US Stocks Rally To End Turbulent Month | The Close 7/31/2026

Summary

The episode covers a rally into the close of a turbulent month for US stocks, with a focus on Fed credibility, rising long-term yields, and mixed tech earnings. Key interviews include UBS's Phoebe White expressing a bullish dollar view, Rosenblatt's Barton Crockett taking a cautious stance on Apple due to valuation and iPhone deceleration risks, and Wells Fargo's Veronica Willis advocating adding tech on pullbacks and using commodities as a hedge. Illumina's CEO delivers a bullish outlook on genomics growth, while segments touch on AI identity, Universal Music's streaming slowdown, and a combat sports merger.

• S&P 500 ends July little changed despite sharp swings; tech leads on the final day.
• UBS Head of US Rates Strategy sees Fed on hold and is bullish on the dollar, citing growth strength.
• Rosenblatt analyst says Apple's valuation is stretched and iPhone growth likely to decelerate.
• Wells Fargo strategist recommends adding to tech on dips and buying commodities on geopolitical price drops.
• Illumina CEO raises guidance and highlights clinical genomics and AI-driven data opportunities.
• Chevron CFO reports record quarter but gives no forward oil price view.
• Universal Music shares fall on streaming slowdown; broader combat sports merger discussed.
• 30-year Treasury yield surges to highest since 2007, raising concerns over Fed inflation fight.