MacroVoices · Thursday, July 2, 2026
Patrick Szersna observes a significant repricing across macro markets, with the S&P 500 advancing and risk assets remaining firm. More notably, crude oil, specifically WTI, saw a substantial decline of 690 basis points, settling at $67.26. This move is attributed to the market unwinding geopolitical premiums and downward pressure on energy prices.
“We saw another week of meaningful repricing across the macro markets.”
“The S&P 500 advanced roughly 164 basis points week over week, continuing to push higher as risk assets remained firm.”
“But the more notable move week over week was once again in crude oil, with WTI falling another 690 basis points to 67.26 as the market continued to unwind geopolitical premium and press the downside in energy.”