Commodities Climb as Wall Street Retreats (July 20 – 24, 2026, Recap)

Overview

Global markets were shaped by a busy week of inflation reports, employment data, central bank decisions, energy-market developments, and major corporate earnings. Inflation eased in Canada and the UK but remained elevated in New Zealand, while Australia reported strong job growth and U.S. unemployment claims fell sharply. The European Central Bank kept interest rates unchanged as it continued to assess inflation risks linked to volatile energy prices.

Commodities posted strong weekly gains, led by crude oil and Brent, while major U.S. stock indices ended lower. Corporate earnings produced mixed market reactions, with Alphabet, Tesla, Intel, Blackstone, and American Express reporting varied results and outlooks.

Major Economic Indicators and Events in Review

Monday, July 20

15:30 – Canada: CPI m/m (CAD)

In June, inflation slowed, with consumer prices rising 2.8% compared with a year earlier, down from 3.2% in May. The slowdown was mainly due to gasoline prices increasing less sharply.

Excluding gasoline, annual inflation held steady at 2.2%.

Prices also fell 0.4% from May to June, the largest monthly decline since December 2024. After seasonal adjustments, prices decreased 0.1%, marking the first drop since April 2025.

USD/CAD rose 0.35% on the day.

Tuesday, July 21

01:45 am – New Zealand: CPI q/q (NZD)

In the June 2026 quarter, New Zealand consumer prices rose 1.5%, bringing annual inflation to 4.1%. The increase was driven mainly by sharp rises in petrol and other vehicle fuel prices, while fruit and accommodation became cheaper. Excluding food, household energy, and vehicle fuels, prices rose a more modest 2.5% over the year.

NZD/USD slipped 0.26% compared with the previous day.

09:00 am – UK: Claimant Count Change (GBP)

The number of people in the UK claiming unemployment benefits rose by 6,700 in June 2026, bringing the total to 1.689 million. This followed a revised increase of 1,300 in May and was far below the expected rise of 29,400.

GBP/USD fell 0.41% from the previous day.

Wednesday, July 22

09:00 am – UK: CPI y/y (GBP)

In June 2026, UK inflation slowed. Consumer prices rose 2.6% compared with a year earlier, down from 2.8% in May. Including housing costs, inflation eased to 2.8% from 3.0%.

The slowdown was mainly driven by lower transport costs, especially falling petrol and diesel prices, as well as slower food price growth. Core inflation, which excludes energy, food, alcohol, and tobacco, remained unchanged at 2.6%.

GBP/USD edged down 0.003% on the day.

17:30 – USA: Crude Oil Inventories (USD)

U.S. oil inventories increased in the week ending July 17, 2026, with commercial crude stocks rising by 2 million barrels. Gasoline and distillate inventories also grew, although all three remained below their five-year averages.

Refinery activity stayed high at 96.1% of capacity, while gasoline and distillate production increased. Over the latest four weeks, overall petroleum demand was slightly lower than a year earlier, but demand for gasoline, distillates, and jet fuel increased.

EUR/USD rose 0.11% on the day.

Thursday, July 23

04:30 am- Australia: Employment Change (AUD)

In June 2026, Australia added 76,300 jobs, lifting total employment to 14.8 million. The unemployment rate remained at 4.4%, even as more people entered the workforce and the number of unemployed people increased slightly.

Both full-time and part-time employment grew, while hours worked rose by 0.2%. The underemployment rate also increased to 6.5%.

AUD/USD declined 0.42% on the day.

15:15 – Eurozone: Main Refinancing Rate (EUR)

The European Central Bank kept its three main interest rates unchanged, with the deposit rate remaining at 2.25%.

The ECB said energy prices remain volatile because of the conflict in the Middle East, and the full impact on inflation is still uncertain. It will continue to review economic data at each meeting and adjust policy as needed to keep inflation near its 2% target. The bank has not committed to any specific future path for interest rates.

EUR/USD fell 0.32% on the day.

15:30 – USA: Unemployment Claims (USD)

U.S. unemployment claims fell sharply in the week ending July 18. Initial claims dropped by 22,000 to 187,000, suggesting fewer people were newly applying for benefits.

