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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.
A four-day trading week packed four weeks of drama: WTI crossed $100 for the first time in years, August CPI kept the pressure on, and the S&P 500 fell for a fourth consecutive session before Friday's relief rally closed the week on a calmer note. →
A sharp US-Iran re-escalation rattled Monday, mid-week dovish Fed signals lifted sentiment, then Friday's blowout jobs report reversed it all: leaving the S&P 500 essentially flat and the September FOMC wide open. →
A blowout Nvidia quarter confirmed the AI cycle is intact, but Fed Chair Warsh's hawkish Jackson Hole debut sent rate hike odds surging and rattled gold, silver and Bitcoin on Friday. →
Rising long-term Treasury yields, a Walmart-shaped consumer warning, and surging Bitcoin combined for a volatile week, but the combined portfolio again beat a falling market. →
A quiet week by recent standards delivered exactly what markets needed: benign CPI and PPI data, no Fed surprises, and a third consecutive weekly gain for the S&P 500. →
