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Weekly Signal

The Tape Split in Two

Software week, semi wreck — the tape split in two, and the calendar behind it raises the stakes.

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Thomas Look
Jul 05, 2026
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What the week actually did

The headline indices hid the real story. The S&P 500 added +2.2% and the equal-weight version matched it (RSP +2.2%) — participation was broad. The Dow gained +2.0%, the Nasdaq Composite +2.3%. But the Nasdaq-100 made only +0.9%, and small caps fell (IWM −0.7%). An up week for almost everything — except the two ends of the barb…

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