Weekly Global Market Snapshot: 21-25 July

The week was marked by record‑high stock indices, optimism around trade deals and artificial‑intelligence‑driven earnings, and a few notable declines.

U.S. markets

• Stocks:  U.S. equities rallied for a fifth straight week. The S&P 500 added about 1.5 % for the week and notched a record close every day. The Nasdaq Composite gained roughly 1 %, closing at record highs in nine of the past 10 sessions. The Dow Jones Industrial Average rose more than 1 % and ended the week only 0.25 % below its December 2024 record. Market sentiment was buoyed by strong corporate earnings, encouraging economic data and optimism that U.S. tariffs negotiated with major trading partners would be less damaging.

  
  

• Earnings highlights: Chipmaker Intel posted a quarterly loss and its shares slumped over 8 %. Conversely, Deckers Outdoor (+11 %) and Newmont (+6.9 %) rallied on better‑than‑expected results and buyback announcements. Tesla recovered from a mid‑week sell‑off on hopes it would roll out robotaxis but still ended the week lower. Investors are bracing for earnings from four of the “Magnificent Seven” (Amazon, Apple, Meta and Microsoft) next week.

  
  

• Bonds and FX: The yield on the U.S. 10‑year Treasury slipped to ≈4.39 %. The U.S. dollar index rose about 0.3 % as investors sought safety ahead of a busy week of economic data and a Federal Reserve meeting.

  
  

• Commodities & crypto: Gold futures lost about 1.1 % to $3,340/oz. WTI crude oil slipped roughly 1.4 % to $65.10 per barrel. Bitcoin traded around $116,700, down slightly from earlier in the week but still near record levels.

Europe

• United Kingdom: The FTSE 100 index dipped 0.2 % on Friday but still posted a 1.4 % weekly gain, marking its fifth consecutive weekly advance. The rally was fueled by solid corporate earnings, optimism over a potential EU–U.S. trade agreement and expectations of a Bank of England rate cut. The mid‑cap FTSE 250 also slipped 0.2 % on the day but rose 1 % for the week. U.K. retail sales rebounded 0.9 % in June after a steep May decline, but consumer confidence softened.

Asia & emerging markets

• Japan: The Nikkei 225 surged around 4 % to within 1 % of its 2024 record high, buoyed by optimism over a U.S.–Japan trade deal and robust corporate earnings. Japan’s 10‑year government bond yield jumped about 7.5 basis points to a 17‑year high near 1.6 %.

  
  

• China: The Chinese yuan strengthened to around 7.15 per U.S. dollar, its strongest level of the year, reflecting market optimism on trade talks.

  
  

• Global: Investors began the week by taking profits on record‑high world equities, but optimism over trade negotiations and artificial‑intelligence‑driven earnings regained the upper hand. However, analysts warned that leverage (margin debt) has surged past $1 trillion, an indicator that could increase future volatility.

Looking ahead

Next week is packed with potential market catalysts. The U.S. Federal Reserve will announce its interest‑rate decision. Major technology companies report earnings, and U.S. President Trump’s Aug. 1 trade‑negotiation deadline looms.

Analysts expect volatility to pick up from low levels as investors digest these events.