Weekly Market Insights - NYSE MAC Desk

Published on 7/24/26

Market Overview:

The week was characterized by a decline in momentum tech stocks, a solid start to earnings season, and escalating tensions between the US and Iran, which drove oil prices higher. The S&P 500 ended the week down approximately 1.5%, primarily due to losses on Friday, closing just below its 50-day moving average (MA). The tech sector faced significant pressure, particularly in semiconductor and memory stocks, which fell over 10% for the week.

Key Market Movements:

• DOW: 51,947 (+236)
• S&P 500: 7,412 (+4)
• Russell 2000: 2,930 (-10)
• Brent Crude: $98.70/barrel (-$1.99)
• Gold: $4,056/oz (+$6)
• Bitcoin: ~64.1k (-$1,042)

Earnings Season Highlights:

Financials performed well, with strong earnings reports from banks. However, tech stocks struggled, with notable declines in Alphabet and Tesla following their earnings announcements. Despite a generally positive earnings season, concerns over high capital expenditures and negative free cash flow weighed on investor sentiment.

Geopolitical and Economic Factors:

The ongoing conflict in the Middle East, particularly involving Iran, has contributed to rising oil prices, with Brent crude surpassing $100/barrel. Economic data showed mixed results, with manufacturing PMIs slightly below expectations but services outperforming. Jobless claims remained low, indicating a tight labor market.

Looking Ahead:

Next week will be pivotal with central bank rate decisions from the US, UK, and Japan, alongside significant earnings reports from major tech companies. Key levels to watch for the S&P 500 include the 50-day MA around 7,470 and potential support at the June low of 7,240.