The number of people continuing to receive unemployment benefits also declined slightly to 1.796 million, while the insured unemployment rate remained unchanged at 1.2%.

USD/JPY gained 0.42% on the day.

Commodities

1. Crude Oil
   1. Crude oil prices rose by 10.61% over the past week
2. Brent Oil
   1. Brent was up 11.80% compared to the previous week
3. Gold
   1. The precious metal Gold (XAUUSD) concluded the week on Friday with 0.88% weekly gains
4. Silver
   1. XAGUSD increased by 4.12% from last week

Stock Market

1. S&P 500 fell 0.62%
2. DJIA was down 0.47%
3. NASDAQ 100 decreased by 1.52%

Top Gainers

1. STAK Inc. (STAK) 382.81%
2. Advanced Biomed Inc. (ADVB) 277.34%
3. NIP Group Inc. (NIPG) 224.27%

Top Losers

1. Li Bang International Corporation Inc. (LBGJ) -98.72%
2. China SXT Pharmaceuticals, Inc. (SXTC) -97.40%
3. Wetour Robotics Limited (WETO) -85.39%

Company Earnings (July 20– 24)

Wednesday, July 22: GOOGL (Alphabet Inc.)

Wednesday, July 22: TSLA (Tesla, Inc.)

Thursday, July 23: INTC (Intel Corporation.)

Thursday, July 23: BX (Blackstone Inc.)

Friday, July 24: AXP (American Express Company)

Alphabet reported stronger-than-expected second-quarter 2026 results, with earnings of $9.11 per share and revenue of $119.8 billion, both above analysts’ forecasts. However, analysts expect the company’s earnings per share to decline next year, from $17.59 to $14.72.

GOOGL shares fell 7.79% over the past week.

Tesla shares fell after the company reported weaker-than-expected second-quarter earnings. Adjusted earnings per share (EPS) came in at $0.33, below analysts’ expectations of about $0.53, while GAAP diluted EPS was $0.32. Revenue rose to approximately $28.2 billion, but higher spending on artificial intelligence, robotaxis, and robotics weighed on profits.

TSLA shares dropped 17.81% during the week.

Intel reported stronger-than-expected second-quarter results, with revenue of $16.1 billion and earnings per share of $0.42. Growth was supported by strong demand for AI and data center products, while its foundry business also made progress.

The company raised its 2026 spending forecast to more than $20 billion as it expands manufacturing capacity. For the third quarter, Intel expects revenue of $15.8 billion to $16.8 billion, with strong server demand partly offset by weaker PC demand.

INTC shares declined 2.86% over the past week.

Blackstone reported strong second-quarter results, with distributable earnings rising 26% to $2.0 billion and assets under management reaching a record $1.35 trillion. Growth was supported by nearly $70 billion in inflows, higher fee-related earnings, and strong fundraising across private wealth and insurance.

The firm also highlighted artificial intelligence infrastructure as a major growth area, particularly data centers, power, and cloud computing. Realizations improved, and management expects stronger exits and continued fee growth through the end of 2026 and into 2027.

BX shares rose 2.43% during the past week.

American Express reported 10% revenue growth and earnings of $4.53 per share in the second quarter. The company raised its full-year revenue growth forecast to 10% but kept its earnings outlook unchanged at $17.30 to $17.90 per share.

Strong spending, high customer retention, and solid credit quality supported the results. However, management plans to reinvest much of the extra growth into customer acquisition, technology, and acquisitions rather than increase near-term earnings guidance.

AXP shares fell 8.21% during the last week.

Conclusion

Overall, the week highlighted a mixed global economic picture. Inflation eased in some major economies, labor markets remained relatively resilient, and the ECB maintained a cautious policy stance amid energy-related uncertainty. At the same time, strong gains in oil and other commodities contrasted with declines across major U.S. stock indices.

Corporate earnings were also mixed, with solid business performance not always translating into higher share prices. Investors will continue to focus on inflation trends, central bank policy, energy prices, and company guidance in the weeks ahead.