from earlier highs. NASDAQ futures are up a very modest 12 points, and S&P futures are showing an 11-point gain, but all of them are beginning to slide toward the red.
Friday's trading may be more about testing positions, seeing whether the Mag7 stocks can regain some lost ground via dip-buyers, though even that would be pushing on a string. The AI narrative continues to break down; the War vs. Iran continues to devolve into what appears to be another forever war, the price of oil took a small dive overnight, but U.S. gas prices continue to rise, hitting a national average of $4.09 today, according to GasBuddy.com.
The June 2nd highs for the NASDAQ and S&P are beginning to look more and more like tops. The Dow, late to the party, peaked on July 6th (53,055.91) and is down a little more than two percent, but needs a catalyst to move forward and none appears to be in the works.
There's an FOMC meeting next week (July 28-29), but the Fed isn't likely to make any move, one way or the other. Tightening at this juncture would appear to be off the table. The latest rally - from the end of March to late June, early July, was built mostly on hope that the Mideast would be sorted out and oil would flow from the Gulf unimpeded. With that seemingly off the table, there's a world of worry setting the tone.
At the Close, Thursday, July 23, 2026:
Dow: 51,711.65, -506.93 (-0.97%)
NASDAQ: 25,137.69, -553.21 (-2.15%)
S&P 500: 7,408.30, -90.66 (-1.21%)
NYSE Composite: 23,874.27, -45.44 (-0.19%)
Heading into Thursday's cash market, conditions don't appear to favor stocks in general or tech favorites in particular. After the close Wednesday, a couple of heavyweights reported second quarter results that fell short of market expectations. Tesla (TSLA) and Alphabet (GOOGL) are sending not-so-subtle notice that stocks may be - big surprise - a bit overvalued.
Chipping in to the downside thrust, Texas Instruments (TXN) reported better-than-expected results and raised guidance, but the market isn't buying it, sending shares lower by four percent in the pre-market.
IBM added injury to insult, having already warned about a decline in service revenue, posting second quarter revenue of $17.16 billion, up 1% from a year earlier. Adjusted earnings per share were $2.93. Analysts had expected revenue of $17.58 billion and adjusted earnings of $2.97 per share, according to CNBC. The stock is down two percent prior to Thursday's open.
Alphabet (GOOGL), recently added to the Dow, is the main focus this morning, with investors still skeptical about capex levels the company has committed to for the remainder of this year and into 2027 and 2028. Alphabet is the leading hyperscaler, the moniker given to companies that are spending heavily on data center buildout in order to manage the huge demands of AI in business and consumer markets. While most of these projects are moving forward, there's also a movement afoot locally and to a degree nationally, to ban or bar data center construction due to excessive demands on the electrical grid and local water supplies.
Google, Amazon, Microsoft and others plan on a massive expansion of computing capacity, while analysts fail to see profitability on the horizon, which remains the primary roadblock in terms of share prices. Alphabet, after posting what were generally positive results, is trading lower by about five percent in the pre-market.
Tesla (TSLA) is another company on the capex roller coaster, though to a much lesser extent than the hyperscalers. CEO Elon Musk is committing more than $25 billion to expansion this year, minuscule compared to the $200 billion exposure at Alphabet. Tesla plans continued investments into self-driving cars and robo-taxis and is committed to AI and robotics initiatives.
Thursday, before the open, American Airlines (AAL) reported a positive quarter with EPS at 15 cents per share against estimates of a mere three cents. The company lowered guidance, however, as high jet fuel prices continue to put pressure on margins and proit.
Defense contractor, Lockheed Martin (LMT), beat on EPS and issued better guidance, sending shares higher by about five to six percent. Another bright spot was farm and garden retailer, Tractor Supply (TSCO), which beat estimates and is trading two percent to the upside.
