Weekly Market Update for July 24, 2026
by Gavyn Jensen-Schneider, Research Associate
Tensions in the Middle East continue to bubble, increasing the potential for a full-scale reescalation of the Iran conflict. The S&P 500 finished the week down -0.61%, while the Nasdaq fell -2.13%. The 10-Year Treasury yield, an interest rate indicator, closed at 4.68%, up +13 basis points (bps) from last week. The 6-Month US Treasury, a favorite of our US Treasury strategy, rose +12 bps to 4.04%.
For the first time since April, Brent Crude oil has crept above $100, notching an increase upward of 20% month-to-date. Financial markets typically disregard geopolitical developments until they are too big to ignore, and such is the case again with Iran. The Iranian-backed Houthi Rebels, who control southern Yemen, instituted a blockade on Saudi Arabian shipments through the Bab el-Mandeb Strait. Sitting at the mouth of the Red Sea, the Bab el-Mandeb handles 10-12% of international maritime trade, including a quarter of global container traffic. After the closure of the Strait of Hormuz, Saudi Arabia had rerouted much of its oil to Red Sea ports, so the Bab el-Mandeb closure throws yet another wrench into oil outflows.
Unlike the Strait of Hormuz, there is an alternative to the Bab el-Mandeb Strait as a ship can reroute around the Cape of Good Hope at the southern tip of Africa, taking an additional 9 days or so to reach its destination. Likewise, ships departing from the Red Sea can navigate north through the Suez Canal and Mediterranean Sea. President Trump has said the US “will hold Iran responsible, in that the Houthis are a surrogate and/or proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves,” and is seriously considering a “massive attack” on Iran that would be “bigger than ever before.” A resumption of large-scale combat activities could keep oil prices elevated for longer and spur inflation, a fear exemplified by the 10-Year Treasury yield, which hit its highest point since January 2025.
The AI buildout cycle continues to be hot and cold, with growth receiving tepid responses. Alphabet, Google’s parent company, released its earnings report on Wednesday, meeting or beating expectations in nearly every revenue category and notching an +82% revenue jump for its cloud services. The stock fell over 6% on the news, however, as scrutiny centered on increasing capital expenditures. Alphabet plans to spend $200 billion across 2026 to build out data centers and purchase chips to power its growing compute capacity needs. Some investors are getting skittish as returns on AI investment are lagging the immense capital spend.
Weekly jobless claims hit a historic low this week at 187k, the lowest level since 1969. The US labor market remains stable, though not exactly strong; while unemployment remains low at 4.2%, labor force participation—an input used to calculate the unemployment rate—has been steadily declining, reaching a 5-year low of 61.5% in June. The countervailing forces allow for two interpretations of the historically low initial jobless claims, as a smaller pool of laborers could imply fewer individuals are eligible to apply for unemployment, or a sufficient supply of jobs could mean fewer workers require unemployment insurance.
The earnings parade continues next week with Microsoft, Amazon, and Apple leading the high-profile lineup. Economic data are headlined by Thursday’s Personal Consumption Expenditures (PCE) inflation reading, as well as the first preliminary reading of second-quarter gross domestic product (GDP). Rounding out the week is a July 28-29 Federal Reserve meeting to discuss interest rates. According to CME FedWatch, financial markets are anticipating a 36% chance of a 25-bps interest rate hike.
The information contained in this commentary is not investment advice for any person. It is presented only for informational purposes. Included information has been obtained from sources considered reliable, but we do not guarantee that the foregoing materials are accurate or complete. Investors should contact Ulland Investment Advisors for individualized information prior to deciding to participate in any portfolio or making any investment decision. Ulland Investment Advisors does not provide tax advice. All investors are strongly urged to consult with their tax advisors regarding any potential investment. Performance quoted is past performance. Past performance is not indicative of future performance. There is always a possibility of loss.
