U.S. equities finished the week ending Friday, July 10, 2026 on a constructive note, with growth and AI‑linked names back in favor even as oil and geopolitical risks kept macro uncertainty elevated.
Equity markets: AI leadership, broader participation
The S&P 500 Index gained roughly 0.8% for the week through Thursday, with futures suggesting a modestly higher finish into Friday’s close as investors leaned back into cyclicals and select AI beneficiaries. The Nasdaq Composite advanced about 1.5% week‑to‑date, continuing to outperform on the back of semiconductor strength and renewed enthusiasm for AI‑centric earnings, while the Dow Jones Industrial Average lagged, down about 0.8% for the week as value and dividend heavyweights underperformed. Cooling oil prices after reports that Iran had reached out about a possible deal with Washington helped reverse early‑week risk‑off sentiment, easing pressure on transport, consumer and industrial bellwethers. A notable micro story came from WD‑40 Company (WDFC), which rallied roughly 15% after delivering top‑ and bottom‑line upside in its fiscal third‑quarter results and raising full‑year guidance, underscoring that idiosyncratic earnings strength can still drive outsized moves in a tape dominated by macro headlines.
Style and sector dynamics
Beneath the headline indices, breadth improved relative to earlier this year as equal‑weighted benchmarks and more defensive, value‑oriented, and small‑cap segments held up better, even while mega‑cap AI leaders saw intermittent profit‑taking. Semiconductors and broader chip‑related names continued to attract capital, supported by expectations for robust second‑quarter earnings and the ongoing global build‑out of AI and high‑performance computing capacity. Energy shares softened as crude prices pulled back on signs of de‑escalation in the Middle East and early normalization of traffic through the Strait of Hormuz, while rate‑sensitive sectors like utilities and REITs found some support as long‑term yields drifted lower from recent highs. Internationally, emerging Asia—particularly South Korea and Taiwan—remained a bright spot thanks to their central role in the AI and semiconductor supply chain, while European and Japanese equities saw steadier performance as energy volatility eased.
Quick sector/ticker snapshot
| Theme / Sector | Example tickers (US listings/ADRs) | Weekly tone (thru July 10) |
|---|---|---|
| Mega‑cap AI & cloud | NVIDIA (NVDA), Microsoft (MSFT), Alphabet (GOOGL) | Leadership with bouts of valuation anxiety. |
| Semiconductors | Intel (INTC), Advanced Micro Devices (AMD), Micron Technology (MU), Taiwan Semiconductor Mfg. (TSM) | Ongoing strength tied to AI build‑out and Q2 earnings optimism. |
| Energy | Exxon Mobil (XOM), Chevron (CVX), Occidental Petroleum (OXY) | Softer on falling crude and de‑escalation in the Middle East. |
| Industrials & transports | Union Pacific (UNP), Caterpillar (CAT), United Parcel Service (UPS) | Relief from lower fuel costs; still sensitive to growth and trade headlines. |
| Defensive/value | Johnson & Johnson (JNJ), Procter & Gamble (PG), Coca‑Cola (KO) | Mixed, holding up better than June but lagging high‑beta tech.. |
| Small‑caps | iShares Russell 2000 ETF (IWM) | Participation improving as breadth widens beyond mega‑caps. |
Macro: inflation, Fed and rates
Macro focus remained squarely on inflation and the evolving reaction function of the Federal Reserve under Chair Kevin Warsh, with investors positioning ahead of the June Consumer Price Index release scheduled for July 14, 2026. Headline CPI has been running hot, with the index reaching a record 335.12 in May, but market‑based inflation expectations have cooled sharply as the energy shock unwound—one‑year breakeven rates have fallen from around 5.4% in March to roughly 1.4%, tempering fears of an entrenched inflation spiral. At its June 16–17 meeting, the Federal Open Market Committee held the target range at 3.5%–3.75%, but delivered a distinctly hawkish message by shifting away from explicit forward guidance and signaling a higher path for policy rates via the updated dot plot. Futures markets, which had been pricing cuts for 2026, now embed expectations for roughly two 25‑basis‑point hikes by April, even as many strategists argue the Fed may ultimately remain on hold through year‑end if inflation continues to cool. Treasury yields spent much of June and early July in a range but ended lower as Middle East tensions eased, with the 10‑year drifting near 4.46% and the 2‑year around 4.17% as rate‑cut expectations were pared back but fears of additional tightening receded. Credit spreads in both investment‑grade and high‑yield corporates were little changed, and major fixed‑income benchmarks such as the Bloomberg U.S. Aggregate and Bloomberg U.S. Corporate High Yield indices posted modest positive total returns, reflecting a more balanced risk backdrop.
