On July 16, 2026, the S&P 500 Index is down 0.14%, the Dow Jones Industrial Average is up 0.21%, and the Nasdaq 100 Index is down 0.96%. Meanwhile, September E-mini S&P futures are down 0.18%, and September E-mini Nasdaq futures are down 1.02%. The Dow reached a 1-week high, while the Nasdaq fell to a 1-week low, largely due to declines in chipmakers affected by a 6% drop in South Korea’s Kospi Index.
In economic reports, U.S. initial unemployment claims fell by 8,000 to 208,000, surprising analysts who expected an increase. The Philadelphia Fed business outlook survey for July increased by 31.1 points to a 4.5-year high of 41.4. Conversely, June retail sales rose by 0.2% month-over-month, slightly aligning with expectations, while pending home sales dropped 5.4%, marking the sharpest decline in six months.
In geopolitical news, WTI crude oil prices rose nearly 1% following U.S. airstrikes on Iran, igniting concerns over oil supply. RBC Capital Markets reported a drop in oil flows through the Strait of Hormuz to 3.9 million barrels per day, down from 8.5 million before a ceasefire’s collapse. The markets are currently factoring in a 12% chance of a 25 basis point rate hike at the next FOMC meeting.
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