Market Update Into July 14th: Calm Before the Storm

3 mins read

Markets stayed quiet this week as traders digested a steady flow of headlines but found little to break the summer lull. Wednesday’s FOMC minutes revealed a divided committee debating the timing of potential rate cuts, yet the release failed to spark significant moves in equities or bonds, leaving the major indexes flat on the week. Meanwhile, President Trump’s threat of new tariffs on copper and other sectors sent copper futures surging more than 13% on Tuesday. In other news:

Looking ahead, all eyes are on next week’s CPI and PPI reports for fresh clues on the inflation trajectory and how it might shape the Fed’s decision at their July 30th meeting. With earnings season also kicking off, volatility could pick up as traders watch for surprises that might finally break markets out of their summer holding pattern. Let’s take a look at how the charts are setting up for next week.

Weekly Analysis

SPY (SPDR S&P 500)

The SPY ETF ended the week nearly unchanged at $623.62 (-0.28%) as markets lacked a clear catalyst to drive momentum. A golden cross, highlighted by the Golden/Death Cross Candle Painter Indicator on July 1st, has kept the index hovering near its all-time high. However, with key inflation data set to be released next week, bulls will need to hold their ground to maintain momentum.

QQQ (Invesco QQQ Trust)

With key tech earnings approaching, the QQQ ETF held steady and closed the week at $554.20 (-0.36%). QQQ’s golden cross, which occurred about a week ahead of the S&P 500, reflects stronger momentum in the tech sector. However, with QQQ trading higher above its 50-day and 200-day SMA support levels, there is more room for a pullback if earnings disappoint or market volatility increases.

IWM (iShares Russell 2000)

Small-caps were flat this week and underperformed their large-cap peers, with the IWM closing at $221.70 (-0.65%). Even so, the IWM has outperformed in recent weeks and may be setting up for a golden cross soon. Since small-caps tend to benefit the most from lower rates, bullish momentum could continue if the market’s expectations for rate cuts by year-end hold up.

Earnings

Notable Results

DAL (Delta Airlines)

EPS: $2.10 vs $2.03 est
REV: $16.65B vs $16.18B est

CAG (ConAgra Brands)

EPS: $0.56 vs $0.61 est
REV: $2.78B vs $2.88B est

LEVI (Levi Strauss & Co.)

EPS: $0.22 vs $0.14 est
REV: $1.45B vs $1.37B est

VIST (Vista Energy)

EPS: $2.16 vs $12.25 est
REV: $610.54M vs $593.17M est

SMPL (The Simply Good Foods Company)

EPS: $0.51 vs $0.50 est
REV: $380.96M vs $381.21M est

AEHR (Aehr Test Systems)

EPS: $(0.01) vs $(0.01) est
REV: $14.09M vs $14.82M est

AZZ (AZZ Inc.)

EPS: $1.78 vs $1.60 est
REV: $422.00M vs $435.91M est

PSMT (PriceSmart)

EPS: $1.14 vs $1.12 est
REV: $1.317B vs $1.31B est

WDFC (WD-40 Company)

EPS: $1.54 vs $1.41 est
REV: $156.915M vs $160.60M est

ENVX (Enovix Corporation)

EPS: $(0.15) vs $(0.17) est
REV: $5.098M vs $4.64M est

PENG (Penguin Solutions)

EPS: $0.47 vs $0.33 est
REV: $324.251M vs $330.82M est

BYRN (Byrna Technologies)

EPS: $0.10 vs $0.03 est
REV: $28.50M vs $28.47M est

ETWO (E2open)

EPS: $0.05 vs $0.04 est
REV: $152.6M vs $148.3M est

NRIX (Nurix Therapeutics)

EPS: $(0.52) vs $(0.75) est
REV: $44.056M vs $16.89M est

KRUS (Kura Sushi USA)

EPS: $0.05 vs $(0.01) est
REV: $73.965M vs $71.82M est

What’s Happening Now

XLE SPDR Sector – Energy
Energy closed out the week on top, leading both month-to-date and week-to-date performance. Tech held steady with modest gains, while small caps outpaced large caps and helped lift IWM into the green. Communication Services and Staples were the biggest laggards, ending the week deep in the red. Bitcoin rallied into the weekend, keeping risk appetite alive as traders prepare for a new wave of earnings reports next week.

ASAN Asana
Asana CEO and Facebook co-founder Dustin Moskovitz is back in the market after a year-long pause, scooping up over 2.5 million shares of ASAN in 2025 for nearly $37 million. It’s his largest buying streak since 2023 and comes as the company reports improving growth and margin trends. The stock remains over 90% below its all-time highs.

UNH UnitedHealth Group
UNH is still trading 52% below its 52-week highs and sitting well under its historical valuation range, but seasonality is on its side. Next week has been one of its strongest of the year, with an 80% win rate and the second-best average monthly return dating back 15 years. It’s risen next week 12 of the past 15 years, making it a rare mid-July standout in the S&P 500.

Believe it or not, this is just a fraction of what happened in the markets this week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!