US indices close mixed. Dow up. S&P unchanged. Nasdaq downNext week's earnings calendar heats upTrump: Iran not ready to make a deal.Crude oil futures settled at $89.31NY Times: Trump meets with top advisors to decide whether to increase military pressure on IranEU fines today, Trump 301 tariffs tomorrow?US and the UK planning on having a meeting on protecting shipping in the Strait of HormuzMajor European indices are closing the day and the week higherPakistan is exploring a path toward a resumption of US – Iran talks. Oil moves lowerPres. Trump to meet with Israel Prime Minister Netanyahu on Tuesday at the White HouseUS new-home sales for the month of June 0.628M versus 0.610M estimateThe July Flash S&P Global Manufacturing 53.8 vs 54.3 estimateCanada June PPI -1.4% versus -0.4% expectedCanada new housing price index for June -0.1% vs -0.3% last monthThe EURUSD, USDJPY and GBPUSD are little changed to start the NA trading session. What next?ECB policymakers reiterate they are not seeing second-round effects, stress data dependenceinvestingLive European session wrap: Oil prices come off the boil, markets take a light breather in final stretch of the weekStocks finished the week on a mixed note as investors balanced another busy round of earnings with profit-taking in many of the market's largest technology names. The Dow Jones Industrial Average outperformed, rising 235.04 points (+0.45%) to 51,952.20, The S&P 500 managed a modest gain of 3.68 points (+0.05%) to 7,411.97. Technology shares remained under pressure, however, with the Nasdaq Composite falling 161.87 points (-0.64%) and the Nasdaq 100 dropping -1.15%, highlighting continued rotation away from some of the year's biggest growth winners. Small-cap stocks also lagged, with the Russell 2000 declining by -0.35%.For the week, however, the broader indices painted a different picture. Despite Friday's mixed finish with all three indices moving lower. The Dow lost -0.38%, the S&P 500 fell -0.61%, and the Nasdaq fell by a more pronounced -2.13%, underscoring a week marked by rotation beneath the surface. Investors rewarded companies delivering strong earnings and guidance while taking profits in richly valued technology and AI-related names that failed to impress. Next week, the earnings calendar heats up with Microsoft, Meta, Apple, Amazon, Visa, Boeing, Coca-Cola, ARM, Qualcomm, Lam Research, Exxon Mobil, and Chevron all announcing quarter results. Their results are likely to determine whether this week's rotation broadens into a larger correction or whether buyers regain control and push the major indices back toward record highs.The bond market saw Treasury yields move lower across the curve, signaling a modest bid for fixed income as investors digested economic data and positioned ahead of another blockbuster week of earnings and more importantly the Federal Reserve decision on Wednesday. The Fed is expected to keep rates unchanged but there is a 38% chance for a hike of 25 basis points. . The 2-year yield fell to 4.337%, while the 10-year yield eased to 4.679%, helping support rate-sensitive sectors even as technology shares struggled. However, for the week, the 2 year surged by 15.4 basis points and the 10 year by 12.2 basis points. In the currency market, the U.S. dollar was mixed. The Australian dollar (+0.17%), New Zealand dollar (+0.24%) helped by stronger Flash PMI, the Swiss franc fell (-0.20%) against the greenback. The EEUR slipped marginally (-0.08%). The USDJPY was unchanged after surging to 40 year highs this week. The GBP rose modestly (+0.05%) vs the USD. The USDCAD rose modestly (lower CAD) by 0.07%. Canada's producer and raw material prices both fell sharply in June, pointing to a broad easing in upstream inflation pressures. The Industrial Product Price Index (IPPI) declined 1.4%, snapping a five-month streak of gains, while the Raw Materials Price Index (RMPI) tumbled 6.9%, its largest monthly decline since July 2022. The primary driver was a steep drop in energy prices after the announcement of a tentative U.S.