From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 7/24/2026
U.S. equity markets are mixed this morning as investors continue to balance earnings results, geopolitical developments, and inflation concerns. The Nasdaq is lower, pressured by ongoing weakness in semiconductor stocks, while the S&P 500 is trading near unchanged and the DJIA is modestly higher. Investor sentiment remains cautious following sharp market declines earlier in the week that were driven by rising oil prices and escalating tensions in the Middle East. Although crude oil prices have eased somewhat from recent highs, Brent crude remains elevated near $100 per barrel, keeping inflation concerns in focus.
The housing market showed modest improvement in June as new home sales increased from the prior month. Sales rose to a seasonally adjusted annual rate of 628,000 units, up 1.6% from May’s pace of 618,000. However, sales remained 5.6% below their level from June 2025. Inventory remained elevated, with 485,000 new homes available for sale, representing a 9.3-month supply at the current sales pace. Home prices moderated during the month, with the median sales price declining to $398,300, down 3.3% from May and 2.7% from a year earlier.
The latest S&P Global flash PMI data indicated continued expansion across both the manufacturing and services sectors in July. The Manufacturing PMI edged down to 53.8, down from 53.9 in June. The Services PMI rose to 53.6 from 51.2, marking the strongest reading in several months and pointing to improved growth across the broader service economy. The Composite PMI came in at 53.6 for the month, the highest level since November.
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