Editorial companion

What stands out

Tom White's wrap shows July ended with megacap stocks leading the correction, tech down about 7 percent, and a week dominated by earnings from the MAG7 names, a Federal Open Market Committee (FOMC) meeting that leaned hawkish, and a bump in oil and Treasury yields. That trio matters because earnings that depend on low-rate assumptions get re-priced when yields rise and oil nudges inflation. For investors who care about cash flow over narrative, this episode marks a shift from story to math.