The week of July 12 to July 18 was defined by a violent U-turn in the trade that had powered markets all year. Semiconductors opened the week roaring back on a record-breaking Korean listing and strong European guidance, then reversed so hard that the sector index closed the week in a bear market. Layered on top were a cooler June inflation print that all but shut the door on a July rate hike, a mixed earnings scorecard, and an oil spike as the US-Iran conflict kept the Strait of Hormuz effectively shut. Here is what actually mattered across stocks, crypto and macro, and what is on the docket next week.
Top Stock Stories of the Week
Chips Round-Trip From Rebound to Bear Market
The single biggest story was the semiconductor complex round-tripping in five sessions. Early in the week the AI-chip trade came roaring back: SK Hynix American depositary receipts jumped about 27 percent after its record Nasdaq debut, and a strong outlook from ASML revived sentiment, lifting the S&P 500 to a record-adjacent 7,572.40 close on Wednesday. Then it unravelled. Taiwan Semiconductor reported a 77 percent jump in second-quarter profit but lifted its full-year capital-spending guide to $60 billion to $64 billion, reigniting the question of whether AI-driven valuations are sustainable. By Friday the Philadelphia semiconductor index had slid into bear-market territory, down more than 20 percent from its high before paring, with Cadence off 9.5 percent, Synopsys down 7.9 percent, and memory names including SanDisk, Western Digital, Seagate and Micron falling between roughly 4.6 and 6.5 percent. A new competitive open-source AI model out of China sharpened the durability debate. The S&P 500 closed the week at 7,457.69, the Nasdaq shed about 2.9 percent, its worst week in months, and both round-trips are chronicled day by day from Thursday's rebound note to Friday's selloff analysis.
Earnings Scorecard: Netflix Sinks, Banks and Insurers Shine
Earnings season produced sharp two-way moves. Netflix fell about 7 percent on Friday after its results: earnings of $0.80 a share edged past estimates, but revenue of $12.56 billion narrowly missed the $12.6 billion consensus and third-quarter guidance of 11 percent constant-currency growth undershot the Street's 12 percent call, punishing a stock priced for perfection. Intuitive Surgical sank more than 14 percent as the week's biggest large-cap decliner. On the other side, big banks led by Goldman Sachs beat expectations midweek, BlackRock topped estimates, and Travelers surged 7.4 percent on Friday, leading the insurers and value names that kept the Dow from breaking down with tech. The standout casualty was IBM, which slumped 22 percent after its report, a reminder that even in an AI narrative the market is unforgiving on soft outlooks.
Apple's China AI Win and SpaceX Below IPO
Two mega-cap storylines stood out. Apple jumped about 4 percent to a record midweek after winning approval to launch generative-AI features in China, a meaningful unlock for its largest overseas market. In contrast, SpaceX fell below its IPO price for the first time, a notable wobble for one of the most closely watched recent listings and its newly minted index membership. The split underlined a market rewarding clear catalysts and punishing anything that looked stretched.
- SOX round-tripped into a bear market; Cadence -9.5%, Synopsys -7.9%, memory names -4.6% to -6.5%
- S&P 7,457.69 on the week; Nasdaq about -2.9%, its worst week in months
- Netflix -7%, IBM -22%, Intuitive Surgical -14% vs Travelers +7.4%, Goldman and BlackRock beats
- Apple +4% to a record on China AI approval; SpaceX slipped below its IPO price
Top Crypto Stories of the Week
Bitcoin Defends the $64K Area Through Risk-Off
Bitcoin spent the week absorbing macro shocks rather than making its own headlines. It dipped to about $62,770 on Monday as US-Iran strikes rattled risk appetite, held the $64,000 zone through midweek, and eased to roughly $63,900 by Friday as the tech de-risking spilled over. The orderly nature of the pullback, with the $64,000 area repeatedly defended, was the structural tell: this was a market trading geopolitics and equity beta, not a crypto-specific catalyst.
