| Index | 12/31/2025 | 07/10/2026 | 07/17/2026 | % Change Week | % Change YTD |
| Dow Jones Industrial Average | 48,063.29 | 52,637.01 | 52,146.42 | -0.93% | 8.50% |
| S&P 500 | 6,845.50 | 7,575.39 | 7,457.69 | -1.55% | 8.94% |
| Nasdaq Composite | 23,241.99 | 26,281.60 | 25,520.24 | -2.90% | 9.80% |
| Russell Mid-Cap Index | 3,845.08 | 4,383.64 | 4,358.01 | -0.58% | 13.34% |
| Russell Small-Cap Index | 2,481.91 | 2,977.82 | 2,962.22 | -0.52% | 19.35% |
July, 17, 2026
Dear Friends –
The equity markets finished the week mixed. For the week the Dow, S&P 500 and the Nasdaq fell 0.9%, 1.55% and 2.9%. The Russell Mid-Cap, Small-Cap and MSCI EAFE indexes were off 0.6%, 0.5% and 0.96%. For the year the six indexes are up 8.5%, 8.9%, 9.8%, 13.3%, 19.4% and 7.6% respectively.
Stocks fell to open the week Monday as tensions in the Middle East continued to rise over the weekend. Disruptions in traffic in the Strait of Hormuz led to fighting on both sides and crude prices rose over 2%, ending near $80 per barrel. Six of the 11 S&P sectors finished lower led by technology, communication services and industrials with losses of 4.1%, 1% and 0.9%. Energy, utilities and financials led on the upside with gains of 3.2%, 0.7% and 0.6%. Shares of Nvidia, Boeing and Caterpillar led the Dow lower with losses of 3.5%, 3.1% and 2.2%. Investors are also looking ahead to a busy news week with earnings from major banks, inflation data and Fed Chair Warsh will be on Capitol Hill to appear before Congress for the first time since becoming chair. The Dow finished down 138 points or 0.26%, at 52,499. The S&P and the Nasdaq ended down 0.8% and 1.55%. The 10-year Treasury note ended up less than one basis point at 4.62.
The markets closed with modest gains Tuesday following a tepid inflation reading. The latest look at inflation showed prices fell more than expected in June, coming in at down 0.4% for the month and now up 3.5% for the past year. Much of the decline was attributed to falling oil prices at the fighting in the Middle East appeared to be ending. Oil prices have since risen over 14% with the resumption of fighting. Six of the 11 S&P sectors closed higher led by technology, communication services and energy with gains of 1.25%, 1.1% and 0.4%. Health care and consumer staples led on the downside with losses of 1.9% and 1.4%. The Dow finished up ten points or 0.02%, at 52,508. The S&P and the Nasdaq added 0.04% and 0.9%. The 10-year Treasury note fell three basis points to end yielding 4.59%. Crude prices rose 1.5% to close over $80 per barrel.
Stocks ended higher Wednesday led by strength in technology following another light inflation reading. Prices at the wholesale level (PPI) fell 0.4% in June, which brought the annual rate to 3.5% versus expectations of a 0.2% decline and 3.8% for the year. Big tech led the Dow as shares of Apple, Alphabet, Amazon and Microsoft gained 4%, 3.1%, 3% and 2.8%. The S&P sectors were split with five higher, five lower and one unchanged. Communication services led on the upside with a gain of 2.8% while utilities led on the downside with a loss of 1%. The Dow finished up 150 points or 0.3%, at 52,659. The S&P and the Nasdaq rose 0.4% and 0.6%. The 10-year Treasury note fell four basis points on the PPI reading to end yielding 4.55%. Crude prices fell 0.5%.
The markets finished lower Thursday on weakness in technology. Shares of chipmakers led the S&P and the Nasdaq lower as the weakness in the sector persisted. Eight of the 11 S&P sectors finished higher led by consumer staples, health care and real estate with gains of 2.9%, 2.2% and 2.1%. Communication services and technology led on the downside with losses of 2.9% and 1.8%. Goldman Sachs, Alphabet and Caterpillar led the Dow lower with losses of 4.9%, 4.4% and 4%. The Dow finished down 106 points or 0.2%, at 52,553. The S&P and the Nasdaq fell 0.5% and 1.5%. The benchmark 10-year note was up one basis point at 4.56%. Crude prices fell 0.3% to end near $79.40.
Stocks fell heading into the weekend Friday as the weakness in technology and semiconductors continued to weigh on the major indexes. The semiconductor sector finished down over 2% closing lower for the third week out of the past four. Ten of the 11 S&P sectors were lower led by communication services, consumer discretionary and technology with losses of 2.4%, 1.6% and 1.1%. Energy added 1.1% as oil prices rose 4% to close over $82 per barrel. Shares of Coca-Cola, IBM and Goldman Sachs led the Dow lower with losses of 4%, 2.9% and 2.8%. The Dow ended down just over 400 points or 0.77%, at 52,146. The S&P and the Nasdaq fell 1% and 1.4%. The benchmark 10-year Treasury note fell one basis point to end at 4.55%.
Sonata
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