Wall Street traded mixed as investors weighed earnings, tariffs and Mideast risks

Wall Street exhibited mixed results on Friday, 24 July 2026, as market participants navigated a volatile combination of corporate earnings, fresh geopolitical friction in the Middle East, and the implementation of a broad new trade policy. Major indexes rose during the session but remained on track to conclude the week with losses. The S&P 500 and Nasdaq were headed toward a second consecutive weekly decline, while the Dow Jones Industrial Average tracked toward a third straight week in the red following a selloff of large-cap technology stocks.

The latest trade actions, initiated by the Trump administration, involve the imposition of tariffs ranging from 10% to 12.5% on imports originating from nearly 60 trading partners, including the European Union. These levies replace a prior 10% global tariff framework that had recently expired. The administration justified the new tariffs by citing concerns over the enforcement of forced-labor bans. While global markets have largely treated the move as a continuation of established protectionist policy, legal observers have signaled the potential for future judicial challenges regarding the application of Section 301. Furthermore, President Donald Trump has issued threats of additional tariffs against the European Union, specifically citing a $1 billion antitrust penalty levied against Alphabet’s Google under the Digital Markets Act. Trump characterized this penalty as unfair and discriminatory, indicating that Washington would launch a Section 301 investigation into practices he described as robbing U.S. Firms and taxpayers.

Geopolitical risks remained a primary driver of market anxiety. U.S. Missiles targeted locations across Iran on Friday, a development following warnings from President Trump regarding military responses to actions involving Tehran and its regional allies, including the Houthis in Yemen. Despite oil prices easing by more than 4% on Friday—aided by reports of potential diplomatic efforts to revive nuclear talks involving the U.S. And Iran—the broader energy sector remains impacted by systemic risks. Disruptions to shipping routes, including the Strait of Hormuz and the Red Sea, alongside halted exports from Kazakhstan, have kept upward pressure on crude oil. Some physical cargoes have reportedly traded near $110 a barrel, with benchmark Brent prices rising above $100 to $105.70, and North Sea Forties crude approaching $109. Energy firms reduced the number of operating oil and gas rigs this week, marking the first decline in six weeks.

Corporate performance provided a mixed signal for the economy. Intel reported second-quarter sales of $16.1 billion, a 25% increase, and issued an optimistic third-quarter revenue forecast of $15.8 billion to $16.8 billion, driven by demand for data center CPUs as the industry shifts its focus toward infrastructure for generative artificial intelligence. Despite these results, Intel shares fell 3%, and the broader Philadelphia SE Semiconductor index shed 2.7%. Meanwhile, investor focus has intensified on the capital expenditure and cash flow requirements of large-scale technology firms, particularly following disclosures from Alphabet and Tesla. Concerns are mounting ahead of upcoming earnings reports from Amazon, Meta, and Microsoft.

Economic data released on Friday offered a snapshot of varying conditions. Activity in the U.S. Services sector accelerated in July, bolstered by spending around the FIFA World Cup and the Independence Day holiday, whereas growth in the manufacturing sector slowed to its lowest point since March. The housing market showed a modest recovery, with new-home sales rising 1.6% in June to an annualized rate of 628,000. This gain was attributed to price reductions and incentives provided by builders to overcome high mortgage rates and depressed consumer sentiment, with the median sales price falling 2.7% year over year to $398,300.

Market attention remains tethered to upcoming monetary policy decisions. According to the CME FedWatch tool, the probability of a Federal Reserve rate hike at the meeting scheduled for next week has risen to roughly one-in-three, up from 12% one week earlier. Investors are also preparing for the release of Personal Consumption Expenditures data, which is due one day after the Federal Reserve's policy announcement.

What to Watch Next

• Federal Reserve Policy Decision: Markets are monitoring the upcoming meeting for potential shifts in interest rate strategy amid concerns over stagflationary pressures.
• Inflation Data: PCE price index figures are scheduled for release shortly after the Federal Reserve's policy announcement.
• Earnings Calendar: Large-cap technology firms including Microsoft, Amazon, and Meta are expected to report financial results next week.
• Diplomatic Developments: A scheduled meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskyy is expected to address ongoing peace negotiation efforts.

In other corporate developments, Midjourney is acquiring the astrology app Co-Star, while a final round of bidding is underway for yacht retailer MarineMax, involving Blackstone, Donerail, and Centerbridge. Meanwhile, a U.S. Judge dismissed a lawsuit claiming Meta’s WhatsApp misrepresented its privacy protections, though the court allowed plaintiffs to amend and refile the complaint.