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Brent crude surged past $100 a barrel as Middle East tensions escalated, while Tesla and Google parent Alphabet cratered after earnings, sending the Nasdaq down 2.2% in the S&P 500’s worst session since late June.
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A brutal tech selloff erased nearly $800 billion from the Magnificent Seven on Thursday, sparked by Tesla and Alphabet earnings. Apple, with its restrained spending, rebounded 2.65% on Friday, emerging as the market’s “anti-capex” darling.
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Microsoft closed Friday at $393.82, down 1.8%, as the market digests AI-driven volatility and pivots to a heavy week of Big Tech earnings. The VIX is hovering around 15-16, and some portfolio managers see a buying opportunity.
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Apple shares surged to an all-time high after reports that the company received approval to launch generative AI features in China. The rally was fueled by cooling inflation data and a strong bank earnings season.
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A surprise cooling in June CPI initially lifted the S&P 500 and Nasdaq, but tech stocks quickly reversed. Microsoft (MSFT) fell 1.65% intraday, while IBM’s 22% plunge on a profit warning added to sector jitters.
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Super Micro Computer (SMCI) slides 3% as the S&P 500’s CAPE Ratio hits 42.84, within 3.5% of the all-time peak set during the dot-com bubble, reigniting valuation fears.
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Chip stocks that fueled Wall Street’s AI surge are losing steam, dragging the S&P 500 and Nasdaq off their June highs. All eyes turn to earnings season to see if AI infrastructure spending will pay off.
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The S&P 500 is within 1% of its record high, but a packed week of bank earnings, inflation data, and renewed Middle East tensions is set to test the market’s resilience.
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BofA warns speculation has hit extreme levels, putting the S&P 500 at risk of a valuation pullback that could erase most of its 2026 gains. JPMorgan and other bank stocks are firming ahead of earnings, but Wall Street is deeply split on the second half.