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. →
Week 30: Tech Earnings Disappoint, Oil Surges: Markets Sell Off Again
Alphabet and Tesla missed the mark, Brent briefly crossed $100, and equity markets fell for a second consecutive week: yet the combined portfolio ended the week virtually flat.
Weekly Summary
Week 30 (20–24 July) began with cautious optimism but ended in another broad equity sell-off. Disappointing results from two of the market's most closely watched technology companies, combined with a renewed escalation in Middle East tensions and surging oil prices, weighed heavily on risk sentiment. The S&P 500 sold of and now sits +7.9% year-to-date — its second consecutive weekly decline as earnings season delivers a reality check on elevated valuations.
For the Rivativ model portfolios, the week told a striking story. Three of the four theta-positive portfolios absorbed the equity weakness in an orderly fashion, each outperforming the S&P 500 for the week. The fourth delivered its strongest consecutive run of the year. Combined weekly result: flat at 0.00%, against the S&P 500's -0.61%, an outperformance of 61 basis points in a difficult market environment.
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