The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.89%, the Dow Jones Industrial Common ($DOWI) (DIA) closed up +0.74%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.93%. September E-mini S&P futures (ESU26) rose +0.81%, and September E-mini Nasdaq futures (NQU26) rose +1.82%.
Inventory indexes settled greater on Tuesday as a rebound in chipmakers and AI-infrastructure shares gathered steam. The latest selloff in chipmakers has cheapened valuations, engaging dip consumers forward of earnings outcomes of megacap know-how shares this week, starting with Alphabet and Tesla on Wednesday. On the draw back, software program shares had been weak on Tuesday after Morgan Stanley downgraded a number of within the sector. Additionally, rising crude oil costs pushed bond yields greater, with the 10-year T-note yield climbing to a 2-month excessive of 4.64% on Tuesday.
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A constructive begin to earnings season can be supporting inventory good points. 91% of the S&P 500 firms reporting Q2 earnings outcomes so far have overwhelmed estimates, in keeping with information compiled by Bloomberg.
WTI crude oil (CLQ26) rose greater than +2% on Tuesday to a 5-week excessive because the US and Iran exchanged strikes for a tenth consecutive day whilst mediators sought to revive a truce. The US focused navy command facilities, launch websites, and air defenses in Iran at the moment. In the meantime, Iran attacked US navy websites in Kuwait and Jordan. The UK navy additionally reported Iran struck two vessels across the Strait of Hormuz. President Trump mentioned on Tuesday that the US has “no curiosity” in assembly with Iran till they’re prepared for critical peace negotiations.
Additionally, Houthi rebels on Monday mentioned they’ll impose a maritime blockade on Saudi Arabia in retaliation for what they are saying is the dominion’s siege on the Yemeni capital, a possible menace to Saudi Arabian crude exports via the Pink Sea. President Trump mentioned Tuesday that if there’s a blockade within the Pink Sea, the US “will care for it.”
The outlook for sturdy Q2 earnings, which start in earnest this week, is a bullish issue for shares. Forecasts compiled by Bloomberg Intelligence recommend Q2 earnings could improve by +23%, near Q1’s blowout earnings of +30%, which was greater than double the +12% analysts had anticipated. AI spending is predicted to account for many of earnings, with AI infrastructure shares set to contribute almost 60% of the S&P 500’s earnings-per-share progress in Q2.
The markets are discounting a 24% probability of a +25 bp price hike on the subsequent FOMC assembly on July 28-29.
Abroad inventory markets settled greater on Tuesday. The Euro Stoxx 50 closed up +0.94%. China’s Shanghai Composite closed up +1.79%. Japan’s Nikkei-225 Inventory Common closed up sharply by +3.26%.
Curiosity Charges
September 10-year T-notes (ZNU6) on Tuesday closed down -7 ticks, and the 10-year T-note yield rose +4.0 bp at 4.632%. Sep T-notes fell to a 1-week low, and the 10-year T-note yield climbed to a 2-month excessive of 4.638%. WTI crude oil costs jumped greater than +2% to a 5-week excessive on Tuesday, boosting inflation expectations, a hawkish issue for Fed coverage. Additionally, Tuesday’s power in shares has lowered safe-haven demand for T-notes. Heightened Center East tensions are supporting safe-haven demand for T-notes after President Trump threatened a disproportionate response for any Individuals killed by Iran.
European authorities bond yields had been combined on Tuesday. The ten-year German bund yield climbed to a 2-month excessive of three.185% and completed up +1.3 bp to three.163%. The ten-year UK gilt yield fell -0.2 bp to five.030%.
The German Jul ZEW survey expectations of financial progress rose +15.8 to a 5-month excessive of 26.3, stronger than expectations of 15.3.
Swaps are discounting a 4% probability of a +25 bp ECB price hike at its subsequent coverage assembly on Thursday.
US Inventory Movers
Chipmakers and AI-infrastructure shares rallied sharply on Tuesday, supporting good points within the total market. The iShares Semiconductor ETF (SOXX) closed up greater than +5%. Sandisk (SNDK) closed up greater than +14% to steer gainers within the S&P 500, and Teradyne (TER), Western Digital (WDC), and Micron Know-how (MU) closed up greater than +12%. Additionally, Seagate Know-how Holdings Plc (STX) closed up greater than +11%, and Intel (INTC) closed up greater than +9%. As well as, Utilized Supplies (AMAT), Superior Micro Units (AMD) and ARM Holdings Plc (ARM) closed up greater than +7%, and Marvell Know-how (MRVL) closed up greater than +6%. Lastly, Lam Analysis (LRCX) and KLA Corp (KLAC) closed up greater than +5%, and ASML Holding NV (ASML), Microchip Know-how (MCHP), and Texas Devices (TXN) closed up greater than +3%.
Cryptocurrency-exposed shares moved greater on Tuesday as Bitcoin (^BTCUSD) rose greater than +1% to a 5-week excessive. Coinbase International (COIN) closed up greater than +9%, and Circle Web Group (CRCL) and Riot Platforms (RIOT) closed up greater than +8%. Additionally, Galaxy Digital Holdings (GLXY) closed up greater than +7%, and Technique (MSTR) and MARA Holdings (MARA) closed up greater than +4%.
