Daily Market Report – July 16, 2026

Markets

The international stock markets closed predominantly weaker. The DAX (DAX) lost 0.34% to 24,915 points, as the weakness of US technology stocks particularly dampened sentiment. In the US, the S&P 500 (SPX) fell by 0.5%, the Dow Jones lost 0.2%, and the Nasdaq Composite (IXIC) dropped by 1.5%. Semiconductor stocks were particularly under selling pressure, although the earnings season has started solidly overall. The yields on ten-year US government bonds rose slightly, while the oil price closed nearly unchanged after interim gains. The geopolitical tensions in the Middle East remain a risk factor.

Companies & Reporting Season

The earnings season continued to gain momentum. Taiwan Semiconductor Manufacturing (TSMC) exceeded expectations with record profit and a raised outlook. Nevertheless, semiconductor stocks worldwide came under pressure as investors took profits after the strong price performance and critically evaluated the company's high investments. In the evening after US market close, the quarterly results of Netflix, Alcoa, and United Airlines were in focus. In Europe, attention turns to the upcoming week with results from SAP, ASML, Volkswagen, Novartis, and UniCredit. Analysts expect the companies in the STOXX Europe 600 (SXXP) to achieve the strongest earnings growth in more than three years, with the energy sector making a significant contribution.

Macroeconomics

The US economic data painted a mixed picture. Retail sales rose in June as expected by 0.2% compared to the previous month, signaling continued robust consumption. At the same time, initial jobless claims came in lower than expected at 208,000, confirming the ongoing strength of the labor market. In the Eurozone, a rising trade balance was reported. Overall, the data supports the expectation of a resilient global economy, while central banks are likely to maintain their cautious course in light of inflation developments for the time being.