The Factor Report

Market Wrap

For the week ended July 10th, 2026, stocks were higher globally in a continuation of the prior week's rise. Bonds were lower for the week as the iShares Core US Aggregate Bond ETF (AGG) fell 0.54% with yields holding rising; the 10-year US treasury yield rose to 4.54%, according to Yahoo Finance. Asset price drivers of the week:

• On Monday, we got some mixed data on the service sector of the economy, but renewed hopes for AI prospects send Tech stocks higher, which pulled broader market indices higher.
• Tuesday saw stocks head the other way. Even Samsung's record quarter couldn't hold up Tech shares, which are becoming increasingly volatile.
• Wednesday was mixed, but US indices were lower after Trump declared the ceasefire with Iran to be over and bombing continued.
• On Thursday, weekly jobless claims were lower than expected, but so were existing home sales. The focus, however, was on SK Hynix's (the world's second largest maker of memory chips) trading debut. 
• With no data to react to, investors sent indices higher as oil prices eased despite continued attacks between the US and Iran.
• Next week will be an important one as we will get two key inflation readings as well as a number of data points on the US housing market.

Performance Summary

As shown in the chart, the US was again the week's winner, although Emerging Markets wasn't far behind. Non-US Developed was unable to turn in a gain. Within the US, the tech-heavy Nasdaq helped pull indices higher while the Dow Jones Industrial Average underperformed. From a factor perspective, only Momentum in the US beat the broader S&P 500.

In The News

Some key points on Congress' new housing bill.

https://www.marketwatch.com/story/what-the-big-housing-bill-means-for-buyers-as-home-prices-hit-new-record-high-5f893edf?mod=home_lead

The hidden tax in Roth 401(k)s.

https://www.fa-mag.com/news/the-hidden-tax-in-roth-401-k-s-87691.html?section=43&utm_source=FA+Magazine&utm_campaign=2549b44fa4-FAN_FA+News_Russ+Prince+7%2F23_070826_COPY_01&utm_medium=email&utm_term=0_-02ce404ce3-625981838

5 questions about Trump accounts.

https://www.marketwatch.com/story/your-5-biggest-questions-about-trump-accounts-answered-421d9f6f?mod=personal-finance

Disclosures

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s). Moreover, you should not assume that any of the above content serves as the receipt of, or as a substitute for, personalized investment advice from Metric Financial.

All data and performance information sourced from Morningstar and MarketWatch, unless otherwise indicated.

USA is the MSCI USA index, Non-US Developed is the MSCI EAFE index, Emerging Markets is the MSCI Emerging Markets index, and All Country World is the MSCI ACWI index. One cannot invest in an index. Because the factor indexes have varying inception dates, some of the returns provided are back-tested and do not represent actual performance. Inception dates are as follows:

Momentum = MSCI ACWI Momentum NR USD Index (Inception: 11/30/95)

Value = MSCI ACWI Enhanced Value NR USD Index (Inception: 5/29/15)

Quality = MSCI ACWI Quality NR USD Index (Inception: 5/29/92)

Low Volatility = MSCI ACWI Minimum Volatility (USD) NR USD Index (Inception: 5/28/93)

Size = MSCI ACWI Risk Weighted NR USD Index (Inception: 4/6/11)

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All written content is for information purposes only. Opinions expressed herein are solely those of Metric, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.