U.S. equities finished the week with a notable rebound in risk appetite, even as the broader tape remained choppy and highly sensitive to rates, AI leadership, and earnings-driven headlines. By Friday’s close, the market tone was improved versus the prior week’s selloff, with investors rotating back into growth and technology after a volatile stretch that briefly pressured the major averages and semiconductor-linked names. On Friday, the big-picture backdrop was helped by a stronger read on near-term market sentiment, with futures pointing higher earlier in the session and traders watching global catalysts, including a sharp move in South Korea’s KOSPI (^KS11).

Market Tone and Index Leadership

The week’s defining pattern was a tug-of-war between valuation caution and renewed enthusiasm for the AI trade. After a sharp midweek risk-off move, the major indices stabilized, and technology-heavy benchmarks helped lead the recovery late in the week. As of the close on Friday, July 31, the Nasdaq Composite rose 1.59% over the week, the S&P 500 advanced 1.05% over the last 5-days, and the Dow Jones Industrial Average gained 1.04% over the same period, underscoring the market’s preference for high-quality growth leadership once the selling pressure eased. That resilience matters because it suggests the market remains willing to buy dips when the macro narrative does not worsen materially. Even after recent volatility, the broader investor mindset appears to be: rates and policy uncertainty may create short bursts of pressure, but earnings strength, AI infrastructure spending, and selective consumer resilience still support equities.

Macro Drivers

The macro message this week was less about one single data point and more about how investors are positioning around inflation, interest rates, and liquidity conditions. Rising bond yields created headwinds for duration-sensitive names earlier in the week, but the market’s ability to recover later suggested traders were not yet ready to abandon the growth complex. At the same time, the AI trade remained a central influence on both sentiment and positioning. Numerous sources also reported that Leopold Aschenbrenner’s Situational Awareness fund saw a severe unwind after forced sales tied to losses in AI-related semiconductor exposure, including SK Hynix (SKHY) and CoreWeave (CRWV), with assets reportedly falling from about $45 billion to roughly $10 billion after a distressed liquidation prior to being bailed out by Ken Griffin’s rescue. That event is a reminder that crowded positioning in AI and chips can create abrupt downside if margin pressure accelerates.

Sector and Sentiment

The semiconductor and AI-infrastructure complex stayed at the center of market attention. When this segment weakens, it tends to drag on the Nasdaq and broader sentiment; when it stabilizes, it often helps restore confidence quickly. The week’s price action showed exactly that dynamic, with a sharp correction followed by a bounce as investors looked for selective entry points in the AI supply chain. Consumer and entertainment headlines also reinforced the theme that selective spending remains intact. “Spider-Man: Brand New Day” posted a record $72 million in preview ticket sales, a strong early indicator for Sony Group Corp. (SONY, $23.26, +10.87% over the last 5-days) and the broader box office backdrop. High-profile consumer events like this matter because they can signal that discretionary spending is still alive even in a mixed macro environment.

Takeaway

The week reinforced a familiar market truth: leadership can rotate quickly, but liquidity, rates, and AI positioning continue to set the tone. For investors, the most important question is not whether the market can rally on headline strength, but whether earnings and macro data can support multiple expansion without reigniting bond-market pressure.

For the coming week, the focus should remain on three areas:

• Whether the Nasdaq can hold its rebound and confirm that the AI trade is stabilizing.
• Whether the Dow Jones Industrial Average and S&P 500 can sustain broad participation beyond a narrow tech recovery.
• Whether forced-selling stress in leveraged AI and semiconductor exposures continues to spill into public markets..

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 $10.75.

AMWL will report second quarter 2026 operating results after stock market trading hours on Tuesday, August 4. Following the distribution of the earnings release via wire services, the Amwell management team will host a live conference call and webcast at 5 p.m. ET to review the company’s operating results and provide a general business update. The live audio webcast can be accessed by visiting the Investors section of the company’s website. 

