S&P 500 Ends Near Record High, Tech Inflows Surge 39% as Earnings Season Begins

The S&P 500 closed at 7,575, just 0.6% below an all-time high, gaining 1.2% for the week despite Iran tensions and oil price jumps. Tech funds saw $9.71 billion in inflows, a 39% increase. Levi Strauss and WD-40 reported strong quarterly beats, while Delta Air Lines showed margin compression. Nvidia underperformed the semiconductor index, up only 7% YTD.

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S&P 500 ends near record high, up 1.2% for the week despite Iran tensions The index closed at 7,575.39, just 0.6% below its all-time high, as investors shrugged off geopolitical risks and oil price increases. The Nasdaq gained 1.7% for the week, while the Dow fell 0.5%. Tech sector cash inflows jumped 39% to $9.71 billion, with technology funds pulling in $9.71 billion. 1 2 3 4

Levi Strauss raises full-year outlook after strong Q2 earnings beat Levi Strauss reported Q2 organic revenue up 6% and adjusted EPS of $0.28, up 27% year-over-year, driven by DTC growth and international strength. The company raised its full-year guidance, citing broad-based growth across channels and geographies. 5

WD-40 Company smashes Q3 estimates, stock jumps 10% WD-40 reported Q3 adjusted EPS of $2.33 versus $1.58 consensus, with revenue of $195.1M beating estimates. Management raised FY2026 EPS guidance to $6.05–$6.35 and authorized a $100M buyback, sending shares up more than 10%. 6

Delta Air Lines Q2 revenue rises but net margin compresses to 5.8% Delta posted Q2 revenue of $19.8B and EPS of $2.45, but trailing net margin fell to 5.8% from 7.2% a year ago, highlighting cost pressures despite strong demand. Bulls point to higher load factors and yields, while bears flag rising non-fuel unit costs. 7

Nvidia up only 7% YTD, sharply underperforming Philadelphia Semiconductor Index Nvidia's stock has lagged the SOX index which surged 80% year-to-date, due to high valuations and cooling GPU rental prices. Bank of America maintains a Buy rating, citing a forward P/E at a seven-year low and robust ecosystem, while a rare chart pattern suggests potential upside. 8 9

Berkshire Hathaway trails S&P 500 by 12.4 percentage points in 2026 Berkshire's B shares are down 1.8% year-to-date, while the S&P 500 has gained 10.7%, as the conglomerate's portfolio lags the tech-driven rally. A strong June erased some of the deficit, but Berkshire still underperforms the benchmark. 10

Wall Street braces for volatility ahead of earnings season, CPI data, and Iran tensions The Dow Jones index faces a busy week with Q2 earnings reports, June CPI inflation data, and ongoing US-Iran geopolitical risks that could drive market swings. Over 30 S&P 500 companies report next week, with inflation and retail sales figures also on tap. 11