Software program shares had been underneath strain on Tuesday after Morgan Stanley downgraded Adobe, Intuit, and Workday. Atlassian Corp (TEAM) closed down greater than -5%, and Thomson Reuters (TRI) closed down greater than -4% to steer losers within the Nasdaq 100. Additionally, Workday (WDAY) closed down greater than -4%, and Adobe Programs (ADBE), Datadog (DDOG), and Autodesk (ADSK) closed down greater than -3%. As well as, ServiceNow (NOW) and Salesforce (CRM) closed down greater than -2%.
Nebius Group NV (NBIS) closed up greater than +18% to steer gainers within the Nasdaq 100 after Nvidia reported a 9.3% stake within the firm in a 13G submitting.
Hasbro (HAS) closed up greater than +8% after reporting Q2 web income of $1.14 billion, higher than the consensus of $1.07 billion, and boosting its full-year adjusted Ebitda forecast to $1.45 billion to $1.50 billion from a earlier forecast of $1.40 billion to $1.45 billion, stronger than the consensus of $1.45 billion.
3M Co (MMM) closed up greater than +7% to steer gainers within the Dow Jones Industrials after reporting Q1 adjusted EPS of $2.40, stronger than the consensus of $2.25, and elevating its full-year adjusted EPS forecast to $8.80 to $8.95 from a earlier forecast of $8.50 to $8.70.
Robinhood Markets (HOOD) closed up greater than +7% after Bernstein and Piper Sandler mentioned the corporate’s income from prediction markets is ready to overshadow that from cryptocurrency buying and selling as quickly as Q2.
Common Motors (GM) closed up greater than +5% after reporting Q2 web gross sales of $48.03 billion, stronger than the consensus of $46.61 billion, and elevating its full-year adjusted EPS forecast to $12 to $14 from a earlier estimate of $11.50 to $13.50, the midpoint above the consensus of $12.81.
Ralph Lauren (RL) closed up greater than +2% after Raymond James upgraded the inventory to outperform from market carry out with a worth goal of $410.
Danaher (DHR) closed down greater than -10% to steer losers within the S&P 500 after forecasting Q3 non-GAAP core income progress of two.0% to three.0%, weaker than the consensus of three.61%.
MSCI Inc (MSCI) closed down greater than -10% after reporting Q2 adjusted EPS of $4.94, beneath the consensus of $4.99, and boosting its full-year working bills estimate to $1.54 billion to $1.58 billion from a earlier estimate of $1.49 billion to $1.53 billion.
Agios Prescribed drugs (AGIO) closed down greater than -6% after saying it won’t advance the event of tebapivat for sickle cell illness following Part 2 trial outcomes that failed to ascertain a differentiated profile versus placebo.
Halliburton (HAL) closed down greater than -5% after reporting Q2 adjusted working earnings of $683 million, weaker than the consensus of $688.7 million.
Equifax (EFX) closed down greater than -3% after decreasing the highest finish of its full-year adjusted EPS forecast to $8.39 to $8.69 from $8.34 to $8.74.
Earnings Studies(7/22/2026)
Alphabet Inc (GOOGL), AT&T Inc (T), AvalonBay Communities Inc (AVB), CME Group Inc (CME), Crown Fort Inc (CCI), CSX Corp (CSX), EastGroup Properties Inc (EGP), Fairness LifeStyle Properties Inc (ELS), Fairness Residential (EQR), First American Monetary Corp (FAF), First Industrial Realty Belief (FR), GE Vernova Inc (GEV), Globe Life Inc (GL), Graco Inc (GGG), Worldwide Enterprise Machine (IBM), Iridium Communications Inc (IRDM), Kinder Morgan Inc (KMI), Knight-Swift Transportation Ho (KNX), Las Vegas Sands Corp (LVS), Medpace Holdings Inc (MEDP), Molina Healthcare Inc (MOH), Moody’s Corp (MCO), Northern Belief Corp (NTRS), Otis Worldwide Corp (OTIS), Packaging Corp of America (PKG), Philip Morris Worldwide Inc (PM), Pinnacle Monetary Companions In (PNFP), PulteGroup Inc (PHM), QuantumScape Corp (QS), Raymond James Monetary Inc (RJF), Reliance Inc (RS), RenaissanceRe Holdings Ltd (RNR), RLI Corp (RLI), Rollins Inc (ROL), RPM Worldwide Inc (RPM), SEI Investments Co (SEIC), ServiceNow Inc (NOW), Sonoco Merchandise Co (SON), Southwest Airways Co (LUV), Stifel Monetary Corp (SF), TE Connectivity PLC (TEL), Teledyne Applied sciences Inc (TDY), Tesla Inc (TSLA), Texas Devices Inc (TXN), Journey + Leisure Co (TNL), Westinghouse Air Brake Technol (WAB), WEX Inc (WEX), Wyndham Motels & Resorts Inc (WH).
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