JUST THE FACTS

The dominance of AI stocks would prove unmistakable this past week. The sector, led by chip names, suffered more selling on Friday, sending all three of the major indices falling for a losing day and week.

"As chipmakers go, so go the markets" is a theme that keeps repeating itself these days. Most of the time, that's turned out pretty well, but this last week, the repeat would be a drag on markets everywhere.

New developments in the war with Iran, both in the Middle East and back here at home, continue to come out rapidly. For the latest news reports on hostilities and peace talks, updates will be posted here.

June's CPI and PPI inflation reports both dropped cooler-than-expected surprises this week. That news sent the odds for a July rate hike tumbling, but how the war goes may decide the fate of future hikes.

The same falling fuel costs that powered the cool-off in inflation led another jump in sentiment. July's initial survey topped expectations, but the good vibes may be tested as the war threatens prices again. 

Both sides of the tech trade will grab the markets' attention this coming week. On the buying side, the Mag7s Alphabet and Tesla report their earnings, while on the selling side, chipmaker Intel will report.