The Noble Weekly Review
Market Scorecard — Last Week
| S&P 500 | $743.29 | ▼ 1.22% |
| Nasdaq 100 | $695.33 | ▼ 3.12% |
| Dow Jones | $520.81 | ▼ 0.96% |
| Russell 2000 | $294.04 | ▼ 0.35% |
| Gold | $368.41 | ▼ 1.17% |
| Long Bonds | $84.52 | ▲ 0.39% |
| US Dollar | $28.33 | ▼ 0.18% |
Gabe's Weekly Perspective
It was a tough week for stocks. The S&P 500 finished down 1.2%, with the Nasdaq down a steeper 3.1%. Tesla, Nvidia and Alphabet took the biggest hits, while Apple, Microsoft and Amazon held up well. Weeks like this are exactly why we build diversified portfolios. Tensions in the Middle East have escalated further, with the conflict between the US and Iran continuing and shipping through the Strait of Hormuz disrupted. It's a situation worth watching, particularly for its impact on oil and energy markets. There was a more promising note this morning, though: Iran's Foreign Ministry said talks with the US could still be pursued in line with its national interests, a sign that a path back to diplomacy may remain open. We will keep you posted as it develops. On a lighter note, congratulations to Spain on winning the 2026 World Cup, and to every country that took part this summer. It was a great tournament to watch, and a good reminder to enjoy the summer alongside the markets.
Moving Higher
| Apple (AAPL) | $333.74 | ▲ 5.27% |
| Microsoft (MSFT) | $393.82 | ▲ 1.57% |
| Amazon (AMZN) | $247.23 | ▲ 1.04% |
| JPMorgan (JPM) | $341.10 | ▲ 0.82% |
Under Pressure
| Tesla (TSLA) | $380.84 | ▼ 5.87% |
| Nvidia (NVDA) | $202.81 | ▼ 2.75% |
| Alphabet (GOOGL) | $346.77 | ▼ 2.64% |
| Meta (META) | $646.01 | ▼ 2.32% |
| Berkshire (BRK-B) | $490.91 | ▼ 1.00% |
What Moved Markets Last Week
Tech Dragged the Market Lower
The S&P 500 fell 1.2% on the week while the Nasdaq dropped a steeper 3.1%, a sign that selling was concentrated in high-growth technology names. Rate-sensitive tech stocks bore the brunt of investor repositioning as bond yields moved higher.
The Week's Standout Divergence
Not everything moved in the same direction. Apple (+5.3%), Microsoft (+1.6%) finished the week higher, while Tesla (-5.9%), Nvidia (-2.7%) closed lower. Spreads like this are a reminder that no single name tells the whole story, and it's why a well-balanced portfolio holds both sides of the market.
On the Radar — July 20 – 24
- Tuesday, July 28
PayPal (PYPL) earnings — after the close(Est. EPS: $1.30) - Tuesday, July 28
Visa (V) earnings — after the close(Est. EPS: $3.29) - Wednesday, July 29
Arm Holdings (ARM) earnings(Est. EPS: $0.41) - Wednesday, July 29
Meta (META) earnings — after the close(Est. EPS: $7.38) - Wednesday, July 29
Microsoft (MSFT) earnings — after the close(Est. EPS: $4.33) - Wednesday, July 29
Qualcomm (QCOM) earnings — after the close(Est. EPS: $2.27) - Wednesday, July 29
SoFi Technologies (SOFI) earnings — before the open(Est. EPS: $0.11) - Thursday, July 30
Apple (AAPL) earnings — after the close(Est. EPS: $1.93) - Thursday, July 30
Amazon (AMZN) earnings — after the close(Est. EPS: $1.86) - Thursday, July 30
Coinbase (COIN) earnings — after the close(Est. EPS: $-0.12) - Thursday, July 30
Mastercard (MA) earnings — before the open(Est. EPS: $4.90)
Market price and performance data sourced from Yahoo Finance. Earnings estimates sourced from Finnhub. Data reflects closing prices for the period indicated and may be subject to revision.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Securities and Advisory services offered through LPL Financial, A Registered Investment Advisor, Member FINRA/SIPC.