The overall market picture is clouded by tech, however. The current investing environment doesn't seem to need much of a story to commence selling, and the first miscues in the tech sector have set off enough alarm bells to send everything into what could become an equity maelstrom. Adding to the malaise is the continuation of hostilities in the Middle East as recent tit-for-tat assaults by Iran and the United States have send oil prices through the roof again. WTI crude oil has topped $90 a barrel this morning. With the Strait of Hormuz essentially closed to commercial traffic and the U.S. and Western allies having already drained the bulk of their strategic reserves, the outlook for oil prices is not good, with estimates ranging from $100 to $150 per barrel near term, depending on the length of the conflict and degree of destruction by the warring parties.
In general, Thursday is shaping up as a major selling event. Dow futures at 9:00 am ET are down 540 points. NASDAQ futures are down 408, with S&P futures off 75 points.
Gold and silver are being slapped lower, though that condition of not being a safe haven in times such as these, is largely the result of manipulation at the COMEX and LBMA. The fiat riggers can't stand to lose, but their days are numbered. When their control cartel is finally vanquished, prices for precious metals will become, well, "precious."
Piling onto the worry wall are treasury notes and bond yields. The 10-year spiked to 4.70%, with the 30-year bond at 5.15%.
The unpleasant reminders that prices, valuations, and being naughty or nice to your neighbors still matters is not about to be lost on this market.
At the Close, Wednesday, July 22, 2026:
Dow: 52,218.58, -6.06 (-0.01%)
NASDAQ: 25,690.90, -146.30 (-0.57%)
S&P 500: 7,498.96, -10.24 (-0.14%)
NYSE Composite: 23,919.71, +29.53 (+0.12%)
There's little happening today in terms of change events other than the stocks that went up on Tuesday are scheduled to go down on Wednesday. That's just how it goes in a headline-dominated environment. One day, hyperscalers and semis are good, the next day, not so much.
While most of the market participants are waiting for a breakout, something that could move the whole market, a breakdown appears to be the most likely near-term outcome. Stocks rallied sharply right at the end of the first quarter, as the U.S. and Iran announced a temporary ceasefire. It almost seemed too convenient. End of quarter, end of hostilities, mark up the right names to show investors a solid second quarter and maybe Trump would have worked through his neocon escapade. Onward and upward, mission accomplished.
That's not exactly what happened. While Wall Street got its wish and a super second quarter, the wheels are falling off the narrative and the valuations, especially at the NASDAQ where most of the big tech names are parked and trading has become rather choppy. There haven't been more than two straight winning sessions since the middle of June.
With the S&P and NASDAQ topping out on June 2nd and the Dow coming to the party late, on July 6 (ostensively, part of the Presidential 250 narrative, "stocks are at all time highs"), it's been mostly a slippery slope since.
The Middle East is all aflame again, and, while Israel seems to have cooled its heels of late, the Houthis are back at it, threatening shipping on the other side of the Arabian Peninsula. It's getting messy again, and that's not good for the price of oil, which has hiked as high as $88.50 for WTI crude this morning. The politically-sensitive national average price of gas at the pump is back above $4.00, which serves to reinforce the attitude of a majority of Americans that the war with Iran is wasteful, stupid, unnecessary, and harmful to U.S. interests. The idea that they are probably right doesn’t really register in the reptilian minds of most neocons.
Lindsey Graham remains dead, the bright light of hope.
Approaching the open, stock futures have trimmed their losses. Dow futures are down 64 points; NASDAQ futures are off 250; S&P futures are down 23. The most interesting twist this morning is in precious metals, with both silver and gold sporting early gains. Nearing 9:00 am ET, gold is up around $40, to $4117, while silver got within earshot of $60 before falling back to $59.10 this morning.
After the close Wednesday, some of the more important tech and industrial names will be announcing second quarter results, including IBM (IBM), Tesla (TSLA), Alphabet (GOOGL), Texas Instruments (TXN), Crown Castle (CCI), CSX (CSX), and Kinder Morgan (KMI).
Setting up for some volatility today.
