New York, July 11, 2026, 13:08 (EDT)
S&P 500 added 1.2% for the week, but gains masked a split tape. Nasdaq Composite moved up 1.7%. Dow fell 0.5% and the small-cap Russell 2000 dropped 0.6%. S&P 500 ended just under its record as U.S. cash trading closed for the weekend.
| Index | Friday close | Friday | Week | 2026 |
|---|---|---|---|---|
| S&P 500 | 7,575.39 | up 0.4% | gained 1.2% for the week | up 10.7% in 2026 |
| Nasdaq Composite | 26,281.61 | rose 0.3% | added 1.7% this week | up 13.1% for the year |
| Dow Jones Industrial Average | 52,637.01 | up 0.3% | fell 0.5% over the week | has climbed 9.5% in 2026 |
| Russell 2000 | 2,977.81 | dropped 0.5% | lost 0.6% for the week | up 20.0% in 2026 |
The 39% stood out. U.S. equity funds saw net inflows of $24.97 billion for the week ending July 8. Technology funds pulled in $9.71 billion, making up a big share. Large-cap funds got $10.71 billion, small-caps took in $1.87 billion, and mid-cap funds had outflows of $692 million. Net inflow is new money minus redemptions.
The S&P 500 is trading at about 20 times expected earnings, while analysts see second-quarter profits up almost 24%. Over 30 S&P names report next week, with inflation and retail sales figures also on tap. Investors have been willing to pay for strong numbers before they come in.
Market internals on Friday were better, but not strong. Advancers on the S&P 500 topped decliners about 2.1 to 1. Trading volume was low, with 14.5 billion shares traded on U.S. exchanges, about 35% under the 20-day average of 22.4 billion. Breadth picked up, but volume stayed weak, so there wasn’t much broad buying.
Meta Platforms NASDAQ:META surged 14.8% this week, its best weekly showing since February 2024. The stock moved higher after Meta outlined plans to roll out its own artificial-intelligence chip in September and set a target for 14 gigawatts of computing power by 2027. “You can’t become an AI titan if you are dependent on another company for chips,” said Mike Gualtieri of Forrester Research (NASDAQ:FORR). MarketWatch
Investors chased memory chip stocks too. SK Hynix KRX:000660 jumped about 13% from its $149 offer by the close of its first U.S. session, after pricing a $26.5 billion listing in American depositary receipts. The stock traded at a forward price-to-earnings of about 5.8, lower than Micron Technology’s NASDAQ:MU near-seven. Dan Coatsworth at AJ Bell (LON:AJB) said, “the memory chip rally might have just taken a breath rather than peaked.” Reuters
Investors face another test ahead of Tuesday’s open. “There are a lot of factors coming to a head all at once,” Michael Reynolds, vice president of investment strategy at Glenmede, said. Reuters
| Date and time, ET | Event | What investors will watch |
|---|---|---|
| Tuesday, July 14, 8:30 a.m. | June consumer-price index | Core CPI, minus food and energy, plus any hint on Fed rate moves |
| Tuesday, July 14 | JPMorgan Chase NYSE:JPM and Goldman Sachs Group NYSE:GS results | Traders eyeing credit quality, appetite for loans, and trading revenue |
| Tuesday, July 14, 10:00 a.m. | Fed Chair Kevin Warsh testifies to a House committee | How the Fed is reacting on inflation, oil, and where financial conditions stand |
| Wednesday, July 15, 8:30 a.m. | June producer-price index | How much inflation is coming through input costs for companies |
| Thursday, July 16, 8:30 a.m. | June retail sales | Looking to see if households still spending |
Inflation lands first on the government’s agenda this week, with the Fed’s testimony and bank earnings up right after. That lineup may lock in bond yields and shape equity valuations before company results can weigh in.
The risk is more than just hot inflation. Equity-repo financing, which is short-term borrowing backed by stock, was about 89 basis points above the fed-funds rate lately, after hitting around 200 basis points on June 26. One basis point is 0.01 percentage point. “The risk of a funding spike may be with us for the foreseeable future,” said Martin Tobias at Morgan Stanley NYSE:MS. Another surge could force leveraged investors to dump crowded tech trades quickly. Reuters
The bull case is clear: softer inflation, financing staying steady, banks still lending, and profits holding up outside AI. But so far this week, the numbers show investors are sticking with top earnings names rather than buying the full market.
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