📊 Weekly Market Scoreboard

Week ending July 10, 2026

🏢 Sector Heatmap

🔎 The Week That Was

On the surface, it looked like a quiet week. The S&P 500 edged up 0.50% to 7,575.39 and the Nasdaq gained 0.61% to close at 26,281.61. But dig one layer deeper and the story gets a lot more interesting.

The Dow slipped 0.79% and the Russell 2000 dropped 1.05% — a notable divergence that signals investors are rotating toward mega-cap tech and away from the rate-sensitive small caps and cyclicals that had been quietly leading for much of the year. When the Dow and Russell are both in the red while the Nasdaq is green, the market is telling you something about where conviction currently lives.

Energy was the week's breakout sector, surging 3.67% as US-Iran tensions pushed oil prices higher. That geopolitical premium is real and it's bleeding into consumer pain at the pump — which, ironically, could complicate the Fed's path if energy keeps running. Communication and Technology rounded out the top three at +1.30% and +1.20% respectively, while Materials (-2.10%) and Industrials (-1.96%) took the hardest hits.

Heading into next week, the narrative shifts fast. Bank earnings kick off Tuesday with Goldman and JPMorgan, and what they say about loan demand, credit quality, and the macro environment will either validate or challenge the S&P's relatively comfortable perch above 7,500. That's the number to watch when markets reopen Monday.

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🟢 Top 5 Winners

🔴 Top 5 Losers

📈 What Drove the Moves

META was the week's undisputed headliner, jumping 11.48% to $669.21. The move came despite — or maybe because of — the company pulling an AI feature from Instagram after user backlash, which some investors read as a sign of disciplined product management rather than a stumble. Combined with broader AI enthusiasm that also lifted NVDA (+7.88% to $210.96) and AVGO (+6.97% to $399.97), it's clear the market is still rewarding any company with a credible AI story. Cloudflare (NET) tagged along for the ride, gaining 8.42% to $268.40 as infrastructure plays benefited from the AI spend narrative.

On the losing side, Rivian cratered 13.21% to $17.48 — the EV space continues to struggle with the dual headache of slowing demand and persistent margin pressure, and at $17 the stock is a long way from its IPO-era highs. The more surprising losses came from the cybersecurity names: PANW dropped 8.84% to $325.91, ZS fell 7.41% to $139.27, and CRWD shed 6.12% to $187.18. No single headline explains all three moving in lockstep, but when a sector's leaders sell off together like that, it often points to institutional repositioning rather than company-specific news. INTC's 10.11% drop to $109.84 continues a rough stretch — the chip giant is in a weird middle ground while the rest of semiconductors rip higher.

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📅 Earnings: Week Ahead

🔭 What to Watch This Week

This is one of the most consequential earnings weeks of the year. Goldman Sachs and JPMorgan both report Tuesday, July 14 — Goldman with a $14.47 EPS estimate and JPMorgan at $5.52. After a year where dealmaking has slowly thawed and equity markets have pushed to new highs, the big question is whether investment banking revenue has actually recovered or if it's still all net interest income doing the heavy lifting. What the CEOs say about the consumer and credit conditions will move the broader market, not just the financial sector.

Wednesday brings Morgan Stanley ($2.89 estimate) and Johnson & Johnson ($2.85 estimate) — two very different stories. MS is a wealth management and trading play that will either confirm or complicate what GS and JPM said the day before. J&J is about guidance: the pharma giant has been navigating litigation overhangs and a shifting drug pipeline, so any update on the outlook matters more than the quarterly beat or miss.

Save the most volatile for last — Netflix reports Thursday with a $0.79 EPS estimate, alongside UnitedHealth at $4.84. Netflix's subscriber trajectory and ad-tier monetization will dominate the tech conversation heading into the back half of earnings season. UnitedHealth is the wildcard: managed care has been under political and regulatory pressure, and with healthcare down 0.69% this week already, a cautious print from UNH could extend the pain in that sector meaningfully.

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