Global equity markets diverged over the week ending 24 July 2026. U.S. indices finished lower as concerns about the potential returns on heavy artificial intelligence (AI) investment and a sharp rise in oil prices weighed on sentiment. The technology-heavy Nasdaq Composite was the weakest major U.S. index, while European and Asian equities advanced. Oil prices rose sharply amid escalating tensions in the Middle East and signs that ceasefire efforts had stalled, with Brent crude trading toward USD 100 per barrel; the move lifted energy shares and renewed inflation concerns. Gold gained. Government bond yields rose in both the United States and Japan, and market expectations for a possible near-term U.S. Federal Reserve rate hike increased.
Market Snapshot
Weekly performance across major global indices (week ending 24 Jul 2026):
| Index | Friday’s Closing Price | Weekly Change (%) | Direction |
| DJIA | 51,947.25 | -0.38 | ▼ |
| S&P 500 | 7,411.98 | -0.61 | ▼ |
| NASDAQ Composite | 24,975.82 | -2.13 | ▼ |
| FTSE 100 (UK) | 10,736.23 | 1.28 | ▲ |
| CAC 40 (France) | 8,372.28 | 0.4 | ▲ |
| STOXX Europe 600 | 644.51 | 0.46 | ▲ |
| Nikkei 225 (Japan) | 64,611.15 | 0.73 | ▲ |
| CSI 300 (China) | 4,649.19 | 2.65 | ▲ |
| Hang Seng (Hong Kong) | 24,963.23 | 1.63 | ▲ |
| Brent Crude | 96.78 | 9.85 | ▲ |
| Gold | 4,067.60 | 1.37 | ▲ |
Foreign Exchange
(For the week ending 24 Jul 2026)
| Pair | Friday’s Close | Week’s Change |
| EUR/USD | 1.1377 | -0.59 |
| USD/JPY | 163.832 | 0.9 |
| GBP/USD | 1.3313 | -1.23 |
| USD/CHF | 0.8169 | 1.06 |
| AUD/USD | 0.6967 | 0.33 |
U.S. Markets Overview
Most major U.S. stock indexes finished the week lower. Concerns about the potential returns on heavy AI investment, together with a sharp rise in oil prices, weighed on investor sentiment. The Nasdaq Composite fell 2.13%, the weakest major index, while the Dow Jones Industrial Average (-0.38%) and S&P 500 (-0.61%) declined by less. Corporate earnings were a focus during an otherwise light week for economic data. Shares of Alphabet and Tesla declined following their results, as investors focused on elevated capital spending and weaker cash flow, a theme that appeared to feed broader concern about big-tech AI spending. The sharp move in oil, amid Middle East hostilities, lifted energy shares while pressuring travel and consumer related industries and renewing inflation concerns. Treasury yields rose, with the 10-year yield briefly climbing above 4.7% during the week, and market expectations for a possible Fed rate hike increased. In economic data, the S&P Global Flash U.S. Composite PMI rose to an eight-month high of 53.6, and initial jobless claims fell to their lowest level since 1969.
European Markets
The pan-European STOXX Europe 600 Index ended the week 0.46% higher in local-currency terms. Investors weighed generally robust quarterly earnings against higher oil prices, heightened Middle East tensions, and an announcement by the U.S. administration of a fresh round of tariffs on dozens of trading partners, including the European Union and the United Kingdom. The UK’s FTSE 100 climbed 1.28% and France’s CAC 40 rose 0.40%. The European Central Bank left its three key interest rates unchanged; comments from President Christine Lagarde on developments in commodity markets were read by markets as keeping the door open to further tightening. Eurozone manufacturing and services activity both improved in July’s flash PMIs. In the UK, Andy Burnham took office as prime minister, while services activity returned to growth and retail sales surprised to the upside.
Asian Markets
Japan
Japanese equities advanced, with the Nikkei 225 gaining 0.73% and the broader TOPIX rising more. Semiconductor and AI-related shares were volatile as investors weighed optimism about AI against concerns that heavy spending might not generate sufficient returns. Financials benefited from rising Japanese government bond (JGB) yields and expectations of further Bank of Japan (BoJ) policy tightening, though gains were capped by the Middle East conflict, higher oil prices, and the latest U.S. tariff developments. The 10-year JGB yield rose to about 2.80%, and the yen weakened toward JPY 164 against the U.S. dollar, near a 40-year low, despite repeated warnings of possible currency intervention.
China
Chinese equities advanced despite a broad regional pullback on Friday, when renewed concerns about AI-related valuations and higher oil prices weighed on sentiment. The CSI 300 Index rose 2.91% and Hong Kong’s Hang Seng gained 1.63% in local-currency terms. State-backed purchases helped drive a rebound earlier in the week, particularly in semiconductor and other technology shares, with state-owned platforms disclosing sizable combined equity purchases. Some of those gains were pared later in the week as valuation concerns resurfaced and Brent crude traded near USD 100 per barrel.
Commodities
Oil
Brent crude rose 9.85% over the week amid escalating conflict in the Middle East and signs that ceasefire efforts had stalled, trading toward USD 100 per barrel. The move lifted energy shares, pressured travel and consumer related industries, and renewed inflation concerns, contributing to higher government bond yields.
Gold
Gold rose 1.37% over the week, ending at USD 4,067.60.
Week Ahead
In the week ahead, markets may continue to focus on developments in the Middle East and their effect on oil prices, the ongoing corporate earnings season, and central-bank signals following the ECB’s decision to hold rates and expectations of further BoJ tightening. (Edit to add scheduled data releases and events relevant to the coming week.)
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