Earnings from Tesla (TSLA) and Alphabet (GOOGL) pushed the market lower
Below are highlights from the NDW Morning Update Video for the morning of 7/24/26. Access the the video on the NDW Morning Update Video page.
- Markets moved lower on Thursday, with the Nasdaq Composite (NASD) leading the way to the downside with a 2.15% decline. Meanwhile, the Russell 1000 Index (RUI) fell 1.17% and broke a double bottom at 4,040 as large caps have slowed down.
- With the market selling off recently, participation has ticked lower. The Bullish Percent for the S&P 500 (^BPSPX) reversed back into a column of Os this past week. That said, overall levels remain in healthy territory at 55%.
- The energy sector pushed higher, continuing its recent rally. The Energy Select Sector SPDR fund XLE moved back to a buy signal at $60, which follows the fund regaining near-term market relative strength. While the fund's 4.12 fund score is solid, the broader energy sector remains in the bottom half of DALI.
- Tesla (TSLA) reported earnings on Thursday, much to the disappointment of its investors, sending the stock down 14.52%. The stock has fallen to a 0 for 5’er but is now in heavily oversold territory. Alphabet (GOOGL/GOOG) also released its quarterly results, with a higher-than-expected 2026 CapEx number dragging GOOGL down 7.13%. However, the stock remains a hold as a 3 for 5’er, and is also in heavily oversold territory.
- Next week should be extremely busy from an earnings standpoint, with approximately 36% of the S&P 500 reporting earnings. Notable names include Apple (AAPL), Microsoft (MSFT), Meta Platforms (META), and Amazon (AMZN), among many others.
