Category: Macro

Week in Review: Equities and Macro

This is the weekly US macro report for the period ending September 11, 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 September 11, 2026, SPY moved -1.15% and QQQ -0.39%. 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 September 11, 2026)

The stock table shows Friday’s closing level, the weekly % change, and Friday’s 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.

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?

Friday’s 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 September 11, 2026, Apple moved +1.24% and Microsoft -2.84% on a weekly basis—compare those to SPY’s -1.15% and QQQ’s -0.39% to see whether mega-caps helped or hurt the cap-weighted indexes.

NVDA finished the week at -4.34% and TSLA at -2.90%. 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? If SPY and QQQ share the same weekly sign but QQQ’s magnitude is much larger, the growth sleeve carried more of the move.

Rates, Labor, and Inflation Backdrop

The 10-year Treasury yield (^TNX) closed the week near 4.97% (weekly change +4.47%). The effective federal funds rate is 3.63% (2026-08-01). Long yields above policy rates keep discount-rate pressure on growth valuations even when VIX is calm.

Unemployment (UNRATE) at 4.10% and CPI index (CPIAUCSL) at 334.131 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.

Markets price the week’s equity move against this slow-moving macro backdrop. A down week in SPY alongside a meaningful rise in ^TNX keeps the rates-versus-growth channel in view—especially when QQQ lags the broad market.

Volatility, Oil, and Risk Sentiment

VIX ended the week at 15.84 (weekly +9.02%). Levels below 20 suggest moderate caution; a weekly rise in VIX alongside falling equities confirms risk-off participation across sessions.

WTI crude finished near $100.05 (weekly +9.58%). The weekly rise can add to near-term inflation concerns if it persists; the next CPI and jobs releases still matter more for Fed expectations than one week of commodity action.

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 ending September 11, 2026, the Education series covered how to read individual indicators—VIX levels, Treasury yields, SPY versus QQQ breadth, CPI and unemployment from FRED, and mega-cap volume versus index moves. 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 2026-09-03 through September 11, 2026, the data in the tables above are the inputs—no single row is a verdict. Falling equities paired with a rising VIX indicate broader risk-off participation. A rising ^TNX keeps the rates-versus-growth channel in view. AAPL and MSFT diverged; NVDA and TSLA both lagged—showing that mega-cap leadership was not uniform.

When you share or archive this note, label it as a weekly report with week-ending date September 11, 2026. Readers should not treat Friday’s 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. If QQQ keeps underperforming SPY for multiple weeks, growth valuation pressure or narrow leadership may be persisting—monitor the weekly column, not just Friday.
• ^TNX trend. Rising weekly yields with falling QQQ reinforces the rates-versus-growth theme; flat yields with weak equities point elsewhere.
• Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending September 11, 2026 only.

Conclusion

For the week ending September 11, 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.

Week in Review: Equities and Macro

This is the weekly US macro report for the period ending September 4, 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 September 4, 2026, SPY moved +0.11% and QQQ +0.35%. 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 September 4, 2026)

The stock table shows Friday’s closing level, the weekly % change, and Friday’s 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.

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?

Friday’s 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 September 4, 2026, Apple moved +0.08% and Microsoft -2.69% on a weekly basis—compare those to SPY’s +0.11% and QQQ’s +0.35% to see whether mega-caps helped or hurt the cap-weighted indexes.

NVDA finished the week at +5.89% and TSLA at +1.53%. 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? If SPY and QQQ share the same weekly sign but QQQ’s magnitude is much larger, the growth sleeve carried more of the move.

Rates, Labor, and Inflation Backdrop

The 10-year Treasury yield (^TNX) closed the week near 4.78% (weekly change +1.36%). The effective federal funds rate is 3.63% (2026-08-01). Long yields above policy rates keep discount-rate pressure on growth valuations even when VIX is calm.

Unemployment (UNRATE) at 4.10% and CPI index (CPIAUCSL) at 332.813 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.

Markets price the week’s equity move against this slow-moving macro backdrop. An up week in SPY alongside a rise in ^TNX means equities absorbed higher discount rates—watch whether that pairing lasts.

Volatility, Oil, and Risk Sentiment

VIX ended the week at 14.53 (weekly +0.69%). Levels below 20 suggest moderate caution; a weekly rise in VIX shows protection became more expensive even if equities were mixed.

