As of Friday, July 24, 2026 (4:45 PM ET close), the S&P 500 closed at 7,411.98 — essentially flat at +0.05% versus Thursday's 7,408.30 close (-0.42% WTD). The S&P Global Flash Services PMI beat (53.6 vs 51.5 consensus) drove a cyclical rotation: XLB +2.23%, XLRE +2.23%, XLI +1.13%, XLF +0.80%; tech de-rated on the +4 bp yield rise to 4.70% (XLK -1.40%, QQQ -1.03%). Brent hit $98.06 on the Hormuz disruption; WTI $92.19 (+10.77% WTD). VIX held at 18.70 (+0.27% WTD). The 1-month 7,500 target is +1.19% above; 3-month 7,600 is +2.54% above; year-end 7,800 is +5.23% above. Next: July 28-29 FOMC (Warsh press conference), META Q2 (Wed Jul 29), AMZN Q2 (Thu Jul 30).