S&P 500 – 7,457.69 (-1.01%)

Dow Jones – 52,146.42 (-0.77%)

NASDAQ – 25,520.24 (-1.40%)

• Wall Street Takes a Hit as Semiconductor Selloff Spreads: U.S. stocks closed lower on Friday as a sharp decline in semiconductor stocks dragged major indexes into weekly losses. The tech-heavy Nasdaq led the decline as investors took profits across AI and chip-related names following a strong rally. The Philadelphia Semiconductor Index finished the week down 10%, while South Korea’s benchmark index has fallen 25% from its June peak and Taiwanese equities entered correction territory. European markets held up better due to their lower technology exposure, while energy was the only sector to finish higher as renewed Middle East tensions pushed oil prices roughly 4% higher, lifting WTI crude to $81 per barrel. Investors also moved toward safety, sending the 10-year Treasury yield lower to 4.5%.
• Fort Knox Gold Confirmed Secure as Dollar System Evolves: Treasury Secretary Scott Bessent addressed years of speculation surrounding America’s gold reserves, confirming that Fort Knox gold remains secure and fully accounted for. While the U.S. maintains the largest government-owned gold holdings in the world, Bessent highlighted that the dollar is no longer backed by physical gold. Since the end of the gold standard in 1971, the U.S. dollar has operated as a fiat currency, relying on economic strength, monetary policy, and global confidence rather than a direct link to precious metals.
• Bitcoin Reserve Debate Gains Momentum in Washington: The White House’s push for a Strategic Bitcoin Reserve is reigniting discussions about cryptocurrency’s future role in the global financial system. The U.S. government currently holds an estimated 323,693 Bitcoin worth more than $21 billion, but a fully implemented reserve would require additional legislative approval. Supporters argue that government accumulation of Bitcoin could create long-term supply constraints, increase institutional demand, and position the digital asset as a strategic reserve asset similar to gold.
• Netflix Growth Concerns Shake Investor Confidence: Netflix shares faced pressure after weaker guidance, reduced viewing transparency, and rising competition sparked concerns about the company’s next phase of growth. The streaming giant’s decision to scale back its “What We Watched” engagement reports raised questions among investors already monitoring shifts in consumer behavior and competition from platforms like YouTube. While Netflix continues to point to rising viewing hours and advertising growth, investors are looking for proof that the company can maintain its momentum.
• Market Movers: Big Names Feel the Pressure: Several major companies faced investor scrutiny heading into the weekend. SpaceX remained below its $135 IPO price after a failed Starship launch attempt, while CEO Elon Musk said another launch could happen soon. Intuitive Surgical shares declined despite beating earnings expectations after investors were disappointed the company did not raise its outlook. Alphabet continued to slide after reports suggested delays in delivering its Gemini 3.5 Pro AI model, adding to broader concerns around the pace of artificial intelligence development. Semiconductor names including Western Digital, Micron, SK Hynix, and SanDisk remained under pressure as chip stocks extended their selloff.
• Housing Market Watch: Foreclosures Reach Highest Level Since 2019: Foreclosure activity has climbed to its highest level since 2019, attracting attention from investors and bargain hunters searching for opportunities in distressed real estate. The increase highlights continued affordability challenges and growing pressure on some homeowners as the housing market adjusts.
• Investors Look Ahead: Earnings Season Takes the Spotlight: Despite the technology-driven pullback, recent economic data continues to show signs of resilience. Cooler-than-expected CPI and PPI inflation readings have given the Federal Reserve additional flexibility on interest rates, while investors shift their attention toward the next wave of corporate earnings. Markets will be watching whether strong profits can offset concerns around AI valuations, technology concentration, and rising geopolitical uncertainty.

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“Think outside the bun.”  — Taco Bell

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Notable Stocks

• Alphabet (GOOGL)
• Netflix (NFLX)
• Intel Corp. (INTC)
• Nvidia Corp. (NVDA)
• Lucid Group (LCID)

Weekly Notables

Kevin O'Leary Hit with Defamation Lawsuit Over China Claims

"Shark Tank" investor Kevin O'Leary is facing a defamation lawsuit after two Utah residents accused him of falsely claiming they were connected to the Chinese government during multiple Fox News appearances. The lawsuit, filed by political consultant Gabrielle Finlayson and attorney Josh Kanter, alleges O'Leary's remarks caused serious reputational damage, financial losses, emotional distress, and threats to their personal safety. The comments stemmed from opposition to O'Leary's proposed 40,000-acre AI data center project in Utah, where he suggested critics were acting as proxies for the Chinese Communist Party.

Lettuce Recall Expands as Health Officials Investigate Parasite Outbreak

Consumers across 27 states are being urged to check their refrigerators after Taylor Farms voluntarily recalled iceberg lettuce sourced from central Mexico over concerns of possible Cyclospora contamination. The recall follows a multistate cyclosporiasis outbreak that health officials traced to shredded iceberg lettuce served at Taco Bell locations in five states. According to the FDA, the parasite can cause flu-like symptoms, severe watery diarrhea, and frequent bowel movements.

Earnings Spotlight: IBM (IBM)

IBM is scheduled to officially report its Q2 2026 earnings on July 22, 2026, but pre-announced on July 14, 2026, causing historic share drops. Revenue is expected to be $17.2 billion (1% YoY growth) with adjusted earnings of $2.93 a share, missing Wall Street targets due to clients diverting budgets to AI-focused hardware. 

What to Watch Ahead

July 20: No major earnings or data expected.
July 21: Expected earnings from Novartis AG (NVS), Danaher (DHR), Marsh & McLennan (MRSH), 3M (MMM), Northrop Grumman (NOC), General Motors (GM), MSCI (MSCI), D.R. Horton (DHI), Halliburton (HAL), Chubb (CB), and Capital One (COF).
July 22: Expected earnings from GE Vernova (GEV), Philip Morris (PM), AT&T (T), CME Group (CME), Alphabet (GOOGL), Tesla (TSLA), Texas Instruments (TXN), IBM (IBM), ServiceNow (NOW), and CSX (CSX).
July 23: ECB rate decision and expected earnings from RTX (RTX), T-Mobile (TMUS), Thermo Fisher Scientific (TMO), Union Pacific (UNP), Blackstone (BX), Lockheed Martin (LMT), Freeport McMoRan (FCX), Comcast (CMCSA), Honeywell (HON), Intel (INTC), SAP (SAP), and Newmont (NEM).
July 24: June new home sales and expected earnings from American Express (AXP), NextEra Energy (NEE), Verizon Communications (VZ), and HCA Healthcare (HCA).