Y'all Street Daily
Alphabet and Tesla earnings triggered a broad tech sell-off just as new US tariffs on nearly all imports took effect overnight.
Market Snapshot
All figures are indicative levels as of Thursday's close, July 23.
The picture is broadly risk-off, with all three major indexes lower and the VIX jumping around 12%.
Money rotated out of high-flying tech and into safety, though gold sat roughly flat and the dollar barely moved, while oil was the standout, spiking on Middle East tensions before cooling slightly into Friday.
Tesla and Alphabet led the rout after earnings, both punished for signaling heavier AI spending rather than for weak results.
Oracle fell alongside them as the AI-capex worry rippled across software and infrastructure names.
Main Story
Wall Street's biggest names took a beating Thursday, and the aftershocks set the tone for Friday.
The Magnificent Seven lost around $797 billion in market value in a single session, the group's worst day since April 2025, with Tesla down around 14.5% and Alphabet off around 7.1% after both flagged surging AI spending.
The consensus read is that investors are finally balking at the ballooning capital expenditure behind the AI buildout and asking when the spending turns into returns.
Worth watching is whether the selling stays contained to megacap tech or spreads, with new tariffs and oil-driven inflation pushing September rate-hike odds toward 80%.
Chart of the Day
Crude oil was the day's real mover, with WTI surging around 6.4% to settle near $92 as Middle East tensions flared.
The jump came on reports of Houthi strikes on Saudi tankers and fresh US-Iran friction, a classic supply-shock bid.
Prices eased Friday after Washington exempted some energy products from the new tariffs, but the level to watch is whether crude holds above $90.
Technical Trading
A few levels worth keeping on the radar today.
S&P 500 faces resistance around 7,600 and sits near 7,408, with RSI diverging negatively, a caution flag for the medium-term uptrend.
Gold is holding support around $4,000 with resistance at $4,150 to $4,200, its 14-day RSI around 44 and price still well below the 200-day near $4,501.
The VIX jumped around 12% to 18.70, confirming the risk-off move even as equity futures steadied overnight.
Global News
President Trump's new Section 301 tariffs of 10% to 12.5% on nearly all US imports took effect overnight, structured to better withstand legal challenges.
Oil spiked around 6% Thursday toward $92 WTI on Houthi attacks on Saudi tankers and US-Iran tensions before easing Friday.
The Magnificent Seven shed around $797 billion in one session, the worst day since the April 2025 tariff selloff.
Asian markets followed Wall Street lower, with South Korea's KOSPI and Japan's Nikkei both falling.
Today brings S&P Global flash PMIs and new home sales, with American Express, NextEra Energy and Verizon reporting earnings.
Texas News
Higher crude is a clear tailwind for Texas, home to the Permian Basin and the bulk of US oil production.
Energy names across Houston and the DFW area tend to benefit most when WTI spikes on supply fears rather than demand strength.
Looking Ahead
Friday, July 24: S&P Global flash PMIs and new home sales headline the data, with American Express, NextEra Energy and Verizon on the earnings docket.
Next week: A wave of megacap earnings will test whether Thursday's tech selloff was an overreaction or the start of something broader.
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Prices from Yahoo Finance and CNBC. Technical levels from Investing.com and Barchart. News from Yahoo Finance, CNBC and Reuters.
For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.