Ether's Round Trip and Alt Breadth
Ether had the more eventful week among the majors. It popped about 6 percent to $1,868 on Tuesday alongside the cool-CPI risk bid, extended toward $1,926 into midweek as the standout of the large caps, then gave it all back to close near $1,843 as the semiconductor selloff hit the highest-beta corners of the market hardest. The round trip captured the broader altcoin story: strength while risk appetite held, then a swift fade once equities rolled over.
XRP ETF Inflows and the Top-50 Backdrop
Beyond the majors, the notable structural story remained the XRP spot exchange-traded fund inflow streak, which has now run for multiple consecutive weeks and stands out as one of the few sustained bids in the digital-asset complex. Across the rest of the top 50, from Solana and Cardano to Avalanche, Chainlink and the layer-2 names, the week skewed defensive as the risk-off tone from equities capped rallies and kept flows cautious. With no fresh alt-specific catalyst to offset the macro drag, breadth stayed narrow and correlation to the equity tape stayed high. Live levels and flows across the top 50 sit on the ThriveInMarkets homepage and the ETF Flows tabs.
- Bitcoin defended $64K all week, closing near $63,900 despite the risk-off
- Ether round-tripped from a 6% pop to $1,868 back to $1,843 as tech de-risked
- XRP ETF inflows extended their multi-week streak, a rare sustained bid
- Top-50 alts skewed defensive with high correlation to the equity tape
Regulatory & Macro
The macro calendar reshaped rate expectations. A cooler-than-expected June consumer price index on Tuesday knocked July Federal Reserve rate-hike odds below 20 percent, and a soft June producer price index on Wednesday extended the cooling-inflation story, lifting the S&P back toward its record before the chip selloff took over. June retail sales and weekly jobless claims on Thursday rounded out the data. The backdrop remains a Fed under Chair Kevin Warsh that markets still see as capable of hiking, so every soft print matters. The other macro driver was geopolitical: a sustained US-Iran conflict kept the Strait of Hormuz effectively closed, sending WTI crude up more than 10 percent on the week to about $82 and Brent above $80, while gold held above $4,000 at $4,012 as its safe-haven bid reasserted itself.
- Cool June CPI cut July rate-hike odds below 20%; soft PPI reinforced the cooling story
- The Warsh Fed keeps every inflation print in focus for the hike-or-hold debate
- WTI ~$82 (+10% on the week) on the Hormuz closure; Brent above $80
- Gold $4,012, reclaiming its safe-haven role above $4,000
Week Ahead: What to Watch
The coming week keeps the same crosscurrents in play. Levels to watch for direction rather than instructions to act on:
- Can the SOX hold its bounce? Whether the semiconductor index stabilizes above its bear-market low is the structural tell for the whole tape, with S&P 7,457.69 the near-term marker.
- A heavy earnings slate. More mega-cap technology and industrial results land, and after this week's two-way moves the guidance, not the headline beat, is what the market is pricing.
- Oil and the Hormuz premium. Any de-escalation or further escalation in the US-Iran conflict could swing crude sharply and start to leak into inflation expectations.
- Approaching Fed decision. With the late-July FOMC meeting in view, this week's cooling data frames the hike-or-hold debate; watch Fed commentary for confirmation.
- Bitcoin's $64K reference. The zone Bitcoin defended all week remains the crypto line in the sand into the new week.
- Watch whether the SOX holds its bear-market bounce; S&P 7,457.69 is the marker
- Mega-cap tech and industrial earnings, with guidance the swing factor
- Oil and Hormuz headlines plus the approaching late-July FOMC frame the macro
- Bitcoin's $64K zone stays the crypto reference
For the daily play-by-play behind this recap, browse this week's coverage on Market Insights and check the economic calendar for next week's catalysts.
ThriveInMarkets publishes market commentary for general information only and does not provide personal investment advice. Weekly figures are drawn from cash-session closes and live crypto and commodity prints during the week; levels cited are reference points, not instructions to buy or sell any asset.