At the Close, Tuesday, July 21, 2026:
Dow: 52,224.64, +385.38 (+0.74%)
NASDAQ: 25,837.21, +329.13 (+1.29%)
S&P 500: 7,509.20, +65.92 (+0.89%)
NYSE Composite: 23,890.19, +220.54 (+0.93%)
It's been said that bond traders are ten times smarter than their stock hustling counterparts.
Whether or not there's any truth to the statement is hardly relevant. Let's just say bond traders are more diligent and discriminating than their counterparts dealing in equities. Be that as it may, something worth noticing has been unfurling in the flagging treasury market. Amid a stock market mini-meltdown, there's not been a rush to fixed income; the cagy old pros have been selling long-dated maturities, not buying, as would normally be the case in a "flight to quality."
Yield on the 10-year note hit 4.60% on Monday. The 30-year bond was throwing off an eye-catching 5.18%. Those are numbers beyond the psychological levels that have been repeatedly warned and worried over, 4.50% and 5.00%, and, if the smartest guys on Wall Street are selling already, what happens when stocks get really hot and bothered? More than likely, they'll be buying, at yields higher than current levels.
That may happen sooner, but probably later. There will be a run to the safety of finxed income and away from risky stocks, but it may prove to be short-lived. The scale of buying is likely to be at a measured pace. Bonds are much less volatile than stocks, and the managers tasked with trading debt instruments aren't about to go all in at 4.75% on the 10s or 5.25% on 30s. A nibble here, a nibble there. Before you now it, the 10-year, once considered dangerous at 4.50%, will look heavenly at 4.85% and the 30-year at 5.65%, both generous returns - much better than the average dividend yield on most stocks - with what will be perceived as minimal risk.
Rising bond yields are what naturally happens when money is too loose for too long. The American debt machine has rung up nearly $40 trillion in government debt, just at the federal level. States and municipalities, counties, and villages have dug their own debt graves and will continue digging. Individual and corporate debt are at extremes, with credit card debt at an all-time high (at an average of nearly 22%), mortgage failures and foreclosures rising rapidly and more than 40% of recent new car loans underwater, the debt binge is close to reaching its stupefying, cataclysmic climax. Nobody can just keep borrowing and borrowing more to pay off the interest - which is what the government has been doing for 40+ years - indefinitely. Eventually, the numbers just become too grotesque, too large to hide, and too onerous to handle.
U.S. government debt recently passed $39.5 trillion, just a hop, skip, and jump away from the $40 trillion mark. While there's nothing inherently magical about $40 trillion, or even $50 or $60 trillion, large, round numbers do give people reason to pause. The government will spend over $1.1 trillion in interest payments alone this fiscal year and that number is not expected to decline at all for the foreseeable future. At some point - and that point has already been reached by central banks of other major economies - there's reason to doubt the invincibility of the U.S. dollar as the world's reserve currency. It's OK, if you like paying interest on debt incurred years or decades ago for your entire life, but it's not a plan anybody with a free conscious and open mind would choose to pursue. At this juncture, however, there's no plans to make any changes. The government will issue debt, the Fed will cover it, the purchasing power of the backing currency will decline. It's just straight up math, though it does play out rather slowly, as in decades and across generations.
Since the 1970s, the United States has managed to destroy its creditor nation position to become the world's largest debtor. The wealth of the U.S. is all created by debt, and, so far, it's working, though living standards overall have been in decline since the early 2000s and are, in many parts of the country that aren't discussed at fancy parties, getting even worse. Inner cities have become homeless tent centers. Appalachia, always an area of severe poverty, has been completely devastated by a lack of new jobs, drug addiction, and the ultimate ravages of long-term underemployment.
