Weekly Market Update: July 13, 2026

Market Update
Written By Trey Kerns

Week Ending July 10, 2026:

S&P 500: +0.50%
NASDAQ Composite: +0.61%
Dow Jones Industrial Average: -0.79%

Market Takeaway

U.S. equity markets finished the week ending July 10 mixed, with the S&P 500 and NASDAQ Composite moving higher while the Dow Jones Industrial Average declined.

The S&P 500 gained 0.50%, the NASDAQ Composite gained 0.61%, and the Dow Jones Industrial Average fell 0.79%. The difference in performance suggests that market leadership was not evenly distributed across the major indices.

The week’s economic data showed a still-expanding services economy, flat consumer credit growth, softer housing activity, and a Federal Reserve that remained focused on elevated inflation while holding rates steady. Earnings results from consumer-related companies were also mixed, with Levi Strauss reporting earnings above expectations and PepsiCo missing EPS expectations while reporting a revenue surprise.

Overall, the week reflected a measured market environment. Investors evaluated economic data, Federal Reserve commentary, and company-specific earnings results without a uniform move across the major indices.

Thematic Drivers of the Week

1. Major Indices Were Mixed

What happened:

The S&P 500 and NASDAQ Composite finished the week higher, while the Dow Jones Industrial Average moved lower.

The S&P 500 gained 0.50%, the NASDAQ Composite rose 0.61%, and the Dow declined 0.79%.

Why it mattered:

Mixed index performance can show that investors are differentiating across sectors, companies, and parts of the market rather than moving broadly in one direction.

A positive week for the S&P 500 and NASDAQ, alongside weakness in the Dow, does not necessarily signal a major shift by itself. However, it does show that headline market performance can vary depending on which index is being measured.

Market reaction:

Markets appeared selective. Investors continued to evaluate economic data and earnings results while balancing the outlook for inflation, Federal Reserve policy, consumer behavior, and company fundamentals.

2. Economic Data Pointed to Continued Expansion With Some Moderation

What happened:

The ISM Services PMI showed that services activity continued expanding, but at a slightly slower pace. Business Activity declined to 55.4, New Orders declined to 55.1, Employment improved to 51.2, and Prices declined to 67.7.

Consumer Credit was flat on a seasonally adjusted basis. Revolving credit declined at a 4.7% annual rate, while nonrevolving credit increased at a 1.6% annual rate. Total consumer credit outstanding was about $5.1545 trillion.

Existing Home Sales were up 2.8% year over year. Inventory declined 0.6% to 1.56 million units, and the median existing-home sales price rose 1.8% year over year to $440,600.

Why it mattered:

The data gave investors a mixed but useful view of the economy. Services activity remained in expansion, which may suggest continued economic activity in a large part of the economy. Consumer credit was flat, which may point to more measured borrowing activity. Housing data showed softer activity in some areas, while prices remained higher year over year.

Together, the data suggested an economy that remains active but is not moving uniformly across all areas.

Market reaction:

Markets appeared to take the data in stride. The S&P 500 and NASDAQ finished higher for the week, while the Dow moved lower. The mixed index performance reflected a market still processing economic strength, consumer trends, housing activity, and Federal Reserve policy expectations.

3. Fed Minutes Kept Inflation in Focus

What happened:

The FOMC meeting release showed that inflation remained above the Federal Reserve’s 2% goal. All participants supported holding rates steady, while some participants saw a case for raising rates if inflation stayed elevated.

Why it mattered:

Federal Reserve policy remains an important factor for markets because interest rates can affect borrowing costs, company valuations, consumer spending, and investor expectations.

The minutes reinforced that the Fed remained focused on elevated inflation while also choosing to hold rates steady at the prior meeting. This gave investors more information about how policymakers were evaluating inflation and labor market conditions.

Market reaction:

The release kept attention on inflation and upcoming economic data. Markets did not move uniformly across the major indices, which suggests investors continued to evaluate policy developments alongside company earnings and broader economic reports.

Earnings Recap: Key Companies in Focus

Levi Strauss (LEVI) - Reported July 8

Results:

  • Estimated EPS: $0.24

  • Actual EPS: $0.28

  • Result: Beat of 14.77%

Takeaway:

Levi Strauss reported earnings above expectations. Levi Strauss EPS results over the last 11 quarters have shown beats relative to estimates, while revenue expectations underperformed in five of those periods.

The stock rebounded back toward pre-earnings levels during the week, based on the information provided.

PepsiCo (PEP) - Reported July 9

Results:

  • Estimated EPS: $2.21

  • Actual EPS: $2.20

  • Result: Miss of 0.37%

Takeaway:

PepsiCo reported a slight EPS miss, while revenue came in ahead of expectations based on the provided data. The EPS miss ended a prior streak of four consecutive EPS beats.

The stock pulled back going into earnings and closed the week gradually lower than its pre-earnings price. PepsiCo may provide a useful read on consumer staples, pricing power, margins, and consumer spending behavior.

Major Economic Reports Recap

ISM Services PMI - Released July 6

Services activity continued expanding, but at a slightly slower pace.

