Market Pulse

Index	Last Week	1-Month (Trailing)	YTD
DJIA	+1.11%	+0.40%	+9.29%
S&P 500	+0.97%	-0.21%	+9.33%
Nasdaq	+1.42%	-3.37%	+8.99%
Russell 2000	+0.22%	-2.90%	+18.32%
MSCI EAFE	+2.20%	+1.74%	+10.06%
MSCI EM	+1.39%	-6.14%	+17.36%
Bloomberg U.S. Agg	+0.16%	-1.02%	-0.41%
Bloomberg U.S. Corp HY	+0.18%	-0.24%	+1.71%

Data as of: Friday, July 31, 2026

See important disclosures below.

Weekly Recap

07/27/2026 - 07/31/2026

U.S. Economy

• Fed held rates steady; September hike odds increased.

• Tariffs expanded to roughly 60 economies during July.

Equity Market

• Strong earnings reinforced resilient growth and consumer demand.

• Market broadening continued beyond mega-cap technology leadership.

Bond Market

• Treasury yields rose; 30-year reached highest since 2007.

• Yield curve steepened as long-term rates surged.

Around the Globe

• Iran tensions lifted oil prices and geopolitical uncertainty.

• BOJ and BoE maintained rates; intervention supported yen.

The Week Ahead…

08/03/2026 - 08/07/2026

• Mon

  • Manufacturing PMI (Jul)

  • ISM Manufacturing Index (Jul)

  • Marriott, Tyson Foods, Vertex, Snap, Clorox

• Tue

  • JOLTS Job Openings (Jul)

  • Trade Balance (Jun)

  • Caterpillar, McDonald's, Merck, Pfizer, Spotify

• Wed

  • ADP Employment Report (Jul)

  • ISM Services Index (Jul)

  • Disney, Eli Lilly, CVS Health, Shopify, Uber

• Thu

  • Initial Jobless Claims

  • Productivity (Q2 Prelim)

  • Airbnb, Akamai, Lyft, DraftKings, Trade Desk

• Fri

  • Nonfarm Payrolls (Jul)

  • Unemployment Rate (Jul)

  • Take-Two Interactive, Under Armour, Wendy's

The week ahead brings a full slate of economic data and earnings that should help shape expectations for growth, inflation, and Federal Reserve policy. Monday kicks off with July Manufacturing PMI and ISM Manufacturing readings, while Tuesday's JOLTS report and trade balance data provide additional insight into labor demand and economic activity. Markets will be especially focused on Wednesday's ADP employment report and ISM Services Index ahead of Friday's closely watched July jobs report.

Friday's Nonfarm Payrolls release will be the key macro event of the week. Investors will be watching payroll growth, unemployment, and wage data for clues on the labor market's resilience and whether the Fed remains on track for a potential September rate hike. Additional reports on productivity, jobless claims, and labor costs throughout the week could further influence rate expectations.

Earnings season remains in full swing with several high-profile companies reporting. Key results include McDonald's, Spotify, Disney Pfizer, and Uber, to name a few. Healthcare, consumer, industrial, and technology sectors should all remain in focus.

-Matt Shaw, CFA

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