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The S&P 500 closed Friday at 7,411.98, down 0.6% on the week, while the Nasdaq fell 2.1%. Oil was the dominant story: The price of Brent crude jumped 7% Thursday to settle at $100.69 a barrel, its first close above $100 since May 26, after Yemen's Houthi militants claimed strikes on two Saudi oil tankers in the Red Sea (chart). President Trump said the US would hold Iran responsible for any further attacks on shipping, threatening "major military punishment" against Tehran. Big Tech's earnings kickoff was depressing. Both Alphabet and Tesla fell sharply after reporting negative free cash flow.
Looking ahead, the calendar is jam-packed this week with lots of earnings reports. The monetary policy committees of the Fed, the Bank of Japan, and the Bank of England will be meeting. Four more Magnificent-7 companies are set to report. Q2 GDP and June PCED inflation readings both are due Thursday.
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