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Investors weigh Magnificent Seven results alongside a Fed pause
The week featured earnings from four Magnificent Seven companies, while the Pacer US Cash Cows 100 ETF rose 10.5% in 2026, including a July gain.
Investors digested a mix of macro and earnings developments, including the Federal Reserve keeping interest rates paused and results from four of the Magnificent Seven companies, as U.S. Iran tensions escalated, according to MarketBeat Ratings. The outlet said inflation was a common thread across the week’s major themes, and that uncertainty is contributing to a rotation toward more defensive stocks.
MarketBeat Ratings pointed to the Pacer US Cash Cows 100 ETF, which it said is up 10.5% in 2026, with a significant portion of that gain coming during July. It also flagged that next week’s July jobs report, scheduled for Aug. 7, will bring another key data point for investors, but emphasized that earnings remain the main signal.
On the company level, the roundup highlighted that Microsoft and Amazon delivered results and free cash flow strong enough to earn investor support. It also noted that ServiceNow’s Q2 2026 earnings showed the company was not being eroded by AI-related competitive fears, and that investors could view this as an opportunity for those willing to take more risk.
The outlet also discussed other market themes tied to stock performance and expectations, including chip weakness at Advanced Micro Devices, a revenue miss at SK hynix after its post-IPO run, and commentary around AirJoule Technologies’ deal with Kubota to create an exclusive sales channel in water-stressed areas of Texas and California. MarketBeat Ratings added that Western Digital has been a strong performer in AI memory and storage, but warned its valuation is a key consideration ahead of its next earnings report.