WTI crude finished near $91.48 (weekly +9.69%). The weekly rise can add to near-term inflation concerns if it persists; the next CPI and jobs releases still matter more for Fed expectations than one week of commodity action.

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 ending September 4, 2026, the Education series covered how to read individual indicators—VIX levels, Treasury yields, SPY versus QQQ breadth, CPI and unemployment from FRED, and mega-cap volume versus index moves. 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 2026-08-28 through September 4, 2026, the data in the tables above are the inputs—no single row is a verdict. Compare equity direction with the weekly VIX change before labeling the week risk-off. A rising ^TNX keeps the rates-versus-growth channel in view. AAPL and MSFT diverged; NVDA and TSLA both gained—showing that mega-cap leadership was not uniform.

When you share or archive this note, label it as a weekly report with week-ending date September 4, 2026. Readers should not treat Friday’s 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. If QQQ keeps underperforming SPY for multiple weeks, growth valuation pressure or narrow leadership may be persisting—monitor the weekly column, not just Friday.
• ^TNX trend. Rising weekly yields alongside a higher QQQ means growth absorbed the rate move—watch whether that holds next week.
• Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending September 4, 2026 only.

Conclusion

For the week ending September 4, 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.

Week in Review: Equities and Macro

This is the weekly US macro report for the period ending August 28, 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 August 28, 2026, SPY moved +0.48% and QQQ +0.42%. QQQ lagged SPY on a weekly basis—growth and mega-cap tech underperformed the broader S&P 500. This is a summary of the week, not a trade call or forecast for next week.

Weekly Market Data (week ending August 28, 2026)

The stock table shows Friday’s closing level, the weekly % change, and Friday’s 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.

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?

Friday’s 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 August 28, 2026, Apple moved +3.33% and Microsoft +6.30% on a weekly basis—compare those to SPY’s +0.48% and QQQ’s +0.42% to see whether mega-caps helped or hurt the cap-weighted indexes.

NVDA finished the week at +1.31% and TSLA at -3.89%. 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? If SPY and QQQ share the same weekly sign but QQQ’s magnitude is much larger, the growth sleeve carried more of the move.

Rates, Labor, and Inflation Backdrop

The 10-year Treasury yield (^TNX) closed the week near 4.72% (weekly change -0.38%). The effective federal funds rate is 3.63% (2026-07-01). Long yields above policy rates keep discount-rate pressure on growth valuations even when VIX is calm.

Unemployment (UNRATE) at 4.10% and CPI index (CPIAUCSL) at 332.813 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.

Markets price the week’s equity move against this slow-moving macro backdrop. Check whether ^TNX moved with or against equities on the weekly column before tying the story only to rates.

Volatility, Oil, and Risk Sentiment

VIX ended the week at 14.42 (weekly -4.69%). Levels below 20 suggest moderate caution; a weekly decline in VIX alongside rising equities is the classic cheaper-hedging, calmer-tape pairing.

WTI crude finished near $83.40 (weekly -4.20%). The weekly decline can ease near-term inflation concerns if it persists; the next CPI and jobs releases still matter more for Fed expectations than one week of commodity action.

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 ending August 28, 2026, the Education series covered how to read individual indicators—VIX levels, Treasury yields, SPY versus QQQ breadth, CPI and unemployment from FRED, and mega-cap volume versus index moves. 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 2026-08-21 through August 28, 2026, the data in the tables above are the inputs—no single row is a verdict. Rising equities paired with a softer VIX point toward a calmer hedging backdrop rather than a fear spike. Little change in yields weakens a rates-only explanation. AAPL and MSFT both gained; NVDA and TSLA moved in opposite directions—showing that mega-cap leadership was not uniform.

When you share or archive this note, label it as a weekly report with week-ending date August 28, 2026. Readers should not treat Friday’s 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. If QQQ keeps underperforming SPY for multiple weeks, growth valuation pressure or narrow leadership may be persisting—monitor the weekly column, not just Friday.
• ^TNX trend. Falling weekly yields with a higher QQQ fit the rates-relief script—watch whether growth leadership holds if yields reverse.
• Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending August 28, 2026 only.

Conclusion

For the week ending August 28, 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.

