This Week in Review | Market Volatility, Tariffs, SpaceX (July 24, 2026)

The episode opens with an analysis of recent market volatility, noting that stocks and cryptocurrencies fell while Treasury yields and oil prices rose, with technology stocks hit hardest by headlines about geopolitical tensions and AI bubble concerns. Despite this week's downturn, the speaker emphasizes that stocks remain positive for the year and treasuries continue trading within established ranges, with oil prices below spring highs. The commentary frames current market movements as typical noise within a bull market, arguing that these specific fears have been digested by markets for months and should not derail year-end performance expectations.

The tariff segment details President Trump's announcement of a 50% tariff on Canadian goods (with USMCA-covered goods expected to remain exempt) and sweeping tariffs meant to replace expiring measures. The speaker contextualizes these announcements within a year-long pattern of tariff headlines, noting that market reactions have grown smaller and more normalized over time as investors became familiar with this negotiating pattern. Crucially, the proposed tariffs are not expected to take effect until August, leaving room for revisions or delays. For globally diversified investors, the direct impact is characterized as likely limited, with the broader bull market expected to persist despite tariff uncertainty.

The SpaceX segment addresses the company's upcoming first-week-of-August earnings report and the impending expiration of insider lockup restrictions on August 6th, which will release millions of additional shares for potential trading. The speaker highlights that despite expectations for stock price boosts from rapid NASDAQ 100 inclusion and index fund buying, SpaceX shares have instead fallen roughly 20% since index inclusion and 15% from IPO price. This outcome illustrates that forced passive buying cannot overcome elevated expectations, valuation concerns, and supply-side pressures. The broader lesson emphasized is that IPO excitement frequently does not translate to immediate returns, with newly public companies experiencing volatility as markets form clearer valuations.