Source: Charles Schwab, data from 7/13 – 7/17

Weekly Market Minute

“Success is the sum of small efforts, repeated day in and day out.”
— Robert Collier

🧭 This Week In the Markets

Image Source: Apple Inc.

Apple Challenges Nvidia’s Market Cap Lead

Apple briefly reclaimed the title of the world’s most valuable company on Friday, reaching a market capitalization of approximately $4.9 trillion as investors continued to reward its expanding AI strategy, efficient capital spending, and strong product pipeline. Apple shares have gained 22.7% in 2026, significantly outperforming Nvidia, whose stock is up about 8.7% this year as investor attention has broadened beyond AI chips toward memory and broader data center infrastructure investments. Nvidia had held the top spot since June 2025 after becoming the first company to surpass a $5 trillion market capitalization last year.

Inflation Cools as Energy Prices Drive Largest Monthly CPI Decline Since 2020

Consumer prices fell more than expected in June, offering encouraging signs that inflationary pressures may be easing. The Consumer Price Index (CPI) declined 0.4% for the month, the largest monthly drop since April 2020, bringing the annual inflation rate down to 3.5% from 4.2% in May. Core CPI, which excludes food and energy categories, was unchanged during the month and slowed to 2.6% year-over-year. The decline was primarily driven by a sharp drop in gasoline prices, along with moderation in shelter and other services costs. While the report was a welcome surprise, Federal Reserve Chair Kevin Warsh cautioned that policymakers will need several more months of favorable inflation data before declaring victory over inflation.

Further evidence of easing inflation came from the Producer Price Index (PPI), which measures wholesale prices received by producers, as it unexpectedly fell 0.3% in June, compared to expectations for no change. Falling energy costs again led to the decline, with gasoline prices dropping 12% during the month, while core producer prices rose a modest 0.2%. Softer wholesale inflation suggests businesses are facing less pricing pressure, reducing the likelihood that higher costs will be passed on to consumers in the coming months. Together, the CPI and PPI reports point to improving inflation dynamics and have tempered expectations for additional Federal Reserve rate hikes, though policymakers remain focused on returning inflation to their long-term 2% target.

🏢 Corporate Earnings

• JPMorgan Chase (JPM): Posted earnings that exceeded expectations, with adjusted earnings per share of $6.14 on $52.4 billion in revenue compared to estimates of $5.85 and $50.2 billion, driven by strength in investment banking, trading, and improved net interest income.
• Bank of America (BAC): Topped analysts’ estimates, with earnings per share of $1.21 on $31.7 billion in revenue compared to estimates of $1.13 and $30.7 billion, with client deposits increasing 12% year-over-year.
• Goldman Sachs (GS): Beat expectations, with earnings per share of $20.98 on $20.3 billion in revenue compared to estimates of $14.48 and $16.1 billion, as a surge in equity trading, stronger investment banking activity, and higher asset management revenue drove results.
• Johnson & Johnson (JNJ): Delivered earnings that surpassed expectations, with adjusted earnings per share of $2.90 on $25.3 billion in revenue compared to estimates of $2.85 and $25.1 billion, as continued strength in its pharmaceutical business offset weakness in its medical technology segment and supported higher full-year guidance.
• Taiwan Semiconductor Manufacturing (TSM): reported $39.5 billion in revenue, narrowly beating expectations, along with a 77% year-over-year increase in profit, while raising third-quarter revenue guidance on continued AI chip demand.
• Netflix (NFLX): missed projected revenue, reporting revenue of $12.56 billion compared to analysts expectations of $12.59 billion, while narrowly beating earnings expectations with earnings per share of $0.80 compared to $0.79. Shares declined after the report as third quarter revenue guidance came in below expectations.

📊 Sector Performance

5-day closing price ($) and change (%)

Source: Select Sector SPDRs, data based on the Sector SPDR ETFs as of 7/17

📰 Dollars & Sense: This Week’s Rapid Read

What is a Custodial Roth IRA and How Does It Work?
Saving some after-school or summer earnings in a custodial Roth IRA could lighten the retirement burden for teen investors later in life.

Source: Charles Schwab

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Sources: CNBC, CNBC
Corporate Earnings: JPMorgan Chase, Bank of America, Goldman Sachs, Johnson & Johnson, Taiwan Semiconductor Manufacturing, Netflix

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