Market Memo

If you thought the market was going to have a chill week, you were very wrong. This week was crazy.Things started off looking amazing, with tech carrying everything higher as the S&P 500 climbed 1.23%, the Nasdaq gained 1.74%, and the Dow even crossed the 53,000 mark for the first time ever before deciding it had enough and giving back about 0.5% by Friday. Then, because markets literally can’t go five minutes without some drama, the U.S. revoked some Iranian oil license, sending oil prices up more than 5%, spooking investors, and knocking semiconductor stocks lower as people began looking inwards. Is thy spending too much on the AI? If you guys are all watching the world cup, the markets were basically like England- it looks like its coming home but it never does. For a moment, it looked like the rally might finally be over, but by Friday the chip stocks and mega-cap tech giants basically shrugged and ripped higher again as investors ignored the geopolitical noise and focused on strong company fundamentals instead. Honestly, the market’s ability to brush off bad news lately deserves its own trophy. Meanwhile, the Federal Reserve wasn’t exactly drama-free either, as minutes from the June meeting showed officials split over the next move. Some policymakers still want higher interest rates because inflation refuses to fully cooperate, while others believe the economy is slowing enough. Let me tell you something- the market would give anything for those low interest rates. The bond market joined the action too, with the 10-year Treasury yield climbing to 4.56% as strong economic data and the government’s endless borrowing pushed investors to demand higher returns. We might have to start donating to our government at this point. I hope you guys all enjoy the world cup final(Spain for the win! I can’t see VARgentina win one again) and see y’all next week!