Key details included:

  • Business Activity: 55.4

  • New Orders: 55.1

  • Employment: 51.2

  • Prices: 67.7

Economic Takeaway:

The services economy remained in expansion, but the slower pace showed some moderation. Employment improved, while business activity and new orders moved lower.

FOMC Meeting Release - Released July 8

The minutes showed that inflation remained above the Fed’s 2% goal. All participants supported maintaining the current target range at the meeting, while a few participants noted there was a case for raising the target range given inflation developments.

Economic Takeaway:

The release reinforced that inflation remained a central policy focus. Investors continued to monitor how the Fed was balancing elevated inflation with broader economic conditions.

Consumer Credit - Released July 8

Consumer Credit was unchanged on a seasonally adjusted basis.

Key details included:

  • Revolving credit: -4.7% annual rate

  • Nonrevolving credit: +1.6% annual rate

  • Total consumer credit outstanding: approximately $5.1545 trillion

Economic Takeaway:

Flat consumer credit growth suggested more measured borrowing activity. The decline in revolving credit and increase in nonrevolving credit showed different trends across credit categories.

Existing Home Sales - Released July 9

Existing Home Sales showed:

  • Sales: -2.4% month over month to a 4.09 million seasonally adjusted annual rate

  • Sales: +2.8% year over year

  • Inventory: -0.6% to 1.56 million units

  • Median existing-home sales price: +1.8% year over year to $440,600

Economic Takeaway:

Housing data remained mixed. Sales were higher year over year, but inventory declined, and prices continued to rise from the prior year.

Technical Perspective

No additional technical indicators were provided for the week.

Based only on the supplied index performance:

  • The S&P 500 gained 0.50%

  • The NASDAQ Composite gained 0.61%

  • The Dow Jones Industrial Average declined 0.79%

  • The VIX ended the week at 15.03, down from 16.14 the prior week

Interpretation:

From a market structure perspective, the week was mixed across the major indices. The S&P 500 and NASDAQ finished higher, while the Dow declined. The VIX ended the week lower than the prior week, suggesting volatility eased modestly. It is best not to overstate the meaning of the weekly move.

Key Takeaways for Investors

  • Major U.S. indices were mixed, with the S&P 500 and NASDAQ higher while the Dow declined

  • Services activity continued expanding, but at a slightly slower pace

  • The FOMC meeting release kept inflation and rate policy in focus

  • Consumer Credit was flat, with different trends between revolving and nonrevolving credit

  • Existing Home Sales data showed higher year-over-year sales and prices, while inventory declined

  • Levi Strauss reported EPS above expectations

  • PepsiCo reported a slight EPS miss but a positive revenue surprise

  • Mixed weeks can be a reminder to evaluate market data in context rather than relying on one index alone

Looking Ahead

Investors will be watching a busy week of economic data and earnings reports.

Key areas of focus include:

  • Inflation data

  • Producer price data

  • Retail sales

  • Large financial company earnings

  • Semiconductor, healthcare, industrial, and media earnings

Earnings to Watch This Week

JPMorgan Chase (JPM) - July 14

JPMorgan Chase is scheduled to report second-quarter results on Tuesday. Major bank earnings may provide insight into lending, credit trends, consumer health, trading activity, investment banking, and net interest income.

Goldman Sachs (GS) - July 14

Goldman Sachs is also expected to report on Tuesday. Investors may watch the results for updates on investment banking, trading activity, capital markets, and broader financial conditions.

BlackRock (BLK) - July 15

BlackRock is expected to report on Wednesday. The company may provide insight into asset management, investor flows, wealth management trends, and broader investor sentiment.

Taiwan Semiconductor (TSM) - July 16

Taiwan Semiconductor is scheduled to report on Thursday. Investors may monitor the company for insight into semiconductor demand and the AI infrastructure theme.

Netflix (NFLX) - July 16

Netflix is scheduled to report on Thursday. The company may provide a read on consumer media demand, subscription trends, and entertainment spending.

Economic Data to Watch

Consumer Price Index (CPI) - July 14

The June CPI release is scheduled for Tuesday at 8:30 a.m. ET. CPI provides an updated read on consumer inflation.

Producer Price Index (PPI) - July 15

The June PPI release is scheduled for Wednesday at 8:30 a.m. ET. PPI tracks wholesale inflation and may provide insight into cost pressures before they reach consumers.

Retail Sales - July 16

The June Advance Monthly Retail Trade Report is scheduled for Thursday at 8:30 a.m. ET. Retail Sales provides a read on consumer spending, which remains an important part of the broader economy.

Closing Thought

Markets finished the week mixed, with modest gains in the S&P 500 and NASDAQ offset by weakness in the Dow.

Weeks like this are a reminder that market data rarely points in only one direction. Economic reports, Federal Reserve policy, company earnings, and index performance can each tell part of the story. For long-term investors, it can be helpful to view weekly market movement through the lens of a broader plan, time horizon, risk tolerance, and financial goals.

Sources

Disclosure: This market update is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell any security. Market data and company results are subject to revision and interpretation. Past performance does not guarantee future results. Investing involves risk, including the potential loss of principal.

Trey Kerns https://KernsLegacyPlanning.com
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Weekly Market Update: July 6, 2026