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $13.77) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space.

HPP will release second quarter financial results before market open on Wednesday, August 5, 2026. The company will hold a conference call to discuss the results at 9:00 a.m. PT / 12:00 p.m. ET the same day. The conference call will be available via live audio webcast on the Investors section of the company’s website at HudsonPacificProperties.com. .

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.40, +10.15% over the last 5-days) a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, wrapped up its KOL event today with a clear message for Wall Street and the GI community: EP‑104GI is not just another esophageal steroid, it is being architected to live comfortably inside real‑world upper endoscopy practice for eosinophilic esophagitis (EoE) patients. By the end of the session, the tone had shifted from “could this work?” to “this is how we would use it on Monday,” which is exactly the inflection investors watch for

EPRX 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, $2.39), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, today (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Modular Medical announced (July 14) announced positive findings from a new comprehensive diabetes patient research initiative further supporting its commercialization strategy. The Company will share these findings and showcase its Pivot™ tubeless insulin patch pump at the upcoming Association of Diabetes Care & Education Specialists (ADCES) Annual Conference in Columbus, Ohio, August 7-10, 2026. Key findings from the assessment of 100 individuals utilizing multiple daily injections revealed significant unmet needs and strong interest in simplified insulin pump technology: 1) 97% of participants stated they would be interested in insulin pump therapy and expressed openness to alternative treatment options, 2) Among the 43% of participants who reported being hospitalized due to hyperglycemia, hypoglycemia, diabetic ketoacidosis (DKA), or hyperosmolar hyperglycemic state (HHS), nearly half reported experiencing such events two or more times annually, & 3) 55% of participants reported finding themselves in environments that were not convenient or private for administering insulin injections at least twice per week, while 31% experienced these situations more than four times per week.

Modular Medical (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.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB, $7.17, +13.99%), a leading digital data and analytics company powering critical business decisions, will release second quarter 2026 financial results for the period ended June 30, 2026, before the market opens on Wednesday, August 12, 2026. Management will host a conference call on Wednesday, August 12, 2026, at 8:30 a.m. EDT to discuss the Company’s business and financial results. A live webcast of the call can be accessed from Similarweb’s Investor Relations website at https://ir.similarweb.com. 

SMWB announced (June 15) that it has surpassed $300 million in Annual Recurring Revenue (ARR) 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.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $3.4348, +3.31% over the last 5-days), a world-class beauty innovation pioneer, announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $20.91, +2.40% over the last 5-days) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. will report financial results for its fiscal first quarter ended June 30, 2026 after market close on August 6, 2026. Doximity will host a conference call and webcast at 2:00 p.m. PT (5:00 p.m. ET) to discuss the financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com/.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (SOC, $5.29, +12,.31% over the last 5-days) is rebooting a controversial but strategically important offshore-pipeline system under federal DPA orders, targeting meaningful production from Platform Hondo while juggling financing needs that could run into the billions and regulatory battles that could reshape California’s energy landscape.

FMC (NYSE:FMC)

FMC Corporation is doing what smart industrial companies often do when the old playbook stops earning its keep: it is pruning, refocusing and leaning harder into the parts of the business that can actually grow. The result is not a victory lap, but it is starting to look like a cleaner, more investable story for FMC Corporation is doing what smart industrial companies often do when the old playbook stops earning its keep: it is pruning, refocusing and leaning harder into the parts of the business that can actually grow. The result is not a victory lap, but it is starting to look like a cleaner, more investable story for FMC [NYSE:FMC, $10.71].

The Sources

1. Yahoo Finance — Stock market today: Dow, S&P 500, Nasdaq set for more gains
2. CNBC — Stocks whipsaw as bond yields jump, Apple shares tumble
3. CNBC — Leopold Aschenbrenner’s Situational Awareness fund fire sale
4. CNBC — ‘Spider-Man: Brand New Day’ box office preview sales