Markets Wrap Up the Week Lower Amid Mixed Friday Session and Chip Stock Declines
July 24, 2026 – Major U.S. stock indexes ended the week on a weaker note following a day of mixed trading on Friday, as chip stocks took a notable downturn. The Nasdaq Composite fell by 0.6%, weighed down by losses in semiconductor firms, while the Dow Jones Industrial Average edged up 0.5%, and the S&P 500 barely advanced by 0.1%. Despite Friday’s uneven results, all three indexes registered declines for the week: the Nasdaq by 2.1%, the S&P 500 by 0.6%, and the Dow by 0.4%.
Semiconductor Shares Slide, Memory Stocks Lead the Drop
The semiconductor sector showed particular weakness on Friday, reversing earlier gains after strong buying interest in artificial intelligence (AI) investments had buoyed the group earlier in the week. The Roundhill Memory ETF plunged 8.5%, as key components Sandisk and Micron Technology dropped around 11% and 7%, respectively. The broader iShares Semiconductor ETF declined approximately 4.5%. Intel shares fell 8% despite reporting quarterly earnings and revenue that surpassed analyst expectations, reflecting caution amid volatility in chip stocks.
Energy Markets React to Geopolitical Developments
Brent crude futures, which surpassed the $100 per barrel mark briefly on Thursday for the first time since May, retreated 3.9% on Friday to settle at $96.78. The decline came after reports indicated Pakistan, with China’s encouragement, was advocating for renewed U.S.-Iran peace talks. West Texas Intermediate (WTI) futures fell 3.1% to $89.31 on Friday. Despite Friday’s drop, Brent and WTI prices gained nearly 10% and 8.3%, respectively, over the course of the week.
Treasury Yields and Rate Hike Expectations
The 10-year Treasury yield slipped to around 4.68% at 4 p.m. ET on Friday, down two basis points from the previous day. The yield had reached its highest level since January 2025 at nearly 4.72% on Thursday amid inflation concerns tied to gasoline prices rising above $4 a gallon. According to the CME Group’s FedWatch tool, investors now assign a 36% probability to a Federal Reserve rate increase at next week’s meeting, up from about 13% a week ago. The chance of at least a quarter-point hike in September has also risen to 80%, compared with 58% one week earlier.
Company Earnings and Market Movements
Following a sharp decline in the previous session, Tesla shares fell another 2% on Friday after dropping nearly 15% on Thursday amid concerns over AI spending. Alphabet shares recovered slightly to close up just under 1% after a 7% drop the day before. Among other earnings reports, Tenet Healthcare saw its stock surge 17% after strong results, while American Express shares declined by more than 4%, leading Dow detractors. Verizon Communications rose by 6% following its earnings report.
Trade Policy Updates
Investors also assessed news about new U.S. tariffs taking effect shortly after midnight Friday. The tariffs impose rates between 10% to 12.5% on goods from over 60 trading partners and cover more than 99% of U.S. imports. These tariffs replaced a previous global 10% tariff established after the Supreme Court struck down former President Donald Trump’s reciprocity tariffs in February.
Sector Highlights
The S&P 500’s Real Estate sector outperformed others on Friday, gaining 2.4%, propelled by a 13% jump in Digital Realty Trust shares. The data center real estate investment trust raised its full-year forecast after reporting record core funds from operations. Ten of the sector’s 11 industries posted gains that day.
Other Market Indicators
Bitcoin traded near $64,200, showing little change over the past 24 hours. The U.S. dollar index remained steady at 101.47, and gold futures rose 0.2% to $4,055 per ounce.
Outlook
The second consecutive week of declines in major indexes follows a rare pattern last observed in early June. For the year, the indices still show gains between 7% and 8.5%. While earnings upgrades continue to be issued, some analysts caution that the momentum in earnings growth may be slowing, highlighting shifts in producer and consumer price indexes and order-to-inventory ratios as potential early signals.
Investors will be closely watching upcoming Federal Reserve decisions and economic data to gauge the market’s next direction.
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