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Weekly Market Commentary - Week Ending July 18, 2026

by Fortem Financial July 20, 2026

Stocks

Major U.S. indices finished the week lower in a tech-driven pullback. The S&P 500 declined ~1.5%, the Dow Jones fell ~0.8–0.9%, and the Nasdaq dropped ~2.5–2.9%.

Semiconductors and AI-related stocks faced pressure amid concerns over high capital spending, Chinese competition in open-source models, and questions about near-term returns on massive data center investments. Broader rotation favored value, energy, and defensive sectors. Geopolitical tensions in the Middle East added volatility.

 

Bonds

Bond markets were relatively stable to modestly positive. The 10-year Treasury yield ended the week around 4.55%, easing from intra-week highs near 4.62% after softer inflation data reduced rate-hike expectations.

Longer-duration bonds provided some offset to equity weakness. However, renewed oil price strength from Middle East risks kept some upward pressure on yields. Overall, fixed income offered a defensive cushion.

 

Alternatives

  • Commodities: Energy led gains with oil surging ~4–10% on geopolitical supply risks (WTI near $81 at points). Gold and precious metals were mixed to softer amid shifting safe-haven flows. Crypto/Bitcoin: Modest gains (~1%) amid broader market volatility, though it remains sensitive to risk sentiment and upcoming earnings/tech spending signals.
  • Outlook: Earnings season (Tesla, Alphabet, ServiceNow, etc.) and Fed signals will dominate this week. Markets are testing AI enthusiasm while rewarding diversification. As always, focus on quality businesses with strong balance sheets amid elevated valuations and macro uncertainties.

 

 

Market and Index Changes for the Week Ending 7/17/2026

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments. Data provided by Refinitiv.

 

Sincerely,

Fortem Financial
(760) 206-8500
team@fortemfin.com

 

 

Latest News

 

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Why oil prices haven't gone crazy despite 5 months of US-Iran war

As the US and Israel went to war with Iran at the end of ​February, analysts predicted the price of crude oil could hit $200 a barrel. But a combination of plunging Chinese imports, ramped up US production and the US President himself have prevented that, so far.

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Brian Amidei, along with Partners Joseph Romano and Brett D'Orlando have also been named *2014, 2015, 2016, 2017, 2018 Five Star Wealth Managers!

Disclosures:
Awards and recognitions by unaffiliated rating services, companies, and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Fortem is engaged, or continues to be engaged, to provide investment advisory services; nor should they be construed as a current or past endorsement of Fortem or its representatives by any of its clients. Rankings published by magazines and others are generally based on information prepared and/or submitted by the recognized advisor. Awards may not be indicative of one client’s experience or of the Firm’s future performance. Neither Fortem nor the recognized advisor has paid a fee for inclusion on a list, nor purchased any additional material from the award provider. The criteria for each award is listed below:

Five Star Professional Disclosure:
The Five Star Wealth Manager award is based on 10 eligibility and evaluation criteria: 1) Credentialed as an investment advisory representative (IAR) or a registered investment advisor; 2) Actively employed as a credentialed professional in the financial services industry for a minimum of five years; 3) Favorable regulatory and complaint history review; 4) Fulfilled their firm review based on internal firm standards; 5) Accepting new clients; 6) One-year client retention rate; 7) Five-year client retention rate; 8) Non-institutionalized discretionary and/or non-discretionary client assets administered; 9) Number of client households served; and 10) Educational and professional designations. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by Five Star Professional or the magazine. The award methodology does not evaluate the quality of services provided. Additional information about this award is available at: fivestarprofessional.com/2016FiveStarWealthManagerMethodology.pdf
Fortem Financial 2016. All rights reserved.

Data Sources: News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market Data: Based on reported data in WSJ Market Data Center (indexes); U.S. Treasury (Treasury Yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness.

Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. The opinions expressed are solely those of the author, and do not represent those of Fortem Financial, LLC or any of its affiliates. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful. Forward looking statements are based on current expectations and assumptions, the economy, and future conditions. As such, forward-looking statements are subject to inherent uncertainty, risks, and changes in circumstance that are difficult to predict. Actual results may differ materially from the anticipated outcomes. Carefully consider investment objectives, risk factors and charges and expenses before investing. Fortem Financial is a registered investment adviser with the SEC. Advisory services are offered through Fortem Financial.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighed index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.

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