U.S. SESSION UPDATE – FRIDAY, JULY 24, 2026
Markets are trying to find a floor after Thursday's tech-driven bloodbath, but the tape remains fragile.
THE FINAL NUMBERS (THURSDAY CLOSE)
· Dow: 51,711.65 (-0.97%) – worst day in three weeks
· S&P 500: 7,407.58 (-1.22%) – worst session in nearly a month
· Nasdaq: 25,137.69 (-2.15%) – steepest decline in over a month
· Nasdaq 100: 28,454.81 (-1.87%)
· Russell 2000: showed notable resilience as investors rotated out of megacaps
The S&P 500 and Nasdaq are on track for a second straight weekly loss – the first back-to-back weekly declines since mid-March . The Dow is set for a third consecutive week of declines .
THURSDAY'S SELLOFF: WHAT HAPPENED?!
"Magnificent Seven" got crushed after Alphabet and Tesla earnings triggered an AI spending panic .
Alphabet ($GOOGL):
-7.09% – solid Q2 results overshadowed by a capex hike to 205B for 2026, sparking fresh fears about AI returns .
Tesla ($TSLA):
-14.52% – massive earnings miss, with Elon Musk warning 2026 is a "massive capex year" for Optimus robotics, robotaxis, and data centres .
Amazon ($AMZN): -4.57%;
Meta (META): -3.36% – collateral damage from A.I. spending anxiety .
Sector carnage:
Communication Services -5.2%
Consumer Discretionary -5.12%
Technology fell 2.3%
Energy was a rare bright spot, gaining 0.8–1.56% as oil surged above $100 .
Defensives held up:
• Real Estate +2.3%
• Industrials +1.77%
•Healthcare +1.29%
Defence stocks soared:
• Lockheed Martin +10.54%
• RTX +7.33%
• Honeywell +5.70%
Airlines got crushed: American Airlines -8.35% on surging jet fuel costs .
OIL SURGED PAST $100
Brent crude settled at $100.69/bbl (+7.04%) – first time above 92.19/bbl** (+6.17%) .
Friday pullback:
Brent fell around **3% to ~90/bbl as oil took a breather, but both are still set for weekly gains of ~11% and ~8.9% respectively .
FRIDAY'S PRE-MARKET & OPENING
Futures were mixed to higher on Friday, attempting a bounce after Thursday's carnage:
· Dow futures: +0.2% to +0.4%
· S&P 500 futures: +0.1% to +0.2%
· Nasdaq futures:
broadly flat after surrendering earlier gains of ~0.25%
At the open (
AM ET):
· Dow: +0.18% (93 pts) to 51,805
· S&P 500: -0.09% to 7,401
· Nasdaq: -0.62% to 24,982
Early movers: Intel fell 3.8% despite beating earnings, as investors took profits after the stock's 300%+ 12-month run . Verizon rose after lifting annual forecasts .
EARNINGS & DATA TO WATCH
· Verizon ($VZ) – beat estimates and raised guidance
· American Express ($AXP) – reporting today
· Next week: Microsoft, Amazon, and Meta – the AI spending scrutiny continues
THE FED & MACRO PICTURE
Fed rate-hike odds just spiked. CME FedWatch now prices an 82% probability of a September rate hike, up from 52% just one week ago – driven by oil's surge to $100 and Thursday's hotter-than-expected jobless claims data .
10-year Treasury yield topped 4.70% – highest since January 2025 . 2-year yield climbed above 4.36% . 30-year fixed mortgage rate rose to 6.58% .
Markets are caught in a "no landing" crossfire:
oil surging toward $100, yields breaking higher, and the Fed now pricing an 82% chance of a September hike.
Tech is paying the price for AI capex anxiety – but semiconductors are holding up, and money is rotating into defence, industrials, and energy.
