S&P 500 – 7,411.98 (+0.05%)

Dow Jones – 51,947.25 (+0.46%)

NASDAQ – 24,975.82 (-0.64%)

• Markets End Mixed as Investors Navigate Global Uncertainty: U.S. stocks closed mixed Friday as investors balanced rising geopolitical tensions, shifting trade policies, and ongoing concerns around technology spending. The Dow moved higher while the S&P 500 finished nearly unchanged and the Nasdaq slipped as investors continued evaluating the impact of global risks, tariffs, and corporate earnings on the market outlook.
• Nike Resets China Strategy to Reignite Growth: Nike is making a major change to its China retail strategy by cutting thousands of online distributor storefronts and shifting sales toward its official website, app, and flagship stores across major Chinese platforms. The move is designed to improve pricing control, strengthen brand consistency, and create a more unified customer experience as the company works to rebuild momentum in one of its most important markets.
• Cyclospora Outbreak Declared Under Control as Food Safety Review Continues: A nationwide cyclospora outbreak linked to contaminated iceberg lettuce has been declared under control after health officials identified the likely source and companies began recall efforts. More than 1,600 cases have been reported, with the incident highlighting the importance of food safety monitoring, supply chain oversight, and rapid response efforts across the restaurant and food industries.
• SpaceX Advances Starship Program with Latest Test Flight: SpaceX completed another major Starship test flight, marking continued progress toward its long-term goals of building fully reusable rockets, expanding Starlink satellite capabilities, and transforming commercial space exploration. The mission provided valuable flight data while bringing the company closer to future lunar missions, next-generation satellite deployment, and broader space infrastructure ambitions.
• Geopolitical Risks Keep Markets on Edge: Reports that Iran rejected a new U.S. ceasefire proposal while U.S. military strikes continued against Iranian targets kept investors cautious Friday. Rising geopolitical uncertainty added pressure to markets as traders monitored developments in the Middle East and evaluated the potential impact on energy prices, inflation, and global economic stability.
• Stocks Finish Mixed as Tech Takes a Hit: The S&P 500 finished nearly unchanged, while the Nasdaq declined 0.6% as weakness across semiconductor and technology stocks weighed on the broader market. Outside of tech, sentiment remained more resilient, with the Dow Jones Industrial Average and Russell Midcap Index both posting modest gains.
• Oil Prices Pull Back After Weekly Surge: WTI crude slipped below $90 per barrel Friday following a sharp rally earlier in the week tied to geopolitical concerns. Despite the pullback, oil still finished the week approximately 9% higher as investors continued watching global supply risks and developments in the Middle East.
• New U.S. Tariffs Take Effect: The U.S. officially rolled out a new round of global tariffs ranging from 10% to 12.5%, replacing the temporary tariffs introduced earlier this year. The new measures, implemented under Section 301 of the Trade Act of 1974, apply to imports from 60 trading partners and are aimed at addressing concerns surrounding forced labor. A separate 50% tariff on roughly $20 billion of Canadian goods is also scheduled to take effect in August.
• Global Markets Show Mixed Signals: Overseas markets moved in different directions, with Asian stocks declining alongside weakness in technology shares, while European equities gained following signs of improving economic activity. The eurozone’s S&P Global Composite PMI climbed to 51.9 in July, its strongest reading in five months, while the U.S. Composite PMI rose to an eight-month high of 53.6, signaling continued business expansion.
• Treasury Yields Edge Lower: Bond markets saw modest gains Friday as Treasury yields moved slightly lower. The 10-year Treasury yield finished at 4.68%, while the 2-year Treasury yield closed at 4.33% as investors continued monitoring economic data, inflation trends, and expectations for future Federal Reserve policy.
• AI Spending Concerns Pressure Technology Stocks: Technology stocks faced renewed selling pressure after Alphabet raised its full-year capital expenditure outlook, sparking concerns over whether massive artificial intelligence investments will deliver returns quickly enough. Investors are now closely watching upcoming earnings from Microsoft, Meta, Amazon, and Apple for signs that AI spending is translating into meaningful growth.
• Intel Surges After Strong Earnings Report: Intel shares climbed after the chipmaker delivered a better-than-expected earnings report. Revenue reached $16.1 billion, exceeding its own forecast range of $13.8 billion to $14.8 billion, while earnings per share of $0.42 nearly doubled Wall Street’s $0.22 estimate. Strong demand for central processing units helped drive a 59% year-over-year increase in data center revenue.
• CSX Gains on Strong Results: CSX shares moved higher after the railroad company topped earnings expectations and reported improving demand trends that supported stronger shipment volumes. The results highlighted signs of improving activity across key industrial markets.
• American Express Falls Despite Earnings Beat: American Express shares declined after the company reported second-quarter revenue that missed expectations, even though earnings came in above Wall Street forecasts. Investors focused on weaker-than-expected revenue performance and broader concerns around consumer spending trends.
• Oracle Rises on Major Pentagon Contract: Oracle shares advanced after the Pentagon announced a contract with the software giant that could be worth nearly $7 billion over the next decade. The deal added momentum to Oracle’s growth story as demand for cloud computing and government technology solutions continues to expand.
• Amkor Technology Jumps on Nvidia Partnership: Amkor Technology surged after announcing a $1.5 billion agreement with Nvidia focused on advanced semiconductor packaging and testing technologies. The partnership aims to support next-generation AI systems and accelerated computing platforms, highlighting continued investment in AI infrastructure.
• Deckers Outdoor Faces Pressure After Brand Weakness: Deckers Outdoor shares slipped after revenue from its Hoka and Ugg brands fell short of expectations, even though overall first-quarter revenue matched analyst forecasts. Investors remained focused on whether consumer demand for its key brands can maintain momentum.
• MaxLinear Drops Despite Strong Results: MaxLinear shares declined despite reporting better-than-expected second-quarter earnings and guidance that topped estimates. Investors appeared focused on broader market concerns rather than the company’s stronger-than-expected results.
• Tenet Healthcare Surges After Earnings Beat: Tenet Healthcare jumped after delivering results that exceeded expectations, with stronger earnings, revenue, and forward guidance. The performance boosted investor confidence in the company’s ability to continue improving operational performance.
• SAP Gains on Strong Backlog Growth: SAP shares moved higher after the software company reported a 27% increase in backlog growth along with revenue that surpassed expectations. The results highlighted continued enterprise demand for cloud solutions and business software.
• Bitcoin Remains Under Pressure: Bitcoin traded around $64,310 as rising Treasury yields and broader macroeconomic uncertainty weighed on risk assets. The cryptocurrency remains approximately 49% below its all-time high as investors continue monitoring liquidity conditions and market sentiment.
• Gold Holds Above $4,000 Level: Gold prices remained steady around $4,055 to $4,068 per troy ounce, holding above the key $4,000 psychological level despite a modest pullback. Investors continue turning to gold as a defensive asset amid geopolitical uncertainty, inflation concerns, and market volatility.

