Nasdaq lags on angst over AI spending ahead of earnings reports
By Sinéad Carew and Ragini Mathur
Fri July 24, 2026
Big rally until 12:30, then it all came tumbling down with the S&P closing flat and the Nasdaq into 3-digit negatives again. The Dow did much better advancing 400 points before falling but still closed up 235. The slump in tech came from still another day of investors fearful of the enormous AI spending. The fear of missing out was overwhelmed today by the fear of massive overbuilding. The Dow was boosted by falling oil prices triggered by China planning to intervene in the peace talks and get Iran back to the table, all this despite the war’s massive escalation.
The Dow was also helped by strong performances in real estate and materials. The new tariff announcements did not help the indexes either. But everyone agrees that the headlines drive oil and oil is driving the market. The Dow now has three straight weekly losses, the S&P and Nasdaq two. After lackluster reports this week, investors are looking forward to better news next week from Microsoft, Amazon, Meta, and Apple. At 15.03 billion, volume is still well below the 18.22 average.
DJ: 51,711.65 -506.93 NAS: 25,137.69
-553.21 S&P: 7,408.30
-90.66 7/23
DJ: 51,947.25 +235.60 NAS: 24,975.82
-161.87 S&P: 7,411.98
+3.68 7/24
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