Wall Street wrapped up a mixed week as Middle East tensions flared after Trump declared the Iran ceasefire over—while announcing that the U.S. has agreed to continue talks with Tehran and is imposing fresh sanctions on the regime, even as fighting has resumed with neither side showing signs of compromise.
Iran’s state media declared the Strait of Hormuz closed again after Iran fired what it called warning shots at a vessel that was traveling on a route it did not approve of. Just when the ceasefire was beginning to work with ships crossing the Strait, Trump blew the lid at the NATO summit in Turkey, that US will capture Kharg Island.
The Q2 2026 earnings season is kicking off next week, bringing highly anticipated reports from major U.S. banks and global tech leaders. Net interest margins, investment banking fees, and artificial intelligence monetization are the central themes driving market sentiment as the week begins.
For the week, the Nasdaq popped 1.74%, while the S&P climbed 1.23%, and the Dow slipped 0.50%.
Future Wealth’s View
Major banks – including JPMorgan Chase, Wells Fargo, Citigroup, and Goldman Sachs will report before the market opens on Tuesday, July 14. Their results will set the stage for the rest of Q2 2026. It is becoming clear that investors are getting a bit tired of the AI stocks and looking to rotate into other sectors such as Financials, Healthcare and Industrials. A good report by these banks on Tuesday will switch the momentum from the technology sector to these undervalued sectors.
While Wall Street is looking past the Iran war and its impact on the economy, the unpredictability of Trump’s behavior still looms large over the world economy. Within moments of stating that the ceasefire with Iran is over, on the flight back from Turkey, Trump reiterated his claim that he should win a Nobel Peace Prize for settling eight wars. “I would say I should have won that award more than anybody that ever received the Nobel Peace Prize,” Trump said. “Because nobody settled wars. I have settled eight of them. Because I have a certain type of personality, I was able to settle them.”
Some believe that Trump deserves a Nobel Peace Prize as he has settled not eight wars but 38 wars with the same country – Iran, on every Friday since war broke out.