Most people won't look over there and see the depression and hopelessness that prevails, but they are looking at their grocery bills, mortgage or rent payments, insurance and health costs eating away at their weekly or bi-weekly paychecks, and it's not just a little scary, it's very scary. People in their 30s and 40s trying to raise families are scraping by on two salaries. A generation or two ago, they'd have been prosperous and happy. Today's working couples are concerned and cornered by debt and inflation. As soon as they manage to make some headway in their income/expense ratio, gas prices, or food prices, or school fees or property taxes take another bite.
Of course, none of this is of any concern to the stock pushers on Wall Street or the slippery fish floating around congress. They aren't in that "class" of people, after all, and they look out for themselves pretty well, which is one of the reasons why they always appear to be in control, touting the latest discoveries or advancements and pretending that the whole U.S. economy is just fine and dandy, thank you.
They'll never tell you the truth. Those bond guys may be onto something, however.
***
After the usual celebratory opening spike in stocks, the major indices took a nose dive the rest of the day. The Dow was the first to capitulate, dropping into the red before 10:00 am ET. The S&P and NASDAQ were more resistant, bouncing around most of the session in positive territory before closing out with minor losses.
This is exactly the kind of market that portfolio managers don’t want to see during what should be a robust earnings season.
Domino's Pizza (DPZ) reported solid results before he open and ended the day up just more than two percent, at 328.97. Too bad it opened at 350 and got portioned out and devoured throughout the stuffed-crust session.
Irish ultra-low-cost airline carrier, Ryanair (RYAAY), reported a 34% Y/Y drop in its first-quarter profit because of higher jet fuel prices and lower fares, helping explain why investors took profits and ran, sending the stock down 5.85% on Monday.
After the close Monday, reporting were:
Zions Bancorporation (ZION) - down 5% ater reporting solid quarterly results
Crown Holdings (CCK) - beat, raised expectations, stock is flat in pre-market
Steel Dynamics (STLD) - second-quarter profit, revenue rise on improved steel pricing, shares down one percent
Tuesday, before the opening bell, these companies reported Q2 results:
Ally (ALLY) - in-line to beat on bottom line, shares flat
DR Horton (DHI) - earnings beat, but profits down 12%, shares down one percent
Charles Schwab (SCHW) - eps beat, record revenue, shares down 1-2%
General Motors (GM) - earnings beat, boosts guidance, shares down one percent
3M (MMM) - shares rally 7 % after second-quarter earnings beat and higher full-year outlook
Halliburton (HAL) - higher revenue, earnings beat, shares down 4%
Outside of 3M, a pattern, which has already emerged from last week, continues to haunt dealers with intentions for profit-making trades. Earnings reports, good, bad, or otherwise, are being used as a rationale to sell. This implies an immediacy to raising cash or to escape from positions that appear to be facing institutional liquidation. There's three months before the next report, so why not cash out now and buy back in before the next glowing quarterly report, or, move money elsewhere?
It makes plenty of sense considering the mostly outrageous price:value ratio. On that basis, General Motors, the makers of mostly sub-standard, over-priced motor vehicles, appears to be the ripest short of the bunch, sporting a PE above 30 (no, it's not a growth company) and a dividend yield of 0.95% (Yes, grandma, I can turn your $10,000 into $10,095 in a year. "You go run along and play in traffic, sonny.").
There is ample reason to believe that the stock market has already made the trun from bullish to bearish.
The NASDAQ is down 5.85% since June 2nd's all-time high (27,093.90). The S&P is down just over two percent over the same span, but it is the NASDAQ that represents the heart of trading in semis, tech, hyperscalers, Mag7, etc., and that is also the opening narrative for stocks heading into Tuesday's session: Tech rebound. With the NAZ already down nearly six percent, who exactly is buying into that particualr fable?
Institutions want out, but not before they lure retail into the trap. Any gains today will e gone tomorrow. That appears to be the current zeitgeist or corporate strategy. It's not working. People have less and less faith in institutional passive investing every day. Additionally, baby boomers are dying and passing along assets in 401k and other plans to their heirs, who are quickly liquidating them to pay themselves for years of diligent elderly care and a better life.
