Cooling Inflation Meets Surging Oil and Market Losses (July 13 – 17, 2026, Recap)

Overview

Global markets faced a busy week shaped by major economic data, central bank decisions, commodity price swings, and corporate earnings. Inflation pressures showed signs of easing in the United States, while the UK economy posted modest growth and the Bank of Canada kept interest rates unchanged. Oil prices rose sharply, major stock indexes declined, and several leading companies reported strong quarterly results, creating a mixed but eventful backdrop for investors.

Major Economic Indicators and Events in Review

Tuesday, July 14

15:30 – USA: CPI m/m (USD)

U.S. consumer prices fell 0.4% in June 2026, the biggest monthly drop since April 2020, mainly because energy costs plunged 5.7%. Food and housing prices still rose slightly, while prices excluding food and energy were unchanged. Over the past year, overall inflation slowed to 3.5%, down from 4.2% in May. Core inflation eased to 2.6%. Energy prices remained 15.7% higher than a year earlier, while food prices increased 3.0%. This suggests inflation pressures are easing.

EUR/USD rose 0.36% on the day.

Wednesday, July 15

15:30 – USA: PPI m/m (USD)

Producer prices fell 0.3% in June, mainly because goods prices dropped 1.4%, their largest decline in nearly four years. Energy prices fell 6.4%, led by a 12% plunge in gasoline, while food prices decreased 0.6%. Service prices rose slightly by 0.2%. Despite June’s decline, overall producer prices were 5.5% higher than a year earlier. Prices excluding food, energy, and trade services increased by 0.1% in June and by 5.1% over the past year.

USD/JPY slipped 0.03% on the day.

16:45 – Canada: Overnight Rate (CAD)

The Bank of Canada kept its policy interest rate at 2.25%, saying the current level supports recovery while helping inflation return to its 2% target. Canada’s economy is improving, with second-quarter growth estimated at 2.5%, though unemployment remains elevated. Inflation reached 3.2% in May because of higher gasoline prices, but is expected to ease toward 2% in early 2027. Risks remain from the Middle East conflict, oil prices, uncertain US trade policy, and tariffs.

USD/CAD declined 0.11% on the day.

17:30 – USA: Crude Oil Inventories (USD)

U.S. refineries processed 17.1 million barrels of crude oil per day, operating at 96.2% capacity. Crude oil inventories fell by 1.7 million barrels, while gasoline stocks dropped by 1.5 million barrels. Distillate inventories rose sharply by 4.6 million barrels. Crude imports increased slightly but remained well below last year’s level. Overall, petroleum demand was broadly stable, although gasoline and distillate use declined from a year earlier, while jet fuel demand increased modestly during the period.

EUR/USD rose 0.35% on the day.

Thursday, July 16

09:00 am – UK: GDP m/m (GBP)

The UK economy grew by 0.1% in May 2026, recovering slightly after a 0.1% decline in April. Growth was driven by services, which increased 0.3%, while production fell 0.5% and construction dropped 0.8%. Over the three months to May, GDP expanded 0.7%, marking the sixth consecutive period of growth. Compared with the same three months in 2025, the economy was 1.1% larger, mainly because of stronger activity across the services sector.

GBP/USD fell 0.46% on the day.

15:30 – USA: Unemployment Claims (USD)

New U.S. unemployment claims fell by 8,000 to 208,000 in the week ending July 11, suggesting layoffs remain relatively low. The four-week average also declined to 214,250, smoothing out weekly changes. Continuing claims dropped by 16,000 to 1.805 million, while the insured unemployment rate stayed unchanged at 1.2%. Overall, the figures indicate a stable labor market, although the four-week average of continuing claims increased slightly.

EUR/USD edged 0.17% lower on the day.

15:30 – USA: Retail Sales m/m (USD)

U.S. retail and food service sales reached $768.6 billion in June 2026, rising 0.2% from May. Sales were 6.7% higher than in June 2025, showing strong annual growth. Total sales from April through June increased 6.4% compared with the same period last year. May’s monthly growth was also revised slightly higher, from 0.9% to 1.0%.

USD/JPY rose 0.12% on the day.

Commodities

1. Crude Oil
   1. Crude oil prices rose by 14.38% over the past week
2. Brent Oil
   1. Brent was up 17.35% compared to the previous week
3. Gold
   1. The precious metal Gold (XAUUSD) concluded the week on Friday with 2.51% weekly losses
4. Silver
   1. XAGUSD declined by 6.62% from last week

Stock Market

1. S&P 500 fell 1.64%
2. DJIA was down 1.03%
3. NASDAQ 100 decreased by 4.23%

Top Gainers

1. Twin Vee Powercats Co. (VEEE) 702.91%
2. NextCure, Inc. (NXTC) 204.06%
3. China Pharma Holdings, Inc. (CPHI) 92.98%

Top Losers

1. T3 Defense Inc. (DFNS) -65.00%
2. Jet.AI Inc. (JTAI) -62.56%
3. VCI Global Limited (VCIG) -58.93%

Company Earnings (July 13 – 17)

Tuesday, July 14: JPM (JPMorgan Chase & Co.)

Tuesday, July 14: BAC (Bank of America Corporation)

Tuesday, July 14: GS (The Goldman Sachs Group, Inc.)