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“Oil is like a wild animal. Whoever captures it has it.” — J. Paul Getty

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Notable Stocks

• Intel Corp. (INTC)
• Nvidia Corp. (NVDA)
• Ondas, Inc. (ONDS)
• SoFi Technologies (SOFI)
• SpaceX (SPCX)

Weekly Notables

Blackstone, Brookfield & KKR Land $16 Billion Kuwait Energy Infrastructure Deal

Kuwait Petroleum Corporation has signed a landmark $16 billion agreement with Blackstone, Brookfield Asset Management, and KKR to monetize its crude oil pipeline network in what the company called the largest foreign direct investment in Kuwait’s history. The deal, known as Project Peregrine, creates a 20.5-year lease-and-leaseback partnership between Kuwait Oil Company and the three global investment firms, giving Blackstone, Brookfield, and KKR a combined 49% stake in the venture while Kuwait retains majority ownership and operational control of the 320-kilometer pipeline system.

American Airlines Cuts 2026 Outlook as Rising Fuel Costs Pressure Recovery Efforts

American Airlines lowered its 2026 earnings forecast, citing a sharp increase in fuel costs that continues to weigh on profitability. Despite strong travel demand and higher ticket prices helping offset some of the pressure, the airline said rising fuel expenses have made its turnaround efforts more challenging.

Earnings Spotlight: Apple (AAPL)

Apple is scheduled to release its fiscal Q3 2026 earnings on Thursday, July 30, 2026, after the market closes, with Wall Street analysts expecting an earnings per share (EPS) of about $1.88 to $1.89 on revenue near $108 billion to $109 billion. 

What to Watch Ahead:

Investors are gearing up for one of the busiest weeks of earnings season, with Alphabet and Tesla set to report results after Wednesday's closing bell. Beyond headline earnings, markets will be closely watching Alphabet's spending on artificial intelligence and its ability to turn those investments into long-term growth. Overall, corporate earnings are expected to remain strong, with S&P 500 profits projected to rise roughly 23% compared to last year. 

July 22: Expected earnings from GE Vernova (GEV), Philip Morris (PM), AT&T (T), CME Group (CME), Alphabet (GOOGL), Tesla (TSLA), Texas Instruments (TXN), IBM (IBM), ServiceNow (NOW), and CSX (CSX).
July 23: ECB rate decision and expected earnings from RTX (RTX), T-Mobile (TMUS), Thermo Fisher Scientific (TMO), Union Pacific (UNP), Blackstone (BX), Lockheed Martin (LMT), Freeport McMoRan (FCX), Comcast (CMCSA), Honeywell (HON), Intel (INTC), SAP (SAP), and Newmont (NEM).
July 24: June new home sales and expected earnings from American Express (AXP), NextEra Energy (NEE), Verizon Communications (VZ), and HCA Healthcare (HCA).
July 27: June durable orders, and expected earnings from Nucor (NUE).
July 28: June consumer confidence and expected earnings from Coca-Cola (KO), Boeing (BA), Corning (GLW), United Parcel Service (UPS), Sherwin-Williams (SHW), Illinois Tool Works (ITW), Royal Caribbean Cruises (RCL), Visa (V), Seagate (STX), Waste Management (WM), Mondelez (MDLZ), Ford (F), and Teradyne (TER).