Commodities, FX and geopolitics
Oil markets saw a sharp retracement, with West Texas Intermediate sliding more than 20% to roughly 69.50 dollars per barrel as ceasefire conditions between the U.S. and Iran took hold and shipping activity through key Middle East chokepoints began normalizing. The unwind of the prior energy shock not only relieved an important source of inflationary pressure but also supported sentiment in consumer‑facing sectors reliant on fuel and transport costs. Gold gave back much of its recent safe‑haven premium, falling about 11.7% to near 4,008 dollars per ounce as geopolitical risk premia faded and the U.S. dollar firmed on the Fed’s hawkish stance. The dollar strengthened roughly 2.3% against a broad basket of currencies, a move consistent with higher real yields and the market’s shift toward fewer near‑term rate cuts, which in turn kept a lid on some non‑U.S. risk assets that are sensitive to dollar funding conditions. Shipping indicators compiled by the Baltic Exchange showed mixed trends across tanker and dry bulk routes, reflecting the push‑and‑pull between easing war anxiety and still‑fragile global trade momentum. On the geopolitical front, President Donald Trump reiterated a tougher line on the U.S.–Iran memorandum earlier in the week, but markets largely focused on signs of de‑escalation and diplomatic engagement by Qatar and Pakistan, which helped anchor oil volatility.
Looking ahead: earnings and macro catalysts
With second‑quarter earnings season set to ramp up in mid‑July, the tape is transitioning from macro‑driven swings to company‑specific catalysts, particularly in technology, financials and healthcare. Market commentary from strategists such as Ed Yardeni continues to highlight an “earnings‑led market,” implying that upside or downside surprises from mega‑cap platforms like Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Amazon (AMZN), and key chipmakers including NVIDIA (NVDA), Advanced Micro Devices (AMD), and Micron Technology (MU) could dictate near‑term breadth and factor leadership. From a macro standpoint, the June CPI print on July 14, subsequent labor‑market data, and any fresh communication from the Federal Reserve will be central to whether the current “higher‑for‑longer but not higher‑still” narrative persists. If inflation continues its trajectory lower while growth remains near the Fed’s expected 1.75%–2.5% real GDP range, the backdrop could remain constructive for risk assets, with rotation away from the narrow AI trade into wider participation across cyclicals, quality value and small‑caps. Conversely, any upside surprise in inflation or renewed energy and geopolitical shocks would re‑ignite debate over additional rate hikes and could re‑compress equity multiples, especially in the most richly valued AI and biotech names.
VP Watchlist Updates
Amwell® (NYSE: AMWL)
Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $9.91, +7.14% over the last 5-days.
Eupraxia Pharmaceuticals Inc. (EPRX)
Eupraxia Pharmaceuticals Inc. (EPRX, $6.68) a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (July 7) the appointment of Robert Bazemore, Amy Pottand Dr Helen Thackray to the Board of Directors. “We are delighted for Robert, Amy and Helen to join our Board of Directors at a pivotal stage for the company.” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “Their collective expertise across late-stage drug development, commercial strategy, and global product launches will be invaluable as we execute on several key upcoming milestones for EP-104GI and continue to expand our pipeline. Their appointments reflect the commitment of Eupraxia to advancing and expanding our gastroenterology assets in an efficient and effective manner. I also want to thank Paul Geyer and Michael Wilmink for all of the support and contributions they have made to Eupraxia over the last decade as we proved the function and potential of the Diffusphere technology.”
Eupraxia announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”
Modular Medical, Inc. (NASDAQ: MODD)
Modular Medical, Inc. (NASDAQ: MODD, $3.99), a leader in innovative, patient-centric insulin delivery, today (June 30) announced that the first patients have completed onboarding and training and are now actively using the Pivot™ tubeless insulin patch pump in real-world settings. This milestone marks the transition of the Pivot pump from development into active patient use and represents a significant step in Modular Medical’s commercialization strategy. The Company will now begin collecting real world utilization data and user feedback to support broader adoption and continued product deployment optimization.
MODD announced ( June 26) that the Pivot™ tubeless insulin patch pump is now shipping to physician offices for training. Upon completion of training, these pumps will be presented to potential patients in the next few days and weeks. The Company intends to expand the roster of practices that offer Pivot over the coming months. This is another significant milestone in the deployment of Pivot. Modular Medical looks forward to updating the market when these first patients are using the pump to deliver insulin. The Pivot pump is purpose-built for adults with diabetes on daily injections who have faced cost, complexity, and usability barriers with traditional pump systems. This group represents an estimated 70% of insulin-dependent adults who remain on multiple daily injections, a multi-billion-dollar opportunity within the diabetes technology market.
MODD announced (June 24) that the Pivot™ tubeless insulin patch pump is now commercially available. This marks the start of real-world patient use, and the Company’s transition to a commercial-stage medical device company. As only the second fully electronic, tubeless insulin pump available in the United States, Pivot is designed to make pump therapy simpler to learn and easier to live with. Its removable two-part design and 3 mL reservoir, intuitive interface, and flexible, wearable form factor support everyday activities, such as showering and sports, with no battery recharging required – all while maintaining clinical accuracy and connectivity. “Reaching commercial availability is a transformational milestone that marks Modular Medical’s transition from a development-stage company to a revenue-generating commercial business,” said Jeb Besser, Chief Executive Officer of Modular Medical. “As only the second fully electronic tubeless pump on the U.S. market, Pivot is positioned to serve a large, underserved ‘almost-pumper’ population. With first shipments beginning this week, we are focused on disciplined execution, as we scale adoption and seek to build long-term value for patients and shareholders.”
