The week opened with two fears and no referee: oil rekindling inflation, and the cost of artificial intelligence failing to come back as revenue. On Wednesday the Federal Reserve held rates for the fifth consecutive meeting. Then earnings arrived, and split technology in two.

The result is the sharpest reversal we have seen in months. Microsoft gained 21.8% and Amazon 17.0% on the week, and both now carry a fresh buy signal: the market rewarded those who showed that AI spending comes back as revenue. Meta lost 6.5% and has flipped to a sell signal, punished for how much it invests rather than rewarded for how much it grows. Apple shed 7.2% inside a buy position opened four weeks ago, now two points underwater. Alphabet and Nvidia have been on sell signals for seven weeks. Three positions flipped in five sessions, on the very names that carry the most index weight: that is why the Nasdaq erased six days of losses in a single session and why US technology gained 5.5% on Friday, coming off a month down nearly 8%. This is not a healthy sector accelerating, it is a beaten-down sector bouncing — and one that has just changed its leaders.

What nobody resolved sits in fixed income. Volatility on US Treasuries has risen for four straight weeks and is up almost 20%: no other gauge we track holds a direction that persistently. Equities threw a party; bonds did not show up. Until that tension turns, every equity rally stands on one leg.

Two things explain why that rebound does not settle the matter. The first is the Federal Reserve meeting: rates stayed put, but three members voted to raise them and the US 30-year went to its highest since 2007. This is not an accommodative central bank buying time, it is a divided one — and that is where the rate tension running through the week comes from, from utilities at the bottom to every credit-sensitive name.

The second is oil, which swung further than anything else: down over 7% in two sessions on the US-Iran truce — the worst three-day stretch in six years — then back up after the Korean chip rout. That swing decided half the European market, and it is why Eni clears its confirmation week on the strongest conviction of the group.

The thread tying it together is rotation: money did not leave the market, it changed vehicle. From silicon to software, from defensives to banks. You can see it in the gap between the two US indices, which widened during the week: the S&P 500 holds up because half its weight sits outside technology; the Nasdaq does not.

Every company that reported this week. 52 of the names we track published results between 27 and 31 July, which is why the week moved so much. Below is the full list with the weekly change: each name links to its own note, where you will find the full technical read and the operating levels.

A2A S.p.A. (A2A) -3.6% · AbbVie, Inc. (ABBV) -3.2% · Adidas AG (DLY_ADS) -8.2% · AES Corporation (AES) -1.1% · Amazon.com, Inc. (AMZN) +17.0% · American Water Works Company, Inc. (AWK) -0.4% · Anglo American plc (DLY_AAL) +0.3% · Apple Inc. (AAPL) -7.2% · AXA SA (CS) +0.2% · Azimut Holding Spa (AZM) +5.1% · BAE Systems plc (DLY_BA.) +6.2% · Bristol-Myers Squibb Company (BMY) +5.2% · Capgemini SE (CAP) +14.0% · Chevron Corporation (CVX) +1.0% · Compagnie de Saint-Gobain SA (SGO) +9.6% · Danone SA (BN) -3.5% · Davide Campari-Milano N.V. (CPR) +5.9% · DiaSorin S.p.A. (DIA) +7.7% · Edison International (EIX) -8.0% · Eni S.p.A. (ENI) +4.4% · Exxon Mobil Corporation (XOM) -1.0% · Ferrari NV (RACE) +6.9% · Fincantieri S.p.A. (FCT) +6.1% · Fortis Inc. (FTS) -3.1% · GSK plc (DLY_GSK) +0.6% · Hera S.p.A. (HER) -3.4% · L'Oreal S.A. (OR) +3.3% · Leonardo SpA (LDO) +5.5% · London Stock Exchange Group plc (DLY_LSEG) -4.3% · Mastercard Incorporated Class A (MA) +6.2% · Meta Platforms Inc Class A (META) -6.5% · Microsoft Corporation (MSFT) +21.8% · Moderna, Inc. (MRNA) +1.4% · Nebius Group N.V. Class A (NBIS) +1.4% · Nexi S.p.A. (NEXI) +7.2% · Norwegian Cruise Line Holdings Ltd. (NCLH) -4.3% · Procter & Gamble Company (PG) -2.0% · Prysmian S.p.A. (PRY) -5.3% · Pulmonx Corp. (LUNG) +39.3% · Reddit, Inc. Class A (RDDT) -16.6% · Regeneron Pharmaceuticals, Inc. (REGN) +16.3% · Riot Platforms, Inc. (RIOT) -10.5% · Rivian Automotive, Inc. Class A (RIVN) -3.9% · Robinhood Markets, Inc. Class A (HOOD) -8.8% · Roblox Corp. Class A (RBLX) -25.1% · Shell plc (DLY_SHEL) +2.4% · Siemens Healthineers AG (DLY_SHL) +5.1% · SoFi Technologies Inc (SOFI) -0.9% · Starbucks Corporation (SBUX) +1.9% · Telecom Italia S.p.A. (TIT) +0.3% · uniQure N.V. (QURE) +12.0% · VINCI SA (DG) +3.5%.

Six of seven indices remain on a buy signal, and the top of the table is European: Milan leads with over 12% since the signal, followed by US small caps above 11%. The exception is the Nasdaq, the only one now on a sell signal, closing the week still 8% below its highs. Worth noting what Signal Strength says: it is low almost everywhere, even where gains are in double digits. These are trends running for sixteen weeks that have lost momentum along the way — the structure holds, the acceleration does not. The gap between the two US indices remains the most honest thermometer of this phase, and we tracked it every day in our Observatory notes, from the opening of the week to Friday’s close.

In the United States consumer discretionary left everyone behind with over 6% on the week, but on a still-weak trend reading: this is a move starting out, not one maturing. At the bottom, utilities down more than 4%, alongside real estate and materials — the three groups that suffer when rates rise, punished in the same week on both sides of the Atlantic. Europe shows a tidier picture: industrials, banks and basic resources climb together on the day, the week and the month, and European banks are the one place where all three horizons tell the same story. The full picture across the 20 sector ETFs — US and Europe, group by group — is in the dedicated sector rotation note.

Nine names cleared the confirmation week: four American, five across Europe and the UK. For our method this step matters more than the initial signal — a signal that survives its first test rests on firmer ground than one that contradicts itself immediately. The common thread is clear: energy and heavy industry, with Eni arriving on the strongest conviction of the group, followed by the French design software group and TotalEnergies. On the US side, defence and industrials — Lockheed Martin and Honeywell — alongside Exxon and personal computing. This is the side of the market built on order books and cash coming in today, the opposite of what the rate repricing is punishing. It pays to read the individual notes before deciding: confirmation says the signal held, not that the timing suits everyone.