Markets
Stocks ended last week lower as Q2 corporate results, Middle East developments, and the chip trade took investors on a choppy ride.
The Nasdaq Composite Index was under the most pressure, falling 2.13 percent. The Standard & Poor’s 500 Index lost 0.61 percent, while the Dow Jones Industrial Average slipped 0.38 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 0.35 percent.¹²
A Volatile Week, to Say the Least
After a sluggish start on Monday, stocks rebounded on Tuesday as the chip trade led the markets higher and investors turned their attention to Q2 corporate earnings results.³
Stocks then stalled midweek as oil prices and bond yields rose and investors digested the initial Q2 reports. The S&P 500 ended just below the flatline, while the Dow traded sideways and the Nasdaq posted a modest loss.⁴
Stocks opened lower Thursday as mixed corporate updates from two of the world’s largest companies soured investor sentiment. One company said it was raising its AI spending forecast for the year, unsettling investors who believed other companies might have to do the same.⁵
Sentiment turned positive Friday morning as investors cheered quarterly results and guidance from one big tech company. However, markets retreated in the afternoon as investors fretted over rising oil prices.⁶
The Importance of Guidance
Last week was one of the busiest weeks of the Q2 2026 corporate reporting season.⁵
Corporate earnings are a key driver of stock prices, so updated corporate guidance can increase market volatility. Last week, two influential companies said they intended to spend more money this year than previously expected, catching investors off guard.⁵
As more Q2 corporate reports are released, expect investors to pay close attention to any spending updates from other companies.
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