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Last updated: July 23, 2026, 5:30 PM ET

Oil Prices Surge, Impacting Global Markets

Global oil prices for the first time in two months, driving a sharp slide in U.S. stocks. Brent crude's rise in inflation and a resetting of interest rate expectations, with U.S. Treasury yields as oil prices spurred bets on Federal Reserve rate hikes. The intensifying conflict in the Middle East, fueling expectations that interest rates will remain higher for longer. This surge in oil prices, impacting global bond markets and potentially contributing to food inflation as crop prices hit a three-year high. Three crude supertankers in the past 24 hours, navigating potential Iranian attacks, while Russian oil refineries face dwindling supplies due to Ukrainian strikes.

Corporate Earnings and Sector Performance

Intel shares in 15 years, with revenue jumping 25% in the second quarter. Deckers' first-quarter sales rose 5.7%, buoyed by global demand for Hoka and Ugg footwear. Dangote secured a record $2.5 billion investment to expand its Lagos refinery capacity to 1.4 million barrels per day by 2028, though the refinery after a brief switch to U.S. dollars. Newmont reported higher profits despite lower gold prices, remaining on track to meet full-year guidance. U.S. natural gas futures, relinquishing intraday gains despite a weekly inventory build.

Tech and AI Sector Dynamics

The Magnificent Seven group of megacap technology stocks as AI skeptics dumped tech stocks, with shares of Tesla tumbling around 15% on a disappointing quarter. Tesla's profit fell even as car sales rebounded, impacted by price cuts and higher expenses, leading to short sellers minting $4 billion in profits. STMicroelectronics shares, with the European chipmaker's forecast missing analysts' expectations. Goldman Sachs and JPMorgan Chase launched products allowing investors to quickly adjust exposure to tech industry debt, as concerns mount over hyperscalers' huge spending. Google disclosed a $94.1 billion stake in SpaceX stock, marking a 6% holding, and its core businesses.

Energy and Infrastructure Developments

California's Port of Long Beach is considering the construction of a nuclear reactor to meet its growing electricity needs. Total Energies' second-quarter earnings surged 68% as conflict-related supply disruptions boosted prices for crude and refined products. Dow Inc. reported that persistent tensions in the Middle East could help raise prices for plastics and packaging without lifting material costs, padding profits. U.S. weapons makers' sales, with the Pentagon pushing for increased production rates. The U.S. needs a new Manhattan Project for fusion energy to outpace China and own the future of this technology.

Financial Markets and Investment Trends

Millennials and Gen Z investors are, according to Vanguard. Hedge funds are growing at the fastest rate in history, with global assets under management up by over $400 billion due to the equity rally and institutional investor inflows. BlackRock's Global Infrastructure Partners LP is in discussions to sell bonds backed by stakes in some of its private capital funds. U.S. Treasury yields rose to their highest levels of the year as the threat of escalation in the Iran war sent oil prices higher and boosted bets on Federal Reserve rate hikes. The euro fell against the dollar after the ECB kept interest rates steady at 2.25%, refraining from hints about further rises.

Global Trade and Geopolitical Impacts

The U.S. administration's dealings in companies are, with clearer rules needed for government equity stakes. The EU fined Google €890 million in a test of Trump’s threats to protect Big Tech, with the bloc's competition chief stating it is their "duty to defend rule of law." The U.S. justice department plans to streamline company merger reviews, focusing on top competition concerns. International reporting rules are making it harder for investors to conceal gains, as hundreds settle with HMRC in a crypto tax crackdown. Russia is as Ukrainian strikes damage refineries, underlining a crisis for Moscow.

Other Notable Market Movements

Gold fell 2.4% to $4,046.50 a troy ounce, and silver was down 3.7% to $57.798/oz, though longer-term outlooks remain strong. Harley-Davidson raised its forecast but remains pressured by European sales and tariffs. Tractor Supply cut its outlook following a tough quarter, now expecting sales to rise 2.5% to 3.5% this year. T-Mobile US's profit and revenue grew in the latest quarter, boosted by growth in its postpaid business. Norfolk Southern posted higher revenue as demand trends improve, and Union Pacific logged higher profit and revenue on volume growth. Cleveland-Cliffs reported higher first-quarter revenue due to continued steel demand.