The longer the lies of the elites continue, the further the actuarial tables tell the real story.
Futures are putting lipstick and mascara on this pig of a market with NASDAQ futures up 400 points prior to the open. Dow futures are up 135; S&P futures are up 33. Bear in mind the NASDAQ can rise 400 or 500 points and still be down 3-4%. It’s nothing more than churning a dead cat that refuses to bounce very much.
Fewer and fewer suckers are being fooled only because there are fewer of them still breathing. There are more sellers than buyers. Recipe for a correction.
At the Close, Monday, July 20, 2026:
Dow: 51,839.26, -307.16 (-0.59%)
NASDAQ: 25,508.07, -12.17 (-0.05%)
S&P 500: 7,443.28, -14.41 (-0.19%)
NYSE Composite: 23,669.65, -147.32 (-0.62%)
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.
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.
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.
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 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):
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%)
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.
Four days into the current earnings season, sentiment has shifted from a case of the market could do no wrong to taking profits at the earliest occasion and selling off losers before the bottom falls out.
Through Thursday's closing bell, the Dow Industrials have lost 84 points, the NASDAQ is down 400, and the bellwether S&P 500 has shed 41 points. All of this is becoming a bit unnerving for the investor class, as if they're about to be catching down to the pain and loathing of the bottom 80%. Those, the vast bulk of the U.S. population that has lesser exposure to stocks but is more attuned to the ravages of inflation or even unstable prices and even more unstable political leadership, is worn out, tapped out, using credit cards for everyday expenses, and growing more and more unsettled by the day.
Two earners with full-time jobs and kids are barely able to make ends meet these days, what with high food and energy prices, ballooning house prices and attendant mortgages, property taxes increasing far beyond normal inflation and just about everything else costing 20-40% more than just a few short years ago. Unsustainably high housing prices with attendant food and energy inflation is bringing the national economy to a standstill, with any excess going to the oligarch monopoly corporations like Amazon, Apple, Alphabet, Meta Platforms, Ebay, and Microsoft, all of which are facing severe headwinds as the world struggles through 2026.
Appetites for high fees, high taxes, and high levels of propaganda are growing slim. It's enough to see the government take 25% or more out of everybody's paycheck, but the financial squeeze becomes unbearable facing skyrocketing prices for services like insurance, car repairs, and medical expenses. The bone-crushing weight of excessive price acceleration has turned the country into little more than an open wage-slave plantation.
Wall Street may have profited well from this condition up until now, but the bloom has come off the rose and it's beginning to affect stocks in very disturbing ways. Thus far, just days into second quarter earnings breakouts, companies reporting solid results are seeing share prices drop. Those not meeting or exceeding expectations are feeling even more pain. Take, for example, Netflix (NFLX), which reported in-line Thursday night, though internals continued to crumble. The stock is sliding 11 percent in the pre-market as the pre-eminent streaming service is caught between an inability to raise prices in a fiercely competitive environment, declining subscriptions, and a round of poorly-received original content. The company, though still profitable, is on its knees when it comes to consumer satisfaction. Nobody seems willing to pay premium prices for sub-standard offerings.
Alongside the general malaise in consumer-facing companies is the growing perception that AI is not nearly able to justify the expensive, expansive buildout and investors are being shaken out from positions in the headline users and chip-related concerns.
After the shearing stocks suffered on Thursday, Friday's open portends outright spillage, as tensions and fighting escalated for a sixth straight day in the Persian Gulf, oil prices are spiking higher (WTI crude futures above $80/barrel) and Friday's stock futures are tanking. Dow futures are down 330 points, NASDAQ futures are off 550, and S&P futures are cratering, down 70 points with 45 minutes until the opening bell.
Yields are also chiming in, with the 10-year note hitting 4.59% and the 30-year at 5.12% Thursday.
It's not helping that the Northeast and Midwest are being blanketed with smoke from Canadian wildfires.
