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Week 29: Earnings Season Lifts Off & Tech Stumbles

A quieter macro backdrop gave way to late-week selling in technology — but strong earnings from banks and a resilient vol structure kept three portfolios close to the index while one stood apart.

5 min read Market updates

Weekly Summary

Week 29 (13–17 July) began with cautious optimism as Q2 earnings season kicked off in earnest. Better-than-expected results from the major US banks and softer-than-forecast producer price data set a constructive early tone. By Friday, however, renewed doubts about the sustainability of the AI boom — combined with fresh US-Iran tensions — sent technology stocks lower and pulled the broader index into the red. The S&P 500 now stands +8.8% year-to-date.

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