-Iran agreement eased concerns over potential oil supply disruptions through the Strait of Hormuz. Lower crude oil prices filtered through to refined petroleum products, while precious metals and other non-ferrous metals also weakened. Even excluding energy, both indexes posted declines, suggesting that softer price pressures were broad-based rather than confined to the energy sector. The notable exception was lumber, where prices continued to rise on resilient demand.The encouraging news is that June's data point to easing pipeline inflation. The challenge, however, is that energy prices have since rebounded sharply. If that strength persists, it could reverse some of the progress seen in June and eventually feed through to producer and consumer prices. As a result, central banks are likely to remain cautious, watching closely for signs that higher energy costs begin to lift inflation expectations and create broader, second-round inflation pressures. That remains the key risk going forward.In US news today, the July Flash S&P Global PMI report painted a mixed but generally positive picture of the U.S. economy. The manufacturing PMI slipped to 53.8 from 53.9, missing the 54.3 forecast and marking a four-month low as inventory stockpiling faded and supply chain disruptions weighed on factory activity. In contrast, the services PMI jumped to 53.6 from 51.2, well above the 51.5 estimate and its strongest reading since November 2025, lifting the composite PMI to 53.6, also the highest since November. The report suggests the economy entered the third quarter on firmer footing, with business activity and hiring improving, but S&P Global cautioned that renewed supply chain delays, rising price pressures, and escalating Middle East tensions could dampen growth and keep inflation risks elevated in the months ahead.U.S. new home sales unexpectedly strengthened in June, rising 1.6% to an annualized pace of 628,000, topping the 610,000 estimate and building on an upward revision to May's data. Despite the improvement in sales, the broader housing picture remained mixed. Inventory stayed relatively elevated at a 9.3-month supply, suggesting buyers continue to have ample choices, while pricing softened noticeably. The median sales price fell 3.3% from May and 2.7% from a year ago, while the average sales price dropped 9.5% on the month and 6.5% year-over-year, pointing to increasing pricing pressure on builders. Although June's report was encouraging on the sales front, it reflects conditions before mortgage rates moved higher again and before renewed geopolitical tensions pushed Treasury yields and financing costs upward. Those developments could weigh on housing demand in the months ahead, while the elevated supply and declining prices suggest the market remains tilted in favor of buyers.Commodity markets also reflected a rotation in sentiment. WTI crude oil fell $1.78 to $90.46, giving back a portion of this week's sharp rally as traders locked in profits following the recent geopolitical risk premium. Gold added 0.17% to $4,055.67, benefiting from the decline in Treasury yields, but was well off the high at $4082.14, while silver gained 1.00% to $58.18 to end the week. Bitcoin slipped 1.46% to $64,103.It is a wrap for the markets for the week, and it is a wrap for Lebron James as a Los Angelos Laker. King James announced that he will take his services to the Philadelphia 76ers for $4 million per year for 2 years concluding his 8 years as a Laker. Last year, James earned about $50 million with the Los Angeles Lakers. The decline represents a pay cut of roughly 84%, one of the largest voluntary salary reductions ever taken by a superstar. James said the move was about chasing another championship rather than maximizing earnings. It is estimated that LeBron has a net worth $1.4BDespite his age, James remained highly productive in 2025–26 playing in 60 of the 82 regular season games. 20.9 points per game6.1 rebounds per game7.2 assists per game51.5% field-goal shooting60 games played3-point percentage:31.7%Free-throw percentage:73.7%33.2 minutes per gameThat compares to his career average of:Points:26.8 per gameRebounds:7.5 per gameAssists:7.4 per gameField Goal %:50.7%3-Point %:35.0%Free Throw %:73.7%Minutes:37.8 per gameJames is 41-years-old and continued to be one of the league's best playmakers and most efficient scorers while managing a reduced workload. His willingness to take a veteran-minimum type contract gives Philadelphia significant salary-cap flexibility to surround him with talent for one final championship run. This article was written by Greg Michalowski at investinglive.com.