On (June 4) the launch of PivotPump.com, a patient-focused website designed to support individuals seeking a simpler path to insulin pump therapy. This launch follows the Company’s receipt of U.S. Food and Drug Administration (“FDA”) clearance in April 2026 for its Pivot™ insulin delivery system. The FDA clearance represents a significant milestone in Modular Medical’s strategy to expand access to insulin pump technology, particularly among individuals historically underserved by existing solutions. The Company remains on track for commercial launch in the fall of 2026. Pivot is designed for people living with diabetes who rely on daily insulin injections, as well as those who have encountered technological, usability, or cost-related barriers with traditional pump systems. The system emphasizes simplicity and ease of use for the patient and full access to clinical information for the clinician to reduce adoption friction. The PivotPump.com website provides accessible, educational content on insulin pump therapy and highlights the Company’s focus on real-world usability and supporting patients in evaluating and adopting pump-based diabetes care.
Similarweb Ltd. (NYSE: SMWB)
Similarweb Ltd. (NYSE: SMWB, $6.66, +7.77% over the l), a leading digital data and analytics company powering critical business decisions, announced (June 15) that it has surpassed $300 million in Annual Recurring Revenue (ARR)act 5-days and signed two multi-year enterprise contracts, each representing seven-figure ARR commitments. Collectively, these contracts represent approximately $47 million in Total Contract Value to be recognized over the next three years and were signed during the second quarter of 2026.
NVIDIA (NVDA)
NVIDIA (NVDA) closes at $210.96, 8.28%.
The InterGroup Corporation (NASDAQ: INTG)
The InterGroup Corporation (NASDAQ: INTG), a diversified holding company with interests in hospitality, real estate, and marketable securities. InterGroup consolidates its majority‑owned subsidiary Portsmouth Square, Inc., which owns the Hilton San Francisco Financial District hotel and related facilities, closed at $39.65
The Sources
- Yahoo Finance – “Stock market today: S&P 500, Dow, Nasdaq rise as focus turns to AI despite war jitters”
https://finance.yahoo.com/markets/live/stock-market-today-thursday-july-9-us-strikes-iran-223149196.html[1] - Reuters – “Wall St futures rebound as oil retreats, investors weigh US-Iran tensions”
https://www.reuters.com/business/wall-st-futures-rebound-oil-retreats-investors-weigh-us-iran-tensions-2026-07-09/[2] - Reuters – “Oil settles at multi-week high as US-Iran truce buckles under fresh hostilities”
https://www.reuters.com/business/energy/us-oil-prices-jump-after-us-military-launches-strikes-against-iran-2026-07-07/[3] - Reuters – “Dollar stands tall as Gulf tensions fuel oil price surge, Fed hike bets”
https://www.reuters.com/world/asia-pacific/dollar-stands-tall-gulf-tensions-fuel-oil-price-surge-fed-hike-bets-2026-07-09/[4] - Trading Economics – United States Stock Market Index (US500)
https://tradingeconomics.com/united-states/stock-market[5] - Yahoo Finance – S&P 500 (^GSPC) Historical Data
https://finance.yahoo.com/quote/%5EGSPC/history/[6] - Yahoo Finance – S&P 500 Index (^SPX) Historical Data
https://finance.yahoo.com/quote/%5ESPX/history/[7] - CNN Markets – U.S. Markets overview (Dow, S&P, Nasdaq snapshot)
https://www.cnn.com/markets[8] - Moomoo – Russell 2000 Index (.RUT) Quote Page
https://www.moomoo.com/index/.RUT-US[9] - The Globe and Mail – “Stock Market News for July 9, 2026” (ConocoPhillips COP and index context)
https://www.theglobeandmail.com/investing/markets/stocks/COP/pressreleases/3200902/stock-market-news-for-july-9-2026/[10] - Mathrubhumi (English) – “Crude Oil Prices Surge to Two-Week High Amid U.S.-Iran Tensions”
https://english.mathrubhumi.com/news/world/crude-oil-price-surge-us-iran-tensions-july-2026-qw0hxwc7[11] - Fortune – “Current price of gold as of July 9, 2026”
https://fortune.com/article/current-price-of-gold-07-09-2026/ - Deloitte – “What’s happening this week in economics?” (Global economic outlook weekly update)
https://www.deloitte.com/us/en/insights/topics/economy/global-economic-outlook/weekly-update.html[12] - Business World Online – “Stocks snap six-day run on ME, growth concerns” (Philippine market context)
https://bworldonline.com/stock-market/2026/07/09/762394/stocks-snap-six-day-run-on-me-growth-concerns/ - Times Now – “Stock Market Today (July 9, 2026): Sensex, Nifty Open Higher As Investors Track West Asia Tensions, Global Market Cues”
https://www.timesnownews.com/business-economy/markets/stock-market-today-july-9-2026-sensex-nifty-open-higher-as-investors-track-west-asia-tensions-global-market-cues-article-109637920[13]
Stay Updated with Vista Partners
Subscribe to receive market insights, investing ideas, and the latest updates directly in your inbox.