Week in Review: Equities and Macro

This is the weekly US macro report for the period ending August 21, 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 August 21, 2026, SPY moved -1.37% and QQQ -2.41%. QQQ lagged SPY on a weekly basis—growth and mega-cap tech underperformed the broader S&P 500. This is a summary of the week, not a trade call or forecast for next week.

Weekly Market Data (week ending August 21, 2026)

The stock table shows Friday’s closing level, the weekly % change, and Friday’s 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.

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?

Friday’s 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 August 21, 2026, Apple moved +1.12% and Microsoft -2.27% on a weekly basis—compare those to SPY’s -1.37% and QQQ’s -2.41% to see whether mega-caps helped or hurt the cap-weighted indexes.

NVDA finished the week at -4.64% and TSLA at +6.02%. 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? If SPY and QQQ share the same weekly sign but QQQ’s magnitude is much larger, the growth sleeve carried more of the move.

Rates, Labor, and Inflation Backdrop

The 10-year Treasury yield (^TNX) closed the week near 4.74% (weekly change +0.89%). The effective federal funds rate is 3.63% (2026-07-01). Long yields above policy rates keep discount-rate pressure on growth valuations even when VIX is calm.

Unemployment (UNRATE) at 4.10% and CPI index (CPIAUCSL) at 332.813 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.

Markets price the week’s equity move against this slow-moving macro backdrop. A down week in SPY alongside a meaningful rise in ^TNX keeps the rates-versus-growth channel in view—especially when QQQ lags the broad market.

Volatility, Oil, and Risk Sentiment

VIX ended the week at 15.13 (weekly +6.18%). Levels below 20 suggest moderate caution; a weekly rise in VIX alongside falling equities confirms risk-off participation across sessions.

WTI crude finished near $87.06 (weekly +5.66%). The weekly rise can add to near-term inflation concerns if it persists; the next CPI and jobs releases still matter more for Fed expectations than one week of commodity action.

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 ending August 21, 2026, the Education series covered how to read individual indicators—VIX levels, Treasury yields, SPY versus QQQ breadth, CPI and unemployment from FRED, and mega-cap volume versus index moves. 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 2026-08-14 through August 21, 2026, the data in the tables above are the inputs—no single row is a verdict. Falling equities paired with a rising VIX indicate broader risk-off participation. A rising ^TNX keeps the rates-versus-growth channel in view. AAPL and MSFT diverged; NVDA and TSLA moved in opposite directions—showing that mega-cap leadership was not uniform.

When you share or archive this note, label it as a weekly report with week-ending date August 21, 2026. Readers should not treat Friday’s 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. If QQQ keeps underperforming SPY for multiple weeks, growth valuation pressure or narrow leadership may be persisting—monitor the weekly column, not just Friday.
• ^TNX trend. Rising weekly yields with falling QQQ reinforces the rates-versus-growth theme; flat yields with weak equities point elsewhere.
• Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending August 21, 2026 only.

Conclusion

For the week ending August 21, 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.

Week in Review: Equities and Macro

This is the weekly US macro report for the period ending August 14, 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 August 14, 2026, SPY moved +0.40% and QQQ +1.11%. 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 August 14, 2026)

The stock table shows Friday’s closing level, the weekly % change, and Friday’s 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.

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?

Friday’s 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 August 14, 2026, Apple moved -2.28% and Microsoft -0.92% on a weekly basis—compare those to SPY’s +0.40% and QQQ’s +1.11% to see whether mega-caps helped or hurt the cap-weighted indexes.

NVDA finished the week at +0.54% and TSLA at +4.17%. 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? If SPY and QQQ share the same weekly sign but QQQ’s magnitude is much larger, the growth sleeve carried more of the move.

Rates, Labor, and Inflation Backdrop

The 10-year Treasury yield (^TNX) closed the week near 4.70% (weekly change +0.77%). The effective federal funds rate is 3.63% (2026-07-01). Long yields above policy rates keep discount-rate pressure on growth valuations even when VIX is calm.

Unemployment (UNRATE) at 4.10% and CPI index (CPIAUCSL) at 332.813 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.

Markets price the week’s equity move against this slow-moving macro backdrop. An up week in SPY alongside a rise in ^TNX means equities absorbed higher discount rates—watch whether that pairing lasts.

