Investment Week at a Glance
Stocks finished down last week. The Dow Jones Industrial Average was down 0.4%, the S&P 500 was down 0.6%, and the NASDAQ fell 2.1%. Foreign stocks (MSCI EAFE) were up for the week, rising 0.1%. Bond prices were down for the week, with the 10-year U.S. Treasury yield ending the week at 4.68%. (Data source: Wall Street Journal)
US Weekly Jobless Claims Fall to Lowest Level Since 1969
According to the Department of Labor, jobless claims were only 187,000 for the week of July 18th. That makes it the lowest single jobless claims number since September of 1969. While this number is certainly an encouraging sign of the strength of the labor market, it is not to say that AI is not rapidly disrupting many fields. Another reason economists believe this number could have come in so low is that seasonal factors may have played a significant role rather than an improvement in hiring conditions.
Technology Struggles After Tesla’s Big Earnings Miss
While the Dow Jones and S&P 500 Indexes fell slightly last week, the NASDAQ showed significantly more volatility. The primary factor driving the technology sell-off last week was Tesla’s earnings report, where the company missed bottom-line estimates by over 35%. The Mag 7 as a whole lost a combined $797 billion in market cap on Thursday, making it the single worst trading day for the group since April of 2025.
Union Pacific Stock Up Over 32% Year to Date, After Another Strong Quarter
Union Pacific (UNP), one of the oldest companies in the S&P 500, has performed extremely well this year as its stock price has risen nearly 33% so far in 2026. Over the last century, hundreds of railroad companies have gone bankrupt, but Union Pacific continues to maintain healthy financial statements despite the general struggles of railroads. On Thursday, July 23rd, the company reported its second-quarter earnings per share of $3.41, beating analysts’ estimates of $3.24 (UNP Investor Relations). This report followed Union Pacific’s first quarter, where the company also beat earnings per share estimates. Union Pacific is set to report its third-quarter earnings in late October, where analysts are expecting another strong quarter (CNBC).
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Quiz
What is the price of crude oil per barrel? (Scroll Down for Answer)
- $77
- $83
- $89
- $95
Answer:
3. $89. After falling to around $70 per barrel near the end of June, when hopes of a peace deal in the Middle East were on the table, crude oil prices have risen by 30%. For the year, crude oil prices are up 56%, which has helped boost MGO portfolio performance as we remain overweight in the energy sector.
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