"Recap July 19"

Stocks came under pressure, with the S&P 500 finishing the week with a 1.1% decline. While Treasury yields rose with the short end under performing as expectations of a 50 basis point rate cut largely evaporated. This afternoon’s news that Iran seized a British oil tanker in the Straight of Hormuz spurred a bounce in oil prices with WTI rising above $56 a barrel, while gold pulled back more than 1% to finish at $1,425 an ounce.  The VIX finished at 14.25, the high of the day.