Realistically, there's no good way out from the global conditions that have been set down by political and economic policies of the past. The debt explosion that borrows from the future is beginning to be reflected in the present.
At the Close, Thursday, July 16, 2026:
Dow: 52,552.97, -105.67 (-0.20%)
NASDAQ: 25,881.95, -387.28 (-1.47%)
S&P 500: 7,533.77, -38.63 (-0.51%)
NYSE Composite: 23,952.27, +79.74 (+0.33%)
With CPI and PPI for June in the rear-view mirror, traders can focus on earnings for the rest of the week. The general consensus is positive. Many companies are reporting earnings beats, spurring the market higher.
A number of big names reported second quarter earnings Thursday morning:
Taiwan Semiconductor (TSM) - record profit, $100 billion Arizona investment, shares down 4% pre-market
US Bancorp (USB) - Top and bottom beat, stock down one percent
State Street (STT) - In-line report, stock down two percent
United Health (UNH) - Big beat, revises guidance higher, shares up six percent
Abbot Labs (ABT) - Strong quarter, raises forecast, shares up 4% pre-market
GE Aerospace (GE) - Beats expectations, raises guidance, the stock falls 3%
June retail sales were up a modest 0.2%, the smallest monthly increase in five months. Falling prices for gas at the pump depressed the overall picture. Motor vehicles and parts dealers grew sales by 1.9%, e-commerce) rose 1.9%, and sporting goods and hobby stores added 1.3%. May’s figure was revised upward, from a 0.9% gain to a full 1.0%, which matters for context.
Other than earnings, escalation in the Middle East, and an OK sales report, there isn't much to move stocks, though there seems to be a "sell the news" attitude, with solid earnings reports being met with selling.
Precious metals continue to be abused. Silver fell below $56 this morning and gold dropped below $4000. It's apparent the LBMA has not relinquished control over paper markets, skewing prices to reflect their abhorrence of real money.
It never ends.
At the Close, Wednesday, July 15, 2026:
Dow: 52,658.64, +150.34 (+0.29%)
NASDAQ: 26,269.23, +162.23 (+0.62%)
S&P 500: 7,572.40, +28.81 (+0.38%)
NYSE Composite: 23,872.53, +25.93 (+0.11%)
On Tuesday, the BLS produced a rosy June CPI, with inflation easing due to lower oil and gas prices. That didn't inspire as big a rally as some may have expected, since lower inflation would encourage the Fed to keep interest rates where they are or even lower them. Another possibility is that the market is simply exhausted. Stocks have been sailing right along since 2023, with only minor breaks for presidential actions, specifically, Trump's "Liberation Day" tariffs in April, 2025, and the recent U.S.-Iran conflict from March.
Profits have been easy pickings, and there's a good possibility that institutional investors have seen enough, made enough, and are cycling out.
Still, stocks did show gains, despite the fallout from IBM's 25% drop, the worst in the company's history, as companies slash budgets for software and consulting, and Big Blue issued an ill-timed earnings warning. Anybody with a sense of history will understand why a bellwether stock like IBM should be trading at or below $100/share as opposed to the current fantasy of $217 to be considered fair value. When that happens - and it will - stocks will be worth buying again. The monstrous drop in shares of IBM was like a warning shot across the bows of many Wall Street trading desks.
The action in markets on Tuesday was strongly suggestive of recession fears emerging. The U.S. economy, despite the punditry and hype, could be leveling out at stall speed with GDP probably the worst measurement possible. There's no jobs growth and prospects for the next 6-12 months are cloudy at best.
So, today, the BLS follows up with a dovish PPI:
The Producer Price Index for final demand fell 0.3 percent in June, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.6 percent in May and 1.1 percent in April. On an unadjusted basis, the index for final demand increased 5.5 percent for the 12 months ended in June.
The June decline in the index for final demand can be attributed to prices for final demand goods, which fell 1.4 percent. In contrast, the index for final demand services moved up 0.2 percent.
