Nasdaq Gains 1.74% Weekly, Oil Spikes to $76, Yields Near 4.60%

For markets, the week’s price action exemplifies the tension between growth and inflation: tech’s resurgence signals risk appetite, but surging energy costs and bond yields threaten to choke off the rally. The Russell 2000’s losses underscore how rising rates disproportionately punish interest-rate-sensitive sectors.

Technology shares decisively reclaimed market leadership during the week ending July 10, 2026, even as a dual shock of surging oil prices and climbing bond yields created a challenging macro backdrop. The Nasdaq Composite led the charge with a robust 1.74% weekly gain, bolstered by major tech deal-making and the successful Wall Street debut of South Korean memory giant SK Hynix. The S&P 500 followed with a 1.23% rise to 7,575, brushing against its weekly high, while the Dow Jones Industrial Average slipped 0.50% to 52,637 and the small-cap Russell 2000 fell 0.61%, highlighting the narrow breadth of the rally. The CBOE Volatility Index dropped 3.47% to 15.03, signaling that despite sector rotations and geopolitical tremors, broad market anxiety remained subdued.

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The S&P 500 followed with a 1.23% rise to 7,575, brushing against its weekly high, while the Dow Jones Industrial Average slipped 0.50% to 52,637 and the small-cap Russell 2000 fell 0.61%, highlighting the narrow breadth of the rally.

The week began on a strong note Monday, July 6, as buy-the-dip investors pounced on tech names that had been battered at the end of the prior week. The Nasdaq surged 1.12% that day, lifted by stabilization in Korean equity markets, which house critical semiconductor manufacturers. However, Tuesday, July 7, brought a sharp reversal after Samsung’s earnings disappointed the Street’s most bullish expectations, sending shockwaves through the global chip supply chain. Micron Technology tanked 4.71%, SanDisk plunged 7.26%, and Intel cratered 9.66%, erasing all the prior day’s Nasdaq gains in a single session.

Compounding the tech turbulence, a geopolitical flare-up in the Strait of Hormuz ignited oil markets. A Qatari LNG carrier was struck by a projectile off the Omani coast, driving West Texas Intermediate crude above $69 per barrel initially, then hurtling toward $76 later in the week—a level not seen in recent weeks. The spike revived latent inflation fears, reminding investors that supply-chain disruptions and energy shocks can reignite price pressures even as central banks seek to normalize policy. The 10-year Treasury yield climbed to around 4.60%, a one-month high, as bond traders priced in higher-for-longer rate expectations and a potential acceleration in consumer prices.