Public Markets 8 Hours

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

Magnificent Seven Slump as Oil Surges Past $100

The S&P 500 slid sharply as Brent crude oil a barrel for the first time in two months, while escalating conflict in the Middle East. This surge in oil prices, driven by concerns over energy supply disruptions and contributed to a broader sell-off in government bonds, pushing the 10-year Treasury yield close to a 2026 high. The tech-heavy Nasdaq Composite also felt the pressure, with the Magnificent Seven group of megacap technology stocks on track for their biggest one-day drop since April 2025, losing $767 billion in value as AI skeptics. Earnings from giants like Alphabet and Tesla rekindled fears about massive AI spending, with Tesla shares alone tumbling 11% due to discounts impacting profits and a doubling of capital expenditures as the company accelerates its pivot to AI and robots. Short sellers in Tesla, however on the stock's nosedive.

Corporate Earnings and Dealmaking

Chipmaker Intel after reporting its fastest growth in 15 years, with revenue jumping 25% in the second quarter. Footwear and apparel company Deckers in first-quarter sales, buoyed by global demand for its Hoka and Ugg brands. In the energy sector, billionaire Nigerian businessman Dangote investment to expand his Lagos refinery's capacity from 650,000 barrels per day to 1.4 million by 2028. Meanwhile, gold miner Newmont despite lower gold prices, remaining on track to meet its full-year guidance. US weapons makers' sales are soaring as the Iran conflict boosts their order backlog, with the Pentagon pushing for increased production rates.

Market Activity and Investor Trends

Goldman Sachs and JPMorgan Chase allowing investors to trade AI-related debt, with offerings of $250 million at a time, as concerns mount over hyperscalers' debt. Wellington Management, however, is data-center debt deals due to concerns over property values and falling returns. Vanguard reported that millennials and Gen Z investors are increasingly, with the average Vanguard investor steering clear of fixed income. The European Union, a move the bloc's competition chief called a "strong message" to the search giant. The US Department of Justice plans to, focusing on top competition concerns rather than expansive probes. Hedge funds are also growing at the fastest rate in history, with global assets under management increasing by over $400 billion, fueled by the equity rally and institutional investor inflows.

Sector-Specific Developments

The Port of Long Beach in California is considering constructing a nuclear reactor to meet its growing electricity needs. U.S. natural gas futures, relinquishing intraday gains despite a smaller-than-expected weekly inventory build. Kalshi Inc. is eyeing plans to to offer investors a new way to bet on the metal, driven by demand from AI buildouts. In the basic materials sector, North Sea oil and gas companies are from the new energy secretary regarding new drilling licenses. The U.S. wheat harvest is facing threats from scorching heat, even as crop prices surged to a three-year high.

Global Affairs and Economic Outlook

The Trump administration dropped a subpoena demanding a list of Jews from the University of Pennsylvania, a rare pullback in its use of inquiries as leverage. Separately, the U.S. withdrew subpoenas issued to New York Times journalists, after a federal judge raised questions about the government's handling of the matter. The House rebuked Trump on Iran in a war powers vote, while the Senate blocked debate. New York faces an estimated half a trillion dollars in storm prevention costs over the next 24 years due to climate change. India's Prime Minister Narendra Modi is by a surge of youth discontent over the country's economic failings. The Palestinian economy is on a cliff edge as Israeli banks cut ties, following years of Israeli government efforts to undermine the Palestinian Authority.

Other Notable News

Sony is reviving the Cinerama Dome in Los Angeles, with the iconic venue and adjacent theater complex set to reopen in 2028 after renovations. The U.S. is preparing to withdraw its subpoenas issued to New York Times journalists, following concerns raised by a federal judge about the government's actions as it withdraws subpoenas. A study estimates that New York needs half a trillion dollars for storm prevention over the next 24 years to repair the effects of climate change. The Tate Brothers are reportedly after their arrest. The FDA panel has over scientist objections, a move that could broaden public access to certain peptide injections.