The index for final demand less foods, energy, and trade services increased 0.1 percent in June after jumping 0.8 percent in May. For the 12 months ended in June, prices for final demand less foods, energy, and trade services rose 5.1 percent.
Market reaction was once again muted, though not without the customary knee-jerk response in stock futures, which leapt higher.
With the open less than half an hour ahead, Dow futures are up 142 points, NASDAQ futures are ahead by 181, and S&P futures are up 21 points, not exactly a ringing endorsement, but good enough to keep traders busy.
Gold also got a boost, just like it did yesterday, only to give back most of the gains. Silver is moribund at $58.65. Gold: $4070 per troy ounce.
WTI crude oil approaching $80 per barrel is keeping a lid on everything.
At the Close, Tuesday, July 14, 2026:
Dow: 52,508.27, +9.63 (+0.02%)
NASDAQ: 26,107.01, +233.83 (+0.90%)
S&P 500: 7,543.59, +28.25 (+0.38%)
NYSE Composite: 23,846.60, -49.45 (-0.21%)
Citi (C), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS), and JP Morgan (JPM) kicked off second quarter earnings season with a bang.
The largest financial institutions in America delivered results beyond the expectations of Wall Street analysts.
Goldman Sachs said revenue from its equities trading division rose 72% year over year to $7.4 billion. Its investment bank reported $3.4 billion in revenue, its highest quarterly figure since 2021, driven by its M&A advisory and equity underwriting groups.
The equity underwriting division, which includes underwriting initial public offerings, earned fees from several of the quarter's biggest AI-related deals, including SpaceX's (SPCX) blockbuster IPO and Alphabet's (GOOG, GOOGL) even larger follow-on stock sale. Revenue from that unit jumped 130% to $985 million.
JP Morgan Chase, the largest U.S. lender posted a profit of $21.2 billion, or $7.70 per share, in the three months ended June 30, compared with $14.99 billion, or $5.24 per share, a year earlier.
At 8:30 am ET, the Bureau of Labor Statistics (BLS) issued the June CPI report, cheering on Wall Street with a soft inflation report for June.
The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.4 percent on a seasonally adjusted basis in June after rising 0.5 percent in May, the U.S. Bureau of Labor Statistics reported today. This decline in the all items index was the largest 1-month decrease since April 2020 when it fell 0.8 percent. Over the last 12 months, the all-items index increased 3.5 percent before seasonal adjustment.
The index for energy fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent in March. The energy index was the largest contributor to the monthly all items decrease, more than offsetting increases in other indexes including those for shelter and food. The index for food increased 0.2 percent over the month, as did the index for food at home and the index for food away from home.
The index for all items less food and energy was unchanged in June. Indexes that decreased over the month include motor vehicle insurance, communication, apparel, medical care, and used cars and trucks. Conversely, the indexes for recreation, household furnishings and operations, and personal care were among the major indexes that increased in June.
The all items index rose 3.5 percent for the 12 months ending June after rising 4.2 percent for the 12 months ending May. The all items less food and energy index rose 2.6 percent over the year, following a 2.9-percent increase over the 12 months ending May. The energy index increased 15.7 percent for the 12 months ending June. The food index increased 3.0 percent over the last year.
This constituted the single-largest drop in the CPI since April 2020, the drop in oil and gas prices being the main element. With war ramping back up in the Middle East, this could be a one off, but, for today, markets seem willing to take it with multiple grains of salt. After the initial knee-jerk reaction in stock futures, the indices have dropped back to more reasonable levels. Anything could happen today.
At the Close, Monday, June 13, 2026:
Dow: 52,498.64, -138.37 (-0.26%)
NASDAQ: 25,873.18, -408.43 (-1.55%)
S&P 500: 7,515.34, -60.05 (-0.79%)
NYSE Composite: 23,896.05, -29.03 (-0.12%)
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.
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.
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.
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):
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%)
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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