Current performance may be lower or higher than performance shown. Differences in performance versus the indices/funds may be attributable, in part, to differences in the asset make-up of the strategy vs. the indices/funds. Performance calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance is subject to revision. See www.ullandinvestment.com for important strategy disclosures.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investing involves risk; principal loss is possible. Investors should consider the investment objectives, risk, charges, and expenses of the strategy carefully before investing. This and other important information can be obtained by contacting Ulland Investment Advisors at www.ullandinvestment.com or 612.312.1400.
Weekly Market Update for July 17, 2026
by Gavyn Jensen-Schneider, Research Associate
Market indices fell as the Middle East conflict reheated and worries about AI spending continued to build. The S&P 500 finished the week down -1.55%, while the Nasdaq fell 2.90%. The 10-Year Treasury yield, an interest rate indicator, closed at 4.55%, down -1 basis point (bp) from last week. The 6-Month US Treasury, a favorite of our US Treasury strategy, fell -3 bps to 3.92%.
The US reinstituted a naval blockade of the Strait of Hormuz earlier this week, grinding commercial traffic to a standstill. Attacks from both sides have widened, with Iran targeting US allies Qatar, Kuwait and Jordan, and the US responding in kind with targeted strikes on critical Iranian infrastructure. Since the memorandum of understanding was cast aside nearly 10 days ago, Brent Crude oil prices have climbed around 20%. Markets have been generally unresponsive to the reheating conflict, as businesses have adjusted to the adverse geopolitical environment.
This week’s index declines were instead motivated by the AI investment cycle, as investors are antsy to see positive returns on investment. The PHLX Semiconductor sector index (SOX) has fallen nearly 25% from its May highs, even as semiconductor manufacturers, such as Micron Technology (MU), have posted record-breaking revenue and operating profit growth. If the immense capital expenditures from hyperscalers like Meta, Alphabet, and Microsoft result in higher earnings growth rates, it would suggest AI demand—and thereby semiconductor revenue growth—is sustainable going forward, rather than a feared case of “irrational exuberance.”
Earnings season kicked off this week, as the big banks including JPMorgan Chase, Goldman Sachs, and others reported strong revenue growth in the second quarter. JPMorgan saw record revenue across the company’s major business segments and 23.7% growth in earnings per share (EPS), with CEO Jamie Dimon stating, “It’s getting close to as good as it gets” for the banking industry. In healthcare, insurer UnitedHealth Group saw a return to form, with EPS growing 30% year-over-year. According to FactSet, blended second-quarter EPS growth for the S&P 500 is estimated at 18.8% year-over-year.
Inflation cooled in June according to the latest print of the Consumer Price Index (CPI). Headline CPI fell 70 bps from last month to 3.5%. Core CPI fell 40 bps to 2.6%, marking the lowest core inflation since February. While inflation is trending in the right direction, it’s still nowhere near the 2% target maintained by the Federal Reserve. Chairman Warsh, in a public hearing before Congress earlier this week, reiterated that fact: Fed policymakers “have no tolerance for persistently elevated inflation,” and while “there might be some that look at this morning’s data and say, ‘mission accomplished,’” that is not his view.
Earnings season will be in full swing next week, as a smorgasbord of companies including Alphabet (Google’s parent company) and Tesla report their earnings. Economic data are sparse, with initial jobless claims on Thursday and new housing orders Friday, the most notable publications.
The information contained in this commentary is not investment advice for any person. It is presented only for informational purposes. Included information has been obtained from sources considered reliable, but we do not guarantee that the foregoing materials are accurate or complete. Investors should contact Ulland Investment Advisors for individualized information prior to deciding to participate in any portfolio or making any investment decision. Ulland Investment Advisors does not provide tax advice. All investors are strongly urged to consult with their tax advisors regarding any potential investment. Performance quoted is past performance. Past performance is not indicative of future performance. There is always a possibility of loss.
Current performance may be lower or higher than performance shown. Differences in performance versus the indices/funds may be attributable, in part, to differences in the asset make-up of the strategy vs. the indices/funds. Performance calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance is subject to revision. See www.ullandinvestment.com for important strategy disclosures.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investing involves risk; principal loss is possible. Investors should consider the investment objectives, risk, charges, and expenses of the strategy carefully before investing. This and other important information can be obtained by contacting Ulland Investment Advisors at www.ullandinvestment.com or 612.312.1400.