Tuesday, July 14: WFC (Wells Fargo & Company)

Tuesday, July 14: C (Citigroup Inc.)

Wednesday, July 15: JNJ (Johnson & Johnson)

Wednesday, July 15: MS (Morgan Stanley)

Wednesday, July 15: BLK (BlackRock, Inc.)

Thursday, July 16: GE (GE Aerospace)

Thursday, July 16: NFLX (Netflix, Inc.)

JPMorgan posted strong second-quarter results, earning $16.9 billion, or $6.14 per share. Growth was driven by trading, investment banking, asset management, and higher deposits and loans. Equity trading revenue surged 86%, while investment banking fees rose 30%. Consumer spending and deposits also remained solid. The bank raised its income outlook but also expects higher expenses. Management said consumer credit is performing better than expected, leading to a lower forecast for card losses.

JPM shares rose 1.38% during the last week.

Bank of America reported stronger-than-expected second-quarter earnings, with profit of $1.21 per share, beating analysts’ forecast of $1.13. Revenue was reported as rising 19.6% from a year earlier. Looking ahead, analysts expect the bank’s annual earnings per share to increase from $4.64 to $5.23 next year, representing growth of about 12.7%.

BAC shares gained 2.68% over the past week.

Goldman Sachs reported much stronger-than-expected second-quarter results. Earnings reached $20.98 per share, beating analysts’ estimate of $14.47 by $6.51. Revenue jumped 39.4% from a year earlier to $20.34 billion, also well above forecasts of $16.22 billion. Looking ahead, analysts expect annual earnings per share to rise from $66.83 to $70.15 next year, representing growth of about 5%.

GS shares were up 0.95% over the past week.

Wells Fargo reported a strong second quarter, with earnings per share rising 25% to $2 and revenue increasing 9%. Loans and deposits both grew by double digits, helped by stronger customer relationships after the asset cap was removed. Credit quality remained healthy, with fewer loan losses and little sign of borrower stress. The bank kept its 2026 interest income outlook unchanged and returned $9.8 billion to shareholders through dividends and share buybacks.

WFC shares gained 0.40% during the last week.

Citigroup reported a strong second quarter, earning $5.8 billion, or $3.15 per share, and recording its highest quarterly revenue in a decade. Growth was driven by services, trading, banking, and wealth management. The bank completed a $4 billion share buyback and plans to raise its dividend by 12%. Management kept its full-year profitability target unchanged because of economic uncertainty and may reinvest savings in technology, AI, and business growth.

C shares dropped 8.12% over the past week.

Johnson & Johnson reported stronger-than-expected second-quarter results and raised its 2026 outlook. Worldwide sales reached $25.3 billion, supported by solid growth in its medicines business, especially oncology, immunology, and neuroscience products. New treatments and pipeline programs are gaining momentum. MedTech sales also grew, although cardiovascular products faced some pressure. Management expects faster growth in the second half, helped by upcoming product approvals, clinical data, and continued demand for key medicines across global markets overall.

JNJ shares slipped 1.53% during last week.

Morgan Stanley reported record second-quarter revenue of $21.3 billion and earnings of $3.46 per share, supporting a strong first half of 2026. Wealth Management attracted a record $148 billion in new assets, while Institutional Securities benefited from strong equities and investment banking activity. Investment Management reached $2 trillion in assets. The firm also repurchased $1.5 billion of shares and raised its quarterly dividend by 15%, while keeping a cautious approach to capital spending.

MS shares fell 3.05% over the past week.

BlackRock reported a strong second quarter, with record revenue of $7.1 billion and earnings of $13.91 per share. The firm attracted $192 billion of new client money during the quarter and $868 billion over the past year. Growth was supported by ETFs, private markets, customized investments, and technology services. BlackRock also plans larger share buybacks and expects to return more than $5.7 billion to shareholders this year through dividends and repurchases.

BLK ended the week up 3.48%.

GE Aerospace reported stronger-than-expected second-quarter results. Earnings reached $2.02 per share, beating analysts’ estimate of $1.86. Revenue rose 21.1% from a year earlier to $12.63 billion, also exceeding forecasts of $11.87 billion. Looking ahead, analysts expect the company’s annual earnings per share to increase from $7.93 to $8.71 next year, representing growth of about 9.8%.

GE shares declined 2.91% over the last week.

Netflix said it remains on track to meet its 2026 goals, expecting full-year revenue growth of 13% to 14%. Membership growth, customer retention, pricing, and advertising trends remain healthy. The company’s strong mix of global shows and live events is supporting engagement, while ad revenue is improving through better technology and measurement. Netflix is also investing in games, video podcasts, live programming, and AI tools to support future growth and make content production more efficient.

NFLX shares fell 6.02% last week.

Conclusion

Overall, the week presented a mixed picture for global markets. Economic data showed easing U.S. inflation, steady employment, modest UK growth, and cautious central bank policy. Strong oil gains contrasted with declines in precious metals and major stock indexes. Although many companies reported solid earnings and improving outlooks, share-price reactions varied widely. Investors remain focused on inflation, interest rates, geopolitical risks, and whether strong corporate performance can support markets in the coming weeks.