This Week in Review | Global PMIs, SpaceX, RMD Planning (July 10, 2026)
This week in review covers three key developments: global PMI data showing unexpected economic resilience across major markets, SpaceX's addition to the NASDAQ 100 index, and a midyear reminder for those 73+ to plan required minimum distributions from retirement accounts.
Summary
The episode begins by explaining that June's final PMI releases from the US, UK, Eurozone, and Japan revealed underappreciated global economic strength. PMI scores above 50 indicate expansion while below 50 indicates contraction. The US PMI reached 51.9 and Japan's climbed to 52.8, showing acceleration, while the Eurozone stabilized at exactly 50 (the expansion/contraction boundary) and the UK slipped to 49.3 in minor contraction. The key takeaway is that the global economy is demonstrating greater resilience than anticipated despite sentiment headwinds, suggesting the bull market has room to run despite occasional bumps. Second, SpaceX joined the NASDAQ 100 index on Tuesday, following its earlier inclusion in MSCI stock index products in late June. While the expedited inclusion rules weren't created solely for SpaceX and will apply to future major IPOs, this milestone represents a significant step in the company's post-IPO journey. The hosts caution against getting swept up in either greed or fear around flashy new index inclusions, recommending a focus on compound growth in globally diversified portfolios instead. They note that SpaceX's rocky first month of trading and OpenAI's consideration of delaying its IPO suggest investor sentiment isn't excessively euphoric, though rapid index inclusion can serve as a useful sentiment indicator. Finally, the episode provides a midyear RMD reminder for investors 73 and older. Required minimum distributions must be taken from traditional IRAs and 401ks annually by December 31st to avoid penalties, but custodians typically have mid-December deadlines to guarantee funds clear by year-end. The hosts recommend checking whether RMD amounts exceed living expenses and reinvesting any surplus, plus verifying RMD requirements are met for each retirement account separately to avoid last-minute stress.
Key Insights
- June PMI readings showed the global economy is demonstrating greater resilience than many anticipated, even amid significant sentiment headwinds, suggesting the bull market still has room to run
- The Eurozone PMI ticked up to exactly 50, stabilizing right on the line between expansion and contraction, while a minor dip in one country's PMI doesn't mean the global expansion has derailed
- Rapid index inclusion, like excessive IPO enthusiasm, can signal investor euphoria, but investor euphoria by itself isn't automatically bearish—bull markets can continue for months or even years amid a euphoric environment
- SpaceX's rocky first month of trading and reports that OpenAI is considering delaying its IPO suggest that investor sentiment likely isn't too far ahead of itself
- Most custodians have a mid-December deadline for RMD requests, after which they cannot guarantee funds will go out before year-end, making it critical not to wait until December 31st
Topics
Transcript
[0:05] Hello [music] and welcome to this week in review. This weekly segment is designed to highlight a few important developments you may have missed this week, what they may mean for markets, and most importantly, the potential impact for investors. To stay uptodate [music] with our latest market insights, subscribe to our YouTube channel or visit fisherinvestments.com. Now, let's review what happened this week. First, global PMIs. A more complete picture of the global economy's health began to emerge in recent days with final June purchasing managers index or PMI releases from the US, UK, [0:39] Euro zone, and Japan. As a reminder, PMIs are monthly economic indicators based on surveys of businesses. Scores above 50 indicate economic expansion,…
Full transcript available for MurmurCast members
Sign Up to AccessMore from Fisher Investments
This Week in Review | Record Highs, US Jobs, Yen Intervention (August 7, 2026)
This week's market review highlights new S&P 500 and global stock record highs driven by easing AI concerns and lower oil prices, mixed July employment data showing payroll decline but unemployment improvement, and coordinated US-Japan yen intervention to stabilize currency markets.
Are Stocks Ignoring Iran War Risks?
Equity markets are increasingly ignoring Iran war risks as investors recognize the conflict's economic impacts remain contained. While initial geopolitical tensions caused oil price spikes and market volatility, the on-again-off-again nature of the conflict now generates muted market reactions as the global economic implications appear limited.
How Ken Fisher Chooses Stocks
Ken Fisher outlines his stock selection process, which involves identifying stock types likely to perform well, filtering out non-conforming companies, and evaluating fundamental business strengths like market share and cost efficiency. He emphasizes that investors should develop a consistent personal process aligned with their temperament to avoid panic-driven mistakes during market volatility.
Ken Fisher: Don’t Let Central Banks Worry You
Ken Fisher argues that investors should not worry about central bank interest rate hikes because widespread concerns about them are already priced into stock markets. He contends that focusing on what everyone else worries about is pointless since the market has already accounted for these concerns.
3 Things You Need to Know This Week | US Jobs, Trade Balance, Earnings Reports (August 3, 2026)
This weekly market briefing covers three key economic indicators: US jobs data showing a slowdown in hiring gains, the US trade deficit which widened in May but may signal economic strength, and Q2 earnings reports where healthcare is underperforming due to weakness in biotech and pharma sectors.