Volatility, Oil, and Risk Sentiment

VIX ended the week at 14.25 (weekly -4.36%). Levels below 20 suggest moderate caution; a weekly decline in VIX alongside rising equities is the classic cheaper-hedging, calmer-tape pairing.

WTI crude finished near $82.40 (weekly +5.40%). The weekly rise can add to near-term inflation concerns if it persists; the next CPI and jobs releases still matter more for Fed expectations than one week of commodity action.

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 ending August 14, 2026, the Education series covered how to read individual indicators—VIX levels, Treasury yields, SPY versus QQQ breadth, CPI and unemployment from FRED, and mega-cap volume versus index moves. 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 2026-08-07 through August 14, 2026, the data in the tables above are the inputs—no single row is a verdict. Rising equities paired with a softer VIX point toward a calmer hedging backdrop rather than a fear spike. A rising ^TNX keeps the rates-versus-growth channel in view. AAPL and MSFT both finished lower; NVDA and TSLA both gained—showing that mega-cap leadership was not uniform.

When you share or archive this note, label it as a weekly report with week-ending date August 14, 2026. Readers should not treat Friday’s 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. If QQQ keeps underperforming SPY for multiple weeks, growth valuation pressure or narrow leadership may be persisting—monitor the weekly column, not just Friday.
• ^TNX trend. Rising weekly yields alongside a higher QQQ means growth absorbed the rate move—watch whether that holds next week.
• Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending August 14, 2026 only.

Conclusion

For the week ending August 14, 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.

Week in Review: Equities and Macro

This is the weekly US macro report for the period ending August 7, 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 August 7, 2026, SPY moved +3.51% and QQQ +5.09%. 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 August 7, 2026)

The stock table shows Friday’s closing level, the weekly % change, and Friday’s 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.

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?

Friday’s 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 August 7, 2026, Apple moved +1.43% and Microsoft +7.59% on a weekly basis—compare those to SPY’s +3.51% and QQQ’s +5.09% to see whether mega-caps helped or hurt the cap-weighted indexes.

NVDA finished the week at +11.56% and TSLA at +5.58%. 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? If SPY and QQQ share the same weekly sign but QQQ’s magnitude is much larger, the growth sleeve carried more of the move.

Rates, Labor, and Inflation Backdrop

The 10-year Treasury yield (^TNX) closed the week near 4.66% (weekly change -1.79%). The effective federal funds rate is 3.63% (2026-07-01). Long yields above policy rates keep discount-rate pressure on growth valuations even when VIX is calm.

Unemployment (UNRATE) at 4.10% and CPI index (CPIAUCSL) at 332.568 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.

Markets price the week’s equity move against this slow-moving macro backdrop. An up week in SPY alongside a decline in ^TNX fits the rates-relief channel—especially when QQQ leads the broad market.

Volatility, Oil, and Risk Sentiment

VIX ended the week at 14.90 (weekly -6.82%). Levels below 20 suggest moderate caution; a weekly decline in VIX alongside rising equities is the classic cheaper-hedging, calmer-tape pairing.

WTI crude finished near $78.18 (weekly -7.67%). The weekly decline can ease near-term inflation concerns if it persists; the next CPI and jobs releases still matter more for Fed expectations than one week of commodity action.

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 ending August 7, 2026, the Education series covered how to read individual indicators—VIX levels, Treasury yields, SPY versus QQQ breadth, CPI and unemployment from FRED, and mega-cap volume versus index moves. 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 2026-07-31 through August 7, 2026, the data in the tables above are the inputs—no single row is a verdict. Rising equities paired with a softer VIX point toward a calmer hedging backdrop rather than a fear spike. Falling yields sit alongside higher equities—consistent with rates relief, not a rates shock. AAPL, MSFT, NVDA, and TSLA all finished higher, but weekly magnitudes still differed—mega-cap leadership was not uniform.

When you share or archive this note, label it as a weekly report with week-ending date August 7, 2026. Readers should not treat Friday’s 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. If QQQ keeps underperforming SPY for multiple weeks, growth valuation pressure or narrow leadership may be persisting—monitor the weekly column, not just Friday.
• ^TNX trend. Falling weekly yields with a higher QQQ fit the rates-relief script—watch whether growth leadership holds if yields reverse.
• Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending August 7, 2026 only.

