Weekly Market Update – July 27, 2026

Price Return Last Week

S&P 500  (0.6%)  S&P Mid Cap  0.3% Russell 2000  (1.1%)

MSCI EAFE 0.4% MSCI EM 0.5%

10 Yr US Treasury Rate – rose from 4.54% to 4.68%

Source: Refinitiv Eikon

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Recent News

New Global Tariffs – As President Trump’s previous 10% global tariff expired on Friday, the administration announced new tariffs of 10% and 12.5% on imports from 60 countries using Section 301 of the Trade Act of 1974.  The White House claimed that these new tariffs were the result of these countries failing to curb imports of goods made with forced labor.  While Section 301 tariffs have withstood scrutiny from the court system in years past, it is unclear what evidence has been gathered to argue that each of these countries are using forced labor.  These new tariffs cover over 99% of imports but feature exemptions for certain items such as oil and gas, cars, minerals, and food items.

Source: Thomson Reuters

U.S. Imposes Tariffs on Canadian Imports – President Trump announced that he was imposing an additional 50% tariff on certain Canadian goods, including wine, hockey sticks, and cement.  Many items such as energy, fish, and critical minerals were exempt from the tariffs.  It is estimated that the tariffs impact approximately $20 billion of goods.  Unlike previous tariffs, these tariffs are for goods that comply to the U.S.-Mexico-Canada Agreement between the U.S. and Canada.  Legal challenges are expected and it is unclear if the tariffs will be allowed to remain in place.

Source: The Wall Street Journal

Oil Prices Rise – For the third time this year, the price of a barrel of Brent Crude rose to above $100.  This increase occurred as Iran-backed Houthi militants claimed they attacked two oil tankers in the Red Sea, raising concerns about oil flows outside the Strait of Hormuz.  The 10-year Treasury Yield increased to 4.70% and market-based indicators estimate the likelihood of a hike to interest rates in September at over 80%.

Source: Thomson Reuters, The Wall Street Journal

Why Are We Right-Handed? – A new study out of the University of Oxford claims that the reason humans developed a preference for one hand over the other is most likely because of our ability to walk.  Walking upright freed up our hands to be used for specialized tasks instead of transportation and as our brains grew larger the preference for one hand grew even stronger.  Nearly all other primates do not show a preference for one hand over the other.

Source: Science Daily

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Upcoming Events

7/27 – Durable Goods, Notable Earnings Reports: Cadence, Nucor

7/28 – Consumer Confidence, Notable Earnings Reports: Illinois Tool Works, Boeing, Ecolab, Coca-Cola, Visa, Expand Energy, Ford, Mondelez, KLA

7/29 – Fed Meeting, Notable Earnings Reports: CBRE, Masco, Amphenol, Cognizant, Flex, Procter & Gamble, Aon, Fortive, Bunge, Chipotle, Equinix, Microsoft, Qualcomm, Starbucks, Meta, VICI Properties

7/30 – PCE, GDP, Notable Earnings Reports: Air Products and Chemicals, Bristol-Myers Squibb, Intercontinental Exchange, Mastercard, Valero, Willis Towers Watson, Apple, Amazon.com, First Solar, Stryker, Weyerhaeuser

7/31 – Notable Earnings Reports: Linde, Chevron, Colgate-Palmolive, Eaton, Abbvie

Source: Refinitiv Eikon

Disclosure

This material, including references to specific securities, is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security.       Views are as of the date shown and may change. Forecasts and forward-looking statements are not guarantees of future results. Information is believed reliable but not guaranteed for accuracy or completeness; third-party sources are not affiliated with Chesley, Taft & Associates (CTA).  Indexes are unmanaged, not investable, do not reflect fees or expenses, and shown for illustrative purposes only. Past performance is not indicative of future results. Viewing this material does not create an advisory relationship with CTA.