Inflation and Earnings Take Center Stage
July 13, 2026
The S&P 500 Index gained approximately 1.2% last week, while the Nasdaq Composite Index advanced 1.7%,1 as investors largely looked past renewed U.S.-Iran tensions. In corporate credit markets, Amazon’s unexpected $25 billion corporate bond issuance was the key development, putting pressure on investment-grade corporate spreads.2 While the broader investment-grade corporate index widened only two basis points (bps) and remains historically tight at 76 bps,3 spreads among hyperscaler issuers moved 10 to 30 bps wider as investors grew wary of additional large bond issuance to fund elevated capital spending.4 Amazon’s $25 billion debt offering marked the seventh technology bond deal of that size this year, exceeding the total number of comparable mega-deals completed during the prior six years.5
Treasury yields also moved higher during the week, with the 10-year Treasury finishing near 4.56% and the 30-year Treasury rising back above 5.00%.6 Oil prices were volatile throughout the week as investors monitored developments in the Middle East and the escalation of hostilities involving Iran. This week is starting with oil moving higher, and rates are following suit as the strikes in Iran continued over the weekend.7,8
In the week ahead, inflation takes center stage. June Consumer Price Index (CPI) will be released Tuesday, followed by Producer Price Index (PPI) on Wednesday and retail sales on Thursday.9 These reports will be particularly important ahead of the July 29 Federal Open Market Committee (FOMC) meeting,10 as markets continue to debate whether the next move is a hold or a hike. Earnings season also begins in earnest, with JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and several other large financial institutions reporting results.11 Along with inflation data, management commentary on loan growth, deposit trends, credit quality and capital markets activity should provide an early read on the health of both the consumer and corporate sectors. Importantly, investors will be looking to determine whether anticipated earnings growth is sufficient to justify continued strength in equity markets.
Sources:
1JPMorgan Asset Management – Weekly Market Recap - Week of July 13, 2026
2,5Bloomberg – Big Tech’s $25 Billion Mega Bond Sales Are Pushing Market Limits; 7/8/26
3,8Bloomberg
4JPMorgan
6CNBC – Treasury yields move higher as investors track Middle East developments; 7/10/26
7CNBC – Oil prices rise as U.S. and Iran contest control of Strait of Hormuz with fresh strikes; 7/12/26
9MarketWatch – Economic Calendar; as of July 13, 2026
10Board of Governors of the Federal Reserve System – Calendar; July 2026
11Kiplinger – Earnings Calendar and Analysis for This Week (July 13-17)
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