The Weekly Update
Week of July 20th, 2026
By Christopher T. Much, CFP®, AIF®
Stocks fell last week as the chip-stock trade entered a selloff phase, despite upbeat news on inflation.
The Standard & Poor’s 500 Index fell 1.55 percent, while the Nasdaq Composite Index declined 2.90 percent. The Dow Jones Industrial Average slipped 0.93 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, lost 0.80 percent.
Chip Stocks Under Pressure
Renewed tensions in the Middle East gripped investors as the week kicked off. Stocks slid broadly as oil prices climbed.
On Tuesday, investors cheered news of the first drop in consumer inflation in six years. The following day, an unexpected drop in wholesale inflation prompted investors to rethink the Fed’s next move on short-term interest rates.
But on Thursday, the S&P 500 opened lower as chip stocks dragged the broader market lower once again.
As the week wrapped up, the S&P lost over 1 percent on Friday, while the Nasdaq fell 1.4 percent as investors appeared to rotate out of chip stocks and other tech names in favor of other sectors.
Inflation Declines
The Consumer Price Index (CPI) surprised Wall Street last week, falling 0.4 percent in June from the prior month. While month-over-month inflation has decelerated at times over the past six years, this was the first monthly decline in consumer prices since April 2020.
Wednesday’s Producer Price Index report showed that monthly wholesale inflation unexpectedly declined 0.3 percent in June. Later in the day, New York Fed President John Williams said that he believed inflation had likely peaked.
This Week: Key Economic Data
Monday: Leading Indicators. Three-Month Treasury Bill Auction. Fed Board of Governors (closed) meeting.
Tuesday: Treasury Buyback Announcement.
Wednesday: Atlanta Fed Business Inflation Expectations. 20-Year Treasury Bond Auction. EIA Petroleum Status Report.
Thursday: Weekly Jobless Claims. Kansas City Fed Survey. EIA Natural Gas Report. Fed Balance Sheet.
Friday: Purchasing Managers Index (PMI) Composite–Manufacturing. PMI Composite–Services. New Home Sales.
Source: Investors Business Daily – Econoday economic calendar; July 17, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.
This Week: Companies Reporting Earnings
Tuesday: The Charles Schwab Corporation (SCHW), Interactive Brokers Group, Inc. (IBKR), Danaher Corporation (DHR), Capital One Financial Corporation (COF), Marsh (MRSH), 3M Company (MMM), Northrop Grumman Corporation (NOC), General Motors Company (GM)
Wednesday: Alphabet Inc. (GOOG/GOOGL), Tesla, Inc. (TSLA), GE Vernova Inc. (GEV), Philip Morris International Inc. (PM), Texas Instruments Incorporated (TXN), AT&T Inc. (T), ServiceNow, Inc. (NOW), CSX Corporation (CSX), CME Group Inc. (CME), Moody’s Corporation (MCO), Kinder Morgan, Inc. (KMI))
Thursday: Intel Corporation (INTC), RTX Corporation (RTX), T-Mobile US, Inc. (TMUS), Thermo Fisher Scientific Inc. (TMO), Union Pacific Corporation (UNP), Lockheed Martin Corporation (LMT), Newmont Corporation (NEM), Blackstone, Inc. (BX), Freeport-McMoRan Inc. (FCX), Comcast Corporation (CMCSA)
Friday: American Express Company (AXP), NextEra Energy, Inc. (NEE), Verizon Communications Inc. (VZ), HCA Healthcare, Inc. (HCA)
Source: Zacks, July 17, 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.
