Analysis

Microsoft ended the week at $381 — down 18% YTD and at its cheapest forward multiple since 2023. Azure grew 40% last quarter. Consensus expects $87.7B revenue and $4.24 EPS on July 29. Securities lawsuits, $190B capex, and a double bottom setup. Here is what matters next week.

Intel beat Q2 revenue expectations and improved margins, but an $11 billion net loss erased early gains. Here's what drove Intel's volatile earnings reaction and what investors should watch next.

TradingKey – SK Hynix (SKHY) has been listed on Nasdaq for over a week. On July 14, Eastern Time, its ADR price reached a premium of as high as 51% over its local underlying shares in South Korea, before quickly retreating to approximately 19%. Since then, the premium has not continued to narrow but has instead widened again; on July 21, the ADR premium stood at about 29.8%. This significant pricing divergence for the same company’s stock across two markets is the result of the combined effects of ADR trading mechanisms and arbitrage windows.

TradingKey - As of July 23, Eastern Time, AMD's stock price has risen by a cumulative 8.86% this week, reaching a high of $548.14. From a market perspective, after a four-session pullback last week, AMD's share price stopped its decline and rebounded this week. On July 21, the stock rose sharply, fueled by positive news regarding the expansion of the company's AI infrastructure cooperation with Microsoft (MSFT).

Since SpaceX (SPCX) listed on June 12, its share price has seen a retracement of over 40% from its post-IPO high. Currently hovering around $116, it remains below its $135 offering price. As the sentiment anchor for the entire space sector, the correction in SpaceX quickly spread to the broader industry. In fact, the aerospace sector has recorded a one-sided downward trend since SpaceX's listing on June 12. The Roundhill Space & Technology ETF (MARS), which tracks space themes, fell 8% on the day of SpaceX’s listing and has seen a cumulative decline of approximately 23% over the past month, with more than half of its top 10 holdings being dragged down.

Investors are still evaluating the latest developments in the Middle East conflict, and the three major U.S. stock indices closed mixed. Memory and chip stocks led the declines, while software stocks bucked the trend to strengthen. At the close, the Dow Jones Industrial Average rose 0.46% to 51,947.25 points; the Nasdaq Composite Index fell 0.64% to 24,975.82 points; and the S&P 500 Index rose 0.05% to 7,411.98 points.

On July 24, Eastern Time, Intel (INTC) shares fell more than 5% during intraday trading, dropping below the $100 psychological level following the release of its Q2 2026 financial results. Although Intel's earnings and guidance were significantly better than expected, causing after-hours shares to surge by double digits at one point, the market subsequently shifted its focus to the "significant upward revision of capital expenditures." As a result, the gains narrowed sharply, and the stock later turned negative.

On July 24 ET, Apple (AAPL) shares once again neared an all-time high of $344.99. Apple is scheduled to report its third-quarter financial results on July 30. Bank of America expects the quarterly performance to exceed Wall Street consensus, forecasting revenue of $109 billion and earnings per share of $1.89. Both metrics are slightly above the consensus estimates of $108 billion and $1.87 per share. Based on these projections, Apple's year-on-year revenue growth would be 16%, approaching the upper end of the company's guidance range of 14%–17%.

Nvidia (NVDA) CEO Jensen Huang made his first post on the social media platform X on Friday, calling for open-source AI models. The post noted that early open-source pioneers broke the traditional notion that software progress relies solely on companies strictly controlling their code, instead establishing a transparent ecosystem that global developers can study, modify, and improve. Today, open-source software supports most of the internet, the core systems of the world's largest technology companies, and even critical missions for the U.S. military and federal agencies.

Lockheed Martin beat Q2 2026 EPS by 10% at $7.94, raised full-year guidance to $80.75B, and hit a $230B record backlog including a $35B THAAD contract. The stock surged 5%+ to $568. At RSI 77.7, here is what comes next.

Volkswagen reports Q2 2026 earnings today. The stock trades at 5.97x P/E with a 7.21% dividend yield and is down 21% over the past year. The prior quarter missed EPS by 26%. At EUR 72.30 breaking a triangle, here is the setup and what matters today.

Alphabet’s rebound has been weak following a sharp decline, and the stock is expected to remain under pressure, potentially continuing its downward trend toward $270.

TradingKey - As of pre-market trading on July 24, Eastern Time, Tesla (TSLA) shares staged a recovery after yesterday’s sharp decline. On July 23, Tesla shares closed at $319.69, plunging 14.52% from the previous trading day, as its market capitalization saw a significant single-day contraction. The sell-off was primarily driven by second-quarter earnings missing expectations, rising capital expenditures, and cash flow pressure.

TradingKey - U.S. stock index futures rose collectively in pre-market trading on Friday ET, as the market attempted to stabilize following a sharp sell-off in tech stocks during the previous session. Intel's earnings and stronger-than-expected guidance boosted some tech shares, though tensions in the Middle East, international oil prices, and a new round of U.S. tariff policies continued to weigh on market risk appetite.

SpaceX shares were under pressure in pre-market trading as the imminent Starship Flight 13 test flight led investors to adopt a wait-and-see approach to manage uncertainty.

Oracle’s stock rebounded following a $7 billion boost, but upside potential remains highly limited, with $135 acting as a strong resistance level.

TradingKey - On July 23, Eastern Time, the U.S. Department of Defense announced the signing of an enterprise software agreement with Oracle Corporation (ORCL) worth up to nearly $7 billion. The contract has a five-year base term with an option for an additional five-year extension, allowing for a maximum duration of ten years. Following the announcement, Oracle shares rose by more than 3% in pre-market trading on Friday.

Tesla plunged 14.41% on July 23 after Q2 EPS missed by 39%, auto margins fell to 16% from 19%, and free cash flow turned negative. RSI hit 19.9. But Cybercab is confirmed under $30K before 2027 and the auto backlog is the largest since 2023. Here is the setup at $324.

Alphabet beat Q2 estimates with 82% Cloud growth and 24% revenue gains but the stock has fallen from $374 to $320 in two days. AI capex fears, a new EU fine, and $500B in new spending commitments are the reasons. RSI at 25.6. Here is where $315 matters.

TradingKey - On July 23 ET, Nvidia (NVDA) and semiconductor packaging and testing provider Amkor Technology (AMKR) signed a multi-year packaging services agreement valued at approximately $1.5 billion. Boosted by this news, Amkor's stock price rose more than 12% in after-hours trading on Thursday.