Weekly Market Commentary

The Noble Weekly Review

Week of June 15 – 19, 2026  •  Published June 22, 2026

Market Scorecard — Last Week

Gabe's Weekly Perspective

Here's what I keep coming back to from last week. It was a good week almost everywhere you looked. And yet Microsoft, one of the biggest names out there, quietly slipped about 3% in the same stretch. That's the whole case for not leaning too hard on a single name. Diversification isn't exciting, but over time it's what keeps you steady.

Moving Higher

Under Pressure

What Moved Markets Last Week

A Broad-Based Rally

Stocks climbed nearly across the board last week, with the Nasdaq 100 leading the way up 3.2% and the S&P 500 adding 0.8%. Smaller companies joined in, with the Russell 2000 up 1.4%. When gains are this widespread, it tends to reflect improving confidence rather than a narrow bet on a handful of names.

Microsoft Bucked the Trend

The one notable exception was Microsoft, which fell about 3% while nearly every other large-cap name moved higher. It is a classic case of short-term cost versus long-term investment, and reasonable investors land on both sides.

Dollar and Bonds Both Firmed

The US dollar strengthened 1.2% on the week, and longer-dated Treasury bonds also gained 1.3%. Gold edged up as well. Taken together, it was a quietly constructive week.

Mideast De-escalation Helped

Part of the calm tone traced back to the Middle East, where the US and Iran agreed to extend a ceasefire and reopen the Strait of Hormuz. Follow-up talks were postponed late in the week, so it remains a developing situation we are watching closely.

On the Radar — June 22 – 26

• Wednesday, June 24
  Alpex Acquisition Corp (ALPXU) IPOPrice: $10.00
• Thursday, June 25
  DPC Holdings Ltd (DPC) IPOPrice: $28.00-32.00

Off the Charts — World Cup Fever

On a lighter note, the World Cup is here, and for the first time the US is co-hosting alongside Canada and Mexico. If you catch a game, enjoy it.