Biogen is a biotech company that develops, manufactures, and sells therapies for treating neurological and neurodegenerative diseases. The company is the market leader in MS drugs and launched the first approved treatments for spinal muscular atrophy and AD. The company also sells products that treat plaque psoriasis, non-Hodgkin's lymphoma, lymphocytic leukemia, and rheumatoid arthritis. Current research continues on MS and has expanded to include neuroimmunology, ophthalmology, lupus, and other neuromuscular and movement disorders. Founded in 1978, the company is located in Cambridge, Massachusetts; employs 7,500 people; and is a component of the S&P 500.

There are no summer doldrums this week as earnings season blasts off with the country's biggest banks in focus. Inflation data is also pending and Kevin Warsh will give his first Congressional testimony as Fed chief. Last week, the Dow Jones Industrial Average was down 1%, the S&P 500 gained 1%, and the Nasdaq rose 2%. Year to date, all three indices are in positive territory, with the DJIA up 10%, the S&P 500 11%, and the Nasdaq 13%. Earnings headliners this week include JP Morgan, Citigroup, Bank of America, Goldman Sachs, and Wells Fargo on Tuesday; Johnson & Johnson, Morgan Stanley, BlackRock, Bank of New York Mellon, and PNC Financial on Wednesday; Taiwan Semiconductor, UnitedHealth, General Electric, and Netflix on Thursday; and Travelers and Truist Financial on Friday. The economic calendar includes inflation indicator CPI (Consumer Price Index) on Tuesday, followed by wholesale price indicator PPI (Producer Price Index) on Wednesday. Retail Sales will be reported on Thursday, and Housing Starts, Building Permits, Industrial Production, and Capacity Utilization on Friday. On Wednesday, Federal Reserve Chairman Kevin Warsh testifies to both houses of Congress (the House on Tuesday and the Senate on Wednesday). Other Fed officials also are out and about speaking publicly this week. Gas prices continue to drop, off another five cents last week. Elsewhere, the Atlanta Fed GDPNow forecast calls for 1.3% GDP growth in 2Q, unchanged from last week but down from 3.0% a few weeks ago. The Cleveland Fed Inflation Nowcast for CPI is at 3.9% for June and 3.7% for July, up from last week's estimate of 3.5%. Mortgage rates rose six basis points last week, with the average 30-year fixed-rate mortgage now at 6.49%, according to FreddieMac. The next Federal Open Market Committee (FOMC) meeting is on July 29 and odds for a rate hike at that meeting are now at 32%. Taking a deeper dive into performance so far in 2026, a leading industrialized global stock market index, the ETF EFA, is up 8% year to date, while the leading emerging market ETF (EEM) is up 22%. U.S. growth stocks are up 4% year to date when looking at ETF IWF, while value stocks (IWD) are up 17%. Crude oil was at $72 per barrel on Friday, up 23% for the year. In other asset classes for the year to date, AGG bonds are down 2%, gold is down 6%, and Bitcoin is down 27%. The U.S. dollar is up 3%, tracking DXY. The VIX Volatility Index was about 15 on Friday, below its historical average of 20. Turning to sector performance, the list from first to worst so far in 2026 is Information Technology (+29%), Energy (+23%), Industrials (+17%), Materials (+11%), Real Estate (+10%), Consumer Staples (+7%), Utilities (+6%), Healthcare (+5%), Financials (+1%), Consumer Discretionary (-2%), and Communication Services (-6%).

Biogen is a biotech company that develops, manufactures, and sells therapies for treating neurological and neurodegenerative diseases. The company is the market leader in MS drugs and launched the first approved treatments for spinal muscular atrophy and AD. The company also sells products that treat plaque psoriasis, non-Hodgkin's lymphoma, lymphocytic leukemia, and rheumatoid arthritis. Current research continues on MS and has expanded to include neuroimmunology, ophthalmology, lupus, and other neuromuscular and movement disorders. Founded in 1978, the company is located in Cambridge, Massachusetts, employs 7,500 people, and is a component of the S&P 500.

The major indices have bounced about today, initially mixed on U.S./Iran ceasefire hopes that turned into ceasefire worries, then lower on hot inflation data (which dampened the outlook for a cut in interest rates), and now higher again on renewed hopes for an ingoing ceasefire. Keep you belts fastened folks, although we note that the VIX volatility index thankfully has fallen back to about 20 after rising above 27 earlier in the week. Meanwhile, crude oil is at about $99/barrel, up from $97 earlier in the day but better than $116 earlier in the week.