Week in Review: Equities and Macro
Growth led, yields rose: QQQ gained +1.81% versus SPY’s +1.37% as NVDA surged +8.28% on the week (including a +4.03% Friday). Microsoft lagged at -1.38%, but chip and EV strength helped the Nasdaq sleeve outpace the S&P even as ^TNX climbed +1.87% to 4.57%.
This is the weekly US macro report for the period ending July 10, 2026 (U.S. market close). Returns below are week-over-week (five trading sessions before the week-ending close through the week-ending close), not single-day snapshots. Velox Macro publishes this on Sundays; Education guides during the week use separate daily examples—compare weekly % here, not one session print against an evergreen daily table.
For the week ending July 10, 2026, SPY moved +1.37% and QQQ +1.81%. QQQ outpaced SPY for the week—growth leadership carried the tape relative to the broad market. This is a summary of the week, not a trade call or forecast for next week.
Weekly Market Data (week ending July 10, 2026)
The stock table shows the week-ending session close (Friday, July 10), the weekly % change, and the final session daily % for context. Lead with the weekly column when reading this report. The macro table shows levels as of the dates in the third column; FRED series (Fed funds, CPI, unemployment) update monthly and lag market quotes.
| Ticker | Week-Ending Close (USD) | Weekly % Change | Final Session Daily % |
|---|---|---|---|
| SPY | 754.95 | +1.37% | +0.43% |
| QQQ | 725.51 | +1.81% | +0.31% |
| AAPL | 315.32 | +2.17% | -0.28% |
| MSFT | 385.10 | -1.38% | +0.19% |
| NVDA | 210.96 | +8.28% | +4.03% |
| TSLA | 407.76 | +3.64% | +0.30% |
| Indicator | Latest Value | As Of Date | Weekly % Change |
|---|---|---|---|
| 10-Year Treasury Yield (^TNX) | 4.57% | 2026-07-10 | +1.87% |
| VIX (CBOE Volatility Index) | 15.03 | 2026-07-10 | -6.93% |
| US Dollar Index | 100.97 | 2026-07-10 | +0.11% |
| WTI Crude Oil | $71.41 | 2026-07-10 | +3.96% |
| Effective Federal Funds Rate | 3.63% | 2026-06-01 | — |
| CPI (All Urban Consumers) | 333.979 | 2026-05-01 | — |
| Unemployment Rate | 4.20% | 2026-06-01 | — |
| 10-Year Treasury Yield (FRED DGS10) | 4.54% | 2026-07-09 | — |
How to Read the Weekly Tables
Start with SPY and QQQ weekly %. That answers whether the broad market and the growth-heavy Nasdaq sleeve gained or lost ground over five sessions. Then scan mega-caps (AAPL, MSFT, NVDA, TSLA) on the same weekly column—did a few names drive the index, or did leadership spread?
The final session daily % is secondary in this report. A green Friday into a red week still means the week was down. Education posts on mega-cap volume or SPY–QQQ divergence use single-day examples; this article is the weekly wrap that sits above them.
On the macro side, ^TNX and VIX weekly % show whether rates and fear trended with equities or against them. Oil’s weekly move feeds inflation optics; pair it with CPI and jobs data in the FRED rows without treating one week as a policy verdict.
Equities: Weekly Performance
For the week ending July 10, 2026, Apple moved +2.17% and Microsoft -1.38% on a weekly basis—compare those to SPY’s +1.37% and QQQ’s +1.81% to see whether mega-caps helped or hurt the cap-weighted indexes.
NVDA finished the week at +8.28% and TSLA at +3.64%. When mega-cap weekly returns diverge sharply from each other, index impact depends on weighting—not a single “tech up or down” headline.
Volume and single-session conviction are covered in the Education mega-cap guide; here the question is simpler: did the week reward breadth or concentration? Here SPY and QQQ both finished green, with QQQ’s +1.81% outpacing SPY’s +1.37%—NVDA’s +8.28% weekly surge did much of the lifting while MSFT’s -1.38% print weighed on other mega-cap weights.
Rates, Labor, and Inflation Backdrop
The 10-year Treasury yield (^TNX) closed the week near 4.57% (weekly change +1.87%). The effective federal funds rate is 3.63% (2026-06-01). Long yields above policy rates keep discount-rate pressure on growth valuations even when VIX is calm.
Unemployment (UNRATE) at 4.20% and CPI index (CPIAUCSL) at 333.979 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.
This week equities rose despite higher yields—a reminder that one week’s rate move does not always dominate stock returns. Still, ^TNX’s +1.87% weekly climb alongside a strong NVDA print deserves monitoring: growth can outperform in the short run even as the bond market prices tighter financial conditions.
Volatility, Oil, and Risk Sentiment
VIX ended the week at 15.03 (weekly -6.93%). Levels below 20 suggest moderate caution; a weekly rise in VIX alongside falling equities confirms risk-off participation across sessions.
WTI crude finished near $71.41 (weekly +3.96%). Rising oil on the week can add to inflation optics even when equities rally—pair the commodity move with the unchanged CPI and jobs rows rather than treating one week as a policy verdict.
None of these indicators alone explains the weekly equity return, but together they sketch whether the week felt like macro-driven stress, calm carry, or stock-specific rotation.
This Week on Velox Macro Education
During the week, the Education series covered how to read individual indicators—VIX (week ending July 6), Treasury yields (July 7), SPY versus QQQ breadth (July 8), CPI and unemployment (July 9), and mega-cap leadership (July 9). Those posts use single-session examples to teach mechanics. This weekly report does not repeat their daily tables; it answers a different question: how did the full week close?
If you read the mega-cap guide and this report side by side, compare weekly % here against the daily examples there—same market, different time horizon. That separation is intentional and keeps the blog internally consistent.
Putting the Week Together
A useful end-of-week checklist: (1) Did SPY and QQQ agree on direction for the week? (2) Did mega-cap weekly returns line up with the ETFs or fight them? (3) Did ^TNX and VIX move with or against stocks on a weekly basis? (4) Did FRED labor and inflation data change, or only market prices?
From July 2 through July 10, 2026, the data in the tables above are the inputs—no single row is a verdict. Both major ETFs finished green with QQQ ahead, NVDA led mega-caps, and yields rose without derailing equities—a growth-led week with rising-rate crosscurrents.
When you share or archive this note, label it as a weekly report with week-ending date July 10, 2026. Readers should not treat the final session daily % column as the headline number—that column is context for how the final session finished, not the story of the full week.
What to Watch
- Weekly SPY vs QQQ spread. QQQ outpaced SPY this week—watch whether growth leadership persists or mean-reverts if ^TNX keeps climbing.
- ^TNX trend. Rising weekly yields with rising QQQ (as this week showed) can signal stock-specific strength overriding rates; a reversal would test that read.
- Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending July 10, 2026 only.
Conclusion
For the week ending July 10, 2026, U.S. equities and macro indicators are summarized above on a weekly basis. Use the Education series (VIX, yields, breadth, CPI/jobs, mega-cap) for how to read daily data; use this report for how the week closed. This is not financial advice.
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