Market Pulse

Index	Last Week	1-Month (Trailing)	YTD
DJIA	+1.44%	+2.56%	+9.48%
S&P 500	+1.39%	-2.02%	+8.92%
Nasdaq	+1.54%	-5.19%	+10.53%
Russell 2000	-0.93%	+1.71%	+20.16%
MSCI EAFE	+1.52%	-0.88%	+8.40%
MSCI EM	-2.75%	-7.71%	+19.43%
Bloomberg U.S. Agg	-0.55%	+0.09%	+0.43%
Bloomberg U.S. Corp HY	+0.21%	+0.28%	+1.97%

Data as of: Friday, July 3, 2026

See important disclosures below.

Weekly Recap

06/29/2026 - 07/03/2026

U.S. Economy

• Payrolls missed; participation fell sharply

• Fed hike odds declined after jobs report

Equity Market

• Nasdaq led on Big Tech strength

• Semis lagged after strong quarterly rally

Bond Market

• Treasury yields rose across the curve

• Rate expectations shifted dovish after payrolls

Around the Globe

• WTI crude fell to pre-war levels

• Dollar index slipped 0.5%

The Week Ahead…

07/06/2026 - 07/10/2026

• Mon

  • PMI Services Final (Jun)

  • ISM Non-Manufacturing Index (Jun)

• Tue

  • Trade Balance

• Wed

  • FOMC Minutes

  • Wholesale Inventories (Final)

  • Levi Strauss

• Thu

  • Existing Home Sales

  • Weekly Jobless Claims

  • PepsiCo

• Fri

  • Delta Air Lines, Hyatt Hotels

The week ahead is relatively light as markets bridge the gap before major banks begin Q2 earnings season on July 14. Monday’s focus will be on June services activity, with PMI Services and the ISM Non-Manufacturing Index offering a read on demand across the largest part of the U.S. economy.

Tuesday brings the U.S. trade balance, while Kura Sushi reports earnings after the close. Wednesday’s key event is the release of FOMC Minutes, which investors will parse for clues on the Fed’s reaction function following softer payroll growth and shifting rate expectations. Wholesale Inventories and Levi Strauss earnings are also on deck.

Thursday features Existing Home Sales and Weekly Jobless Claims, keeping attention on housing and labor-market trends. PepsiCo and Aritzia report earnings, offering insight into consumer demand. Friday is quieter, with Delta Air Lines and Hyatt Hotels highlighting travel-related earnings momentum.

-Matt Shaw, CFA

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