Stocks pushed through another volatile summer week as diverging Q2 corporate reports and the Fed's rate decision whipsawed prices. The Standard & Poor’s 500 Index rose 1.05% this week as hyperscalers showed the mega spend on the artificial intelligence buildout is being monetized while the Nasdaq Composite Index advanced 1.59%. The Dow Jones Industrial Average added 1.04%. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 2.13%.1,2 Tech Stocks Steal SpotlightThe S&P 500 benchmark ended last week at 7,489.72. The index is now down 0.1% quarter-to-date but up 9.4% year-to-date. In early trade today, markets are positive. Generally, markets remain in bullish territory given corportate earnings reports and guidance as well as macro economic factors and expectations. Microsoft (MSFT) and Amazon.com (AMZN) rose this week as quarterly results from the tech giants showed revenue growth in areas related to AI products and services, helping calm worries surrounding hundreds of billions of dollars of investments earmarked for the AI buildout. Microsoft reported triple-digit AI annual recurring revenue growth and an accelerating Azure trajectory into the end of 2026, Dan Ives, global head of technology at Wedbush Securities, said in a note to clients. The software behemoth's quarterly results, which included Azure's full-year revenue surpassing $100 billion for the first time, reinforced the idea that "any knee-jerk reactions to the elevated capex framework represent strong buying opportunities," Ives said. Shares of Microsoft were up 22% this week. The consumer discretionary sector in the S&P 500 had the largest percentage gain of the week, up 8.3%, followed by a 5.4% advance in communication services and a 1.2% rise in consumer staples. Sales at Amazon's cloud computing unit delivered the fastest growth in 18 quarters, helping the e-commerce giant exceed market expectations for Q2 earnings and revenue. Shares jumped 17% this week even as the e-commerce behemoth expanded its capital expenditure by about $20 billion to $220 billion. A consortium of banks led by Morgan Stanley (MS) is in talks to lend $15 billion to a data-center developer to build a campus and power plant for Anthropic in Texas, The Wall Street Journal reported Thursday, citing people familiar with the matter. Alphabet's (GOOG), (GOOGL) Google would provide financial guarantees and chips for the project. Shares of Alphabet are up 12% this week. The three worst-performing S&P 500 sectors this week were utilities, real estate and materials, down 4.2%, 2.2%, and 1.7%, respectively. C.H. Robinson Worldwide (CHRW) said a jury in Texas issued a $604 million advisory verdict against the firm and two other defendants in a lawsuit stemming from a trucking accident involving an independent motor carrier. Shares declined 21% this week. Edison International (EIX) said Thursday that Southern California Edison believes it is likely its equipment was associated with the ignition of the 2025 Eaton Fire, according to a Thursday quarterly filing. Southern California Edison recorded $1.6 billion in settlement-related losses and said it expects to incur additional material losses related to the fire, per the filing. Shares of Edison slumped 8% this week. Palantir Technologies (PLTR), Space Exploration Technologies (SPCX), Advanced Micro Devices (AMD), Caterpillar (CAT), Walt Disney (DIS), SanDisk (SNDK), Uber Technologies (UBER) and Take-Two Interactive Software (TTWO) are among the companies reporting their quarterly results this week. Economic data due this week includes non-farm payrolls, job openings and labor turnover survey, and ISM manufacturing and services purchasing managers' indexes. |
 |
Source: YCharts.com, August 1, 2026. Weekly performance is measured from Monday, July 27 to Friday, July 31. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points. |
Fed WatchThe Federal Open Market Committee voted 9-3 to hold rates steady: 9 voted to hold, while 3 voted to increase. The decision to hold rates was initially met with enthusiasm, but traders became increasingly unsettled as the day progressed. At the Fed’s press conference, Chair Kevin Warsh explained the decision, but some were concerned that the Fed was underestimating inflation. The next scheduled two-day Fed meeting ends on September 16, so traders will have plenty of economic reports to assess overall consumer prices.9 This Week: Key Economic DataMonday: Purchasing Managers Index (PMI)—Manufacturing. Construction Spending. Tuesday: Trade. Job Openings & Labor Turnover. Factory Orders. Wednesday: ADP Employment Report. PMI–Services. Thursday: Productivity & Costs. Weekly Jobless Claims. Wholesale Trade. Friday: U.S. Employment Report. Consumer Credit. Source: Investor’s Business Daily - Econoday economic calendar: July 31, 2026. This Week: Companies Reporting EarningsMonday: Palantir Technologies Inc. (PLTR), Vertex Pharmaceuticals Incorporated (VRTX), Marriott International, Inc. (MAR), The Williams Companies, Inc. (WMB) Tuesday: Space Exploration Technologies Corp. (SPCX), Advanced Micro Devices, Inc. (AMD), Caterpillar Inc. (CAT), Merck & Co., Inc. (MRK), Arista Networks, Inc. (ANET), Amgen Inc. (AMGN), The McDonald’s Corporation (MCD), Gilead Sciences, Inc. (GILD), Pfizer Inc. (PFE), Booking Holdings Inc. (BKNG), Duke Energy Corporation (DUK), Spotify Technology (SPOT) Wednesday: Eli Lilly and Company (LLY), Sandisk Corporation (SNDK), Western Digital Corporation (WDC), The Walt Disney Company (DIS), Shopify Inc. (SHOP), CVS Health Corporation (CVS), Uber Technologies, Inc. (UBER), AppLovin Corporation (APP), McKesson Corporation (MCK) Thursday: ConocoPhillips (COP), Parker-Hannifin Corporation (PH), Howmet Aerospace Inc. (HWM), Constellation Energy Corporation (CEG) Friday: Berkshire Hathaway Inc. (BRK.A / BRK.B) Source: Zacks, July 31, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice. |
 |
“It is not our affluence, or our plumbing, or our clogged freeways that grip the imagination of others. Rather, it is the values upon which our system is built. These values imply our adherence not only to liberty and individual freedom, but also to international peace, law and order, and constructive social purpose. When we depart from these values, we do so at our peril.” –J. William Fulbright |
 |
Train Your Brain to Focus on CommandTake a page from Pavlov's playbook and create your own focus trigger. Choose a scent, a cologne, a candle, anything distinct, and use it exclusively when you sit down to work or study. After a week or so of consistency, that scent alone can signal your brain to shift into focus mode. Simple, science-backed, and surprisingly powerful. Tip adapted from BuzzFeed10 Wellness Retreats: Travel That Restores YouSometimes the best trip is the one that brings you back to yourself. Wellness retreats have evolved well beyond spa weekends. Today's options combine movement, nutrition, mindfulness, and even preventive health guidance into immersive, restorative experiences. Asia has long been celebrated for its wellness traditions, but exceptional retreat options can also be found closer to home across the United States. If your ideal vacation leaves you feeling genuinely renewed rather than just rested, a wellness retreat might be exactly what you're looking for. Tip adapted from TravelandLeisure.com11 |
 |
What has hundreds or even thousands of ears but hears absolutely nothing? Last Week's Riddle: What wintry thing flies as it is born, lies when alive, and runs when dead? Answer: A snowflake. |
 |
 |
Alkmaar, Netherlands |
Footnotes And Sources1. WSJ.com, July 31, 2026 12. MT Newswires, YCharts.com, July 27-31, 2026 |
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.
The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. The Nasdaq Composite is an index of the common stocks and similar securities listed on the Nasdaq stock market and considered a broad indicator of the performance of stocks of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.
U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.
Please consult your financial professional for additional information.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.
Copyright 2026 FMG Suite.