Conclusion

For the week ending August 7, 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.

Week in Review: Equities and Macro

This is the weekly US macro report for the period ending July 31, 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 31, 2026, SPY moved +1.10% and QQQ +0.55%. QQQ lagged SPY on a weekly basis—growth and mega-cap tech underperformed the broader S&P 500. This is a summary of the week, not a trade call or forecast for next week.

Weekly Market Data (week ending July 31, 2026)

The stock table shows Friday’s closing level, the weekly % change, and Friday’s 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.

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?

Friday’s 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 31, 2026, Apple moved -7.24% and Microsoft +21.75% on a weekly basis—compare those to SPY’s +1.10% and QQQ’s +0.55% to see whether mega-caps helped or hurt the cap-weighted indexes.

NVDA finished the week at -2.94% and TSLA at -0.58%. 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? If SPY and QQQ share the same weekly sign but QQQ’s magnitude is much larger, the growth sleeve carried more of the move.

Rates, Labor, and Inflation Backdrop

The 10-year Treasury yield (^TNX) closed the week near 4.74% (weekly change +1.41%). 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 332.568 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.

Markets price the week’s equity move against this slow-moving macro backdrop. Check whether ^TNX moved with or against equities on the weekly column before tying the story only to rates.

Volatility, Oil, and Risk Sentiment

VIX ended the week at 15.99 (weekly -13.94%). Levels below 20 suggest moderate caution; compare the weekly VIX change with equity direction before labeling the week risk-off.

WTI crude finished near $84.67 (weekly -5.20%). The weekly decline can ease near-term inflation concerns if it persists; the next CPI and jobs releases still matter more for Fed expectations than one week of commodity action.

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 ending July 31, 2026, the Education series covered how to read individual indicators—VIX levels, Treasury yields, SPY versus QQQ breadth, CPI and unemployment from FRED, and mega-cap volume versus index moves. 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 2026-07-24 through July 31, 2026, the data in the tables above are the inputs—no single row is a verdict. Compare equity direction with the weekly VIX change before labeling the week risk-off. A rising ^TNX keeps the rates-versus-growth channel in view. AAPL and MSFT diverged; NVDA and TSLA both lagged—showing that mega-cap leadership was not uniform.

When you share or archive this note, label it as a weekly report with week-ending date July 31, 2026. Readers should not treat Friday’s 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. If QQQ keeps underperforming SPY for multiple weeks, growth valuation pressure or narrow leadership may be persisting—monitor the weekly column, not just Friday.
• ^TNX trend. Rising weekly yields alongside a higher QQQ means growth absorbed the rate move—watch whether that holds next week.
• Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending July 31, 2026 only.

Conclusion

For the week ending July 31, 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.

Week in Review: Equities and Macro

This is the weekly US macro report for the period ending July 24, 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 24, 2026, SPY moved -0.59% and QQQ -1.60%. QQQ lagged SPY on a weekly basis—growth and mega-cap tech underperformed the broader S&P 500. This is a summary of the week, not a trade call or forecast for next week.

Weekly Market Data (week ending July 24, 2026)

The stock table shows Friday’s closing level, the weekly % change, and Friday’s 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.

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?

Friday’s 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 24, 2026, Apple moved -0.22% and Microsoft -3.08% on a weekly basis—compare those to SPY’s -0.59% and QQQ’s -1.60% to see whether mega-caps helped or hurt the cap-weighted indexes.

NVDA finished the week at +1.99% and TSLA at -17.81%. 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? If SPY and QQQ share the same weekly sign but QQQ’s magnitude is much larger, the growth sleeve carried more of the move.

Rates, Labor, and Inflation Backdrop

The 10-year Treasury yield (^TNX) closed the week near 4.68% (weekly change +3.04%). 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 332.568 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.

Markets price the week’s equity move against this slow-moving macro backdrop. A down week in SPY alongside a meaningful rise in ^TNX keeps the rates-versus-growth channel in view—especially when QQQ lags the broad market.

Volatility, Oil, and Risk Sentiment

VIX ended the week at 18.58 (weekly -1.01%). Levels below 20 suggest moderate caution; a weekly decline in VIX alongside soft equities can mean the selloff was stock-specific rather than a broad volatility spike.

