US stocks weekly: Crosscurrents

Hewlett Packard Enterprise

24/07/2026 21:25

** S&P 500 .SPX down second straight week, dips 0.6% as markets monitor Middle East straits .N
** Dow .DJI slips 0.4%, tech-heavy Nasdaq Composite .IXIC descends 2.1%
** S&P 500 starts week out on the back foot, but bulls fight back, show resilience, and Nasdaq Composite tests bulls' resolve after sharp tech-led selloff
** Indeed, Mag 7 MAGS.K stumbles as AI spending concerns return, but ETF holds support
** And when it comes to Tech vs. Banks .SPXBK, it's a tale of two trendlines 
** U.S. 10-Year Treasury yield US10YT=RR rises 14 basis points, largest weekly increase since May, to around 4.68% US/. This as volatility compression gives way
** A minority of sectors take on water: Consumer Discretionary and Communication Services run aground, while Energy has the wind in its sails

    ** Communication Services .SPLRCL drops 6.1%. Google parent Alphabet GOOGL.O falls after spending surge sparks concerns over AI returns amid Gemini delay

    ** Consumer Discretionary .SPLRCD tumbles 6.1%. Tesla TSLA.O skids after posting Q2 earnings below estimates, negative free cash flow for first time in more than two years
** Tech .SPLRCT up 0.4%. AI server maker Super Micro SMCI.O surges after strong business update, books $60 bln in orders, spills over to Dell DELL.N, Hewlett Packard Enterprise HPE.N 
Intel INTC.O drops despite blowout report; chip index retreats on Friday
Semiconductor index .SOX navigates to 1.2% gain

    ** Energy .SPNY accelerates 3.8%. Group rises as Brent crude touches $100/bbl after Houthi attack on Saudi tankers O/R. Oil climbs to six-week highs, but clouds gather near resistance
** Meanwhile, individual investor optimism takes a hit as inflation worries linger
** SPX performance YTD:
     
Energy
33.0%
Industrials
17.7%
Tech
15.4%
Real Estate
14.9%
Materials
11.1%
Utils
8.4%
SPX
8.3%
Staples
7.6%
Healthcare
4.9%
Financials
2.8%
Comm Svcs
-4.2%
Discretionary
-8.0%
     

(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
((lance.tupper@tr.com ; terence.gabriel@tr.com))