Ulland named to Broadridge’s Top 40 — across three SMA strategies
A quick and proud note for this month.
Three of our SMA strategies were recently (June) named to Broadridge’s Top 40 Money Managers (powered by Lipper) for the 12 quarters ended March 31, 2026.
Our strategy fact sheets are here:
- Intelligent Fixed Income (Preferred Stock)
- Intelligent Blend (U.S. Equity)
- Intelligent Fixed Income Gov (Treasury)
- Defensive Growth (Multi Asset Class)
Want to connect? Let’s Talk: Schedule an Intro Meeting.
Summer is here, enjoy it! -Nat
Please click the strategy name to view the full Top 40 list for each strategy.
- Intelligent Fixed Income — #5 of 1,032 in the U.S. Fixed Income (All Styles) category | $192.3M AUM
- Defensive Growth — #15 of 333 in the U.S. Balanced/Multi-Asset (All Styles) category | $151.1M AUM
- Intelligent Blend — #37 of 246 in the U.S. Diversified/Multi-Cap Equity category | $38.9M AUM
Ranking source: Broadridge MarketPlace (powered by Lipper), Top 40 Money Managers, for the 12 quarters ended 3/31/2026, based on net-of-fee composite returns. Strategy assets as of 3/31/2026. Rankings reflect past performance and are not indicative of future results.
No compensation has been provided directly or indirectly by Ulland Investment Advisors, LLC in connection with obtaining or using the third-party rating. Rankings were released on 6/1/2026.
Best Money Managers is a comprehensive survey of institutional money managers’ performance. All rankings in this publication have met the following requirements:
• Performance must be calculated “net” of all fees and brokerage commissions. This means after all fees and commissions have been deducted;
• Performance must be calculated inclusive of all cash reserves;
• Performance results must be calculated in U.S. dollars, that is, from the perspective of a U.S.-based investor;
• Performance results must be calculated on an asset base which is at least $10 million in size for traditional” U.S. asset classes (equity, fixed income, balanced accounts) or at least $1 million in the case of international and “alternative” U.S. asset classes;
• The classification of the product must fall into one of the categories which Broadridge ranks. Broadridge only publishes rankings for categories/time period combinations for which Broadridge has at least 20 contenders.
Best Money Managers is published quarterly. While Best Money Managers acts only in a reporting capacity, every effort has been made to ensure the accuracy of the information. The “BROADRIDGE Best Money Managers, powered by Lipper” ranks investment managers against peers that have submitted performance history to the Broadridge/Lipper Marketplace database. Performance rankings are available for the most recent quarter, 4 quarter, 12 quarter, 20 quarter and 40 quarter periods. Investment managers are ranked by investment strategy performance relative to peers. Broadridge rankings are not intended to constitute investment advice or predict future results. Rankings are generally based upon information prepared and submitted by advisers. Please visit the Broadridge Marketplace website (https://marketplace.broadridge.com/marketplace) for more details about the “BROADRIDGE Best Money Managers, Powered by Lipper” rankings.
The information contained in this commentary is not investment advice for any person. It is presented only for informational purposes. Included information has been obtained from sources considered reliable, but we do not guarantee that the foregoing materials are accurate or complete. Investors should contact Ulland Investment Advisors for individualized information prior to deciding to participate in any portfolio or making any investment decision. Ulland Investment Advisors does not provide tax advice. All investors are strongly urged to consult with their tax advisors regarding any potential investment.
Performance quoted is past performance. Past performance is not indicative of future performance. There is always a possibility of loss. Current performance may be lower or higher than performance shown. Differences in performance versus the indices/funds may be attributable, in part, to differences in the asset make-up of the strategy vs. the indices/funds. Performance calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance is subject to revision. See www.ullandinvestment.com for important strategy disclosures.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investing involves risk; principal loss is possible. Investors should consider the investment objectives, risk, charges, and expenses of the strategy carefully before investing. This and other important information can be obtained by contacting Ulland Investment Advisors at www.ullandinvestment.com or 612.312.1400.
