As of Tuesday, July 21, 2026 (4:45 PM ET close), the S&P 500 closed at 7,509.20 — up +0.89% versus Monday's 7,443.28 close, reclaiming the 7,500 area. Mega-cap tech led on pre-earnings positioning (XLK +2.85%, QQQ +1.89%) ahead of Wednesday's TSMC and ASML Q2 prints. Energy extended the Iran-Hormuz bid (XLE +1.42%, USO +2.36%). Defensives unwound (XLP -1.25%, XLV -1.19%); materials lagged (XLB -2.14%). VIX and 10Y references held at Monday's closes (18.65 and 4.60%; no fresh Tuesday prints). The 1-month 7,500 target is -0.12% below (effectively hit); 3-month 7,600 is +1.21% above; year-end 7,800 is +3.87% above. Next: TSMC/ASML Q2 (Wed Jul 22), MSFT/GOOGL/META/AMZN (Thu-Fri), July 28-29 FOMC.