Macro Watch Desk · July 2026

US Market Snapshot

Four numbers framing where US equities and policy stand right now

As of: July 3, 2026
7,483
S&P 500 Close (Jul 3)
The S&P 500's latest close reflects the benchmark's level heading into the holiday-shortened trading week.
4.2%
CPI Inflation (May)
May's CPI print keeps inflation above the Fed's 2% target, a key input into the central bank's rate-hold decision.
+23.1%
Q2 S&P 500 EPS Growth Est.
Analysts expect broad-based earnings acceleration in Q2, led by tech and AI-linked capex spending.
3.5–3.75%
Fed Funds Rate (On Hold)
The Fed has held rates steady in this range, balancing sticky inflation against signs of a cooling labor market.