6/5/2026
A Tribute to Jim Ulland
From the UIA Team
Following a Thanksgiving week filled with family time for many, it is with heavy hearts that we share the sad news of our founder Jim Ulland’s passing. We would first and foremost like to send our thoughts and prayers to the Ulland family, including his wife Kris, and his children Olivia (Farris Hussain) Argañaraz and Matias (Hayley Jones) Argañaraz. Thank you for sharing your amazing husband and father all these years. We are eternally grateful and blessed to have had Jim in our lives. As we mourn Jim, we wanted to use our medium this week as a tribute to him.
Born in Duluth, Jim received degrees from Carleton College and the University of Pennsylvania’s Wharton School of Finance before starting an extensive political, educational, and business career – oh, and don’t forget Christmas tree farmer.
By the time Jim founded Ulland Investment Advisors (UIA) in 1997, he had already served as Minority Leader of the Minnesota Senate, a college professor, a senior leader at large banks and investment firms, and as Minnesota’s Commissioner of Commerce. Elected to the State House at the ripe age of 27, everyone knew Jim was destined for big things right out of the gate. His gift of finding common ground and instantly connecting with individuals extended into the investment world. Simply put, people have always been drawn to Jim Ulland.
Jim loved to invest in companies exhibiting strong growth, especially at reasonable prices. He sought those with innovative technologies, disrupting legacy industries. His most recent favorite, Nvidia – which he routinely mentioned in this newsletter – is a perfect example of Jim’s ability to catch a trend early and ride the winner. Jim’s investment style not only proved fruitful for clients over many a bull market, but his resolve and calm served as a sea anchor in the winds, holding strong in the bear market storms. Jim was always steady at the helm, no surprise given his Coast Guard service, which he often enjoyed sharing over a Minneapolis Club lunch (don’t forget the side of Durkee’s mustard and just a splash of coffee). Internally, he always led with a calm and steady hand. Control what you can control, and focus on the longer term. Jim always had an optimistic view on the market and life, and an ability to transfer that to clients as well.
Ulland hits stride with money-management venture 30 Nov 1999, Tue Star Tribune (Minneapolis, Minnesota) Newspapers.com
Jim was passionate about Carleton College and his impact on generations of Carls is clear. Jim was always quick to mention that he was the hockey goalie at Carleton. During Jim’s freshman year, he was introduced to the team as a member of the world-famous Duluth East Greyhounds. What the team failed to know was that Jim was the team manager. No problem, Jim would rise up and lead the Knights in net. The pinnacle of his college hockey career was when the team defeated Wisconsin. As later recalled in a note by Captain Fred Bagley, the Knights were led by the “heroic” Jim Ulland in net, saving 40 shots on goal.
Jim’s love for Carleton led to a steady stream of interns to the firm, of whom all cut their teeth under his wing. In fact, all partners in the firm were at one time interns at UIA. From Wall Street to the NBA hardcourt, Jim has left his mark.
While there are too many investment lessons learned from Jim over the decades to mention, we will stand fast to the knowledge we have acquired under his tutelage. As we carry the UIA torch that Jim lit many years ago, we hope to embody his collaborative spirit, his passion for work, and his close connection to clients, as well as to forever remember the impact he had on the community. Clients can be reassured they remain in very good hands with the UIA team, but regrettably we will all miss the dashing smile of Jim Ulland.
Please forward this email to others who knew Jim, particularly those touched by the full life he lived. A celebration of life will be held in June, details of which we will share as we get closer. Jim’s obituary can be viewed here.
Jim always enjoyed watching the peregrine falcons from his desk at the IDS Center. We know that his spirit will be soaring high above us all as we remember the impact he made.
Thank you, Jim!
Ulland Investment Advisors Team
Nat Beebe, President (18 years at UIA)
James Skjong, Dir. of Trading, Compliance & Operations (20 years at UIA)
Jared Plotz, Dir. of Research, Portfolio Manager (8 years at UIA)
Vini Crusius d’ Avila, Research Associate (3 years at UIA)
Sarah Stokes, Client Service Associate (3 years at UIA)