WTI crude finished near $89.31 (weekly +8.27%). The weekly rise can add to near-term inflation concerns if it persists; the next CPI and jobs releases still matter more for Fed expectations than one week of commodity action.

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 ending July 24, 2026, the Education series covered how to read individual indicators—VIX levels, Treasury yields, SPY versus QQQ breadth, CPI and unemployment from FRED, and mega-cap volume versus index moves. 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 2026-07-17 through July 24, 2026, the data in the tables above are the inputs—no single row is a verdict. Falling equities paired with a softer VIX point more toward stock-specific pressure than a broad volatility spike. A rising ^TNX keeps the rates-versus-growth channel in view. AAPL and MSFT both finished lower; NVDA and TSLA moved in opposite directions—showing that mega-cap leadership was not uniform.

When you share or archive this note, label it as a weekly report with week-ending date July 24, 2026. Readers should not treat Friday’s 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. If QQQ keeps underperforming SPY for multiple weeks, growth valuation pressure or narrow leadership may be persisting—monitor the weekly column, not just Friday.
• ^TNX trend. Rising weekly yields with falling QQQ reinforces the rates-versus-growth theme; flat yields with weak equities point elsewhere.
• Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending July 24, 2026 only.

Conclusion

For the week ending July 24, 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.

Week in Review: Equities and Macro

This is the weekly US macro report for the period ending July 17, 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 17, 2026, SPY moved -1.54% and QQQ -4.16%. QQQ lagged SPY on a weekly basis—growth and mega-cap tech underperformed the broader S&P 500. This is a summary of the week, not a trade call or forecast for next week.

Weekly Market Data (week ending July 17, 2026)

The stock table shows Friday’s closing level, the weekly % change, and Friday’s 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.

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?

Friday’s 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 17, 2026, Apple moved +5.84% and Microsoft +2.26% on a weekly basis—compare those to SPY’s -1.54% and QQQ’s -4.16% to see whether mega-caps helped or hurt the cap-weighted indexes.

NVDA finished the week at -3.86% and TSLA at -6.60%. 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? If SPY and QQQ share the same weekly sign but QQQ’s magnitude is much larger, the growth sleeve carried more of the move.

Rates, Labor, and Inflation Backdrop

The 10-year Treasury yield (^TNX) closed the week near 4.54% (weekly change -0.61%). 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 332.568 reflect the latest FRED prints—moderate labor conditions, not a sub-4% tight market. CPIAUCSL is an index level, not a YoY inflation rate.

Markets price the week’s equity move against this slow-moving macro backdrop. A down week in SPY with yields little changed often reads as positioning or earnings rotation rather than a macro shock—check whether ^TNX moved sharply on the weekly column before tying the story only to rates.

Volatility, Oil, and Risk Sentiment

VIX ended the week at 18.77 (weekly +24.88%). Levels below 20 suggest moderate caution; a weekly rise in VIX alongside falling equities confirms risk-off participation across sessions.

WTI crude finished near $81.78 (weekly +14.52%). The weekly rise can add to near-term inflation concerns if it persists; the next CPI and jobs releases still matter more for Fed expectations than one week of commodity action.

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 ending July 17, 2026, the Education series covered how to read individual indicators—VIX levels, Treasury yields, SPY versus QQQ breadth, CPI and unemployment from FRED, and mega-cap volume versus index moves. 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 2026-07-10 through July 17, 2026, the data in the tables above are the inputs—no single row is a verdict. Falling equities paired with a rising VIX indicate broader risk-off participation; little change in yields weakens a rates-only explanation. The split between AAPL/MSFT gains and NVDA/TSLA losses also shows that mega-cap leadership was not uniform.

When you share or archive this note, label it as a weekly report with week-ending date July 17, 2026. Readers should not treat Friday’s 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. If QQQ keeps underperforming SPY for multiple weeks, growth valuation pressure or narrow leadership may be persisting—monitor the weekly column, not just Friday.
• ^TNX trend. Rising weekly yields with falling QQQ reinforces the rates-versus-growth theme; flat yields with weak equities point elsewhere.
• Next week’s macro calendar. CPI, jobs, and Fed speakers can reset the backdrop; this report describes the week ending July 17, 2026 only.

Conclusion

For the week ending July 17, 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.

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.

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.